Bilt Credit Card: Rewards, Fees, Pros and Cons, How to Apply

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This is the ultimate guide to the Bilt credit card.

The best part?

I’ll teach you how you can earn rewards on rent payments and reduce your housing costs with the Bilt credit card even if you have average credit.

Tired of not earning anything back on the largest recurring bill for most people – their rent payment? The Bilt credit card finally allows renters to earn points on rent without any transaction fees.

If you want to maximize rewards on your rent and dining spending each month, then this guide on the Bilt credit card is for you.

Ready to learn how you can earn points on rent payments and redeem for rental credits? Let’s dive in.

Highlights and Features

The Bilt Credit Card has the following highlights:

• Earn 1x point per $1 on rent payments without transaction fees (on up to $100,000 in rent payments every year)
• Earn 2x points on travel purchases (when booked directly with an airline, hotel, car rental, or cruise company)
• Earn 3x points on dining purchases
• Earn 1x points on other purchases
• No annual fee
• No foreign transaction fees
• Access to Mastercard World Elite benefits

Some of the key features include:

• Rent payment rewards: This is the main unique feature of Bilt. You can earn rewards when paying rent without extra fees.
• Travel and dining bonuses: Earn elevated points on travel and dining.
• No preset spending limit: Your spending limit adjusts with your usage and credit profile.
• BiltProtect: Link your bank account to pay your rent charges without using your credit limit.
• Cell phone protection: Get up to $800 coverage for damage/theft when paying your cell bill with this card. A $25 deductible with an allowable maximum of two paid claims per 12-month period
• Rental history reported to credit bureaus: Having your rent payments reported can help build your credit.

How the Bilt Credit Card Works

The Bilt Mastercard allows cardholders to earn points on rent payments, travel, dining, and other purchases. Here’s a breakdown of how it works:

Paying Rent

The unique benefit of the Bilt card is the ability to earn 1x point per $1 spent on rent payments, with no transaction fees on up to $100,000 in rent payments every year. This is possible through partnerships Bilt has formed with property management companies and landlords.

Renters can use the Bilt app to pay rent each month with their Bilt card, even if the landlord or property only accepts checks. Bilt will send a check on your behalf when you make a rent payment through the app.

Earning Points

In addition to rent payments, cardholders earn:

• 2x points per $1 spent on travel (when booked directly with an airline, hotel, car rental, or cruise company)
• 3x points per $1 spent on dining
• 1x points per $1 on other purchases

To earn points each statement period, the card must be used for at least 5 transactions.

Cardholders also earn double points on the first “Rent Day” of the month – 6x points on dining, 4x points on travel, and 2x points on other purchases (excluding rent payments).

Redeeming Points

Bilt points can be redeemed for:

• Rent credits to save on future rent payments
• Down payments on a home
• Travel – transfer points 1:1 to various airline and hotel partners
• Fitness classes – points can be redeemed for classes at gyms like SoulCycle, Pure Barre, and Y7 Studio
• Items from the Bilt Collection catalog – featuring home decor, apparel, and art

Points can also be redeemed for cash back or statement credits at a value of 1 cent per point.

Status Tiers

The Bilt Rewards program has status tiers based on how many points are earned in a calendar year:

• Blue: less than 50,000 Bilt Points earned when under $10,000 dollars spent
• Silver: 50,000+ Bilt Points earned when $10,000 dollars spent
• Gold: 125,000+ Bilt Points earned when $25,000 dollars spent
• Platinum: 200,000+ Bilt Points earned when $50,000 dollars spent

Higher status unlocks benefits like bonus points and point expiration protection.

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Rewards, Cashbacks, and Sign-Up Bonus

Here are the details on earning and redeeming with the Bilt Credit Card:

Earning Bilt Points

• 1x point per $1 spent on rent payments (on up to $100,000 in rent payments every year)
• 2x points per $1 spent on travel purchases (when booked directly with an airline, hotel, car rental, or cruise company)
• 3x points per $1 spent on dining purchases
• 1x points per $1 on other purchases

Welcome Bonus

There is currently no sign-up bonus offered for new cardmembers.

Redeeming Bilt Points

You can redeem Bilt Points earned from the credit card for:

• Cash back as a statement credit
• Travel (transferred to airline/hotel partners)
• Rent credits
• Fitness classes
• Home decor and artwork
• Donations
• Down payment savings

Bilt Rewards points are highly flexible and can be redeemed for your choice of multiple options.

Elite Status Bonuses

At the Silver, Gold, and Platinum tier levels, members earn bonus points each month based on their average daily point balance. This functions similarly to earning interest on points.

• Silver: 1%
• Gold: 2%
• Platinum: 3%

Additional Perks

• 3 Lyft rides per month – get a $5 credit each time
• Complimentary Boxed membership – includes free shipping and discounts

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Interest Rates & Fees of Bilt Credit Card

Here are the interest rates, fees, and costs associated with the Bilt Credit Card:

Interest Rates:

• Purchase APR: 21.49% – 29.49% variable
• Balance Transfer APR: 21.49% – 29.49% variable
• Cash Advance APR: 29.24% variable

Fees:

• Annual Fee: None
• Balance Transfer Fee: Up to 5% with a minimum of $5
• Cash Advance Fee: $10 or 5% of advance amount, whichever is greater
• Foreign Transaction Fee: None
• Late Payment Fee: Up to $40

Credit Needed for Approval:

You’ll need a good to excellent credit score for approval. Recommended credit scores are 650 and above.

Overall, the Bilt Credit Card has no annual fee and no foreign transaction fees. The interest rates and fees are in line with other rewards cards.

How to Apply for a Bilt Credit Card

Here is the step-by-step process to apply for the Bilt Credit Card:

1. Go to the Bilt Credit Card application page on the Bilt Rewards website.
2. Click “Apply Now” and you will be redirected to the Wells Fargo partner page.
3. Provide your personal details including email id and password first then name, address, date of birth, and Social Security Number.
4. Review the terms and conditions and submit your application.
5. The bank will process your application by pulling your credit reports to verify identity and check creditworthiness.
6. If approved, you will receive a notification by email and letter with your new account details.
7. Activate your card when it arrives in 7-10 days. You can register your account online or via the Bilt app.
8. Use your new Bilt Credit Card by adding it to your digital wallet or using the physical card for purchases.

The whole application process can be completed online in around 5-10 minutes. Ensure you provide accurate information to increase your chances of approval.

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Managing Your Bilt Credit Card

Here are some tips on managing your Bilt Credit Card:

• Activate the card and set up online or mobile access to easily manage your account.
• Review transactions and statements regularly to watch for unauthorized charges or fraudulent activity.
• Set up alerts for transactions, statements, and other account notifications through text or email.
• Pay at least the minimum amount due each month by the payment due date to avoid late fees.
• Pay off the full statement balance each billing cycle to avoid interest charges.
• Contact customer service for help with payments, balance transfers, account inquiries, or any other issues.
• Log in to your Bilt Rewards account to keep track of your earned points and redemptions.
• Use BiltProtect if you wish to pay rent without affecting your credit utilization ratio.
• Take advantage of benefits like cell phone insurance, rental car coverage, and travel protections.

Properly managing your account will help maximize rewards earning and minimize costs.

Where Bilt Credit Card Can be Used?

The Bilt Mastercard can be used anywhere Mastercard is accepted worldwide – in-store, online, over the phone, etc.

Some of the most popular categories for earning rewards include:

• Dining – restaurants, bars, food delivery
• Travel – flights, hotels, rental cars, cruises
• Rideshares – Lyft, Uber
• Gas stations
• Groceries & supermarkets
• Department stores – Macy’s, Nordstrom, etc.
• Clothing retailers
• Home improvement – hardware stores, home decor
• Electronics – phones, computers, appliances
• Streaming services – Netflix, Spotify, Hulu

You can use it for purchases big and small anywhere in the world that accepts Mastercard. It also works with mobile wallets like Apple Pay.

The unique value comes from using it to pay rent. You can pay rent with the Bilt Card through:

• Paying directly if your landlord accepts credit cards
• Using the Bilt app to have them send a check
• Integrated rent payment platforms

So you get maximum flexibility in how to earn rewards on rent with the card.

Pros and Cons of Bilt Credit Card

Here are some pros and cons to consider about the Bilt Credit Card:

Pros:

• Earn points on rent payments without fees
• No annual fee
• No foreign transaction fee
• Points have high redemption value
• Cell phone protection benefit
• Credit limit grows over time
• Rental history can be reported to credit bureaus

Cons:

• Reports as credit card not mortgage account
• Need good credit for approval
• No sign-up bonus
• Points don’t transfer to frequent flyer programs
• Limited acceptance for rent payments

Overall, the Bilt Credit Card is best suited for renters who want to earn rewards on rent and other spending without paying extra fees. The lack of an annual fee and foreign transaction fees add to the appeal. But it does require good credit for approval.

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Bilt Credit Card vs Other Credit Cards

How does the Bilt Credit Card compare to some other popular rewards cards?

Bilt Card vs Chase Sapphire Preferred:

• Bilt has no annual fee, Sapphire Preferred has a $95 annual fee
• Sapphire has a sign-up bonus of $750 toward travel (Terms applied), Bilt has no bonus
• Sapphire earn 5x total points on travel and 3x points on dining
• Bilt offers rent payment rewards

Bilt Card vs Citi Double Cash:

• Bilt has no annual fee, Double Cash has no annual fee
• Double Cash offers simple 2% back on all purchases and $200 cash back after you spend $1,500 on purchases in the first 6 months
• Bilt offers category bonuses and rent rewards
• Bilt has more benefits like cell phone insurance

Bilt Card vs Wells Fargo Autograph:

• Both have no annual fee
• Autograph has a sign-up bonus but can earn 20,000 bonus points after spending $1,500 in purchases within 3 months and $300 toward travel purchases
• Bilt offers bonus categories and Autograph is flat-rate 3x points on every purchases
• Bilt adds rent payment rewards

The Bilt Credit Card offers a unique value proposition specifically for renters compared to traditional cash back or travel rewards cards. Consider your spending habits and rewards goals carefully when choosing a card.

Conclusion

The Bilt Credit Card is designed to provide rewards value specifically for renters. With no annual fee, no foreign transaction fees, and the ability to earn points on rent, it can be a useful card for renters who want to maximize rewards. However, you need good credit for approval and rent payment acceptance is limited. Compare closely against other no-annual-fee rewards cards to determine if the Bilt Card fits your financial situation.

Frequently Asked Questions