So the BILT 2.0 math looks like this: $750 in spend ($30/.04) unlocks ability to earn 1000 points on $1000 in housing spend.

The problem? Let's take spend that's not in bonus categories on any other card both to make the calculations simple and to skew things the most heavily in favor of BILT. Well, $750 in spend on the Chase Freedom Unlimited is 1125 points. That's the opportunity cost of spending $750 on the BILT 2.0 card and receiving "useless" BILT cash. Now of course, you wouldn't get any points for housing spend anywhere else, but the problem is that I only net 1000 points from the housing spend at the opportunity cost of 1,125 Chase UR points. And UR points, like BILT points, transfer to Hyatt at a 1:1 ratio, so it's better to just put the spend on the Chase Freedom Unlimited and get 0 points for housing spend. The ONLY exception here is for spend in foreign countries that does not fall into any bonus categories on my other cards, since the Chase Freedom Unlimited has a 3% foreign transaction fee. So I can put that spend on the BILT 2.0 card and unlock 1000 points for $750 in spend by putting housing spend on the BILT 2.0 card (instead of just 750 points if directly spending on my Chase Sapphire Reserve). The catch is that I'd have to spend $750 to unlock ANY points, as $749 in spend unlocks nothing.

I'll be getting the BILT 2.0 card however, for the $100 introductory BILT cash. Then once I burn through it, which I will do in about one month, the BILT 2.0 card goes in my drawer and I'll forget about it. Except maybe when traveling in foreign countries and spending money in non bonus categories.