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Rent is likely one of your biggest monthly expenses. But what if we could give you something in return?
Bilt Mastercard is the first card of its kind that lets you pay rent with a credit card and earn rewards without fees. Bilt also reports your rent payments to the credit bureaus to help you build your credit.
In this review, we break down the key features of The Bilt Card, how to use the card, and whether it’s worth it for renters.
Are built cards worth it?
The Bilt Card offers special value for renters.
The rental and housing markets have undergone significant changes in recent years. Rents continue to rise in most major cities, straining the budgets of millions of Americans. Half of all renters Americans spend over 30% of their income on rent and utilities. This makes the Bilt card a good option to offset your rent payments.
This card comes with additional perks, including travel and dining benefits.Also, annual or Foreign currency exchange fee. This is perfect if you travel frequently.
Nevertheless, there are some limitations. If you’re not a renter, you won’t get the big perks. Paying your rent with a Bilt card can help build a solid credit history, but only those with good credit qualify. Because of this, the Bilt card is not the best option for building credit for people with fair or poor credit.
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How Bilt cards work
The Bilt card revolutionized card benefits by allowing you to earn points on a major expense: rent. Earn 1x points on rent payments and earn up to 100,000 points per year. So if your monthly rent is $2,000, you’ll earn 2,000 Bilt Points each month, or 24,000 Bilt Points per year.
Must make at least 5 purchases per statement period to qualify To get maximum points. However, don’t panic. There is no minimum amount for these purchases, so you can also use your Bilt card to buy a coffee or get a ride, which will count towards his 5 transactions.
You can also earn points when you use your Bilt card for other purchases.
- 3x points on food and drinks
- 2x points on travel
- 1x points on other purchases
Using your Bilt card frequently can also help you reach the elite tier of the Bilt Rewards program, which has additional benefits.
How to pay rent with Bilt credit card
Once you join Bilt, you can pay your rent in a variety of ways.
First, you need to know if you live in a property that’s part of the Bilt Alliance, which includes more than 4 million homes. If so, you can pay directly through Bilt’s mobile app or website.
Even if your rental property is not part of the Bilt Alliance, if you can pay rent online, you can process your rent payment as an ACH transfer. Your Bilt card will then be charged and you can earn points.
If you pay your rent by check, you can have your rent charged directly to your Bilt card. Once the transaction is approved, Bilt will mail a check to the landlord.
If you use a credit card to pay your rent, you will usually be charged a fee. These costs will be covered by Bilt.
Redeeming Bilt Points
With the Bilt card, you can redeem points for travel and shopping discounts. It can also be applied as a rent credit. This is the breakdown.
- trip: Points can be transferred at a 1:1 ratio to a variety of travel rewards programs including American Airlines, British Airways, IHG, United Airlines, Virgin Atlantic, Hyatt, and more. The bottom line is that Bilt has you covered no matter where you want to travel.
- shopping: Redeem Bilt Points towards purchases on Amazon and exclusive items hand-picked by The Bilt Collection, including art and home decor.
- Fitness: If you’re a fitness enthusiast, you can redeem your points for SoulCycle, Y7 Studio, and other classes. [solidcore].
- Rent or down payment: You can use the points you accumulate to pay part of your rent or make a down payment. So, if homeownership is your dream, the Bilt card can bring you closer to making that dream a reality.
built rent day
One of the unique features of Bilt Card is the Rent Day bonus. On the 1st of every month, he earns 2x points (up to 10,000 bonus points) on all purchases except rentals.
This equates to 6x more food and 4x more travel. You can also redeem your points for special experiences and earn bonuses by transferring your points to Bilt’s Travel Partner Program. So it might make sense to wait until your rental date to cash out your points, especially if you have an upcoming trip in mind.
built card fee
Another great thing about the Bilt card is that there are no annual fees or foreign transaction fees. This is useful if you plan to use it abroad.
There are other fees that you should be aware of, such as late payment fees, balance transfer fees, and cash advance fees. The Bilt card’s annual interest rate varies depending on your credit score.
Who can apply?
Since Bilt reports your rent payments to the credit bureaus, it’s easy to think of Bilt as a simple credit-building card. But unfortunately, that’s not the reality for everyone.
Only businesses with good to excellent credit or a FICO score of 670 or higher may be approved.
Should I get a built card?
The Bilt card may seem like a no-brainer for renters, as it stands out as the only way to earn rewards on your rent payments without paying fees.
The Bilt card also makes sense if you eat out a lot and are looking for a card with great travel benefits.
However, there are some situations where Bilt cards are not suitable. If you are a homeowner, your potential for compensation may be limited. The same goes for people looking to build credit, who may not qualify for a Bilt card.
If you have a lot of everyday expenses like groceries or gas, you may be better off using another no-annual-fee credit card. Bilt only offers his 1x points in these categories, and you can probably find higher reward rates elsewhere.
Alternative cards for built cards
Depending on your priorities, other cash back cards or travel credit cards may make more sense.
Great for cashback: Capital One SavorOne Cash Rewards Credit Card
With an attractive welcome bonus and great cash back, the Capital One SavorOne Cash Rewards Credit Card is a great option for earning rewards on everyday spending.
Earn unlimited 3% cash back on dining, entertainment, popular streaming subscriptions, and grocery store purchases (excluding Superstore). Also, earn 10% on purchases with Uber (through November 14, 2024), 8% on purchases with Capital One Entertainment, 5% on hotels and rental cars booked with Capital One Travel, and 1% on all other purchases. It will be refunded.
Great for building trust: Petal 2 “Cashback/No Fee” Visa Credit Card
If you’re focused on building credit but also want to earn rewards, consider the Petal 2 card. No credit check is required to apply for this card, and there are almost no fees, such as annual fees, foreign transaction fees, or late fees.
Earn up to 1.5% cash back on all eligible purchases. This is a rare feature among credit builder cards.
conclusion
If you enjoy dining out and traveling while renting, the Bilt card has many benefits. However, to find the best card, you need to take a look at your financial situation and identify where you spend the most money.
There’s no doubt that the Bilt card is unique and may benefit some people, but make sure all the benefits align with your spending and financial goals.
The opinions expressed are the author’s alone and not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any organization included in the post.
