Big News from Bilt: Refunds, My Obsidian Experience, and Card Comparison!
ey friends, what's up? Phillip here with Points with Phillip! And today, we've got some huge news regarding Bilt, plus I'll be sharing my personal experience with the Bilt Obsidian card over the past three weeks.
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Bilt Addresses Foreign Transaction Fees: A Sigh of Relief?
The biggest news dominating the Bilt card community lately is that Bilt has officially started refunding foreign transaction fees to affected card members! For those who haven't been following, some users making foreign purchases were seeing an unexpected 0.2% foreign transaction fee appear on their statements. This was problematic because Bilt cards are advertised as having no foreign transaction fees. When compared to Mastercard's official conversion rates, these charges were consistently higher than they should have been.
After weeks of complaints, particularly on platforms like Reddit and Doctor of Credit, Bilt began issuing refunds yesterday and today. Many data points suggest these refunds are coming as a single, lump-sum transaction, regardless of how many foreign purchases were made. So, if you made multiple foreign transactions, you'll likely see one larger refund.
The Bigger Picture: While it's great that Bilt is rectifying the issue, it does raise questions. Bilt cards are often positioned as travel cards, and unexpected fees undermine their value. The initial handling of the situation wasn't ideal; customer service interactions were mixed (phone support sometimes less than stellar, chat support being a "loosely rebranded ChatGPT clone"), and it took time for an official statement (March 12th) and subsequent action (refunds starting March 22nd/23rd). However, it's worth noting that addressing such an issue involves coordinating with multiple partners like Cardless (the issuing bank), identifying affected customers, calculating refunds, and processing them – a decent turnaround time between the statement and refunds.
This situation, coupled with previous issues like changing terms and conditions during the initial rollout and problems with "Bilt 2.0" impacting users' ability to float rent payments, has led some to question Bilt's reliability. While some issues might stem from users not reading terms, it's clear that when problems arise, getting a resolution can be challenging. My personal workaround for getting issues addressed? Emailing the CEO – not exactly a scalable customer service solution! Still, the active Reddit community ensures that problems get crowdsourced and eventually addressed.
So, does Bilt fixing this specific issue make them more or less reliable? That's a question every cardholder needs to consider.
My Bilt Obsidian Journey: Three Weeks In
Now, let's switch gears and talk about my personal Bilt experience!
The Application Saga: On day one of the Bilt card's initial release, I applied for the Bilt Platinum card (the World Elite card with a $495 annual fee, 2x base multiplier). I was denied. After trying to find a reconsideration path and even emailing Bilt leadership, I was confirmed denied and told I wouldn't be offered any other Bilt card at that time, needing to wait 45 days.
Luckily, my 45-day waiting period ended on March 1st. During my anniversary live stream, I applied for the Bilt Obsidian card. I figured it might be a more realistic approval, given the Platinum's higher credit limit requirements. And it paid off! I was approved after a verification step (selfie and driver's license photos) and a brief period in limbo, which required another email to Bilt leadership to push things through Cardless.
The Bilt Obsidian Card: A Closer Look I've now had the Bilt Obsidian card for a little while, and I genuinely love how it looks. It's a beautiful, metallic stainless steel card. I received a $6,000 credit limit, and it comes with a $95 annual fee.
My Usage and Multipliers: I've already put the Obsidian card to work, with about $552 currently on it. I immediately activated the "Boost Points" feature, which gives me 2x points on everyday spend (up to $25,000 annually) once I renew the boost. Beyond that, I get 3x back on travel and 4x back on groceries. I chose groceries over dining because I have other cards like the Amex Gold (4x dining/groceries) and Chase Sapphire Reserve/Preferred (3x dining, 3x online groceries) that already cover dining well.
I've also earned $17.43 in Bilt Cash so far, which is a fantastic bonus!
Recent Transactions & Rewards: Initially, it took a couple of days for transactions to post immediately, which was a bit uncomfortable as I don't get push notifications like with Amex or Chase. But now, it's up to the minute!
Let's look at some highlights from my purchases over the last 14 days:
Welcome Bonus & Spending: I immediately received the Obsidian Bilt Cash welcome bonus and travel credit, then spent $200 in Bilt Cash to activate the point accelerator.
Amazon: Earned 1x base, 1x accelerator, plus 100 extra bonus points for a special offer (any Amazon purchase over $10). That brought in $4.25 in Bilt Cash.
Sprouts (Grocery): This is where it gets fun – 1x accelerator, 3x grocery, plus Bilt Cash!
Ford's Garage (Dining): Earned 2x back (1x accelerator, 1x other spend).
Uber Eats: Another great offer! I got a 5x bonus multiplier on food delivery services, which I used for pickup, plus a buy-one-get-one-free deal. For $13, I got lunch and dinner, earning a total of 6x points on that purchase!
Target (Grocery): Enjoyed 4x for the point accelerator, plus Bilt Cash.
Other purchases included baby clothes (2x) and more Sprouts runs.
Bilt Cash Redemption Options: With my $17.43 in available Bilt Cash, I can redeem it in various ways:
$50 hotel credit (for March)
$40 in fitness classes
$10 Walgreens credit
$10 Lyft credit
Priority Pass guest passes (if I had the Platinum card)
$5 home delivery credit
$10 Bilt Collection credit
My plan is to save up to hit $200 again to reactivate my point accelerator.
Did I Make The Right Choice? Comparing Bilt Cards
So, with my Obsidian card in hand, was it the best fit, or is another Bilt card superior?
Bilt Obsidian ($95 Annual Fee): Offers the multipliers I mentioned (2x everyday with boost, 3x travel, 4x groceries). You also get $100 in Bilt hotel credits annually ($50 statement credits applied twice a year), which can be combined with Bilt Cash for up to $100 off a hotel stay (minimum two nights).
Bilt Platinum ($495 Annual Fee): This "Mac Daddy" card offers 2x back on everything (3x with point accelerator). It comes with a 50,000-point signup bonus (after $4,000 spend in 90 days), $400 in Bilt hotel travel credit ($200 every six months), and $200 in Bilt Cash awarded annually (plus $300 from the signup bonus, giving you $500 immediately!). It also includes Priority Pass. If you maximize the Bilt Cash for the point accelerator AND a "mortgage spend" option, you could theoretically get 4x back on every single purchase. While I couldn't sustain that long-term, it's a powerful card – if they'd approve me! An upgrade offer after year one? Possibly, we'll see.
Bilt Blue (No Annual Fee): This card comes with a $100 Bilt Cash signup bonus. The downside? That's not enough to immediately unlock the 2x point accelerator. You'd need to spend $2,500 on the card (earning 1x back) to accumulate enough Bilt Cash. Once you do, it becomes a no-annual-fee 2x back card with full access to the Bilt transfer partners. It's a solid option if you're fee-averse, but the initial hurdle is there.
My Conclusion: While the Platinum offers incredible benefits for the right spender, the Bilt Obsidian card likely hits the sweet spot for most people. It provides excellent multipliers and benefits at a manageable $95 annual fee, making it the closest practical alternative to the original no-annual-fee Bilt card for many.
What are your thoughts? Are you interested in Bilt cards? Which one do you think is best for you? Let me know in the comments below!
Thanks so much for watching. Hope you have a great day, and I'll see you in the next one!