Pros
- No annual fee
- Ability to pay rent with no transaction fees
- Solid rewards program
Cons
- No cash redemption options
- Need to make five transactions a month to earn points
Key features of the Bilt Mastercard®
The Bilt Mastercard® is a unique credit card from Wells Fargo that lets cardholders pay their rent without a transaction fee and earn rewards on rent payments, dining out, travel and everyday purchases.
The card has no annual fee and includes some other useful perks that people who like to eat out and travel might enjoy.
If you’re a renter and are considering this card, here are a few more things to know about the Bilt Mastercard®.
You can use the card to pay your rent
Many landlords don’t accept card payments for rent. And if they do it’s likely they’ll add a transaction fee. If you’re renting for months — or even years — these charges can really add up. With the Bilt Mastercard®, these credit card transaction fees are waived.
What’s more, even if your landlord doesn’t accept credit card payments, you can still schedule your monthly rent payments within the Bilt rewards app and Bilt will cut your landlord a check. Just note that you can only use the card to pay one property a month.
Another cool perk about paying your rent with this card is that it doesn’t even have to affect your credit card balance. Instead, you can connect a bank account to your Bilt account and simply transfer funds, which can help you avoid racking up interest charges.
And if you happen to be renting an apartment from a Bilt Alliance property, you can have rent payments reported to all three major credit bureaus, which can help you build credit.
Get rewarded for paying your rent
If you’re a renter, there’s a good chance that rent is your biggest monthly expense — so why not get rewarded for making payments?
The Bilt Mastercard® offers one point per $1 spent on rent payments, as long as you make at least five card transactions on the card that month.
This can be a convenient way to earn rewards — but keep in mind that points are capped at 50,000 each year.
You’ll also earn points on travel, dining and everyday purchases
In addition to rent rewards, cardholders can earn two points per $1 spent on travel booked directly with airlines, hotels, cruise lines and car rental agencies.
For foodies and takeout lovers, the Bilt Mastercard® offers three points per $1 spent on dining at restaurants, bakeries or fast-food restaurants.
And you’ll get one point per $1 spent on all other purchases.
Like the rent rewards category, you’ll need to have at least five monthly transactions to earn points in the other rewards categories.
Cardholders get trip cancelation protection and other travel and everyday perks
Trips booked using your Bilt Mastercard® are covered by special travel benefits, like cancelation protection and trip delay reimbursement. There are also no foreign transaction fees as long as transactions abroad are converted to U.S. dollars.
Outside of travel, you can get three months of free membership to DoorDash if you’re new to the service plus $5 off your first order each month. Exclusive deals on curated clothing and art and decor collections may also be available to cardholders through The Bilt Collection.
Understanding your points and redemption
You can put your points toward rent payments or savings for a down payment on a house, which might handy if buying a house is one of your long-term goals.
You can also redeem points with Bilt’s travel and fitness partners. Or cash them in to purchase artwork, decor or clothes from the Bilt Collection. Amazon purchases are another way to redeem points.
But if you want the flexibility to trade points for cash, statement credit, gift cards or other merchandise, you won’t be able to do that with this card.
What else you need to know about the Bilt Mastercard®
If you’re thinking about getting the Bilt Mastercard®, here are other things to consider.
- Cellphone protection — If you pay your cellphone bill with the Bilt Mastercard®, your phone is covered up to $800 for damage and theft (with a $25 deductible).
- Purchase protection — Purchases of up to $10,000 that you make with your Bilt Mastercard® may be covered for the first 90 days from damage or theft.
- Auto collision damage waiver — Car rentals purchased with your Bilt Mastercard® could already be covered, so you may be able to decline the in-store insurance.
- Lyft credits — Take three Lyft rides a month with your card and you’ll get a $5 Lyft credit.
- Interest could be high — Rates go well into double digits — and landing a rate on the higher end could be expensive, so check and consider your terms carefully.
Who this card is good for
The Bilt Mastercard® might be best for renters who enjoy traveling and eating out often because they’ll likely be able to maximize the card’s perks and rewards. Plus, earning points on all other purchases can make this a card with solid long-term value.
But if you’re not a renter or prefer to dine at home and don’t like to travel much, you may want to consider another rewards card.
Not sure this is the card for you? Consider these alternatives.
- Capital One SavorOne Cash Rewards Credit Card: This card may be a good fit for both restaurant lovers and at-home chefs.
- Citi Double Cash® Card: This card offers straightforward, unlimited cash back.
- Blue Cash Preferred® Card from American Express: If you’re looking to rack up points on groceries, this card offers excellent cash back.