Bilt 2.0: Richard Kerr's Response—What Does "Fee-Free Option" Actually Mean?

On January 8, 2026, Bilt's Richard Kerr posted on r/biltrewards in response to the leaked card details. His key statement:

"Second — and let me be very clear: as a Bilt cardholder, you will always have the option to make your full rent or mortgage payment seamlessly through Bilt and without a transaction fee. That is not changing."

The question: This sounds reassuring, but it's intentionally vague. Based on community analysis and leaks, the "option" may mean:

• You may be able to make your full payment fee-free—if you have enough Bilt Cash to cover the transaction fees
• Or you might be able to pay part via card (earning points on that portion) and part via ACH (no fee, but no points)
• The "option" could be using your Bilt Cash balance or accepting a partial points earn

Kerr also mentioned: "the more you use the card, the more you can earn. That can mean earning the full 1x on rent, plus new ways to earn across multiple homes or elsewhere in your neighborhood."

This suggests: To potentially earn 1X on your full rent payment, you may need to earn enough Bilt Cash from everyday spending to cover the transaction fees. Otherwise, you might get a partial points earn.

After Kerr's response, another leak surfaced showing what appears to be a screenshot of Bilt's rent payment interface. If accurate, the system might work like this:

If this leak is accurate: Your effective points earn rate on rent/mortgage may depend on how much Bilt Cash you earn from everyday spending. The more you use the card, the higher your rent earn rate could be—potentially up to a maximum of 1X.

Kerr's statement is technically true but deliberately ambiguous. Based on leaks and community analysis, here's what might be happening:

"Fee-Free Option" May Mean Using Your Bilt Cash

The "option" to pay fee-free may exist—but possibly only if you've earned enough Bilt Cash from everyday spending. If true, this would be a significant change from the original Bilt card, which allowed fee-free rent with just 5 transactions per month, regardless of spend.

Partial Payment May Mean Partial Points

If the leaks are accurate and you don't have enough Bilt Cash to cover the full fee, the new system might allow you to:

• Pay part of your rent via card (potentially earning 1X on that portion, with fees covered by Bilt Cash)
• Pay the remainder via ACH (no fee, but no points)
• Your effective earn rate could become a fraction of 1X based on how much Bilt Cash you have

"The More You Use, The More You Earn"

This may not just be marketing—it could be literal. If the leaks are accurate, to maximize your rent/mortgage points earning, you might need to maximize your everyday spending on the Bilt card. The engagement model could reward heavy card users with better rent earn rates.

Kerr mentioned earning points on "multiple homes" and "elsewhere in your neighborhood." This might mean:

• You might be able to pay rent/mortgage on multiple properties (if you own rental properties or help family)
• Each property payment could potentially earn points, possibly limited by your Bilt Cash balance
• This might allow heavy spenders to use excess Bilt Cash on multiple properties

This feature could be intriguing for churners who might want to help family members pay mortgages while earning points, but details remain unclear until the January 14 announcement.