Bilt Credit Card Review: Should You Use it for Rent?
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Bilt Credit Card Review!
When I first heard about Bilt: the Credit Card that lets you earn rewards for rent payments, I was a bit skeptical. As a renter, I was so used to paying out of my checking account and never thought twice about it. However, as my rent kept climbing, I started to wonder if I was missing out. After all, my rent is my biggest expense that I could earn rewards on, so why not earn points from it? This is what made me start to go down the rabbit hole of researching the Bilt Mastercard, and what I found completely changed how I was paying rent.
The Bilt Mastercard is a no-annual-fee card that allows you to pay your rent without paying a fee. It allows you to pay your rent multiple ways, and when paying, you earn points that can be transferred. Bilt points can be transferred to hotels, airlines, or even used to take money off your student loans, Lyft, Bilt experiences, and future rent payments! This card can be a game-changer if you know how to use it! I have used my Bilt points to book stays at all-inclusive hotels in Jamaica, Secrets St James, by transferring to Hyatt, and first-class flights to Boston by transferring to Alaska Airlines.
So, if you are asking yourself, Can I pay rent with a credit card without a fee or Can I earn travel points for paying my rent? Then, this post will help you answer if the Bilt Credit Card is the right credit card for you!
What is the Bilt Mastercard and how does it work?
The Bilt Mastercard is a no-annual-fee credit card designed specifically for rent that is issued by Wells Fargo. It allows you to pay rent without paying transaction fees, which is something other credit cards offer. In the past, when I paid rent to meet a sign-up bonus, I was charged anywhere from 3 – 4% of the rent amount, which could add up to over $100 each month if I wanted to earn points when paying my rent.
You earn Bilt points on your rent payments (up to 100,000 points per year) and on everyday purchases like dining and travel. Keep in mind that to earn the points on your rent, you will need ot use the card at least 5x a month.
How to pay rent with the Bilt Credit Card (without fees)
Paying rent with Bilt is super easy once you set up your account. You can pay rent in a few ways
- Pay directly through your building’s online rent portal if your building is part of Bilts’ Reward Alliance or
- Use the Bilt app to send your landlord a check or ACH payment, and Bilt handles the rest.
- You can also use the card to pay via Venmo and PayPal using the account numbers they provide.
To pay my rent each month, I use the account number that Bilt sent me and enter that bank account information into my rent portal. Once I authorize my payment each month, it comes directly out of my checking account so that my Bilt Credit card never has a balance. This is done via the Bilt Protect Feature.
My building recently joined the Bilt Alliance, and it did not significantly change the process for me to pay rent. I simply log into the portal and can send my rent payment.
For rent payments, you earn 1x points on the payment, and with NYC rent, this is really valuable and makes it really easy to earn points to travel quickly.
Bilt Rewards: How to Earn and Redeem Points
One of the biggest perks of the Bilt Credit Card is its flexible rewards program. You earn:
- 1x points on rent payments (up to 100,000 a year)
- 5x points on Lyft
- 2x points on travel
- 2x points on Walgreens
- 3x points on dining
- 1x points on other purchases
On Rent Day, the first of each month, each category doubles up to 1,000 points. This is typically when I decide to eat out so that I can earn the most points. In addition, there is a game you can play each month to qualify for free rent. I am never able to get a high enough score, but I play it each month.
In addition to the points you can earn through spending on the Bilt Credit Card, you can connect your other cards to earn points on eligible Dining. So if the restaurant is part of the Bilt network, you will earn points on it even if you do not use your Bilt Credit Card. This has been a little iffy for me at times, but I still like the benefit!
Redeeming Bilt Points
When it comes to redeeming points, you have a ton of options. Bilt has great transfer partners, and one of my favorites is Alaska Airlines. They are one of the few cards that offer a 1:1 transfer to Alaska, which allows you to book flights on American Airlines! In addition, bilt transfer partners include Hyatt, Virgin, Southwest, United, Hyatt, Hilton, Marriott, IHG, and more!
Tutorial on how to transfer your Bilt points!
Provides a step-by-step tutorial on how to transfer Bilt Points. This can be used for any of their transfer partners, not just Alaska.
What makes the Bilt transfer partners even better is that there are often transfer bonuses on rent day, and the amount depends on your level in Bilt. I am currently blue, cause I use the card mainly to pay rent and get snacks out of the vending machine.
You can also redeem your points for Lyft, student loan payments, and workout classes, but I have not done any of these and would not recommend them.
New Partnerships with Bilt
In exciting news for Bilt, they are starting to roll out the ability to pay your mortgage with Bilt, but not much information regarding this new feature has been released, other than the mortgage company being UWM.
They also recently introduced a new feature called Bilt Cash, and Bilt is partnering with Rakuten! As the details emerge, I will write more on this!
My Experience Using Bilt as a Renter
Overall, my experience as a user with Bilt has been extremely positive! From being able to take first-class flights to booking all-inclusive hotels with the points. Opening this credit card has really allowed me to travel more. In addition, I love that you can link other cards to Bilt so that you can double dip. on the points earnings. Specifically, I have linked my American Express Gold, where I earn 4x points, to my Bilt Card and can earn, at times, 6x points on that card even when using the American Express Gold.
My only downside has been that I have noticed my cards unlink from the neighborhood dining, but I quickly linked them back. Another thing to note is that you can only reach Bilt via chat, so if you have a strong preference for handling things via phone/email, you will not be able to do so.
I have chatted with them before and found that they are quick to respond to any questions that I may have.
Paying my rent each month has been super smooth, and there have been no delays in the process.
Is the Bilt Credit Card Worth it for Renters?
Yes, the Bilt Credit Card has so many benefits! Not only can you earn points to travel, but it can also help boost your credit.
Even if you are someone who does not travel as much, simply being able to earn points that you can then use to take Lyft or workout classes could be valuable, but hopefully, it may change your mind about travel.
What are the downsides of the Bilt Mastercard?
One of the biggest downsides to the card is that there is no sign-up bonus. If you are training to gain a ton of points in a shorter period of time, this may not be the card for you. I think of this card as a slow burn. It takes a while for me to get the number of points that I need, but the earnings from Lyft and rent really make the card a no-brainer!
In addition, you have to make five additional payments each month. So if you just want to pay rent and forget about the card, you are not going to earn points. I would use it for some of your other small purchases or use it heavily on the first of the month to make all our purchases. I tend to eat out on that day and buy snacks that I get on the rent day multiplier.
Finally, it does take up a 5/24, if you are worried about Chase. Chase does not approve you to open any of their cards once you have opened 5 cards in 24 months. Since this will take up one of the spots, be sure to have planned out what cards you are getting so that you do not end up in Chase Jail. Chase has some of the best travel credit cards, so I typically try to stay closer to 4/24.
How to Apply for the Bilt Credit Card?
You can apply for the Bilt Credit Card here. Most typically recommends that your credit be between 670 – 850 to be approved. It will be a hard inquiry on your credit report.
Should you get the Bilt Credit Card?
Yes! I would highly recommend the Bilt Credit card for anyone who pays rent. Not only are you able to earn points for your rent payments, but the Bilt Mastercard has no annual fee, making it a no-brainer for those of us who still rent. In addition, with the amazing transfer partners and new partnerships, the Bilt Credit card continues to consistently add value so that it can meet the needs of almost any user. Finally, if you link other cards to Bilt, you will maximize the use of this card! I wish I had applied for the card sooner, but I am happy to keep this card in rotation to ensure that I can travel for close to free!
Let me know in the comments if this is a card you have in your rotation or if you plan on applying to it!
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