Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
Annual fees: Bilt Obsidian Card $95/yr, Rakuten American Express Card $0/yr. Strongest bonus categories: Bilt Obsidian Card on rent and dining, Rakuten American Express Card on dining.
Card data as of September 27, 2026.
Annual Fee
Welcome Bonus
| Category | Bilt Obsidian Card | Rakuten American Express Card |
|---|---|---|
| Dining | 3X | 2X |
| Grocery Stores | 3X |
The Bilt Obsidian Card wins in 4 of 4 categories. The Rakuten American Express Card leads in 0. 1 more category depend on booking channel or caps.
Rent
Bilt Obsidian Card earns 1.25X vs 1X
1.25X via tiered option or up to 1X via Bilt Cash option; no transaction fee; no annual cap on housing payments
Mortgage
Bilt Obsidian Card earns 1.25X vs 1X
1.25X via tiered option or up to 1X via Bilt Cash option; no transaction fee
Dining
Bilt Obsidian Card earns 3X vs 2X
Travel
Bilt Obsidian Card earns 2X vs 1X
Grocery Stores
Depends: up to $25,000/yr
Bilt Obsidian Card earns 3X when conditions are met; Rakuten American Express Card earns 2X (2X without restrictions)
Modeled net value (bonus categories at unconditional rates, caps applied). Spend mix: dining 15%, groceries 15%, gas 10%, travel 10%, everything else 50%. Statement credits use the same recurring usable estimates as each card's detail page; first-year-only credits count in year one only. Welcome offers valued at each card's program rate shown on this page.
Both scenarios favor the Bilt Obsidian Card on net value (rewards, usable credits, fees, and welcome offer).
Both scenarios favor the Bilt Obsidian Card on net value (rewards, usable credits, fees, and welcome offer).
Published annual fees: Bilt Obsidian Card $95/yr, Rakuten American Express Card $0/yr — a $95 difference before welcome offers and credits.
| 2X |
| Travel | 2X | 1X |
| Mortgage | 1.25X | 1X |
| Rent | 1.25X | 1X |
| Everything Else | 1X | 1X |
Network
Key Benefits
Pros
Cons
| Scenario | Bilt Obsidian Card | Rakuten American Express Card | Ongoing winner | Year-one winner |
|---|
| Light spender: $1,000/month | Rewards: $370 Credits (our usable estimate): $85 − Annual fee ($95) Ongoing: $360 Year one: $560 | Rewards: $234 Credits (our usable estimate): $0 − Annual fee ($0) Ongoing: $234 Year one: $334 | Bilt Obsidian Card | Bilt Obsidian Card |
| Heavy spender: $4,000/month | Rewards: $1,478 Credits (our usable estimate): $85 − Annual fee ($95) Ongoing: $1,468 Year one: $1,668 | Rewards: $936 Credits (our usable estimate): $0 − Annual fee ($0) Ongoing: $936 Year one: $1,036 | Bilt Obsidian Card | Bilt Obsidian Card |
The Bilt Obsidian Card costs $95/yr — that's $95 more than the Rakuten American Express Card (no annual fee). To justify that gap, you need to extract at least $95 in annual value from the card's higher earn rates and benefits.
Bottom line: Use the year-one vs ongoing table for modeled earn value at your spend level. The $95 fee gap means the Bilt Obsidian Card needs roughly $95 more in annual rewards (or credits you will use) to break even on dining and grocery stores and everyday spend.
Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
