Rewards optimizers who lament not being able to pay rent — often the largest monthly bill — with a credit card can finally rejoice. has a Mastercard that lets you not only earn rewards for paying rent but also earn them without any fees. You can redeem the rewards that you earn with the card in many ways.
Should you move the Bilt Rewards Mastercard into prime real estate in your wallet? These are five important things to remember.
Anyone can join the Bilt Rewards program for free, but holding the Bilt Mastercard will supercharge your rewards. You can pay your rent in your rental unit in the Bilt Rewards app if it’s part the Bilt Alliance. This includes more than 2,000,000 units in the U.S., managed by Equity Residential, The Blackstone Group and other companies.
If you don’t live in a Bilt-affiliated property, you can still use the app to pay your rent, free of charge, and your landlord will receive a paper check in the mail from Bilt. You won’t be able to earn any rewards if you don’t have the Bilt Mastercard. Below is more information about the rewards structure. )
While it’s long been possible to pay rent with a credit card using certain like Plastiq, the rub is that the transaction is laden with fees. These fees often outweigh any credit card rewards you earn from the swipe. Bilt allows you to charge rent without any fees. You won’t have to pay an annual fee for the Bilt Rewards Mastercard.
The Bilt Rewards card isn’t just for rent. It’s a Mastercard and can be used wherever such cards are accepted. When you swipe the Bilt Mastercard you’ll earn:
Bilt Mastercard isn’t the only no-annual-fee card to offer heightened rewards on everyday spending categories. For example, the , earns 5% cashback on travel booked through Chase and 3% on dining out and drugstores. All other purchases get 1.5% bonus points. It, like other cards in the same class, will not earn rent-free rewards.
The only catch with the Bilt Mastercard is that you’ll have to make five purchases per month with it to be eligible to earn rewards. This is not a prohibitive requirement and there’s no minimum purchase threshold. To earn rewards, you will need to use the card to pay more than rent each month.
Rewards earned from the Bilt program are flexible and can be redeemed in a variety of ways, including:
Bilt says the value of points used toward rent will vary by building and management company, and the value of points used toward down payments will be up to 1.5 cents each. Other redemptions can have different points values.
Renters can earn Bilt points in a variety of ways, like on new leases and renewals, even if they don’t hold the Bilt Rewards Mastercard. Bilt Rewards members may also be eligible to receive bonus points depending on their status. The more points a member earns in a calendar year, the more benefits they can be eligible for in this tiered program:
Once you become at least a Silver member in the Bilt Rewards tier system, you’ll be eligible to earn interest on your stash of points. You’ll get interest each month in the form bonus points. This is based on how much you have earned in points for each 30-day period. It may not be much, as the interest rate is tied with the Federal Deposit Insurance Corp.’s published national savings rate, but it’s an added-value benefit for the card.
Getting the Bilt Mastercard, issued by Evolve Bank & Trust, isn’t just a few easy clicks away. Waitlist applicants are only accepted.
If you live in a Bilt Rewards Alliance property (which most people seeking the card likely do), you can get priority by entering your property manager’s email.
According to Bilt, more batches of applicants on the waiting list will be reviewed in the coming months.
Erin Hurd, https://www.nerdwallet.com/article/credit-cards/bilt-rewards-mastercard Read More