Attention all renters involved with Bilt Rewards: It’s time to get your rent payments sorted out using the Bilt 2.0 card.
Whether you’re a seasoned Bilt 1.0 user or just diving into earning Bilt Points, there are several steps to follow, plus some important details to think about before making that first payment.
Let’s dive into the updated rent payment process and what renters—both in and out of the Bilt Alliance—should do to ensure everything goes as smoothly as possible with Bilt 2.0 rent payments.
New ACH Process for Rent Payments
Before detailing how to set up your Bilt 2.0 account for rent payments, let’s first look at how these payments are processed and how they differ from the traditional approach using a Bilt 1.0 card.
When I set up my Bilt 2.0 account, I needed to verify my current account details to enable “paying rent and mortgage with no pre-set limits.”
By clicking “Continue,” you’re essentially giving Bilt the green light to automatically debit your bank account for rent through the Automated Clearing House (ACH) system.
This marks a significant shift from how rent payments were handled with the 1.0 cards, where payments were applied to a credit line, allowing me to “float” my rent until I cleared my credit card statement.
For instance, TPG senior editor Lindsey Matthews shared that when her rent was charged to a credit line, she could divide her housing payment into two smaller parts since her paycheck came in bi-weekly. Now, with Bilt 2.0, the full rent is deducted directly from her account, so she needs to ensure she’s prepared to cover the entire rent by the first of every month. It’s also worth considering adjusting payment due dates on any other credit cards to manage cash flow better.
Choosing a Rent Compensation System
Bilt 2.0 also introduces modifications regarding how points are earned when paying rent with the Bilt card. Cardholders can select from the following options:
- Earn 4% Bilt Cash on every purchase
- Earn up to 1.25 points for each dollar spent on rent or mortgage (this varies based on how much is spent monthly on non-home purchases)
When you activate your card, you’ll be prompted to make this choice, but the good news is you can change it each month.
Bilt Alliance Properties: Rent Payment Settings
If you’ve been paying rent for a property within the Bilt Alliance network since the Bilt 1.0 rollout, then an email should have landed in your inbox, guiding you to reset your automatic rent payments through your Bilt account for the transition to 2.0.
This is the only step required for Bilt cardholders residing in Bilt Alliance properties. Just check your payment method, date, and the amount set for automatic payments, then hit “Confirm automatic payment.”
TPG’s director of points, miles, and credit card content, Carly Helfand, even simulated a $1 “rent payment” to show how it would be processed.
The screenshot showed her Bilt Palladium card processing the payment while debiting directly from her linked checking account, confirming there’d be no 3% transaction fee and earning up to 1 Bilt point in return.
Non-Bilt Alliance Properties: Setting Up Rent Payments
If you were using Bilt 1.0 for rent in a property that’s not part of the Bilt Alliance, more steps are needed moving into Bilt 2.0. New members will also go through this process for their initial rent payments.
First, head to the Home tab in your Bilt Rewards account where details about the BillPay for Home feature can be found.
BillPay for Home is intended for Bilt cardholders who are managing rent outside the Bilt Alliance network to earn benefits on these payments. Click “Get Started” to configure your settings.
You’ll have four rent payment methods to choose from:
- Online rent payment portal
- Check
- Venmo
- Other/Not listed
Depending on your landlord’s preferred payment method, there could be additional possibilities after this step.
If you opt for a check, you’ll provide your monthly rent amount, check details, mailing address, and preferred shipping method. You can also set up automatic monthly check payments.
For Venmo payment, first link your Venmo account to Bilt, select a backup payment method, and look up the recipient via phone number before entering your monthly rent.
This is pretty similar to how I handled things with Bilt 1.0, although with Bilt 2.0, I needed to verify details like my card number and preferred benefits structure. Depending on your spending patterns for non-home purchases, you can earn up to 1.25 points for every dollar spent on rent.
Just click “Confirm,” and then you’re good to go.
Paying through the apartment’s portal means Bilt charges my bank account while also offering the chance to earn points on my rent.
Conclusion
Most renters manage to pay within a couple of weeks, but it’s crucial to set up your new Bilt 2.0 rent payment system now to be ready when that time comes.
Don’t overlook those valuable Bilt Points; ensuring everything is organized before your rental due date will make for a smoother process.
