A Q&A with Richard Kerr, VP of Travel at Bilt Rewards, discussing recent changes and the future outlook.

The Bilt Rewards program has been thriving in recent years, introducing attractive promotions and welcoming new partners, while allowing members to earn points on rent (up to 100,000 points each calendar year) through the no-annual-fee Bilt Mastercard® (see rates and fees).

However, 2024 hasn't been entirely favorable for the program, as it lost American Airlines as a transfer partner and recently announced a new, reduced cap on bonus points during its monthly Rent Day promotions. Additionally, starting October 1, tax payments made with the Bilt Mastercard will no longer earn bonus rewards during promotional periods.

Has Bilt experienced a decline in momentum? Or are these simply minor adjustments that will pave the way for future growth?

To address these inquiries, we organized a Q&A session with Richard Kerr, the vice president of travel at Bilt Rewards. He provided some intriguing insights into the program, including a glimpse into how Bilt leverages data to shape its strategy.

This interview was conducted via email. Responses have been lightly edited for clarity and to align with TPG's style guide.

Nick: Thank you for taking the time to answer these questions, especially since many of our readers are devoted Bilt members.

Richard: It's hard to believe that over three years have passed since I joined the team to help launch Bilt Rewards. As many at TPG know, I spent years researching loyalty programs and writing deeply analytical articles for TPG, and I hope some of that expertise is reflected in the program we've created.

Bilt has recently made some major positive announcements, yet it has also lost American Airlines as a transfer partner and introduced a cap on bonus points for Rent Day. Was the program just too generous to maintain? Are we entering a new phase of reduced benefits?

Absolutely not; in fact, quite the opposite. Bilt is evolving into a loyalty platform focused on home and community, and we are targeting a broader market. While many early adopters were very savvy about points (and believe me, I appreciate all our enthusiasts), we need to invest in benefits that resonate with as many members as possible—this means reevaluating how and where we allocate our resources.

Adaptability and a willingness to change have been fundamental to our identity from the beginning. There's a story I often share about my first month at Bilt. We transformed the initial value proposition of our beta cobranded card from what was seen as confusing into one of the most popular no-annual-fee cards available (see rates and fees), providing earning rates and benefits that surpass many premium options. We have always iterated and will continue to evolve based on our insights and member engagement.

Earlier this year, we analyzed over two years of member behavior data and, as expected, identified opportunities to adapt our offerings and reinvest resources into what matters most to our members. For instance, only 15% of Bilt Rewards members also hold our cobranded Bilt credit card, and we discovered that a tiny fraction of them was consuming an outsized amount of resources, limiting what we could offer to the broader membership.

Reinvesting in the areas that members engage with the most has enabled us to enhance, not reduce, perks and benefits. We have recently added Marriott, Hilton, and Alaska Airlines as transfer partners. On July 1, we executed a transfer bonus of up to 100% to the Alaska Mileage Plan—something that would have seemed impossible during my time at TPG. Members with the Alaska Airlines Visa Signature® credit card can earn 3 miles per dollar spent on rent when using their card (with a 3% fee), ensuring that Rent Days will continue to provide exceptional value and reach a wider audience.

Could you explain why the decision was made to reduce the cap on bonus points for Rent Day?

Regarding the Rent Day cap, we found that less than 2% of cardholders (or 0.3% of our total membership) ever earned more than 1,000 bonus points during the Rent Day double points campaigns. By setting a cap at 1,000 points (effective October 1), we can allocate funds that previously supported this small percentage of cardholders to enhance Rent Day experiences—such as the transfer bonus to Alaska Mileage Plan and transfer bonuses of up to 150% to Aeroplan (February 2024).

Cardholders must use the card five times each statement period to earn points (see rewards and benefits).

Was similar data considered when deciding to eliminate bonus points on tax payments starting October 1?

We found that bonus points for tax payments during promotions constituted 20% of our bonus category costs, yet only 0.8% of cardholders (or 0.12% of our total membership) utilized the card for tax payments. Therefore, as part of the October 1 Rent Day update, tax payments will be excluded from bonus point promotions. This allows us to reinvest in benefits that all members can appreciate.

The initial change was hidden in the terms and conditions linked in an email. Does this reflect how you intend to communicate program updates in the future?

We acknowledge this was a mistake on our part, and we sincerely apologize. In Bilt's three-year journey, I doubt we've ever gone more than a month without issuing a press briefing due to the ongoing updates to both the Bilt platform and our partnerships. Previously, we communicated changes proactively and transparently to our members before this error—and we commit to doing so again in the future.

More generally, what additional data are you utilizing to shape the value proposition of both Bilt Rewards and the Bilt Mastercard?

I wish everyone could witness the extensive data monitoring that various teams at Bilt conduct daily to analyze member behavior and engagement. I have eight critical dashboards bookmarked on my toolbar that help track member engagement across different facets of our expansive travel program.

Twice a week, in team product reviews and during a regular all-company meeting, teams share data to inform decisions not only for Bilt leadership but also for the most junior employees, who might belong to a different team but offer fresh insights.

How do you incorporate direct feedback from members into your processes?

Our members are incredibly passionate. Whether it's through social media (our Instagram DMs and X mentions are always buzzing), direct emails to our CEO, or customer service inquiries, we consistently hear from our members. We make program adjustments based directly on their feedback and requests:

• After introducing our early Bilt Neighborhood Dining program, which allows members to earn points from any card linked to their Bilt account along with bonus points, we rapidly expanded to include 22,000 additional restaurants across the U.S. earlier this summer.
• After our Rent Day Dining Experiences sold out in minutes each month, we grew to 27 different restaurants for the August 1 Rent Day—starting at just 6,000 points.
• We've discovered that many members value exclusive benefits and unique experiences as much as points, leading us to enhance offerings like status matches, complimentary Blade flights, exclusive SoulCycle perks with each class, and more.

What would you say to a cardholder who is impacted by these new caps and is thinking about canceling their card?

Having been a leader in the points and miles community for eight years before joining Bilt, I understand how these changes can disproportionately affect enthusiasts like myself. However, this is the right decision for the majority of our members. There is tremendous value in the free Bilt platform that didn't exist three years ago. We will continue to introduce more benefits and rewards that the most members can utilize. If you care about a specific benefit, engage with us to help shape the program based on what matters most to you.

Can you provide any insights into future announcements or developments that might not have been possible without these changes?

We have exciting partnerships in the pipeline that will further enhance Bilt as a comprehensive loyalty platform, rewarding you at home, in your community, and during your travels. Not only are more travel partners joining us, but we’re also adding more neighborhood partners across the country. We’re expanding our benefits by strategically reallocating our investments.

You'll also notice that Rent Days will feature multiple offers, allowing even more members to participate on the first of every month. This approach creates sustainable value for the largest number of members. Every change and iteration aims to make Bilt the best program it can be—not just for the most savvy point maximizers. Our philosophy is straightforward: continuous evolution driven by member engagement and feedback.

View Bilt Mastercard rates and fees here.
Explore Bilt Mastercard rewards and benefits here.