Bilt Partners with Rakuten for New Rewards Program

Bilt, a loyalty program that rewards rent payments, has teamed up with Rakuten, enabling its members to earn points while shopping online at thousands of retailers.

This New York-based startup acts as a payment processor, allowing customers to accumulate points by paying rent on time, buying a home, and eventually paying off their mortgage.

The points can be redeemed for travel with numerous airlines and hotel chains, fitness classes, local eateries, and even Walgreens shopping.

Rakuten, on the other hand, provides cashback rewards at over 3,500 retailers, offering up to 4% cashback at Nordstrom, up to 12% at Ulta Beauty, and up to 10% at Hotels.com.

With this partnership, Bilt’s more than 5 million members can earn Bilt Points at Rakuten’s retail stores using either the Bilt app or Rakuten’s platforms, which are all free to access.

“We’re thrilled to launch this partnership as holiday shopping heats up,” commented Ankur Jain, the Founder and CEO of Bilt. “Whether you’re outfitting your home, completing holiday shopping, or tackling your weekly tasks, you can now earn points to book a flight to Tokyo, cover next month’s rent, or access exclusive experiences.”

According to The Points Guy, a site that highlights various savings programs, Bilt points are regarded as highly valuable within loyalty frameworks.

The Points Guy estimates that Bilt points are worth around 2.2 cents each, significantly more than what most other loyalty programs offer, which is often just 1 cent per point.

Starting Thursday, all Bilt members will enjoy a 1:1 conversion rate when shopping with Rakuten partners. For instance, $10 in Rakuten cashback equates to 1,000 Bilt points. However, the company has yet to disclose what the conversion rate will be after six months.

Additionally, for a limited time, if Bilt members register for Rakuten through the Bilt app, they can earn 2,500 bonus points after their first purchase of $25 or more.

“Leaving points unclaimed is like wasting money,” remarked Brian Kelly, the founder of The Points Guy.

Kelly, who offered advice to Bilt about this program, described it as a “no-brainer,” noting that those who already use cash-back credit cards can stack their rewards effectively. Customers typically earn points while shopping online with credit cards from Chase, AmEx, or similar banks, and now they can also earn Bilt points for shopping via Rakuten.

“When you click on Bilt through Rakuten, it takes you directly to the retailer’s website, so there’s no need to purchase through a weird site,” he added.

Amit Patel, CEO of Rakuten Rewards, called this collaboration “a win-win for savvy shoppers everywhere.”

This partnership is especially timely as Rakuten’s holiday event runs until November 10, featuring different cash-back offers or Bilt points at various vendors each day. For instance, on November 10, there will be significant discounts at Adidas.