You can call Bilt Rewards a litany of things, and each one of them is probably accurate. A few examples since nobody asked: Innovative, weird, tone-deaf, star-studded, disruptors, gamers, builders, puppy-haters, and Ankur+celebrity of the month selfie generator.

I think it’s hard to argue though that Bilt doesn’t care greatly about its perception in media and participation in its program. In fact, that’s one of the core tenets of the business, so much so that they often talk about member engagement and metrics in their public and investor messaging.

Bilt’s monthly Rent Day has been one of the main drivers of the company’s coveted engagement. But, those monthly Rent Days have been getting worse over time, and as of Sunday, November 1, they’re approaching complete unremarkability and mild uselessness. In case you missed it, their next monthly promotion is either (1) poor value gift card redemption boosts, or (2) a 10%-15% hotel credit for rooms booked through their portal (which incidentally often marks up hotel retail prices by a lot), but it’s not-combinable with other Bilt Cash hotel credits. Neat eh?

So, what can you do about the general decline of the Bilt program and its rapid decline in Rent Day promotions? Don’t engage, and don’t boost the platform’s metrics. Businesses that don’t get value out of the promotions that they run will stop running those promotions, and businesses that don’t get the engagement they seek will pivot.

Why so salty today, MEAB (asks no-one in particular)? I’m actually not really salty about this, Bilt can run their program the way they see fit and as a community, we’ll take part if it makes sense and won’t otherwise. I’m just encouraging you to choose one of those options deliberately.

Happy Thursday, friends!

Bilt’s other Rent Day promotion: Bilt Cash redemption for a free 90% grapefruit 10% orange. (Grapange?)

  1. The Citi AA Executive Mastercard has an increased sign-up bonus of 125,000 AAdvantage miles after $15,000 spend in five months. The card’s $695 annual fee is not waived for the first year.

    The card includes access to Admirals Clubs for cheese cube connoisseurs, but Flagship lounges need another method. (Thanks to DoC)
  2. The Citi Business AA Mastercard has an increased sign-up bonus of 75,000 AAdvantage miles after $5,000 spend in five months. The card’s $99, soon-to-be-$150, annual fee is waived for the first year.
  3. The resident schizophrenic churning classic, the Bilt card, decided to retool its reward program, generally for the worse. What are we at now, Bilt 3.0? The tl;dr: The Bilt Cash program as you know it is going away on January 1 and being replaced with 1.25x housing credit earn on spend and a few other minor card benefits, and Palladium hotel benefits are being nerfed.

    You can opt-in to the old Bilt Cash earning and redemption method, but unless you explicitly do so you’ll be converted to the new method with no way to get back. Study away, but unless you put only a non-manufactured-spender amount of spend on the card, the new program is almost certainly worse.
  4. The Citi Platinum Select and Business AA cards are changing on January 27, 2027:

    – Both cards’ annual fees increase to $150, up from $95
    – Both cards will have $100 annual credits for AA inflight purchases
    – Business: 2x points in a once-per-quarter selectable category: shipping, office supplies, or advertising in addition to existing bonus categories
    – Personal: Complimentary Walmart+ Membership and new 2x earning in EV charging and streaming, other bonus categories remain unchanged

    Churners with more than one credit card in their wallet are probably just exchanging $55 in new fees for $100 in inflight credits, and they’ll soon discover that the new white whale is an AA flight with catering for purchase.
  5. The Chase IHG Premier Visa has an increased 180,000 point sign-up bonus with $3,000 spend in three months, and an additional 10,000 points for adding an authorized user card. The $150 annual fee is not waived the first year.
  6. Smart & Final stores have a promotion for $25 off a future purchase with $100 in One4All gift cards through Tuesday.
  7. American Express Offers has a card linked offer for $350 off of $1,850+ with Air New Zealand through December 31.
  8. Alaska Airlines is adding:

    – Anchorage, Alaska to Tokyo Narita, Japan
    – Anchorage, Alaska to Austin, Texas
    – Anchorage, Alaska to Dallas, Texas
    – Anchorage, Alaska to Nashville, Tennessee

    For avgeeks, inaugural paid flight prices are surprisingly reasonable.

Digging through reddit reveals Bilt’s origin story.

  1. Rakuten has a $100 or 10,000 point new account bonus for new Synchrony High Yield savings accounts. The bonus requires deposits of at least $1,000 within 55 calendar days, but those deposits don’t have to stay there.

    If you wanted to be annoying for sport, you could schedule 1,000 $1 ACHs in and back out.
  2. AT&T and AA have a 5,000 or 2,500 mile promotion for linking your accounts. Both AT&T wireless and internet customers are eligible. (Thanks to SideShowBob233)
  3. The Southwest Premier Business Visa has a new sign-up bonus of 80,000 miles after $3,000 spend in three months.

    Generally I’d say “just get an Ink instead”, but 2026 is your last hurrah for earning Companion Pass points on credit card sign-up bonuses. Besides, what other airline is going to connect you from West Texas to Houston via Colorado Springs and Kansas City?

Happy Tuesday friends!

Southwest route planning in action.

  1. On January 1, the American Express Fine Hotels + Resorts and The Hotel Collection credits are changing, unfortunately as predicted a week and a half ago with p=0.90. The changes:

    – Only 2+ night stays eligible
    – Airbnb Luxe properties will be eligible
    – A $250 Airbnb experiences credit with an Airbnb Luxe booking

    The Airbnb Luxe addition feels like a nice add, until you look at the properties you’re getting and the dollar cost that is.
  2. Citi ThankYou added Copa ConnectMiles as a 1:1 transfer partner. Sweet spots:

    – United domestic Polaris, 25,000 miles each way
    – Emirates business: 80,000 miles each way with minimal surcharges

    What’s the opposite of a sweet spot? Using this program for US – Europe in any cabin.
  3. Citi ThankYou has a 10% transfer bonus to Cathay Pacific AsiaMiles through November 14.
  4. The Chase Avios cards have increased sign-up bonuses of 90,000 Avios after $5,000 spend in three months:

    – British Airways
    – Iberia
    – Aer Lingus

    Each card has slightly different benefits. Generally the British Airways option is the best for its modest surcharge rebate if you’re going to book on British Airways metal with Avios.
  5. The American Express Business Platinum cards are changing a few benefits on February 17, 2027 in the wake of, I guess gaming?

    – Only named cellular providers are eligible for the monthly $10 wireless coupon
    – Only named shipping services are eligible for 2x points on shipping

    The fact that American Express is treating lack of breakage as public enemy number one should tell you a lot about their current economic predictions for consumer credit.
  6. Safeway, Albertsons, Vons, and other Just4U stores have a digital coupon for 10x points earning on $50+ in Zift Zillions cards excluding those with Amazon through Saturday.
  7. The Citi AA Executive Mastercard added 2x$100 InKind dining credits annually. split into January – June and July – December credits. If you value these at above 2x$65, then you probably should see what Costco’s up to lately.
  8. Office Depot / OfficeMax stores have $15 off of $300+ in Mastercard gift cards through Saturday. Whether or not math is your strong suit, buy in even multiples of $300.

    These are Pathward / BlackHawk Network gift cards.
  9. Staples stores have fee-free $200 Visas through Saturday, limit nine per transaction.

    These are Pathward / BlackHawk Network gift cards.

Happy Monday, friends!

MEAB Exclusive: American Express’s Q1 economic model output.

Apparently about half of American males are pretty sure they could land a jetliner if the pilots onboard were incapacitated, while many simulations like one summarized here show that the numbers are definitely lower. Private pilots have a decent shot though.

Sometimes in manufactured spend, there are opportunities only available if you commit to spending a lot in a short period, and then commit to doing it again and again because #degenlife. When an opportunity like that presents itself, I suggest you think about the opener and ask:

  • Am I a jetliner pilot?
  • Am I a private pilot?
  • If I’m not, how overconfident am I, and is there someone around to help me learn?

Reach to grow, but only to the extent that it’s feasible. Really, I’m suggesting you consider whether your bravado is bigger than your capability before committing to lofty thing.

Have a nice day, friends!

Sometimes that unchecked bravado is right though.

  1. The Bank of America Alaska cards have increased sign-up bonuses:

    – Summit: 100,000 miles and a 25,000 mile companion award after $6,000 spend in 90 days
    – Ascent: 80,000 miles and a $99 companion fare after $5,000 spend in 90 days
    – Business: 70,000 miles and a $99 companion fare after $4,000 spend in 90 days

    The good news? It’s not Southwest.
  2. The Southwest Rapid Rewards Plus Visa has an increased sign-up bonus of 80,000 miles after $1,000 spend in three months.

    The bad news? Well, Southwest.
  3. Kroger stores have a 4x fuel point promotion on third party gift cards other than Amazon and flexible fuel cards through November 3.

    For those keeping track at home, things are bleak but not dead in Kroger fuel points land.
  4. Giftcards.com has a bonus $10 gift card with a $100 Visa Virtual gift card using promo code TREATMORE, limit three per account.

    This promo code is showing on the portals, so make sure to use one.
  5. Capital One has a 30% transfer bonus to Virgin Atlantic through November 20, making the ratio 1:1.3.
  6. Alaska is adding two new long-haul flights:

    – Seattle – Osaka, 4x weekly starting May 14, 2027
    – Seattle – Tahiti, 3x weekly starting June 11, 2027

    Availability is often best right at route launch.
  7. InComm Incentives launched new promos for gift card purchases:

    – 1% off and no fees on $25,000 for existing customers using JOY26
    – 1% off and no fees on $50,000 for new customers using WELCOME26

    These are Incomm gift cards. (Thanks to GCA)

Happy Thursday!

Let’s be Southwest positive for a change: At least the party seats are gone.

  1. The Capital One Venture X Business Visa has a new sign-up bonus of 150,000+150,000 miles:

    – 150,000 miles after $40,000 spend in four months
    – 150,000 miles after $120,000 spend in four months

    If the spend is easy for you, this is a 4.5x card on $120,000 spend. If the spend isn’t easy, I guess you found a new life goal?
  2. The OKX crypto platform launched a new credit card waitlist. The card will be a Mastercard, and will earn 2%-10% back depending on one of: (1) your crypto balance, (2) your card spend, or (3) your OKX VIP level. Monthly cash back is also capped depending one of those three categories.

    The monthly cash back peaks at $1,500, so I’d consider this a $1,500*n cash back opportunity, where n is the number of months this sticks around and will probably be n=2 when the dust settles.
  3. American Express Offers has targeted offers for Fine Hotels + Resorts, and The Hotel Collection bookings:

    – $50 off of $500
    – $80 off of $800

    Now where’s that $90 off of $900? All of these expire on December 31.
  4. US Bank and Wells Fargo offers have a targeted 5% or 10% off of British Airways purchases through November 27, limited to $100 or $200 back (Thanks to DoC)
  5. Bilt Rewards added JetBlue as a 1:1 transfer partner, and that probably means there’ll be a one day JetBlue transfer bonus on November 1.
  6. The American Express Business Platinum is adding ZO Clubhouse and Studio access, which are effectively co-working spaces in Boston, Chicago, LA, NYC, San Francisco, and Washington DC.

Happy Wednesday friends!

Caveat emptor: Sometimes life goals have unintended consequences.

Introduction

An infamous, “only in churning” lofty play is to earn quasi-lifetime Japan Airlines status and lifetime oneworld lounge access via $450,000 spend on the FNBO JAL Mastercard. Don’t worry though, all of that spend will probably be at 1x, and you’ll pay 2,000 miles annually for the privilege. Oh, and more often than not it doesn’t go well either.

The Response

When someone first hears about this play, they almost always (smartly) say something like: “Wow, what’s the opportunity cost on that, how much are you actually paying for that lifetime status?” With a followup of something like: “That’s $9,000 cash back on a 2% card.” Why wouldn’t you just do that?

They’re not wrong, but maybe they’re not right too.

Is There Opportunity Cost?

Let’s read from the fictitious “Bible of Churning, Chapter 6, verse 7”:

1x spend has no opportunity cost if there’s no other credit line available to spend on.

Basically, yeah, $450,000 spend on a 2% cash back card is $9,000. But, what if you’re also already doing that and maxing out that 2% cash back card’s credit line? If you’ve got the spend capacity and you can make the numbers work, do both and don’t worry about opportunity cost from a fictitious credit line.

Good luck, and happy Tuesday friends!

PS: Thanks to everyone who reached out wondering if I had a medical event after at least three typos in yesterday’s post. I did have a medical event of sort, but strictly speaking a doctor might disagree. The condition: “AA WiFi speeds”

Pictured: If AA inflight WiFi speeds were a car.