Without a doubt, housing is your biggest monthly payment, and whatever benefits you can get, why not? Some people pay rent with a credit card to earn points, but not all landlords offer this option, and there typically is a charge to cover transaction fees.
The Bilt Mastercard, however, offers the benefits renters need to eliminate exorbitant fees AND earn points along the way! Read on to see if this card might be right for you.
What Is the Bilt Mastercard?
Renting can now be rewarding thanks to the Bilt Mastercard.® The card is issued through Wells Fargo and is a loyalty program that lets renters earn points from doing what they need to do anyway — paying their monthly rent—with no transaction fees to worry about either.
What Is the Bilt Alliance?
Bilt Alliance is a collection of over two million rental properties that have a partnership with Bilt and allow you to earn points by paying rent. Paying your rent through the Bilt Alliance gains you points toward travel and rent, along with putting you on the path toward home ownership. The best way to know if your renting property is part of the Bilt Alliance is to ask your landlord or property manager.
If you don’t rent from properties within the Bilt Alliance, you can still use the Bilt Mastercard to pay your rent to get reward points. If your landlord only accepts checks, you can pay within the Bilt app, and they’ll send a check on your behalf. And if you pay through a property management portal, Bilt will make an ACH payment on your behalf.
Who Can Use Bilt Mastercard?
Anyone can use the Bilt Mastercard® since it can be used wherever Mastercard is accepted. However, if you’re a renter and use a credit card each month to pay for it, the Bilt Mastercard would be to your advantage. Renters who use a credit card to pay their rent likely have to pay third-party fees in order to do so. The Bilt Mastercard eliminates the fees, which makes it a renter’s dream card.
For those who don’t pay rent each month, the Bilt Mastercard offers benefits that would be advantageous as well, as it has a great rewards program and no annual fee.
The Advantages of Using Bilt Mastercard To Pay Your Rent
Bilt Rewards Program: When you pay your rent with the Bilt Mastercard® and make at least five transactions on your card each statement period, you can take advantage of rewards and earn:
- 3X points on dining – Earn three points for every dollar you spend on dining.
- 2X points on travel – Earn 2 points for every dollar you spend on travel.
- 1X points on rent payments – Earn 250 points on paying your rent (with a maximum of 100,000 points a year).
- Earn double points on Rent Day – Earn double the rewards on dining (6X) and travel (4X) when you pay your rent on the first day of the month.
No Annual Fee: There is no annual fee to pay with a Bilt Mastercard.
No Transaction Fees: Earn points by paying your rent by credit card without having to pay third-party fees.
Elite Mastercard: With the Bilt Mastercard, you can enjoy enhanced benefits like insurance protection for your cell phone, travel, and concierge services. You also have $5 in Lyft credits each month after you pay for three rides with your Bilt Mastercard within that month. If you love DoorDash, having the Bilt Mastercard will be even more worth your while because you can take advantage of the three-month DashPass membership from DoorDash.
Improved credit score: Responsible credit card use can help boost your credit score. If you live in a property within the Bilt Alliance, you can choose to have your rent reported to all three credit bureaus if you use the Bilt Mastercard® to pay your rent. If you’re paying on time every month, that will be advantageous for your credit.
Friends and Family Referral: When you refer friends and family to sign up for the Bilt Mastercard, you earn 2,500 Bilt Rewards points for every referral who applies and is approved for the card. For every fifth referral approved, you get 10,000 points — up to two million points.
BiltProtect: BiltProtect helps you to protect your available credit by connecting to your bank account and pulling the rent funds directly (like a debit card).
Bilt Collection: The Bilt Collection gives you access to Bilt’s hand-curated catalog of art, decor, and apparel.
Fitness: Bilt has partnered with some of the country’s top group fitness classes so you can join — starting at 1,600 points per class.
Where the Bilt Mastercard Is Lacking
No welcome bonus: Many credit cards offer points just for joining, but not the Bilt Mastercard. There is no welcome bonus, which means you won’t start out with points; you’ll have to earn every one you get.
Not everyone is eligible: If your credit score is not up to par and you want to improve it, you may not be eligible for the Bilt Mastercard. Most people who get approved have a good to excellent credit score (670-850).
Meeting a Minimum Purchase Quota: You need to make at least five purchases a statement period to get the most rewards.
How To Use the Bilt Mastercard
You can earn points by paying your rent online or by check, whether your property is part of Bilt Alliance or not.
Within Built Alliance Paying Online
If your property is part of Bilt Alliance, you can pay directly through the Bilt mobile app or online by using the Bilt Mastercard® as a payment option.
Not in Bilt Alliance Paying Online
If your property is not within the Bilt Alliance, you can still use the online portal or the Venmo/ Paypal apps to make a payment by adding the bank account in your Bilt app (do not use the credit card option). Bilt will successfully submit those funds to your landlord (may take up to three business days).
Pay by Check
Some landlords only accept checks. If this is the case with your landlord, use your Bilt mobile app and select to pay rent by check. Fill in the information for your landlord and submit your payment through the app. Your Bilt Mastercard will be charged, and the check will be sent to your landlord.
Signing Up for the Bilt Mastercard
To sign up for your Bilt Mastercard:
- Go to the Bilt Mastercard® homepage and click Sign up/Log in.
- Enter your email address and create a password.
- Follow instructions from there.
When creating an account, you’ll have the option to apply for the Bilt Mastercard. Keep in mind that if you don’t apply for the card, you’ll only earn points on rent if your property is part of the Bilt Alliance.
The Bottom Line
The Bilt Mastercard® is a one-of-a-kind card with loads of benefits for anyone, especially renters. While there are a few drawbacks, the card is still advantageous. If you’re looking for a card with no annual fee and the ability to pay rent with a card without fees, it’s a smart choice.