Your rent payment is likely your most significant monthly expense, and you have been missing out on rewards this whole time.
That frustrating reality drove a wave of fintech companies to promise what seemed impossible just a few years ago: the ability to earn credit card rewards on rent without paying extra fees.
Bilt Rewards became the poster child for this movement, building a loyal following of renters eager to turn their monthly obligations into travel points.
But something changed in early 2026, and the company’s transition away from Wells Fargo has left cardholders scrambling to understand a confusing new system.
Customer complaints have flooded review platforms, and the once-celebrated rewards program now requires spreadsheets and exception lists to be properly understood.
The new Bilt 2.0 system demands more spending to earn the same rewards
Bilt parted ways with Wells Fargo in 2025 and launched three new credit cards in early 2026, branding the overhaul as Bilt 2.0 for existing customers.
Two of the three new cards now carry annual fees, with the premium option costing nearly $500 per year for access to the best perks.
The company eliminated the previous five-transaction minimum that some users satisfied through small purchases, replacing it with a tiered rewards structure. To earn maximum rewards on your rent or mortgage payment, you now need substantial non-housing spending on your Bilt card every single month.
Why housing rewards cards struggle to make money for issuers
Rent and mortgage payments are large, recurring expenses that create unique challenges for credit card companies trying to fund generous rewards programs. The median monthly rent for apartments in the United States reached $1,487 in 2024, including utility costs, according to the U.S. Census Bureau.
Homeowners with mortgages paid a median of $2,035 per month in 2024, reflecting higher home prices and elevated interest rates, according to Census data. These are non-discretionary expenses that you cannot simply reduce the way you might cut back on dining out or entertainment purchases.
The economics behind credit card rewards do not favor housing payments
Card issuers generate income through three primary channels: interchange fees from merchants, annual fees from cardholders, and interest from revolving balances.
A rewards program that covers rent and mortgage payments is appealing to users, but the economics must work to ensure sustainability, according to Matthew Goldman, founder of the financial consulting firm Totavi.
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Interchange fees for rent payments are often lower than those for standard retail transactions, making it harder for issuers to fund rewards at competitive rates.
The Mesa Homeowners Card learned this lesson the hard way, launching in November 2024 with no annual fee and generous mortgage rewards.
Mesa’s collapse showed the fragility of fee-free housing rewards models
The Mesa Homeowners Card offered rewards on mortgage payments and nearly $1,000 in annual statement credits without charging an annual fee to cardholders. That generous structure proved unsustainable, and the card folded after just 13 months of operation, leaving customers scrambling for alternatives.
Mortgage payments from linked bank accounts did not generate the same interchange revenue as standard credit card purchases. The lesson for consumers is clear: if a credit card offer seems too generous, the company may be burning through investor money unsustainably.
Customer service nightmares have plagued the Bilt transition since February 2026
The technical transition from Wells Fargo to Bilt’s new banking partner created immediate problems for cardholders trying to manage their accounts. Customers report that they can no longer use their credit line to pay rent, with payments now automatically debited from checking accounts within 24 hours, according to reviews on Trustpilot.
This change eliminates the cash-flow flexibility that made the original Bilt card attractive to renters seeking to earn rewards while managing payment timing. Some customers report that all their 2025 statements disappeared during the upgrade, creating headaches for tax preparation and financial record keeping.
Reports of double charges, unauthorized balance transfers are mounting
Multiple customers claim that Bilt extracted double rent payments from their accounts and failed to correct the errors in a timely manner. Others report unauthorized balance transfers that occurred without their consent during the transition to the new banking platform and card structure.
Reaching customer service representatives with the authority to resolve these issues has proven extremely difficult for frustrated cardholders seeking refunds. The company’s support infrastructure appears overwhelmed by the volume of complaints stemming from the February 2026 transition period and ongoing issues.
What you should consider before signing up for a housing rewards card
The appeal of earning points on your biggest monthly expense is undeniable, but you need to evaluate whether the math actually works in your situation. Calculate how much non-housing spending you would need to maximize rewards, and compare that against the benefits you would realistically earn each year.
Consider whether a standard cash-back card with simpler terms might deliver better overall value without the complexity of tiered earning structures.
Questions to ask yourself before applying
- Does your landlord accept credit card payments, and what fees do they charge for processing those transactions each month?
- Will the annual fee eat into your rewards earnings, especially if you do not maximize the card’s bonus categories consistently?
- Can you comfortably meet spending requirements without changing your normal purchasing habits or making unnecessary purchases?
- Does the card’s issuer have a track record of stable operations, or is the company burning through venture capital funding?
- What happens to your points if the company changes terms, shuts down, or merges with another provider unexpectedly?
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The future of housing rewards cards remains uncertain for consumers
Bilt maintains that its points remain the most valuable credit card rewards currency, thanks to its flexible transfer partners and redemption options. The company generates additional revenue through the Bilt Alliance network of landlords and merchants who pay to access engaged customers, CEO Ankur Jain told NerdWallet.
Other competitors, like Made Card, are experimenting with similar models that tie mortgage rewards to overall spending rather than to standalone housing benefits.
“We have to build a product that makes sense… rather than porting over a model that works for the airline industry,” explained Made Card CEO Ashin Shah.
Some industry observers predict that homeowner rewards cards will become as common as airline loyalty cards within 20 years, despite current growing pains.
Practical steps to take if you are a current Bilt cardholder facing issues
- Document every transaction discrepancy, double charge, or unauthorized balance transfer with screenshots and detailed notes, including dates and amounts involved.
- File formal complaints with the Consumer Financial Protection Bureau if the company fails to resolve billing errors within the legally required timeframes.
- Consider whether keeping the card makes sense, given the new annual fees and spending requirements compared to your actual usage patterns.
- Review alternative rewards cards that might offer comparable value with fewer complications, especially if you value simplicity over maximum optimization.
Red flags that should prompt immediate action
- Unexpected charges appearing on your account that you did not authorize or that exceed your normal monthly payment amounts.
- Credit limit reductions that occur without advance notice affect your credit utilization ratio and overall credit score.
- Missing account statements or transaction history prevents you from verifying charges or preparing accurate tax documentation.
- Inability to reach customer service representatives who have the authority to address your concerns and provide binding resolutions.
The bottom line on housing rewards cards in 2026
The dream of earning meaningful rewards on your rent or mortgage payment is compelling, but the reality has proven far more complicated than early promises suggested. Bilt’s transition troubles demonstrate that even well-funded fintech companies struggle to sustain the economics of housing rewards over long periods.
You should approach any housing rewards card with healthy skepticism and carefully calculate whether the benefits justify the complexity and potential risks involved. Traditional cash-back cards with straightforward terms may offer better overall value, even if they lack the flashy appeal of earning points on housing costs.
Related: Mortgage rate surge hits home buyers yet again