Bilt Rewards and Mastercard Team Up to Launch the Bilt Mastercard: The First Credit Card with No Fees on Rent Payments
Bilt Rewards and Mastercard have launched the Bilt Mastercard, a co-branded credit card allowing U.S. renters to pay rent without fees while earning rewards points. This innovative card eliminates transaction fees and includes a digital payment experience for renters. It also offers credit-building opportunities through on-time rent payments, with automatic reporting to credit bureaus. Cardholders can earn 2x points on eligible transactions and redeem them for travel, fitness classes, or future home down payments. The program initially targets over 2 million rental units across the U.S.
- Launch of the Bilt Mastercard allowing renters to pay without transaction fees.
- Cardholders earn 2x rewards points and can redeem them for various benefits.
- Credit-building opportunities through reporting of rent payments to credit bureaus.
- No annual fee for the Bilt Mastercard.
- None.
Bilt Rewards, the new renter loyalty program launched by an alliance of the country’s top real estate owners, and Mastercard today announced a multifaceted partnership to launch the Bilt Mastercard. The co-brand credit card offers renters across the United States a way to pay rent via credit card with no fees, earn points on their largest expense, raise their credit history with every on-time rent payment, and build a path towards homeownership.
“Housing is the single largest expense for most Americans, and rent is one of the only expenses that you couldn’t earn points on without fees,” says Bilt Rewards CEO and Founder Ankur Jain. “Together with Mastercard, we have created a product that turns renting into a path forward for this generation, enabling them to earn points, build their credit and even chart a path towards homeownership. Not to mention it’s 2021, and renters shouldn’t have to pay rent with a check.”
The Bilt Mastercard includes several features that meet the needs of today’s consumers:
- No transaction fees: The Bilt Mastercard is the first card to waive transaction fees for both the cardholder and the property owner, in addition to offering cardholders rewards points at no cost. The card also has no annual fee, allowing cardholders to experience the full value of their rewards.
- Digitally-driven rental payment experience: The Bilt Mastercard enables rent payments at buildings that don’t currently accept credit cards. For buildings that are not yet part of the Bilt Rewards network, cardholders can still pay rent through the Bilt Rewards App and a check will be sent directly to the landlord on their behalf. Cardholders can also manage their Bilt Mastercard digitally – upon approval, cardholders can instantly access the Bilt Mastercard and begin making purchases online, in-app and at the point of sale by directly adding it to their mobile wallet from the Bilt Rewards App.
- Unparalleled rewards benefits: As the co-brand credit card of Bilt Rewards, cardholders can earn 2x points within Bilt Rewards’ high-value, unparalleled loyalty program. Bilt Rewards points can be redeemed for travel via 1:1 transfer partnerships with over 100 airlines and hotels; fitness classes at the country’s top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and can even be used for rent credits or towards a future down payment on a home.
- Credit-building opportunities: Cardholders can build their credit scores through the Bilt Mastercard with every on-time rent payment. While rent payments are not typically reported to credit bureaus today, Bilt Mastercard cardholders can watch their borrowing rates improve and their mortgage qualification grow in just 12 months through automatic credit reporting.
- Protected payments: To ensure renters aren’t using up their credit line or risking debt to finance rent, Mastercard and Bilt Rewards collaborated to create BiltProtect by tapping bill payment processing and open banking through Transactis and Finicity, both Mastercard companies. When enabled, the Bilt Mastercard preserves a cardholder’s credit line and directly pulls funds from their linked bank account with each rent charge, effectively keeping credit lines open for other purchases.
- World Elite Mastercard® Benefits: Cardholders can access exclusive offers with select merchants, in addition to advanced security features and protections including Mastercard ID Theft Protection™, Zero Liability and Price Protection. Cardholders will also have access to Priceless® Experiences, offering activities both digitally and in the cities where they are.
In addition to the Bilt Mastercard, Bilt Rewards and Mastercard will continue to collaborate to offer cardholders innovative new products, benefits and experiences.
“Bilt Rewards and Mastercard share a similar ethos in putting the consumer at the center and offering innovative, relevant experiences and benefits that meet and exceed their growing needs and expectations,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We look forward to working with Bilt Rewards to innovate the renter’s market and deliver next-generation financial products and solutions.”
Tenants renting within the Bilt Rewards Alliance network, a group of the top real estate owners across the country, will be the first to receive invitations for the Bilt Mastercard as Bilt Rewards roll out across 2 million-plus units starting today.
For more information on the Bilt Mastercard, visit BiltRewards.com.
About Bilt Rewards
Bilt Rewards is the first-ever rewards program that allows renters to earn points on rent and builds a path towards homeownership. Through a June 2021 launch partnership with the nation’s largest real estate owners including The Blackstone Group, The Related Companies, Equity Residential and more, Bilt Rewards will enable renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers for travel across over 100 major airlines and hotel partners; fitness classes at the country’s top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use points for rent credits or towards a future downpayment. Bilt Rewards is a Kairos company. For more information, visit BiltRewards.com.
About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210622005879/en/
FAQ
What is the Bilt Mastercard?
How can renters benefit from the Bilt Mastercard?
Is there an annual fee for the Bilt Mastercard?
How many rental units are covered by the Bilt Mastercard program?
What types of rewards can be earned with the Bilt Mastercard?
