Renting Your Way to Rewards: A Bilt Deep Dive

For years, renters have been missing out on a significant opportunity to earn credit card rewards. While homeowners rack up points on mortgage payments (through various strategies), renters have been stuck with a hefty monthly bill that offered no return. The Bilt Rewards program aims to change that, and at RewardSmart, we're here to help you understand if it's a game-changer for your wallet.

How Bilt Works: Earning Points on Rent and More

The core appeal of Bilt is its ability to earn points on rent payments. This is achieved through the Bilt Mastercard, which allows you to pay rent through the Bilt app or website. You'll earn 1 point per dollar spent on rent, up to a maximum of 100,000 points per year. To earn points, you must make at least 5 transactions on your Bilt Mastercard each statement period. This incentivizes using the card for everyday spending, not just rent.

Beyond rent, the Bilt Mastercard also offers rewards on other spending categories, although they might not be as lucrative as some specialized cards. You'll earn 2x points on travel and 3x points on dining when using the card. These bonus categories can help you accumulate points faster, especially if you frequently travel or dine out.

Redeeming Your Bilt Points: Travel, Fitness, and More

Bilt offers a variety of redemption options for your hard-earned points. One of the most valuable options is transferring points to Bilt's travel partners, which include airlines and hotels. This allows you to potentially get outsized value for your points by booking award travel. Another interesting perk is using points for fitness classes and boutique experiences, providing a unique redemption option beyond the typical travel and merchandise.

You can also redeem points for rent credit, although this generally offers a lower value compared to travel redemptions. Finally, points can be used for a down payment on a home, further aligning with the program's focus on housing.

Is Bilt Right for You? A RewardSmart Analysis

The Bilt Rewards program is particularly attractive to renters who want to earn rewards on their largest monthly expense. If you're currently not earning any rewards on rent, Bilt can be a significant improvement. However, it's essential to consider the following:

  • Spending Requirements: Meeting the 5-transaction minimum each month is crucial to earn points. If you primarily use other cards, ensure you can consistently meet this requirement.
  • Alternative Card Options: Compare Bilt's rewards on non-rent spending to your existing cards. If you have cards that offer higher rewards on travel or dining, you may want to prioritize those for those specific categories.
  • Credit Score: A good to excellent credit score is typically required to be approved for the Bilt Mastercard.

RewardSmart Recommendation: If you're a renter who consistently spends on your credit card and values travel rewards, the Bilt Rewards program is worth considering. However, carefully evaluate your spending habits and compare it to other cards to ensure it aligns with your overall rewards strategy.