New Bilt Mastercard from Wells Fargo Now Available for Everyone

Bilt Mastercard from Wells Fargo

New Bilt Mastercard from Wells Fargo

Wells Fargo today announced a new strategic partnership with Bilt Rewards, the leading loyalty program for renters, and Mastercard to become the official issuer for the Bilt Mastercard. The first-of-its-kind co-brand credit card allows members to pay rent and earn points with no transaction fees on rent payments at most rental properties in the U.S. Through this innovative new partnership, renters across the country will now be able to earn rewards that can be redeemed towards travel around the world, access to their favorite fitness classes, and even credit towards a down payment on a home. There’s also a new referral program, and more added benefits for new cardholders.

Bilt Rewards and the Bilt Mastercard has been around for a couple of years now. Until today, the Bilt Mastercard has been available by invitation-only. But with Wells Fargo as the official issuer of the Bilt Mastercard, the program will now enable millions of qualified renters nationwide to get the card and start earning points.

Bilt Mastercard

The Bilt Mastercard offers a competitive 0-1-2-3 product structure, making it not only the go-to credit card for rent, but also a decent option for dining purchases. The 0-1-2-3 structure1 and additional card benefits include:

  • $0 Annual fee
  • 1X Points on Rent: Earn 1x points on rent payments (up to 50,000 points each year)
  • 2X Points on Travel: Earn 2x points on travel booked directly with airlines, hotels, cruise lines, and car rental agencies. Travel benefits and features include trip cancellation, auto rental collision damage waiver, Lyft credits, and no foreign currency conversion fee.
  • 3X Points on Dining: Earn 3X points whether you’re at your favorite restaurant, lounge, or ordering in. Plus, get access to a 24/7 reservation concierge and DoorDash discounts.
  • 1X Points on Other Purchases
  • APPLY NOW

The Bilt Mastercard also features World Elite Mastercard benefits, which includes access to exclusive offers, Zero Liability and Price Protection, access to Priceless® Experiences and more. And developed by Mastercard exclusively for Bilt Mastercard cardholders, BiltProtect ensures that renters aren’t using up their credit line to finance rent by pulling funds directly from their linked bank account with each rent charge.

Bilt Rewards

The Bilt Mastercard is being launched in partnership with Bilt Rewards, the leading loyalty program for renters, launched in 2021 by an alliance of the nation’s largest multifamily property owners and managers including AvalonBay, Blackstone, Camden, Cushman & Wakefield, Equity Residential, GID, Related, SLGreen, Starwood, and Veritas among others. The alliance currently represents over 2 million apartment units. With Wells Fargo as the card issuer, the Bilt Mastercard will now be accessible to the broader population of 109 million renters across the country.

Through its high-value loyalty program, Bilt members and cardholders can redeem their points for travel across over 100 major hotel and airline partners (through points transfers); fitness classes at the country’s top boutique studios including: SoulCycle, Solidcore, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection; and can even use their points for rent credits.

Bilt Rewards will also be the first program to let members redeem points towards a down payment on a home through Fannie Mae and the Federal Housing Administration. That means that by paying rent, cardholders can lower their future mortgage costs, making home ownership more affordable in the future.

With Wells Fargo’s distribution, renters can use the Bilt Mastercard to pay rent and earn points at any rental unit in the U.S., even if their landlords don’t accept credit cards. For buildings that do not accept credit card or digital payments, cardholders simply pay their rent through the Bilt App, and a check will be sent to landlords on the cardholder’s behalf.

All Bilt Rewards members can earn 250 points per rent payment. But Bilt Mastercard cardholders can accumulate points faster. They must however, use their card at least 5 times within each statement period in order to receive points for the cycle. And:

  • If your rent payment is less than $250, you will earn 250 points for that rent payment (rent payments can only be made to one rental property per month).
  • If you do not make at least 5 transactions that post to your account in a statement period you’ll earn a flat 250 points when you use your Bilt Mastercard to pay rent through the Bilt App. There is no minimum dollar amount of the transactions or amount of spend required and your rent payment is included in your count.

More Benefits

Bilt has also revealed added member benefits that include:

  • Interest on Points (Silver, Gold, Platinum) – Bilt will pay interest in the form of points to a member’s Bilt Rewards account every month, based on their average daily points balance for each 30-day period. The rate will be based on the FDIC published national savings rate. This will not be a huge boost to your points balance, but it’s a rare perk that we don’t see in other programs.
  • Bilt’s Homeownership Concierge (Gold, Platinum) – Members who opt to redeem Bilt Points towards their home down payment can utilize the help of a dedicated concierge that will walk members through the home buying process step-by-step.
  • Bonus Points on New Leases or Renewals (Silver, Gold, Platinum) – Bilt will deposit up to 50% bonus points on topof points issued by landlords to members for signing for new tenant leases and lease renewal, depending on member status.
  • Complimentary Bilt Collection Gift (Platinum) – Upon reaching Platinum status, members will receive a complimentary gift from the Bilt Collection – an exclusive and curated assortment of home decor and art.

Bilt Rewards Status Tiers

Bilt’s status structure is based on total points earned over the calendar year, vs. monthly points accumulation. Points can be earned from any source such as rent transactions, non-rent transactions, in-network bonus points and more. There are currently four tiers. You are automatically a Blue tier member when you first enroll in the program.

  • Blue – anyone enrolled in Bilt Rewards with under 25,000 points
  • Silver – 25,000 points earned
  • Gold – 50,000 points earned
  • Platinum – 100,000 points earned
Benefits Blue Silver Gold Platinum
Transfer to Partners 1:1 2K Increments 1K Increments 1K Increments 1K Increments
Earn Interest on Points
Report to Credit Bureaus
Homeownership Concierge
Gift
Bonus on New Leases/Renewals 10% 25% 50%

Bit Rewards status earned between January 1 and June 30 each year will expire January 31 of the following year. Status earned between July 1 and December 31 will remain active the rest of the year in which it was earned and the entire following year. So it’s best to earn your tier status in early July.

Redeeming Bilt Rewards

So what can you do with the rewards that you earn with your Bilt MastercardThe most valuable option is to transfer your points to travel partners. There are currently 11 programs where you can transfer points at a ratio of 1:1. Nine of them are airlines and two are hotels. That means that members can book award flights to almost anywhere in the world via the SkyTeam, Oneworld and Star Alliance networks and book free hotel nights on six continents. But there are also other redemption options.

Points redemption include:

  • Travel – Bilt Rewards points can be redeemed for travel across over 100 major airlines and hotels via 1:1 transfer partnerships:
    • Airlines
      • American Airlines AAdvantage
      • Aeroplan
      • Air France/KLM Flying Blue
      • Asia Miles
      • Emirates Skywards
      • Hawaiian Airlines HawaiianMiles
      • Turkish Miles & Smiles
      • United MileagePlus
      • Virgin Atlantic Flying Club
    • Hotels
      • World of Hyatt
      • IHG Hotels and Resorts
  • Fitness – Redeem points for group classes or subscriptions with the country’s top fitness studios starting at 1,600 Bilt Points. Fitness partners to-date include: SoulCycle, Solidcore, Rumble, Y7
  • The Bilt Collection – Use points towards an exclusive, curated and limited-edition collection of home decor, art & novelty items housed within the Bilt App. Items begin at 5,000 points.
  • Rent Credit – Use points towards rent payments (terrible value, only 0.55 cents per point)
  • Future Mortgage – Unique to Bilt, renters can redeem points towards a future mortgage on a new home when the financing is originated through Bilt.

Bilt Rewards Referral Program

Bilt Rewards has now introduced a referral program where you can earn up to 1 million Bilt Points.

For every five friends you successfully refer with your unique referral link (found in the top right corner on the home page of your Bilt Rewards app), you’ll earn 25,000 Bilt Points. Keep referring your friends, family, and neighbors and for each additional five referrals you’ll keep earning 25,000 points up to a maximum of 1 million points. A successful referral means someone used your link to apply and was approved for the Bilt Mastercard. Upon their approval, the tracker in the Bilt Rewards app will update showing your progress towards 25,000 points.

If you have the Bilt Mastercard, or apply now, you need to download the latest version of the Bilt app to start inviting friends and family members right away.

The tracker will show your total number of successful referrals. After you reach five successful referrals, you’ll see the points deposited into your Bilt Rewards account within 30 days.

Guru’s Wrap-up

This is an interesting credit card that sets itself apart from the competition by allowing members to pay rent and earn points with no transaction fees on rent payments. You can also earn 3X on dining and 2X on travel purchases, which are decent rates but not the best. 

The Bilt Mastercard is now issued by Wells Fargo and is available to everyone. Those who have the legacy card will keep the current card for at least a few more months. There are plans to eventually make the transition to the new Wells Fargo Bilt Mastercard. The old and the new card come with no annual fee.

The Bilt Rewards program lets you redeem points in a few different way, but travel partners will probably be your best bet and the best value. There are 11 to choose from, with nine airlines and two hotel programs, including World of Hyatt.

Let me know in the comments what you think of the new Bilt Mastercard, and whether it’s worth applying.

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