Bilt, the financial technology company valued at over $10 billion, is rolling out three new credit cards – the Bilt Blue, Obsidian, and Palladium – with a revamped rewards system. However, a key exclusion in the terms of service has drawn frustration from some users: tax payments made via credit card will not earn Bilt Points or Bilt Cash.
This is unusual because most major card issuers, including American Express, Capital One, and Chase, allow tax payments without restrictions. Users who rely on paying quarterly taxes through credit card services (which typically charge a 2% fee) will find this limitation particularly inconvenient. While Bilt has not publicly commented on the reason, the exclusion raises questions about the company’s sustainability model and its approach to maximizing revenue.
The decision appears to contradict Bilt’s initial value proposition – rewarding rent payments and everyday spending – and fuels concerns that the company is increasingly prioritizing profitability over user benefits. Critics argue that these “carve-outs” undermine Bilt’s claim of offering the most rewarding credit cards, particularly given the high $495 annual fee for the Bilt Palladium Card.
Bilt’s new cards have other limitations as well: hotel credits require two-night stays, Priority Pass access is incremental, and rewards exclusions like tax payments exist nowhere else in the industry. Despite the welcome bonus and anticipation of Bilt Cash, justifying the annual fee may prove difficult for many users.
Ultimately, Bilt’s new credit cards may still offer some value, but the unexpected exclusions and restrictions suggest that maximizing rewards will require more effort and come with more catches than initially advertised.
