Our take on Bilt: the credit card that earns points on rent
After a deep dive into what Bilt has to offer, the credit card that earns points on paying rent without the fees may be very well worth it for our HENRYs [High Earners, Not Rich Yet] who rent their home or apartment.
Earning points for paying rent sounds too good to be true, right? That’s why when we first heard about Bilt, a rewards program that allows you to earn points for rent, travel, art, and even SoulCycle classes, we knew we had to do our homework before writing about it.
After a deep dive into their offerings, we think Bilt may be worth it for our HENRYs [High Earners, Not Rich Yet] who rent their home or apartment.
Earn points for paying your rent on time
The Bilt Rewards Alliance is a group of over two million rentals nationwide that allows you to earn points just by paying rent. You can then use those points towards future rent payments, travel, shopping, and even popular fitness classes like SoulCycle and [solidcore].
If you live in a fifth-floor walk-up that is still privately owned by someone who doesn’t offer a rent payment portal, no worries. You can pay your rent and earn points with the Bilt Mastercard (for free!), even if your landlord only accepts payment by check or Venmo.
The only drawback we see here is that Zelle is not supported yet.
According to The Points Guy, the number of points you can earn in a year from rent payments alone isn’t that high with a Bilt Rewards membership (it amounts to something like $54. But hey, that’s a round of drinks at your favorite local bar so we say cheers to that.) But if you do end up paying your rent with the Bilt Mastercard, you could rake in up to 100K points/year (as of April 2023) – which is closer to around $2,200 in value. Not too shabby. The better news? They even have decent rewards available on (what’s likely to be) a HENRY’s most common purchases.
The Bilt Mastercard is competitive with AmEx and Chase
Yeah, you read that right. The Bilt Mastercard allows you to pay your rent with the card, as we discussed above. Bilt covers any transaction fees, and will even send your landlord a check in the mail if that’s their preferred payment method. You can also earn 2X points on travel, and 3X points on dining. On the first day of every month, all of those points earn double. All that for a card with no annual fee? Yes, please.
One catch is that you have to make five transactions on the card each statement period, but if you are using your credit card like a debit card as we’ve told you to do, you shouldn’t have a problem with this. Also, your Chloe bag is showing.
Use your points to save for a down payment on a home
Drumroll, please…
Hands down, we think the coolest thing about this card is its emphasis on helping you buy a home. First, there is Bilt Homes, a new tool that analyzes some information about you (like your credit score, your income, and how much you want to pay on living costs each month) and then it tells you your debt-to-income ratio (AKA how much of your after-tax income goes to debt payments,) and matches you with loan programs offering the lowest monthly payments.
Even better, you can use points towards saving for a down payment for a home. You have to email the company to access the rewards program, though, so TBD on a wider rollout of this program.
All in all, the Bilt brand seems like a pretty cool thing to look into if you’re moving, already living in a Bilt Rewards Alliance dwelling, or just looking to earn points with a good credit card.
Interested in speaking with a professional about what credit card is best for you and your spending habits? Buy a Stash Plan.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
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Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.