Bilt Credit Card Review: A Complete Guide

One way or another, we spend money every day. We make minor purchases, buy services, and pay regular bills. Rental payments alone take up a large chunk of the monthly budgets of many households. Imagine that you can earn while spending. Sounds tricky? Not at all!

With a Bilt credit card, you can earn rewards while settling your monthly expenses. In our quick yet informative Bilt credit card review, we’ll explain how to unlock the card’s full potential while paying no processing fees.  

Bilt Credit Card at a Glance

Issued and maintained by Wells Fargo Bank under the Mastercard license, the Bilt rewards card is a versatile financial management tool with unique features and benefits. 

So, how does Bilt work? On a basic level, it functions pretty much like a traditional credit card, allowing users to make purchases, pay bills, and access credit up to a predetermined limit. Cardholders can use it for online shopping and to buy goods or products in offline stores as well.

What makes it stand out, though, is a compelling Bilt rewards program and charge-free rental payments. Cardholders earn points for every eligible transaction, which can be redeemed for various benefits, including cash back, travel rewards, or contributions towards rent payments for Bilt-managed properties.

The card gives users a chance to enjoy tangible benefits for their everyday spending. With Bilt, you can gain bonuses not only for rent payments but also for travel, fitness, dining, and other common purchases. Furthermore, those Bilt rewards from Mastercard are transferable. You’ll be able to use your premium points to offset your travel expenses with the bank’s established travel partners.

While the rewards program is appealing, users may find the redemption options somewhat limited compared to other credit cards on the market. Besides, the Bilt credit card calls for a good to excellent credit history to be approved. 

Bilt Rewards Points and How To Get Them

Earning Bilt rewards can be a valuable aspect of your financial strategy when holding the Bilt credit card. By understanding the various ways to accumulate points and being mindful of requirements and limitations, you can make the most of this bonus program. So, here is a quick Bilt rewards review. 

Earning Points

• Normally, you’ll get one bonus point from each dollar spent on rent. The same is true for other regular purchases;
• Bilt has established partnerships with some vendors, ensuring higher rewards on certain expenses. For example, you’ll receive 5 points per dollar with Lyft;
• You’ll receive 3 points per dollar on dining expenses and 2 points per dollar on travel purchases from retailers with a “Travel” merchant code from Mastercard;
• The first day of each month is the so-called Rent Day when your Bilt Mastercard doubles all your bonus point earnings except rent payments;
• If your rewards exceed 25,000 points annually, you’ll obtain an elite loyalty status that unlocks added benefits and enables you to earn 10% to 50% interest on your points. Your status is automatically updated once you hit the required number of points. The interest will be credited to your Bilt rewards account on a monthly basis. 

Limitations

• To gain points, you should make no less than five transactions per month. Should you fail to match this minimum, you’ll be credited a fixed rate of 250 points on your monthly rental;
• The maximum annual limit for earning on rent payments is 100,000 points, which means higher rent payers are limited to a certain extent;
• The number of additional bonus points you can get during the Rent Day is capped at 10,000. Once you hit this mark, you’ll be returned to your normal reward rates.

Making Bilt Rewards Points Work For You

Technically, you can not cash out Bilt rewards from Mastercard. Yet, the card offers several redemption options that will be of great use to you.

• Rent and Downpayment: You can use your Bilt bonuses to either pay your monthly rent or accumulate points to settle a downpayment for your property. For rentals, the value of points usually varies by the landlord. For homeownership payments, the value is 1.5 cents per point;
• Travel: Avid travelers will appreciate the opportunity to cover their travel costs with Bilt rewards when booking directly from airlines, hotels, car rentals, etc. The point value for this category starts at 1.25 cents. For a list of partners and more details on exchange rates for the points, you can check the Bilt travel portal;
• Fitness Classes: Spend your bonuses on the most popular fitness classes from the Bilt partner list. The cost is 1,600 points per class;
• Bilt Collection: You can use your points toward exclusive home decor items and art pieces from seasonal collections that are available to Bilt members only.  

Final Thought

To recap our Bilt Mastercard review, in the realm of personal finance, the Bilt credit card is a valuable proposition for various users and a real find for those who pay rent. By understanding its features, leveraging its rewards program, and managing it responsibly, you’ll make the most out of it.

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