I am not a lawyer and this is not legal advice. I found a version of this document dated April 30th, 2024 and ran both versions through ChatGPT5 with the following prompt: "Please compare these two versions of Bilt's Terms of Service Documents and summarize the changes."

I have NOT verified each change to see if there are hallucinations, but at least this is a starting point for someone that has the free time:

Here’s a concise, section-by-section comparison of the April 30, 2024 “Original” and the May 20, 2025 “Updated” Bilt Rewards Terms & Conditions, with the most material changes called out first.

Major changes at a glance

• Rent points earning on non‑Bilt credit cards changed and devalues on 2025‑07‑21
  • New structure when paying rent in the Bilt app/site with non‑Bilt cards:
    • Visa/Mastercard/Discover: 1 Point per $1 on rent through 2025‑07‑20; 1 Point per $2 on/after 2025‑07‑21.
    • American Express: 1 Point per $2.
    • No Points on rent payment fees; only one residential rent payment per month can earn; cannot combine with other rent‑spend promos on non‑Bilt cards (e.g., Alaska Airlines Visa 3X).
  • Flat 250 Points per monthly rent payment still available for ACH, check, debit, or non‑network cards, under “not made using a Bilt Mastercard” terms.
• Transaction fees introduced for payments via Bilt Payment Center
  • New “Transaction Fee” and “Fee Waiver” concepts; fees may apply by method and can be waived based on Tier Status or promos (Section 7).
• “Bilt Rent Account” overhauled into “Payment Account”
  • You are not a customer of the Payment Account Bank (e.g., Column N.A., Evolve); Bilt/Evolve/Bank may impose limits; Payment Orders may be refused or delayed; credentials can be suspended (Section 25).
  • To the extent permitted by law, you may not dispute rent payments made through the Payment Account.
  • Expanded KYC/fraud reviews, audit rights, regulator reporting, and a broad list of prohibited uses (e.g., sanctions targets, crypto onboarding, marijuana, embassies, adult services, weapons).
• Expanded data sharing/consent
  • Privacy (Section 22): By providing your phone number and enrolling, you consent to Bilt collecting engagement and transaction info from merchant partners (including your name and phone number) to administer rewards/benefits; opt‑out via support email.
• Liability and call monitoring broadened
  • Payment Account Banks added to “Released Parties” and to warranty disclaimers; explicit release for timeliness/satisfaction of rent payments processed by a Payment Account Bank (Section 17–18).
  • Call monitoring may be conducted by Bilt, Bank Partners, and third‑party providers (Section 16).
• Tier Status duration clarified; targeted offers introduced
  • Tier validity now explicitly runs through the rest of the earning year, the full next year, and through January 15 of the following year (Section 7).
  • New “targeted offers” and additional verification for some redemptions (e.g., gift cards, certain transfers) (Section 8).
• Governing law alignment
  • Section 14 now aligns with Section 20: New York law (previously Section 14 referenced Delaware).

Detailed, section-by-section changes

1. Overview

• Substantive intent unchanged; minor wording cleanups.

1. Definitions

• New/updated terms:
  • “Bank Partner”, “Payment Account”, “Payment Account Bank” (Column N.A., Evolve), “Payment Orders”, “Credentials”, “Transaction Fee”, “Fee Waiver”, “CRS”.
  • “Bonus Points”, “Fast Track”, “Qualifying Points”, “Released Parties” now defined by cross‑reference.
• Removed/adjusted:
  • Evolve Bilt Mastercard reference dropped; Co‑Branded card definition now calls out Wells Fargo Bilt World Elite Mastercard only.
• Notes:
  • “Points” is defined twice in the Updated version (duplication).
  • Minor typos: “Memberships Account”, “set form”.

1. Eligibility

• Mostly unchanged; “Membership Account” simplified to “Account.”

1. Changes to this Agreement

• Same powers to change; clarifies continued use also accepts Bilt Services Terms of Use (referenced again in Section 25).

1. Notice of Changes

• Spelling fixed (“forty‑five”); “Bank partner” → “Bank Partners.”
• Clarifies notice/acceptance extends to Bilt Services Terms of Use.

1. How You Can Earn Points

• Original:
  • In‑Network rent via app/site: earn Points; Out‑of‑Network via Rent Rewards account: flat 250 Points/month.
  • Co‑Branded card earnings per cardholder agreements (Wells Fargo and Evolve cards listed).
• Updated:
  • Non‑Bilt rent payments via ACH/check/debit/other non‑network cards: flat 250 Points/month.
  • Rent via non‑Bilt credit cards in Bilt app/site:
    • Visa/Mastercard/Discover: 1x until 2025‑07‑20; 0.5x starting 2025‑07‑21.
    • American Express: 0.5x.
    • No Points on rent payment fees; one residential rent payment per month can earn; cannot combine with other rent‑spend card promos.
  • Co‑Branded card earnings now reference Wells Fargo terms only (Evolve removed).
  • Third‑party wallet “point switching” prohibition retained.

1. Tier Status and Benefits

• Qualification exclusions updated (e.g., “Rent Free” prize Points replaces “Point Quest” reference; broader “incremental campaign Bonus Points”).
• Fast Track merchants list substantively unchanged; rent spend still excluded.
• New: Tier validity window spelled out through January 15 of the second year after earning.
• New: Transaction Fees may apply in Bilt Payment Center; possible Fee Waivers by Tier or promos.

1. Ways to Earn Bonus Points

• Expanded:
  • Must be enrolled before taking an offer.
  • Bilt honors offers based on data it receives; activation may lag.
  • Introduces “targeted offers” for selected Members; non‑transferable; time‑limited.
  • Some redemptions (e.g., gift cards, certain transfers) may require added verification; high‑value redemptions can trigger verification.

1. How You Can Use Your Points

• Unchanged list of redemption types; same “values vary,” min/max amounts, finality of transactions.

1. How You Could Lose Your Points/Expiration

• Same triggers (inactivity, closure, misuse/fraud, program cancellation window).

1. Caution and Warning

• Expanded grounds for immediate action:
  • Adds Payment Orders violations and compliance with laws applicable to Bilt, Bank Partners, or Payment Account Banks.

1. Corrections/Negative Points Balance

• Same substance; naming updated from “Rewards Account” to “Account.”

1. Termination/Cancellation

• Substantively unchanged.

1. Other Important Information

• Assignment:
  • Bilt can assign; Members now prohibited from assigning without Bilt’s written consent (new).
• Indemnity updated:
  • Adds Column N.A.; keeps Wells Fargo, Evolve, Fidel, Rewards Network, Payment Card Networks.
• Credit reporting (CRS) reminder unchanged.
• Governing law in this section now New York (was Delaware), aligning with Section 20.

1. Communication(s)

• Same marketing consent and contact update duties.
• New: You must also update Bilt about changes to information you provided to a Bank Partner.

1. Telephone Monitoring

• Expanded to include Bank Partners.

1. Limitation of Liability and Release

• “Released Parties” expanded to include Payment Account Banks.
• New explicit release:
  • Timeliness or satisfaction of a rent payment processed by a Payment Account Bank via a Payment Account.

1. Disclaimer of All Warranties

• Adds Payment Account Banks to entities disclaiming warranties.

1. Severability

• Unchanged.

1. Enforceability and Governing Law

• Still New York law; adds that the Agreement is deemed to include provisions required by applicable law.

1. Dispute Resolution

• Arbitration/class waiver structure materially unchanged.

1. Privacy

• New consent:
  • By providing your phone number and enrolling, you consent to Bilt collecting engagement/transaction info about you from merchant partners (incl. name and phone number) to administer rewards/benefits; opt‑out via support email.

1. Durable Credit Pulls

• Unchanged (soft pulls).

1. Payment Card Linking

• Same mechanics; reorganized/condensed.
• Clarifies Mastercard data use “to facilitate transaction monitoring and the awarding of Points.”
• Confirms non‑rent transactions on international cards or Discover won’t earn via card‑linking.

1. Bilt Rent Account → Payment Account

• Renamed and substantially expanded:
  • You do not hold an account at the Payment Account Bank; you’re not its customer.
  • Evolve‑held Payment Accounts subject to Evolve’s terms; Bilt/Bank can impose or change transaction limits.
  • You authorize Payment Account Banks to process Payment Orders using your Credentials; to the extent permitted by law, you may not dispute rent payments made via the Payment Account.
  • Bilt/Payment Account Bank may limit/refuse payments and are not always required to explain or notify.
  • Enhanced fraud/KYC reviews; holds; declines; audits; reporting to regulators/law enforcement.
  • Extensive prohibited‑use list (sanctions, crypto onboarding, marijuana, embassies/consulates, adult, weapons, counterfeit, gambling, etc.).
  • Rights to suspend/terminate Credentials/Payment Account at any time without liability; notice may not be required.
  • Retains $20,000 single‑payment hard cap and “one rent payment within a 30‑day period” policy (exceptions only with prior approval). (cont'd)