Is it wise to use Bilt for your rent payments? We analyze the figures

In 2021, Bilt Rewards introduced a points system aimed at helping renters improve their credit while earning points on their rent. Soon after, they launched a cobranded credit card.

While the idea of paying rent via a credit card isn't new, it often comes with fees ranging from 2% to 3%, which can diminish any rewards earned. In contrast, Bilt Rewards has no fees for rent payments if you reside in a participating property or use the Bilt Mastercard®, even if your landlord does not accept credit cards.

Additionally, you can earn transferable points on these payments and other transactions made with the Bilt Mastercard, issued by Wells Fargo, which comes with no annual fee (see rates and fees).

Here’s a breakdown of how you can earn and redeem Bilt Rewards Points, along with factors to consider about the value of using the Bilt Mastercard.

Understanding the points you can earn with Bilt

When you use Bilt to pay your rent, you earn 1 point for every dollar spent on rent, regardless of your status tier (more details on this later). For example, with a monthly rent payment of $3,000, you'll accumulate 3,000 points each month without any fees through the program.

You can earn a maximum of 100,000 points on rent annually, but you would need to pay $8,333 or more in monthly rent to hit this limit, meaning most renters won’t be affected. Additionally, there is no limit on the points you can earn on regular purchases when using the Bilt Mastercard.

You don’t need the Bilt Mastercard if your landlord is part of the Bilt Rewards Alliance, which currently includes over four million units and features some of the leading real estate firms in the U.S., such as Brookfield Properties, Equity Residential, Starwood Capital Group, and Greystar.

If your landlord isn’t an affiliate, you’ll need the Bilt Mastercard to send your monthly rent check or direct deposit through your landlord’s online portal, allowing you to earn points in the process.

I rent from a small, independent landlord, so I utilize the card’s check-mailing option, which consistently arrives on time at my landlord's address each month.

Accumulating points on everyday spending with the Bilt Mastercard

In addition to rent, the Bilt Mastercard offers 3 points for every dollar spent on dining, 2 points for travel, and 1 point for other purchases. This is in addition to earning 1 point per dollar on rent payments, with a cap of 100,000 points earned from rent annually. You can find the terms of the Bilt rewards and benefits here.

You can also rack up double points on the first day of each month thanks to Bilt's "Rent Day" offer, which applies to all spending except rent, with a cap of 1,000 points per Rent Day.

While these earning categories seem straightforward, there are a few conditions to consider.

To qualify for points on your purchases, you need to use your Bilt Mastercard at least five times a month. Failing to do so will result in the loss of any points accumulated by the end of your statement period. It's crucial to keep this in mind since points are credited to your account as soon as the transactions are posted, rather than when your statement closes.

Travel is classified as including airlines, hotels, motels, resorts, cruise lines, and car rentals. Notably, this definition excludes ride-hailing services, taxis, public transport, and other typical travel costs, which means it may not serve as a suitable replacement for your Chase Sapphire Preferred® Card or similar cards that offer bonus points on a wider array of travel expenses.

You certainly don't have to rely solely on your Bilt Mastercard for all your expenses to maintain your points. It could be beneficial to complement it with a card that offers bonus miles on everyday spending, such as the Capital One Venture Rewards Credit Card.

This card provides 2 miles for every dollar spent, allowing you to use the Bilt Mastercard for dining and rent payments without fees, while using the Venture Rewards card for other purchases.

It's crucial to understand that the Bilt Mastercard does not offer a welcome bonus. Its main advantage lies in earning points without incurring fees on annual rent payments. Consider this in relation to the value of points you could gain from welcome bonuses on other cards, and then deduct any fees associated with those cards.

The Bilt Mastercard's earning rate of 3 points per dollar is less favorable compared to my American Express® Gold Card, which offers 4 points per dollar on dining at restaurants (for the first $50,000 in purchases annually; after that, it’s 1 point per dollar).

I have been actively working to expand my points collection, alternating between using the Amex Gold for dining one month and the Bilt Mastercard the next.

Bilt Rewards status levels

In the earlier Bilt Rewards program, your status tier was based on the points accumulated from rent. Although that is no longer the case, Bilt status tiers are still in place and now depend on the total points earned within a calendar year, with a possibility to accelerate status by using the Bilt Mastercard.

Here are the different tiers:

• Blue: For members earning under 50,000 points or spending under $10,000 on their Bilt Mastercard within a calendar year.
• Silver: For members earning at least 50,000 points or spending at least $10,000 on their Bilt Mastercard within a calendar year.
• Gold: For members earning at least 125,000 points or spending at least $25,000 on their Bilt Mastercard within a calendar year.
• Platinum: For members earning at least 200,000 points or spending at least $50,000 on their Bilt Mastercard within a calendar year.

Keep in mind that points obtained through referrals and promotional campaigns do not contribute to your status.

The advantages of each status tier may seem quite minimal, depending on your objectives in real estate.

Silver members and higher can earn interest on their points and receive bonus points on eligible activities at participating properties, while achieving Gold status is necessary to benefit from the homeownership concierge service, guiding you through the entire home-buying journey.

Only Platinum members can enjoy a gift from the Bilt Collection, which features home decor and artwork.

How to redeem Bilt Rewards points

After accumulating points in your account, you can transfer them to the following loyalty programs:

• Aer Lingus AerClub
• Air France-KLM Flying Blue
• Air Canada Aeroplan
• Alaska Airlines Mileage Plan
• Avianca LifeMiles
• British Airways Executive Club
• Cathay Pacific Asia Miles
• Emirates Skywards
• Iberia Plus
• Turkish Airlines Miles&Smiles
• United Airlines MileagePlus
• Virgin Atlantic Flying Club
• Hilton Honors
• IHG One Rewards
• Marriott Bonvoy
• World of Hyatt

While some transfer partners, like World of Hyatt, offer significant value and make earning Bilt Points attractive, others, such as IHG One Rewards, may not hold as much worth. Additionally, you can transfer points from American Express Membership Rewards or Chase Ultimate Rewards to many of these programs.

You can still maximize your Bilt rewards points by strategically using these transfer partners. For example, leveraging World of Hyatt can yield exceptional value. Although the program has introduced peak and off-peak pricing, World of Hyatt predominantly adheres to a fixed award chart, which can offer excellent pricing for luxury hotel stays.

For instance, you can reserve an off-peak night at the Park Hyatt New York for 35,000 points; on the day I checked, the regular nightly rate was $760.

Naturally, there are other excellent transfer partners as well. Turkish Miles&Smiles offers great redemption opportunities for United Airlines flights from the continental U.S. to Hawaii — or domestic flights across the U.S. as well.

The Virgin Atlantic Flying Club is a fantastic option for Delta One flights to Europe and for ANA premium cabins to Japan, while Emirates Skywards can grant you access to a suite in Emirates' renowned first-class cabin. This illustrates how the points you earn from paying your rent can take you on amazing journeys.

Additionally, you have the choice to redeem points in Bilt's travel portal. This offers a fixed redemption value of 1.25 cents per point, so 10,000 Bilt Points equate to $125 in travel. This rate aligns with the redemption value of points from the Chase Sapphire Preferred Card for travel purchases made through Chase Travel℠.

As mentioned in our comprehensive guide to Bilt Rewards, you can also use your points for fitness classes, items from the Bilt Collection, rent discounts, and even as a contribution towards a home down payment. However, these options usually offer less value compared to transferring to a travel partner, so it's advisable to avoid them when possible.

Does it make sense to use Bilt Rewards?

If you're a renter, it's undoubtedly beneficial to use Bilt for your monthly rent payments. Essentially, you earn free points for an unavoidable expense each month.

For residents in a Bilt Rewards Alliance building, simply downloading the app allows you to pay your rent through Bilt. If you live elsewhere, you can obtain the Bilt Mastercard and use its check-sending or ACH services for payments. The card carries no annual fee and imposes no charges for rent payments. Fees and interest are only incurred if you carry a balance on your card, similar to other credit cards.

This is what makes the Bilt Mastercard potentially valuable for those residing in costly cities like New York and San Francisco. Rent can constitute a large part of your monthly expenses in these areas, so earning rewards on that spending is an important factor. If you have roommates willing to reimburse you in cash, putting the entire rent on your card could help you rack up even more points.

However, you must complete at least five transactions per billing cycle with your Bilt Mastercard to start earning points. This is not a difficult requirement, especially since the card offers good bonus points on dining purchases.

I applied for the Bilt Mastercard earlier this year and have been charging some of my dining expenses on it monthly to fulfill the transaction requirement. Depending on your credit card strategy, you might consider doing the same.

But don't solely rely on my experience. If you pay rent and are contemplating the Bilt Mastercard, explore Bilt's array of transfer partners and redemption choices to determine if it's the right fit for you.

Conversely, think about what you might miss out on by using Bilt. For instance, someone paying rent via Plastiq with an airline co-branded credit card that earns elite-qualifying bonuses might prefer to avoid Bilt if they lack another method to achieve the spending requirement for their desired elite status.

Similarly, if you're subject to Chase's 5/24 application rule and obtaining the Bilt Mastercard would exceed that limit, it may be wise to apply for a new Chase card first and then hold off on the Bilt Mastercard for a later time.

Thanks to these transfer partners, I can accumulate Bilt Rewards through my rent payments, which opens up even more travel redemption possibilities in the future.

In summary

Given the Bilt Mastercard's earning framework and its impressive roster of transfer partners, Bilt Rewards can be a fantastic method to earn points on your rent. Just remember to use the card for at least five transactions each month on other purchases to avoid losing any points earned. For me, using Bilt for rent payments, earning points, and incurring no fees is definitely a smart choice.

To find out more, take a look at our comprehensive review of the Bilt Mastercard.