Bilt Obsidian Card Review: Generous Travel Rewards and Perks for an Affordable Annual Fee

Bilt Obsidian Card Benefits

I’ve had tremendous success transferring my points from Bilt to Alaska Airlines’ Atmos Rewards program and redeeming them for first-class tickets on American Airlines and business-class awards on British Airways. Given that Bilt points are among the most valuable travel rewards, this is a very strong card for just a $95 annual fee.

Earn Points on Housing Payments

You can earn points for your rent or mortgage payments with the Bilt Obsidian Card, but you’ll have to choose one of two methods for earning rewards.

The first is the Bilt Cash option, where all non-housing spending earns 4% Bilt Cash. You can redeem Bilt Cash for things like dining, travel and retail credits, and you can also use to unlock 1x points earning on rent or mortgage payments at a rate of $30 Bilt Cash = 1,000 points.

Alternatively, you can opt not to earn Bilt Cash on non-housing spend with the “housing-only” rewards option. In this case, you’ll earn points on housing payments based on the amount of non-housing spend you put on the card each billing cycle, as follows:

• Spend at least 25% of your housing payment on non-housing purchases and earn 0.5 points per dollar on your rent or mortgage payment
• Spend at least 50% of your housing payment on non-housing purchases and earn 0.75 points per dollar on your rent or mortgage payment
• Spend at least 75% of your housing payment on non-housing purchases and earn 1 point per dollar on your rent or mortgage payment
• Spend the same amount (or more) as your monthly housing payment on non-housing purchases and earn 1.25 points per dollar on your rent or mortgage payment

Strong Earning Rates

In addition to earning 4% Bilt Cash on everyday purchases (if you choose that option), the Bilt Obsidian Card earns bonus points in a few lucrative categories. Cardholders earn:

• 3x points on dining or groceries (groceries up to $25,000 per year)
• 2x points on travel
• 1x points on everything else (excluding housing)

If you’ve chosen the Bilt Cash option, you can redeem Bilt Cash to unlock a “points accelerator” on the card, which awards an extra 1 point per dollar on everyday, non-housing spend. The accelerator costs $200 in Bilt Cash per $5,000 in spending, and you can activate it up to five times per year. With the accelerator, the earning rates become:

• 4x points on dining or groceries (groceries up to $25,000 per year)
• 3x points on travel
• 2x points on everything else (excluding housing)

$100 Bilt Travel Hotel Credit

Cardholders receive up to $100 per year in credit toward Bilt Travel hotel bookings, awarded as $50 from January to June and $50 from July to December. These credits only apply to qualifying Bilt Travel hotel bookings of two nights or more.

If you can maximize this perk, you’ll get a value that completely offsets the annual fee.

Travel and Purchase Protections

The Bilt Obsidian Card comes with a respectable suite of travel insurance and purchase protections, including:

• Secondary car rental insurance
• Trip cancellation/interruption insurance
• Trip delay insurance
• Lost or damaged luggage insurance
• Cell phone protection
• Purchase assurance
• Extended warranty

Bilt Obsidian Card Drawbacks

Bilt 2.0 Is Complicated

I loved that the Bilt 1.0 card was so simple — you could charge your rent to it and make five other transactions each month, and you’d earn 1x points on your rent. The new system is anything but simple, with Bilt Cash serving as one way to earn Bilt Rewards on your housing payments. Or, you can go for the housing-only option and earn points based on the amount of non-housing spend you put on the card.

Previously, I could explain the old rewards program in a single sentence. But now, even travel rewards veterans have to study the program closely just to get the gist of it.

Earn 3x on Dining or Groceries, but Not Both

The Bilt Obsidian Card offers 3x points on dining or groceries, but not both — you need to choose one or the other. If you choose groceries, your 3x earning applies only to $25,000 in annual spending (after which you’ll earn 1x points).

It’s not uncommon to see credit card spending caps on bonus rewards earning, particularly at grocery stores and restaurants. For example, the American Express® Gold Card, an advertising partner, earns 4 American Express Membership Rewards® points per dollar at restaurants (on up to $50,000 in purchases per calendar year, then 1x) and at U.S. supermarkets (on up to $25,000 in purchases per calendar year, then 1x).

However, with the Amex Gold, you don’t have to choose one category over another, as the Bilt Obsidian Card requires.

Modest Welcome Bonus

This card offers $200 of Bilt Cash when you apply and get approved, but no points. This bonus is weak compared to other popular travel rewards cards that charge a similar annual fee. For example, the Chase Sapphire Preferred® Card offers 75,000 bonus points, worth at least $750 in travel, after you spend $5,000 on purchases in the first three months from account opening. And the Citi Strata Premier® Card, an advertising partner, offers 60,000 bonus ThankYou® Points after spending $4,000 in the first three months of account opening (worth at least $600 in travel).

Within the Bilt card range, only the premium Bilt Palladium Card offers a points welcome bonus: Get $300 of Bilt Cash when you apply and get approved, plus earn 50,000 Bilt Points and Gold Status when you spend $4,000 on purchases outside of rent and mortgage in your first 3 months.

Who Is the Bilt Obsidian Card Best For?

The Bilt Obsidian Card is best for consumers who are invested in the Bilt Rewards program, want to earn points on housing payments, and don’t mind paying a $95 annual fee for elevated rewards and perks. It’s also a good pick for those who spend a lot on travel, dining or groceries, as it earns higher rates in those categories.

If you can make the most of the card’s $100 annual Bilt Travel hotel credit, it’s easier to justify the annual fee. However, you’ll need to have patience and invest the time to learn the ins and outs of the new Bilt 2.0 program to maximize rewards on this credit card.

Is It the Right Card for You?

The Bilt Obsidian Card may deserve a place in your wallet if you:

• Want a card that allows you to earn rewards on rent or mortgage payments
• Are comfortable with the new, more complicated Bilt 2.0 rewards program
• Are willing to pay a $95 annual fee to earn bonus rewards and unlock benefits like an annual Bilt Travel hotel credit and travel/purchase protections
• Don’t want to pay the high annual fee on the premium Bilt Palladium Card

Alternatives to the Bilt Obsidian Card

If you’re looking for a travel credit card with generous rewards at a similar price to the Bilt Obsidian Card, you’ve got plenty of options, including:

• Chase Sapphire Preferred Card: This card also has a $95 annual fee, and earns Chase Ultimate Rewards® points that you can transfer to many of the same travel partners as the Bilt Obsidian.
• Capital One Venture Rewards Credit Card: This $95-annual-fee card offers 2x Capital One miles on all purchases (except hotels, rental cars and vacation rentals booked through Capital One Travel, which earn 5x miles). You can redeem miles at a rate of 1 cent each for statement credits toward eligible travel purchases, or transfer your rewards to Capital One’s airline and hotel partners.