REVIEW: I paid rent with the BILT Rewards Credit Card for over a year. The Unexpected Results
Too long, didn't read (Tdrl) - if you're living in a city with sky-high rents and you don't have the Bilt card, then you're missing out. Seriously, it's as if you're saying "No, thank you" to a free vacation each year. I've been using this card for over a year now, and in this post, I'm going to give you my detailed review, highlighting the good, the bad, and what I wish Bilt could improve on in the future.
Before we dig into the nitty-gritty, it's essential to understand that Bilt is more than just a credit card. They offer two distinct products: the Bilt Card and the Bilt Loyalty Program.
The Bilt Card is a unique beast:
Point earnings (see Wells Fargo terms here)
You earn 1 point per dollar on rent and general purchases.
For travel expenses, that point tally doubles to 2 points per dollar.
Dining earns you a whopping 3 points per dollar.
Use the card 5 times each statement period to earn points
The card includes standard travel benefits such as trip cancellation protection, trip delay reimbursement, etc.
You get a $5 monthly credit for Lyft rides.
Learn more about the Bilt Mastercard here: Bilt Mastercard
The Bilt Loyalty Program is a gem that's often overlooked:
Bilt doesn't primarily view itself as a credit card company, but more as a loyalty program.
You can sign up for a Bilt account without getting their credit card, and earn points by linking your other credit cards.
Certain purchases like Lyft rides or select restaurants will earn you points, even if you use your Chase Sapphire or Amex Platinum.
For now, we'll focus mainly on the Bilt Card, but feel free to drop comments if you'd like to know more about the Bilt Loyalty Program.
The application process is snappy. I applied and got approved instantly, but I've heard tales of high-credit-score friends getting the dreaded rejection letter. There may be a required minimum rent threshold, but it's not officially stated.
Once you're approved, your full account details are instantly available on the app. You can add your Bilt Card to Apple Pay before your physical card even arrives. Plus, you'll receive a nifty welcome box.
I'm a maximizer; I squeeze out the best value from every dollar I spend. My primary reason for getting this card was to earn points on my high NYC rent. Now, each dollar I spend on rent earns me a point. Last year, I collected enough points to book round trip business class flights to Argentina and back. It was all facilitated seamlessly through Bilt's in-app travel portal and by transferring points to American Airlines.
Now, you might be wondering - does it work with any landlord? And the answer is: Yes.
Bilt operates as an intermediary, enabling you to earn points even if your landlord doesn't accept credit card payments. They'll send out checks on your behalf if that's your current rent payment mode. The only thing they don't do is cash transactions.
The online rent payment process via their portal is transaction fee free. They create a unique routing number and account number for you to use in your residential portal. Any charges made to this account are automatically charged to your Bilt Card, allowing you to earn points.
To keep large balances off my credit card, I use Bilt Protect. It immediately pays off any rent charges from my regular checking account, keeping my credit utilization low.
With Bilt, you can auto-schedule your rent payments (and other fixed expenses, like WiFi costs) to earn double points through the Rent Day monthly event.
And lastly, Bilt's transfer partners are simply top-tier. They have partnered with practically every loyalty program out there, including American Airlines, which is renowned for their unbeatable deals on flights. Plus, adding a loyalty partner to your account nets you an extra 100 bonus points.
In summary, the Bilt card has proved to be a boon, enabling me to optimize my rent payments, earn impressive rewards, and enjoy vacations on the house. If you're also paying a pretty penny in rent, this card might just be your ticket to added value.