Bilt Palladium Card Review: Big Perks, Flat-Rate Rewards and a Learning Curve

Bilt Palladium Card Benefits

Earn 2x Points (Almost) Everywhere

The Bilt Palladium Card ditches bonus categories in favor of a flat 2 points per dollar on every purchase, except for rent or mortgage payments. This keeps your wallet simple: You can get a high return on every purchase without juggling bonus categories or worrying about which card to use.

Bilt Rewards partners with some of the most lucrative loyalty programs out there — you can transfer points to Alaska Airlines Atmos Rewards, United MileagePlus, World of Hyatt and others — so these points can take you far. I have used Bilt Rewards points to book dozens of flights and hotel rooms over the years, and I find them the most valuable transferable points available.

Airport Lounge Access

Like most credit cards in this segment, the Bilt Palladium Card includes a Priority Pass Select membership. This gets you into over 1,300 airport lounges around the world, and you can bring up to two guests with you every time you visit a lounge. You’ll find Priority Pass lounges at major U.S. and international airports, including New York-JFK, San Francisco (SFO), Washington-Dulles (IAD) and others.

$400 in Annual Hotel Credits

The card includes $400 in annual hotel credits you can use when booking stays of two or more nights at eligible hotels through the Bilt Travel Portal. You can use $200 in credit from January through June and another from July through December. If you can maximize this benefit, it will justify much of the card’s annual fee.

Extensive Travel and Purchase Protections

The Bilt Palladium is a World Legend Mastercard that includes a comprehensive list of travel and purchase protections, which range from trip delay reimbursement to price drop protection on purchases. On the travel insurance side, the card includes the following when you use it to pay for your trip:

• Trip cancellation and interruption protection: Reimburses prepaid and nonrefundable travel expenses if you need to cancel a trip for a covered reason (bodily injury, loss of life), up to $2,000 per trip and $5,000 per 12-month period.
• Trip delay reimbursement: Covers lodging and other necessities if you experience a delay of six or more hours on a common carrier (airline, train, etc.), up to $300 per trip. You can claim this benefit once per 12-month period.
• Baggage delay insurance: Reimburses the necessities you purchase if your checked luggage is delayed. You can be reimbursed up to $250 per claim and file up to two claims per 12-month period.
• Lost or damaged luggage insurance: Reimburses the cost of replacing your luggage and personal property if it’s lost or damaged while you’re in-transit. You can claim up to $1,500 per incident and make up to two claims per 12-month period.

Meanwhile, you’ll also get the following purchase protection benefits:

• New purchase insurance: New purchases made with the card are protected against damage and theft for 90 days from the date of purchase, up to $1,000 per claim. You can make up to $50,000 in claims per 12-month period.
• Cell phone protection: Pay your wireless bill with the card, and your phone is covered against damage or theft, up to $800 per claim. Each claim is subject to a $50 deductible, and you can make up to two claims (maximum $1,000 total) per 12-month period.
• Extended warranty: Doubles the manufacturer’s warranty on eligible items purchased with the card, up to an additional 24 months. You can claim up to $10,000 for repairs or replacement.
• Price drop protection: If you purchase something with your card and the price drops within 90 days of purchase, you can be reimbursed for the difference, up to $250 per claim. You can make up to four claims per 12-month period.

Bilt Palladium Card Drawbacks

No Bonus Points on Popular Purchase Categories

The Bilt Palladium Card’s simple 2 points per dollar on every non-housing purchase can be a benefit or a drawback, depending on how you spend money. If you spend a lot on restaurants, gas or groceries every month, you might be better served by a card that earns bonus points in those categories. Carefully consider your spending habits before applying for the card.

$495 Annual Fee

The Bilt Palladium Card has a $495 annual fee. While this isn’t the highest-priced card on the market, it’s still a significant annual expense. Make sure the card’s benefits outweigh the cost — otherwise, you could be better served by a different card.

No Primary Rental Car Coverage

Rental car coverage included with the Bilt Palladium is secondary to any other auto insurance policy you hold. So if you have personal car insurance and damage a rental car charged to the card, you’d have to file a claim with your personal policy first. Other cards in this class include primary rental car coverage, so this is disappointing for a card with a $495 annual fee.

Bilt Cash Can Be Confusing

Bilt introduced a new way to earn points on rent and mortgage payments alongside the Bilt 2.0 cards, which can be confusing. In the past, all Bilt cardholders could earn 1 point per dollar on rent with no fee. Nowadays, however, you have to either redeem Bilt Cash or spend a certain amount on your card to earn points on your rent or mortgage payment.

All new Bilt cards earn 4% back in Bilt Cash in addition to points. The Bilt Palladium Card also includes $300 in Bilt Cash as part of its welcome bonus, plus $200 every year you keep the card open. When you make a rent or mortgage payment, you can redeem $30 in Bilt Cash for 1,000 points. This means a $3,000 rent payment would require $90 in Bilt Cash to earn points, with no fee.

You can also redeem Bilt Cash dollar-for-dollar through Bilt’s partners like Lyft, BLADE and others, though there are limits in place on how much you can redeem with each partner.

Alternatively, you can opt to make fee-free rent or mortgage payments through its housing-only rewards program. This lets you earn up to 1.25 points per dollar on your rent or mortgage payment, but you must spend enough on your Bilt card to qualify.

The number of points you’ll earn depends on what percentage of your rent or mortgage payment you spend on everyday purchases on your Bilt card every month.

• Spend at least 25% of your housing payment on everyday purchases and earn 0.5 points per dollar on your rent or mortgage payment
• Spend at least 50% of your housing payment on everyday purchases and earn 0.75 points per dollar on your rent or mortgage payment
• Spend at least 75% of your housing payment on everyday 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 everyday purchases and earn 1.25 points per dollar on your rent or mortgage
payment

Needless to say, this can take some time to get used to, and you should carefully consider which option best suits your monthly spending. If you have a high monthly housing payment but plan to use your new Bilt Palladium Card as your daily driver, it could make sense to use the housing-only rewards program. Meanwhile, if you want the flexibility of being able to redeem Bilt Cash with partners, that might be your best bet.

Who Is the Bilt Palladium Card Best For?

The Bilt Palladium Card is best for frequent travelers who can maximize its rewards and benefits. While it has a $495 annual fee, this is largely offset by the $400 in annual hotel credits and $200 in annual Bilt Cash. Likewise, frequent travelers will enjoy access to over 1,300 airport lounges through the included Priority Pass airport lounge membership.

It’s also a good option for those who want to earn bonus points on everything they buy without being beholden to bonus categories. This is a great way to keep your wallet simple, because the Bilt Palladium Card earns 2 points per dollar spent on all purchases. It can also be a great card to pair with another card that earns bonus points in specific bonus categories.

For example, I’ll use this card alongside my American Express® Gold Card (an advertising partner) and Chase Sapphire Reserve®, and use the Bilt Palladium Card for everything except groceries, dining, and travel, which are bonus categories covered by the Sapphire Reserve and Amex Gold. This way, I get the most out of everything I buy.

The card can also be a good option for those with high monthly housing expenses — whether through a mortgage or rent payments — since you can earn points on these expenses through Bilt. However, given the complexity behind Bilt Cash or the housing-only rewards options, make sure you’re ready to learn the ins-and-outs of Bilt before you apply.

Is It the Right Card for You?

The Bilt Palladium Card might be worth it if you:

• Travel frequently and can use airport lounge access, hotel credits and the card’s other benefits
• Want a simplified earning structure, wherein you earn 2 Bilt points per dollar on everything you spend (except housing)
• Want to earn points on your monthly rent or mortgage payment, and don’t mind learning how to use the complex Bilt Cash or housing-only rewards program

Alternatives to the Bilt Palladium Card

• Bilt Obsidian Card: This is the mid-tier, $95-annual-fee Bilt Rewards credit card, and could be a better fit for those who don’t want to pay a $495 annual fee. Outside of rent/mortgage payments, this card earns 3 points per dollar on your choice of groceries or dining (groceries up to $25,000 spent per year), 2 points per dollar on travel, and 1 point per dollar everywhere else. Other special features include $100 in annual hotel credits and various purchase and travel protections.
• Chase Sapphire Preferred® Card: This classic travel rewards credit card earns 3 Chase Ultimate Rewards® points per dollar on dining, grocery delivery, and select streaming services, 2 points per dollar on travel (except Chase Travel℠ purchases, which earn 5x points), and 1 point per dollar on everything else. Other than that, it offers an annual $50 hotel benefit and has a solid range of purchase and travel protections. It’s better for casual travelers who want a less expensive card to rack up points.
• Capital One Venture X Rewards Credit Card: The Capital One Venture X earns 2 Capital One miles per dollar on purchases, and also includes airport lounge access, a $300 annual Capital One Travel credit, and various travel and purchase protections. All of this is packed into a $395 annual fee, so you’ll save $100 compared to the Bilt Palladium Card.