Bilt Mastercard Review: A first for renters and future homebuyers

The Bilt Mastercard® is a unique and versatile rewards card that will appeal to renters and fee-averse travelers. One of the card’s standout features is that it earns points on rent payments without any transaction or processing fees. Try paying rent with any other credit card, and you will typically find yourself paying additional fees that negate the points you may be trying to earn.

The card also earns bonus rewards on travel and dining and offers multiple redemption options, including for travel, fitness or future rent payments. You can also save up your Bilt rewards to put toward a down payment on a home — a fantastic feature if you find yourself struggling to save for a down payment.

The Bilt card comes with some additional benefits that help it compete with the best rewards cards. It offers elite status, which unlocks new features as you earn more points, like the chance to earn interest in the form of additional points on any unused points. Your points can also be transferred to a variety of airline and hotel partners, a rare feature you won’t find with many travel cards that charge no annual fee.

No other credit card on the market currently combines the value of making fee-free rent payments with the convenience of saving up points that can build interest. But the Bilt Mastercard won’t be a good fit for everyone. Other cards could provide greater value and help you earn rewards more quickly. 

See if the Bilt Mastercard can be part of an effective strategy to help you earn as many credit card rewards as possible or consider possible alternatives.

This rewards card takes it up a notch with its points for rent and unique redemption options. With no annual fee, you can reap a lot of benefits from this card.

Rewards: Earn on rent with no transaction fees

The ability to earn 1X points on rent and avoid a transaction fee is the biggest reason to use the Bilt card since you will currently struggle to find another card with a similar offer. The 3X points on dining is a fine rate found with many rewards cards.

The spending cap on rent of 100,000 points per year won’t impact anyone who pays $4,166 or less per month. But there are some restrictions to keep in mind: 

• Rent payments can only be made to one rental property per month. 
• You must use the Bilt Mastercard at least five times each statement period to earn the maximum amount of points. 
• If you fail to make the minimum required transactions each month, you’ll only earn a flat rate of 250 points for paying your rent.

The Bilt Rewards program provides a variety of different options to redeem your points, like using the Bilt Travel portal to book flights, hotels, car rentals and more. Or you can transfer your points to one of Bilt’s 14 transfer partners.

But what makes the card even more unique is that you can use your points to cover rent or save up for a down payment on a home. You can also redeem your points for items at Amazon or for curated art, apparel and decor through the Bilt Collection. Fitness classes are another option, with classes at companies like SoulCycle, Y7 Studio and [solidcore] starting at 1,600 points a class. 

Rate and fees: No annual or foreign transaction fees

The Bilt card has no annual fee to worry about, making it easy for you to come out ahead when you start using the card and earning rewards. There are also no foreign transaction fees, which is terrific plus when traveling abroad.

However, the card’s variable APR (See Terms) and common credit card fees, like a late payment fee, are fairly typical. If you are concerned about debt management, a low-interest credit card or balance transfer card with a long 0-percent intro APR offer might be more valuable for you.

Perks: One-of-a-kind features

Rent day bonus

One of Bilt's best features is its Rent Day bonus points. On the first of every month, your Bilt rewards card will earn double points on all non-rent purchases for 24 hours, up to 10,000 bonus points:

• Dining: 6X points (regularly 3X points)
• Travel: 4X points (regularly 2X points)
• All other non-rent purchases: 2X points (regularly 1X points)

Once you hit 10,000 bonus points with these outsized rates, you’ll resume earning rewards at your regular rates. As long as you don’t mind waiting to make your biggest purchases, this will be a handy feature for any cardholder.

Elite status

In addition, cardholders can earn loyalty status based on the number of points earned in a year. Here’s a look at each status level:

Cardholder status depends on how many points you earn in a calendar year. As soon as you reach the required number of points, your status will update automatically. Plus, you’ll keep your new status level through the end of the following year. It’s a nice way to encourage you to use the card and build up your points throughout the year — as long as you can take advantage of the elite perks.

The bonus on lease incentives and interest earned on points once you achieve Silver, Gold, or Platinum status are interesting features that can also add points to your account. 

However, you might be able to get more value out of other cards with competitive rewards rates for specific categories, like a grocery rewards card. 

Travel insurance and cellphone protection

The card's travel insurance also sets it apart from other no-annual-fee cards, which coupled with its zero foreign transaction fee, can make it an attractive travel card. With the Bilt card, you get up to $5,000 worth of trip cancellation and interruption if your trip gets interrupted or canceled due to a covered event. 

There’s trip delay reimbursement, which provides up to $200 per day for up to three days on a trip that’s delayed for at least 6 hours (up to $1,800 total for all covered travelers per trip). There’s also an auto rental collision damage waiver if your rental car is damaged or stolen.

If your cellphone is damaged or stolen, you can get reimbursed up to $800 for the cost of repair or replacement after any coverage provided by primary insurance. There’s a $25 deductible and you can only have two paid claims per year, but this is a perk that goes further than the $600 coverage and $50 deductible offered by many other rewards cards with cellphone insurance.

No welcome offer

The Bilt card does not currently have a welcome offer, putting it at a disadvantage compared with many other rewards cards. While there are other features to look for in a rewards card, welcome bonuses are a great incentive that can help you quickly earn outsized rewards. 

They have become a standard feature for many cards, especially for people with good credit, who can typically find offers worth $200 or more, even with cards that charge no annual fee.

Credit score: Good to excellent

While this card allows you to build credit by paying your rent and reporting to all three credit bureaus, those who would benefit the most may not qualify. 

The recommended credit score to apply for this card is good to excellent (670-850). But people with fair credit, low credit or no credit would benefit the most from building credit as they pay rent. If you already have a good to excellent score, then you may not need work on your credit history, making this feature less advantageous. 

If you need help finding your score, our guide on how to check your credit score can help.

The Bilt card is unrivaled if you’re looking for a card that rewards your rent payments and helps you save money for a home. But there are other rewards cards that can possibly do a better job of getting you the most value for your rewards.

Consider using a high-earning rewards card that fits your spending habits to make the most of your earnings. Pay your rent with the Bilt card and use it for dining purchases, but for all other purchases another card can help you bring in more rewards.

The Bilt card is a solid pick for many people who want to take advantage of this no-annual-fee card’s main feature: the ability to use a credit card to pay your rent without having to deal with transaction fees.

The card comes with some additional features — transferable points, elite status and the chance to save up interest-earning points for a down payment on a home — that could be appealing to renters looking for an easy way to earn and use rewards without having to pay an annual fee. But this is the kind of card you want to pair with another rewards card, or even multiple rewards cards, to ensure you’re doing all you can to bring down the cost of travel or save up for the home of your dreams.