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Yesterday, I wrote about Bilt’s next offerings for its August Rent Day (more here). Now, news has come out that Bilt will be massively devaluing points earning starting on October 1st. Bonus points earning will be maxed out at 1,000 points versus the previous 10,000 possible.
On Rent Day, you can earn bonus points. These include:
- 1 point per $1 spent on rent
- 2 points per $1 spent on travel (doubles to 4 points per $1)
- 3 points per $1 spent on dining (doubles to 6 points per $1)
- 1 point per $1 for all other spend (doubles to 2 points per $1)
With these bonuses, you can currently earn bonus points up to 10,000 in total. This means bonuses are maxed out at $1,000 in general spend, $500 on travel, or $333 on dining. This cut equals a 90% reduction of what is currently possible.
These cuts might be coming in light of recent news that Wells Fargo is losing money supporting the Bilt Mastercard®. The Wall Street Journal reported that Wells Fargo is in the process of renegotiating its deal with Bilt as the credit card partnership is costing the bank around $10 million monthly. This is bad for Wells Fargo, but cardholders have been reaping the benefits (it looks like until October).
According to the article, Wells Fargo miscalculated on key revenue drivers with the partnership. It has recently attempted to renegotiate its contract (which runs until 2029) and has already informed Bilt that it will not be renewing the agreement unless something changes. I guess Bilt is trying to stem the bleeding somehow.
Anthony’s Take: This is a massive devaluation. I will continue paying rent with this card, but will not spend more than what I can max out for bonuses on the first.
(Image Credits: Bilt.)
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Advertiser & Editorial Disclosure: The Bulkhead Seat earns an affiliate commission for anyone approved through the links above This compensation may impact how and where links appear on this site. We work to provide the best publicly available offers to our readers. We frequently update them, but this site does not include all available offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.
1 comment
I spend almost exactly to get the 10,000 bonus on rent day each month. I will put off paying vendor bills till rent day. This really changes the value of the card. 1000 bonus isn’t even enough to get a rent day dinner