Bilt Rewards Review - Pay Rent and Earn Rewards
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According to Bloomberg News, the number of housing units occupied by renters in the U.S. has risen for the past decade and currently stands at 44 million households.
Rent is a significant expense for most people, yet it is ineligible for earning rewards. Unlike paying a mortgage and owning a property and having equity, rent goes from your pocket to a landlord's. Bilt Rewards is looking to change that.
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What is the Bilt Rewards program?
Bilt Rewards is a loyalty program that lets you earn points when renting with the Bilt Rewards Alliance or paying with the Bilt card. A little more on these two:
Bilt Rewards Alliance
More than 2 million rental homes across the U.S. comprise the Bilt Rewards Alliance, including those by real estate partners Windsor Communities, Equity Residential, Morgan Properties, Starwood Capital Group, The Related Companies, and much more. This means you can pay rent from within the Bilt Rewards app and earn points. These points can be redeemed for future rent payments, gym subscriptions, and traveling. The points can even be a down payment for a future home.
Enrollment is free, and you'll earn 1 point per $1 spent on monthly rent payments, which maxes out at 50,000 points from rent payments for the calendar year. You can pay your monthly rent through the app, and to earn points, the property you're renting should be in-network. But what if it isn't?
Bilt Mastercard
If you live in a property outside of the Bilt Alliance, don't worry: there is still a way to earn points by making rent payments. And that's where Bilt Mastercard comes in. Cardholders can simply pay via Venmo, PayPal, or physical check and use the Bilt Rent Accounts functionality in the app to earn points on rent. The card is issued by banking heavyweight Wells Fargo and has no annual fee. And you can use the Bilt credit card just like any other card.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
How does Bilt Rewards work?
By now, you know Bilt lets you earn points via rent payments. And how Bilt Rewards works isn't exactly rocket science; it's fairly simple, especially if your property is in-network. If that's the case, simply open the Bilt Rewards app, select "pay rent," and tap "make a payment." Then, enter the amount you'd like to pay, review to ensure everything checks out, and tap " pay now " once you're satisfied." You don't need the Bilt credit card to make payments if you live in an in-network property. You can also accumulate points on new leases and when your current lease renews.
If you live in an out-of-network property, you'll need to set up a Bilt rent account first, linking your bank account with the Bilt app. You'll need to add your Bilt rent account details to the online payment portal during the account set-up process. This process may involve account verification, which could take one to three days. To set up your Bilt rent account, follow the guide here.
You'll also need to apply for the Bilt Mastercard to earn rewards without living in the Bilt network.
Bilt Rewards features
Build credit
The card's rent-centric point system is unique. But the Bilt Rewards program doesn't end there. The rent payments we've been going on about? Each month, those can be reported to the major credit bureaus - Experian, TransUnion, and Equifax — to build credit or improve your existing credit score. As you're aware, your credit score determines the rates you'll get on loans or other forms of credit. A good score means you'll get a better rate than someone with bad credit.
But making rent payments via credit cards is just one method of improving your credit score. In addition, you should try to make timely payments each month, keep credit utilization low, and pay more than the minimum payment.
Generous rewards
Mastercard issues the Bilt credit card, and as a result, it's like any other credit card you use. When you swipe the card, you earn 3x points per $1 spent on dining, 2x points for each dollar spent on travel, and 1x point for every dollar spent on all other purchases. These are, of course, in addition to the rent points we've discussed above. You must have at least five transactions posted each statement period to earn points through the card. The Bilt Rewards app is available for both Android and iOS devices.
In addition, the Bilt Rewards program has a tier system based on the total Bilt points you've earned each year.
- Blue: This is your assigned tier once you join the loyalty program. Benefits include 1:1 point transfers with transfer partners, including airlines and hotels, and reporting your on-time rent payments to the three major credit bureaus. You'll also have access to the Bilt Collection, which includes art, apparel, and home decor.
- Silver: Besides everything in the previous tier, you can earn interest on your points and a 10% bonus on lease incentive points from participating properties. To become eligible for these benefits, you must have earned 25,000 points per year.
- Gold: Once you've earned 50,000 points in a year, you'll enter the gold tier. This tier bumps up the bonus on lease incentive points from participating properties to 25% and comes with a homeownership concierge. Everything else is the same as in the silver tier.
- Platinum: This is the final tier, and it is reserved for Bilt Rewards members earning 100,000 points each year through the Bilt Rewards program. The bonus on lease incentive points from participating properties increases to 50% in their tier, and you'll become eligible for gifts from the Bilt Collection. Nothing else changes in their tier when compared to the gold level.
Earn interest on points
In case you missed it, you can earn interest on the Bilt rewards points you've earned, and the percentage increases progressively as you move status tiers. To summarize, the blue tier (the starting tier) doesn't offer interest on points, but you can begin to earn interest from the silver tier and onwards. The interest rate is tied to the published national savings rate from the FDIC, and while it may not be much, it's still better than not earning anything.
Extra perks
The Bilt Mastercard comes with a few perks:
- Trip cancellation and interruption protection: If you book a passenger fare with the Bilt credit card, and your trip is canceled or interrupted for a covered reason, you may be eligible to receive up to $5,000 in reimbursement.
- Trip delay reimbursement: If your trip is delayed for a covered reason, such as weather, you may be reimbursed for money spent on meals and other expenses.
- Auto rental collision damage waiver: This waiver kicks in when you pay for a rental car with the Bilt Mastercard.
- No foreign currency conversion fee: Traveling aboard? You don't have to worry about a foreign currency conversion fee for purchases converted to U.S. dollars.
- Lyft credits: You can get a $5 Lyft credit if you take three rides in a calendar month and pay with the card.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
How much does Bilt Rewards cost?
Joining the Bilt Rewards program is free, and you don't have to worry about paying anything extra each month if you're paying rent for an in-network property.
However, the Bilt Mastercard, issued by Wells Fargo, charges an APR of 14.99% to 27.99% on purchases and balance transfers. You can expect an APR of 25.00% to 27.99% for cash advances. There's no annual or foreign transaction fees, but if there's a late payment penalty of as much as $37.
Who should or shouldn't use Bilt Rewards?
I can't think why anyone shouldn't enroll in the Bilt Rewards program. It pays your rent seamlessly, and you earn points for each dollar spent. In addition to rent, you can accumulate points for dining out and traveling when you pay through the Bilt Mastercard. Your rent payments can also be reported monthly to the credit bureaus to help you build or improve credit. There are also no annual or foreign currency conversion fees. It's a no-brainer!
Pros and cons
Pros
- No annual or foreign currency conversion fees.
- You can earn points by making rent payments.
- Rent payments are reported to the credit bureaus.
Cons
- You must have five card transactions per month to earn rewards.
- Rewards offered in addition to rent are lower than a few competitors.
- You can't earn interest on points in the starting Blue tier.
Bilt Mastercard vs. competitors
Card | Annual fee | Cashback | APR | Welcome bonus |
Bilt Mastercard | $0 | 3 points per $1 spent on dining, 2 points for each dollar spent on travel, 1 point for every dollar spent on all other purchases. 1 point for each dollar spent on rent | 14.99% to 27.99% | None |
Capital One SavorOne | $0 | 3% on entertainment, dining, and groceries, and 1% on everything else | 0% for 15 months, 19.99% to 29.99% after that | $200 after you spend $500 |
Wells Fargo Active Cash | $0 | 2% on all purchases | 0% for 15 months, 20.24% to 29.99% after that | $200 if you spend $500 in the first three months |
Capital One SavorOne
Like Bilt, Capital One SavorOne is a rewards credit card with no annual fee. But unlike Bilt, Capital One comes with a $200 welcome bonus once you spend $500 and 0% APR that's good for 15 months. After the introductory period, APR will range from 19.99% to 29.99%. If you use the card for entertainment, dining, and groceries, you can expect to make 3% in cash back and 1% on other purchases.
Wells Fargo Active Cash
No annual fee, an introductory 0% APR for 15 months, and a $200 card reward bonus (after spending $500 in the first three months) make Wells Fargo Active Cash an enticing offer. While many cards have a tier system for cash back, the Wells Fargo Active Cash card keeps it simple and lets you earn 2% cashback on all purchases. After the introductory period, APR will range between 20.24% and 29.99%.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
FAQs
What should be my credit score if I were to get the Bilt Mastercard?
The Bilt credit card is a World Elite Mastercard, which means you'll likely need good to excellent credit score.
Is Bilt Rewards legit?
Yes. Bilt Rewards was founded by Ankur Jain, which is the former vice president of Tinder.
How do I earn Bilt points?
If you live in an in-network property, you can earn points by simply paying your rent on time. But the Bilt Mastercard dramatically increases your earning potential by adding dining out and travel, among many other options, as a means to earn points.
How many points can I earn through the Bilt card?
You can earn 1x points on rent payments, 2x points when you spend on traveling, and 3x points on dining. There's no information available on website on any bonus points.
The bottom line
Bilt isn't the first no-fee rewards credit card, but it is the first that rewards you for paying your rent. Groceries, entertainment, and dining have long ruled the credit card rewards space, but earning rewards points by making rent payments is arguably Bilt's biggest selling point. The rewards you earn can be redeemed in different ways, including using it for future rent payments, down payment on a home, or at Bilt's hotel partners or travel partners, to name a few.
But there's a catch: You'll need to use the Bilt credit card five times monthly to earn points. While that may be manageable, the card must be swiped for things other than monthly rent.
Visit www.biltrewards.com to enroll.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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