The Bilt World Elite Mastercard, issued by Wells Fargo, has one unique feature — it lets you earn rewards on rent payments without a processing fee. But the card has appeal even for nonrenters since it offers extra points on travel and dining purchases, and also doesn’t charge an annual fee.
[Read: Best Travel Rewards Credit Cards.]
How the Bilt Mastercard Works
The Bilt Mastercard, which was originally introduced along with the Bilt Rewards loyalty program in 2021, is a tool to help renters earn rewards on their rent payments.
The card complements the Bilt Rewards program, created for the network of 2 million Bilt Alliance properties, much in the same way that co-branded airline cards complement frequent flyer programs. However, you don’t have to rent at an affiliated property to use the card or program.
Ordinarily, paying rent with a credit card incurs a fee, but the Bilt Mastercard is fee-free. You’ll also earn rewards points.
If you live in a Bilt Alliance property, your card payment will be automatically accepted. But even if your landlord doesn’t accept plastic, you can pay through the Bilt Rewards app and Bilt will send a check on your behalf.
Once your payment is submitted, you will earn one point per dollar of rent. This can be significant, as rent is one of the biggest recurring expenses people have. The card also awards three points per dollar spent on dining, two points on travel purchases and one point for all other purchases.
If you’re concerned about the risk of putting such a large payment on a credit card, the Bilt Mastercard has another interesting feature: BiltProtect. When you activate it, you link a qualifying bank account, and Bilt will pull funds directly and avoid the charge on your card. Not only does this help you avoid carrying a balance, but it also keeps more of your credit line available.
What Are the Pros and Cons of the Bilt Mastercard?
Pros
— Great rewards potential: You’ll get one point per dollar on rent, plus three points per dollar spent on dining, two points per dollar on travel and one point on all additional eligible spending. And when you spend on the first day of the month, you’ll get double the points on spending — although this excludes the rent payment itself. Points are capped at 100,000 per year.
— 1:1 travel transfer partners: Points are redeemable 1:1 with airline and hotel travel partners.
— No annual or foreign transaction fee: And don’t forget, there’s also no fee for paying rent with your card.
— Travel benefits and purchase protections: You’ll get trip cancellation and interruption insurance, trip delay reimbursement, cellphone protection and car rental collision insurance.
Cons
— High APR: Depending on your creditworthiness, you’ll pay as much as 28.99% if you carry a balance.
— Transaction requirement: You must use your card at least five times in a billing cycle to earn your points.
— Potential to tie up your credit: Using a large amount of your available credit can have a significant impact, because credit utilization accounts for 30% of your credit score. However, you can avoid this issue by using BiltProtect, which instead links an ACH transaction.
[Read: Best Airline Credit Cards.]
What Other Cards Should You Consider?
Blue Cash Everyday Card from American Express
If most of your nonrent spending is on purchases such as gas and groceries — and you don’t do much traveling — you may want a cash back card such as the Blue Cash Everyday Card from American Express. It earns 3% back on U.S. supermarket and gas purchases, as well as on online retail purchases. When redeeming your earnings as a statement credit, it’s essentially like getting a discount on your everyday spending.
Chase Sapphire Preferred Card
If you’re willing to pay an annual fee of $95, the Chase Sapphire Preferred Card is a popular option for earning points that can be redeemed for travel. You’ll start off with a chance to earn an 80,000-point sign-up bonus, and five points per dollar on travel purchased through Chase Ultimate Rewards. You’ll then earn three points on dining, online groceries and streaming services, and two points per dollar on other travel. It’s also loaded with travel benefits, and you can redeem for 25% more when you book travel through Chase Ultimate Rewards.
FAQs About the Bilt Mastercard
How Can You Maximize the Bilt Mastercard?
The most impactful way to maximize your Bilt Mastercard is to make sure you don’t carry a balance, especially if you’re using it for large monthly payments such as rent. In addition, use the card for dining or travel purchases to score rates comparable to many other rewards cards. Finally, redeem your points with travel partners to squeeze the most value from your earnings.
What if my Landlord Doesn’t Accept Credit Cards?
If you live in a Bilt Alliance property, your card payment will be automatically accepted. But even if your landlord doesn’t accept plastic, you can pay through the Bilt Rewards app and Bilt will send a check on your behalf.
[Read: Best Hotel Credit Cards.]
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Is the Bilt Mastercard Worth It? originally appeared on usnews.com
Update 05/02/23:
