- Update: Now publicly available. Apply here
- Update: Bilt has added another great way to pay rent using your Bilt account. You can now generate a Bilt routing number and account number to pay your rent the same way you would pay rent with any bank account routing and account number (and of course with Bilt you get the rewards mentioned below).
Live in a rental? With the launching of a new credit card called Bilt, you can finally pay your monthly rent with a credit card and earn rewards on it.
What is Bilt?
Bilt is a credit card you can pay your monthly rent with. You don’t go over to your landlord to swipe your card but rather pay your months rent through the Bilt app. Bilt then transfers the payment electronically or via check to your landlord.
The cherry on top and the brainchild of Bilt is that you EARN REWARDS on every dollar of rent you pay through Bilt. That’ll be one point on every dollar of rent paid (you will only earn the rewards if you make at least 5 transactions with your card per cycle, which we’ll discuss later on in the post). Besides for living quarters, you’ll now be getting real good stuff from paying rent. At the end of a year you can totally have racked up enough points to earn yourself a vacation, flight, or hotel stay. And that’s from doing something you’re doing anyway, paying your rent.
How does Bilt work?
Whether your landlord accepts credit card payments or not, you can pay your landlord using your Bilt credit card in the Bilt app. In the app, you can set up a payment to your landlord for the usual rent amount and click on “Pay now”. Tada, you’re done.
The amount of points you earn for the payment will be displayed on your screen, it’s 1 point per dollar on rent. Bilt will take care of transferring the rent to your landlord.
Bilt has made a partnership with some big real estate companies, including The Blackstone Group, The Related Companies, and Equity residential, who accept rent payment through the app. If your landlord is part of the Bilt Rewards Alliance, the rent payment will be sent electronically through the app. Some landlords may even give perks to tenants who make timely payments and the like.
Bilt card rewards
You can use your Bilt card on more than just rent. You can earn rewards in three categories which I’ll outline in a minute. In order to earn rewards, you must make a minimum of 5 transactions per cycle. As long as you make 5 transactions per cycle, no matter how small the purchase and this includes paying rent, you’ll earn the card rewards. If you don’t make at least 5 transactions per cycle, you earn nothing.
Earn the following rewards with your Bilt card:
- 1 point on rent on on up to 50,000 points per calendar year
- 2 points on travel
- 3 points on dining
- 1 point on all other purchases
You can redeem points towards rent payments, towards travel, art & decor, and towards purchasing a home.
The points you earn on a year’s worth of rent can take you far.
Bilt transfer partners
Bilt points may be redeemed for travel with various airline and hotel partners.
Transfer to airlines
Aer Lingus Avios 1:1
American Airlines AAdvantage 1:1
Air Canada’s Aeroplan 1:1
British Airways Avios 1:1
Cathay Pacific Asia Miles 1:1
Emirates Skywards 1:1
Iberia Avios 1:1
United MileagePlus 1:1
Turkish Miles & Smiles 1:1
Virgin Atlantic Flying Club 1:1
World of Hyatt 1:1
IHG Rewards 1:1
What are the requirements in order to get approved for the Bilt card?
Bilt is just like any other credit card and they will check your credit score before they approve your application. But the good thing about Bilt is that you have an option to enroll in BiltProtect which will automatically draft rent payment from your bank account rather than from your credit line. This will help your credit score from being hit from high credit utilization. You can gain early access by using the Frequent Miler code: FM4BILT
Other benefits that come along with the Bilt card
The Bilt credit card comes along with some other perks as well. Here are the details.
- No annual fee
- No foreign transaction fees
- Cell phone protection: Get reimbursed for up to $800 per claim (with a $25 deductible) if your cell phone breaks or gets stolen. To activate coverage, you need to pay your monthly cell phone bill with your Bilt Mastercard®. Max 2 claims per year.
- Purchase protection: Get refunded if your purchase is damaged, or stolen for up to 90 days from the date of purchase. Max $10,000 per claim.
- Trip Cancellation Protection: Coverage for canceled or interrupted travel. Max $5,000 per trip.
- Trip Delay Reimbursement: If your flight is delayed for 6+ hours, you can claim up to $200 per day to cover expenses like meals, lodging, toiletries, medication, and other personal use items. Max $1,800 per trip.
- Auto rental insurance: You’ll get covered for physical damage and theft of most rental cars when you pay for the rental transaction with the Bilt Mastercard.
So to sum it up
Bilt is a new player in the credit card marketplace, but they are offering something unique – rewards on your biggest monthly expense which is rent. Don’t let your rent payment go on unrewarded. Sign up to the Bilt credit card today.