Bilt is retiring 4% Bilt Cash. Existing cardholders can keep it, but only if they opt out in the Bilt app before their card anniversary. Do nothing and your card switches automatically.
Bilt announced the changes on October 27, 2026 and updated its card terms and Bilt Cash terms the same day. Here's what changed, the math on whether to opt out, and four things to do before January.
The short version
4% Bilt Cash is going away. Cards opened on or after January 1, 2027 only get Housing-only rewards (up to 1.25x on rent or mortgage). Existing cards switch on their first card anniversary on or after January 1, 2027.
You can keep it. Make a "Legacy Election" before that anniversary by selecting Flexible Bilt Cash in your card settings in the Bilt app.
Palladium's credits merge. The $200 Bilt Cash and $400 hotel credit become one $600 Bilt Cash credit a year.
Obsidian's $100 hotel credit becomes $100 of Bilt Cash.
Bilt Cash lasts longer. It now expires at the end of the month, 12 months after you earn it. This took effect immediately.
Hotel Bilt Cash redemptions shrink. Starting January 1, they drop from monthly to twice a year.
Earn rates don't change. Every card's multipliers stay the same.
Why it matters: For most people the new default is fine. But if you put more on your Bilt card each month than you pay in rent, the default switch quietly costs you money.
The math: should you keep 4% Bilt Cash?
Quick refresher on the two options:
Housing-only pays 0.5x to 1.25x on rent based on your card spend that billing cycle. Spend 100% of your rent and you hit 1.25x.
Flexible Bilt Cash pays 4% Bilt Cash on everyday spend. It costs $3 of Bilt Cash to unlock 100 rent points, and it tops out at 1x on rent.
The question is what your leftover Bilt Cash is worth. Here's the cleanest number: Obsidian and Palladium can redeem $200 of Bilt Cash for a Point Accelerator. That's 1 extra point per $1 on up to $5,000 of spend, so 5,000 points. At 2.2 cents per point, that's $110. So Bilt Cash is worth about 55 cents per dollar to anyone who can use the accelerator.
At that value, the whole decision comes down to one comparison: your monthly card spend vs. your rent.
Take $2,000 rent:
Monthly card spend | Housing-only | Flexible Bilt Cash | Better |
|---|---|---|---|
$1,000 | 1,500 rent points | 1,333 rent points, $0 left | Housing-only |
$1,500 | 2,000 rent points | 2,000 rent points, $0 left | Tie |
$2,000 | 2,500 rent points | 2,000 rent points + $20 Bilt Cash | Tie at 55¢ per $1 |
$4,000 | 2,500 rent points | 2,000 rent points + $100 Bilt Cash | Flexible |
That last row adds up. Over a year, Housing-only earns 6,000 more rent points, worth $132. Flexible leaves you $1,200 of Bilt Cash. Put $1,000 of it into five accelerators and you get 25,000 points ($550), with $200 left for hotels. That's more than $400 a year in favor of keeping 4%.
The rule: If your card spend is below your rent, let the switch happen. If it's above your rent and you have Obsidian or Palladium, opt out.
Palladium caveat: On the new benefits, the $600 of Bilt Cash alone covers three Point Accelerators, while the Legacy Election keeps $200 of Bilt Cash plus a $400 credit that only works on hotels. If you don't book Bilt Travel hotels, the new default is worth more than the table shows, so run your own numbers before you opt out.
Blue is different. It has no Point Accelerator. Leftover Bilt Cash has to go to hotel stays (now $100 a year at Blue or Silver status), monthly partner credits, or more rent points. Keep 4% on Blue only if you already spend your Bilt Cash every month.
🔗 Run your own rent and spend → Bilt Calculator
The calculator compares Housing-only and Flexible Bilt Cash side by side. It's built on today's terms, which is exactly what you keep with a Legacy Election. Two tips:
Set Bilt Cash value to $0.55 if the Point Accelerator is how you'd spend it. The default is $0.75.
Enter only the hotel credit you'd actually use.
What happens to Palladium and Obsidian credits
Palladium ($495): On your first anniversary on or after January 1, 2027, the $200 Bilt Cash and $400 Bilt Travel hotel credit become one $600 Bilt Cash deposit each anniversary. It replaces the old credits. It isn't on top of them.
The new version is more flexible. The old $400 required 2-night Bilt Travel stays, split $200 per half year. The new $600 can still cover $400 of hotels (two $200 redemptions a year). The other $200 can fund a Point Accelerator. If you make the Legacy Election, you keep the old $200 plus $400 setup.
Obsidian ($95): The $100 hotel credit ($50 twice a year, 2-night stays only) becomes $100 of Bilt Cash on your anniversary. Legacy Election keeps the hotel credit.
Both cards: Annual Bilt Cash now posts on your card anniversary, not January 1. That part is live now, as of October 27, 2026.
Bottom line: For most people the credit changes are a small upgrade, and your spend vs. rent should drive the decision. For Palladium holders who don't use Bilt Travel hotels, the $600 of Bilt Cash is a real upgrade, so weigh it too.
Bilt Cash: better shelf life, fewer hotel redemptions
Good news, live now: Bilt Cash expires at the end of the month, 12 months after you earn it. Bilt Cash earned October 10, 2026 lasts until October 31, 2027. The old rule wiped your balance every December 31, except for $100. The new rule applies to balances you already have.
Bad news, starting January 1, 2027: Bilt Travel hotel redemptions drop to two a year. Each one is capped at:
Blue and Silver: $50 ($100 a year)
Gold and Platinum: $100 ($200 a year)
Palladium on the new benefits: $200 ($400 a year)
Until December 31, 2026, you can still redeem up to $50 a month (Blue and Silver) or $100 a month (Gold and Platinum). That's the action item below.
Everything else Bilt announced
Daily Rewards (January 15, 2027). Each on-time rent or mortgage payment earns a reward. So does one qualifying neighborhood activity a day, like a meal, class, or ride. Each reward reveals two prizes, and you pick one: points, Bilt Cash, or collectibles toward grand prizes like $1,000,000 toward a home. It works even for rent paid by bank account. Prize terms aren't out yet, so we count it at $0 until the odds are published.
Rental car status matches (2027). Bilt Platinum unlocks SIXT ONE Platinum and Hertz President's Circle. Gold and Silver unlock SIXT ONE Gold and Hertz Five Star. No start date yet.
Points at checkout for Home Away From Home hotels (2027) for Gold and Platinum members. No redemption rate yet.
Upgrades and downgrades in the app, live now. You get one voluntary product change every 12 months. Downgrading within 30 days of your annual fee posting can claw back credits you've already used.
Already on the calendar:
Hyatt goes to 4:3 on January 1, 2027. Bilt transfers to World of Hyatt stay 1:1 through December 31, 2026. At 4:3, a 60,000-point Hyatt award costs 80,000 Bilt points.
Rent Day runs through January 1, 2027. That's 1 bonus point per $1 on everyday purchases on the 1st of each month, capped at 1,000 bonus points.
🔗 Hyatt deadline math → Hyatt Transfer Ratios
Your 4-step checklist
Compare your spend to your rent. Check your last three statements or plug them into the calculator.
If you're keeping 4%, make the Legacy Election now. Select Flexible Bilt Cash in your card settings in the Bilt app, then check that the app confirms you're keeping Bilt Cash. If you opened your card when Card 2.0 launched in February 2026, your anniversary is likely in February or March 2027. Don't cut it close.
Use November and December hotel redemptions if you have a 2-night Bilt Travel stay to book anyway. Two months at Gold status ($200) equals all of 2027's hotel allowance.
Move Bilt points to Hyatt by December 31, but only for an award you've already found.
Not a cardholder yet? Accounts opened before January 1, 2027 still get the old rules and can pick Flexible Bilt Cash. That only matters if your card spend will beat your rent. If it won't, the 2027 card is the same deal. No need to rush.
Points Mafia take
This is a good update for most cardholders. Bilt Cash lasts longer, the credits are more flexible, and nothing changes on the cards' earn rates. The catch is the default. Bilt's biggest spenders, the people who put more on the card than they pay in rent, lose value if they don't tap one setting. If that's you, opt out today and forget about it.
🔗 Compare all three Bilt cards → Bilt Rewards Hub
Want a second set of eyes? If you'd rather not run the numbers alone, a $199 Points Strategy Consult gets you a written plan for the points and cards you already have, Bilt included. Already know where you want to go? A $50 award search deposit starts a search for award seats you book yourself.
Valuation: Bilt points at 2.2 cents each, The Points Guy's October 2026 valuation. TPG's founder, Brian Kelly, is a Bilt advisor and investor. Bilt Cash at 55 cents per $1 is our math from the Point Accelerator above, not a published valuation.
Sources (checked October 28, 2026): Bilt: Your 2027 Bilt Program Updates (October 27, 2026) · Bilt Rewards Card Offer Terms (updated October 27, 2026) · Bilt Cash Program Terms (updated October 27, 2026) · NerdWallet on the Hyatt 4:3 change (October 1, 2026) · Bilt Rent Day terms
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