Imagine a credit card that allows you to pay your rent with zero fees while racking up serious travel rewards and boosting your credit score. Sounds too good to be true? Meet the BILT credit card—a revolutionary rewards card designed for renters. Whether you’re enjoying your retirement in a rented home or saving up for your dream house, the BILT card is here to help you achieve your goals without the burden of an annual fee.
Why the BILT Card Stands Out
The BILT card is a unique offering in the world of credit cards. It’s the only card that lets you pay your rent without any fees, and it’s loaded with perks that can make your life easier and more rewarding.
No Fees for Paying Rent
If you enable BiltProtect, your rent payments are drawn directly from your linked bank account, allowing you to earn points without using your available credit. This feature bypasses the hefty fees, typically around 2.5% to 3.5%, that other credit cards charge for rent payments. Landlords often charge service fees for using a credit card to pay rent, and those costs add up. For instance, a 3% service fee on a $1,500 rent means an extra $540 each year. With the BILT card, you’re saving that $540 while earning rewards.”
The BILT Mastercard, issued by Wells Fargo, rewards you with one point per dollar on rent payments (up to 100,000 points each year) without the usual transaction fees. This feature alone makes the BILT card a game-changer for renters.
Boost Your Credit Score
One of the hidden gems of the BILT card is its potential to improve your credit score. By keeping your credit line free of rent payments, you can lower your credit utilization ratio, which is beneficial for your credit score. Additionally, ensuring that you don’t carry a balance from month to month means you won’t rack up interest charges. Paying your rent through the BILT card and using BiltProtect ensures that you won’t incur debt from rent payments, making it easier to manage your finances and maintain a healthy credit score.
Rewards Galore
The BILT card isn’t just about paying rent. It also offers a lucrative rewards program:
- Three points per dollar on dining.
- Two points per dollar on travel.
- One point per dollar on other purchases.
To qualify for these rewards, you need to make at least five purchases with your card each month. The flexibility of the BILT rewards program is a major highlight. Points can be transferred on a one-to-one basis to 16 different travel partner programs, including American Airlines, Marriott Bonvoy, United Airlines, and World of Hyatt.
If you prefer, you can redeem your points towards a down payment on a property at a rate of 1.5 cents per point. This flexibility makes the BILT card an excellent choice whether you’re planning a dream vacation or saving for a home.
Rent Day Bonuses
On the first of each month, known as “Rent Day,” the BILT card doubles your rewards, making your spending even more rewarding. For instance, instead of earning three points per dollar on dining, you earn six points per dollar. Plus, the card offers surprise bonuses each Rent Day, such as transfer bonuses to airlines or extra points for purchasing event tickets.
Additional Perks
- Link loyalty programs: Connect your BILT rewards account with one of your travel partner loyalty plans via the app and earn 100 BILT points for each program.
- Trip insurance: Up to $1,800 for trip delays and up to $5,000 for non-refundable fares booked with your card.
- Cellphone protection: Up to $800 to repair or replace a damaged or stolen phone, with up to two claims per year.
- No foreign transaction fees: Travel without worrying about extra charges.
BILT: Your Travel Companion
BILT cardholders can transfer their points to select travel partners at a 1:1 ratio. This means one BILT point equals one mile or point with various loyalty programs:
Building a Better Credit Score
For aspiring homeowners, one of the most valuable features of the BILT card is the potential to boost your credit score. Rent payments are typically not reported to credit bureaus, putting renters at a disadvantage. However, by using the BILT card and paying your rent on time, you can demonstrate responsible financial habits, which can improve your credit score over time. A higher credit score can lead to better mortgage rates when you’re ready to buy a home, potentially saving you hundreds of dollars each month.
More Ways to Earn BILT Rewards
Even without the BILT credit card, you can still earn rewards by renting an apartment in a BILT-affiliated property (the BILT Alliance) or by joining the BILT Rewards program as a loyalty member.
New Dining Partners
Recently, BILT has expanded its dining program, now including around 20,000 more restaurants through partnerships with Rewards Network and Seated. This program allows you to earn points at participating restaurants whenever you pay with a card linked to your BILT account. While this expansion offers more opportunities to earn points, it also means that you can no longer double-dip with other dining programs.
In the future, BILT plans to launch benefits with their Neighborhood Dining program, such as free appetizers, desserts, or welcome drinks at participating restaurants.
Pros and Cons of the BILT Card
Pros:
- No annual fee.
- The only credit card to pay rent without fees.
- Excellent transfer partners and travel benefits.
- High redemption rate with transfer partners.
- Rent Day bonuses.
- Option to report rent payments to credit bureaus.
- Highly rated BILT Rewards app.
Cons:
- No welcome bonus.
- Lower rewards rate compared to some top travel cards.
- Must make at least five transactions each month to earn points.
- Reliance on venture capital funding.
Our Take
The BILT credit card is a unique and powerful tool for renters, offering a way to pay rent without fees while earning valuable travel rewards and improving your credit score. Whether you eat out a bunch or are looking to travel the world, the BILT card provides flexibility and benefits that make it a standout choice. With no annual fee and a range of perks, the BILT card is worth considering for anyone who rents. So why not make your rent payments work for you? Get the BILT card and start reaping the rewards today!
