Unlock extra points: Bilt Rewards ventures into healthcare with a new partnership with Walgreens

Brian Kelly, founder of TPG, is an adviser and investor for Bilt.

Bilt Rewards, renowned for enabling members to earn points through rent payments, has just unveiled its latest collaboration: a partnership with the prominent pharmacy chain Walgreens. This alliance makes it easier for Bilt members to access their Flexible Spending Account and Health Savings Account benefits while also earning additional rewards on purchases and prescriptions at Walgreens—regardless of whether they use the Bilt Mastercard® (refer to rates and fees).

Let's explore the new advantages Bilt is providing.

Connect your FSA/HSA account to Bilt Rewards for savings

The initial phase of Bilt's partnership with Walgreens is aimed at helping members maximize their FSA and HSA benefits. When shopping at Walgreens with any debit or credit card linked to your Bilt account (not limited to the Bilt card), the new Bilt system will automatically detect FSA- or HSA-eligible items in your cart. You'll receive notifications about which items qualify, allowing you to easily apply a credit from your FSA or HSA card to your original payment method.

Bilt's press release states, "Currently, $4 billion in FSA funds go unutilized due to the challenges in identifying qualifying items and the need for a separate payment card." With this new feature, Bilt aims to streamline healthcare shopping and enhance the usability of FSA and HSA funds.

If this feature—promoted by Bilt as a "one-click solution to access benefits"—proves to be as straightforward as advertised, it could be a significant advantage for Bilt members. By using a rewards card for healthcare purchases and later reimbursing from your FSA or HSA, you can rack up substantial points and miles. However, the previous complexities often deter people. Bilt's new system could simplify the process for points and miles enthusiasts, helping them earn rewards on FSA- and HSA-eligible purchases and get closer to their next free trip.

Collect points when shopping at Walgreens

Another advantage of Bilt's new collaboration is that Bilt Rewards members can earn additional Bilt Points on purchases made at Walgreens—regardless of the credit card used. By linking your card to your Bilt account before shopping at Walgreens, you'll earn 1 point for every dollar spent on all purchases, 2 points for every dollar on Walgreens-branded items, and 100 points for each prescription refill (with some exclusions), alongside the standard rewards from your credit card.

For instance, if you use the Capital One Venture Rewards Credit Card for your Walgreens transaction, you'll earn either 1 or 2 Bilt points per dollar spent, plus the usual 2 Capital One miles for every dollar. Alternatively, if you have the Chase Freedom Flex® or Chase Freedom Unlimited®, you'll receive 1 or 2 Bilt points per dollar along with 3 Chase Ultimate Rewards points per dollar typically earned at drugstores. Since Walgreens offers a wide range of products beyond healthcare, you can accumulate rewards on everyday items like shampoo, snacks, gift wrap, and photo prints.

You can also combine these rewards with Walgreens' loyalty program, myWalgreens, which allows you to earn points on your purchases and redeem them for discounts on future buys. I find this program particularly beneficial as it often features coupons that provide bonus rewards when you hit a certain spending threshold, such as "Earn $7 in rewards when you spend $35," making it easier to gather rewards more quickly. I always check for these coupons before my Walgreens visits.

In summary

Bilt Rewards members are likely to welcome the new collaboration with Walgreens, especially following Bilt's recent termination of its partnership with American Airlines AAdvantage. With over 8,000 Walgreens locations nationwide and a wide range of health and everyday items, this partnership could be highly beneficial for many Bilt Rewards users.

As someone who doesn't rent, I've never seriously considered getting the Bilt Mastercard® (see rates and fees), but with Bilt introducing new transfer partners and earning possibilities, I might reconsider my stance.