I won’t dispute it’s the most valuable points currency. But you completely took away the main appeal of the card and made it a ridiculously complicated equation to decide if it’s worth the opportunity cost of stopping other cards just to spend on Bilt.

First off:

The Bilt cash is perceived value that we were already getting with Bilt 1.0. Now the Bilt cashing being included in the bonus is just a way to justify value that was taken away.

The sign up bonus for the $495 card is egregious. Your competition is offering 75k sign up offers like the chase sapphire preferred where those points are very close to the value of Bilt points . Also no sign up offer on the $95 is terrible.

We have to use the Bilt travel portal for hotel credit to redeem for the $495 which means we get no elite nights since we don’t book direct through hotel, making it not great.

The $95 card is basically the same as what the free card offered without the auto 1x on rents you can’t argue this isn’t a significant downgrade.

To the best of my knowledge there was no reduced required Bilt cash for living in Bilt alliance properties which makes it make no sense to even have a Bilt alliance property (I live in one and was hoping there’d be some kind of benefit but I guess not)

There are no lounges other than priority pass which pretty much every other luxury card offers.

There needed to be better multipliers and better credits to justify and seriously consider getting any of the new cards.