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Rates and fees checked as of March 20, 2024.
The BILT credit card is unlike any other rewards credit card. It lets you pay your rent without fees so you can pocket serious travel rewards and polish your credit score. If you are renting in retirement, the card could help finance a free vacation. And if you are renting to save money for your own home, the BILT card may help you improve your credit score and qualify for a mortgage when the time comes. The card has no annual fee.
The BILT credit card: no fees for paying rent
If you enable BiltProtect, your rent payments are drawn directly from your linked bank account, and you earn points on the payments without using your available credit. While a few other credit cards will allow rent payments, they charge a hefty fee, typically around 2.5% to 3.5%.
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"Many landlords charge service fees for using a credit card to pay rent, and those costs add up," explains Alexandra Svokos, senior digital editor at Kiplinger. "For example, if you pay $2,000 in monthly rent, a 2.99% service fee adds up to an extra $720 spent annually. That $720 doesn't really come back to you in the form of a credit score or rewards points. As a renter, that's why I avoided paying with a credit card. To me, the elimination of that service fee is the most significant part of the BILT card, because now you're not paying the extra $720 and you get the benefits of credit and rewards points."
- Top rewards rate: Three points per dollar on dining.
- Other rewards: Get two points on travel, one point per dollar on rent payments (up to 100,000 points each year), and one point on other purchases.
- Required spending: You must make at least five transactions using your card in one month to receive rewards.
- Redemption: Transfer points that you earn with it on a one-to-one basis to 16 different transfer partner programs, including those of American Airlines, Marriot Bonvoy, United Airlines and World of Hyatt. Or you can redeem your rewards toward a down payment on a property, in which case points are worth 1.5 cents each.
- Rent Day bonus: On the first of each month, or "Rent Day," the card will double your rewards, in addition to the one point you receive for paying rent. So, instead of getting three points on dining purchases, you get six points for every dollar you spend on that day, and so on. The card also offers a surprise benefit each Rent Day, such as transfer bonuses to airlines or extra points for purchasing sporting event tickets.
- Bonus for linking loyalty programs: Link your BILT rewards account (via the app) to one of your travel partner loyalty plans and get 100 BILT points for each program.
- Trip cancellation, interruption and delay insurance. Get up to a maximum of $1,800 for a trip delay. Get up to $5,000 for non-refundable fares booked with your card.
- Cellphone protection: Get up to $800 to repair or replace a damaged or stolen phone. You may file up to two claims per year.
- Sign-up bonus: None
- Annual fee: None.
- Foreign transaction fee: None.
- Interest rates: 21.49%, 24.49%, or 29.49% variable APR.
BILT is really a travel rewards card
Bilt cardholders can transfer their Bilt Points 1:1 to select travel partners, where one Bilt Point equals one mile or point at the following loyalty programs:
Airlines
- Alaska Airlines
- American Airlines AAdvantage
- Avianca Lifemiles
- United MileagePlus®
- Air France/KLM Flying Blue®
- Virgin Red®
- Emirates Skywards®
- British Airways Executive Club
- Cathay Pacific
- Hawaiian Airlines HawaiianMiles
- Turkish Airlines Miles&Smiles
- Aer Lingus AerClub
- Iberia Plus
- Air Canada Aeroplan®
Hotels
- Marriott Bonvoy™
- World of Hyatt®
- IHG® One Rewards
Could the BILT card increase my credit score?
One of the most valuable features for would-be homeowners? The chance to boost your credit score with the BILT credit card or loyalty program. That's because your landlord does not typically report on-time rent payments to the three credit bureaus that generate your credit reports. This disadvantages renters; they cannot demonstrate responsible financial practices with one of their biggest monthly expenditures — their rent.
Keeping your credit line clear of rent payments can help lower your credit-utilization ratio (the amount of available credit that you use), and that’s also good for your credit score.
When you get your BILT credit card, download the BILT Rewards app to pay your rent. If you pay your total BILT card monthly statement balance (the total amount due, not the minimum payment) and ensure your payments are on time, you may gradually increase your credit score. When it comes time to buy a property, a higher credit score can snag you a lower mortgage rate, potentially saving you hundreds of dollars each month on your mortgage payment.
The real estate technology firm Zillow recently launched a similar program. Tenants renting through Zillow can ask the company to report their rental payments to credit bureaus. Zillow will not report late payments.
Will BILT rewards get me a down payment on a house?
You can redeem BILT points for cash when used toward a down payment. In this case, points are redeemed at a rate of 1.5 cents per point, and you can work with any lender you want. Could that be enough to help you buy an apartment or house?
Say your monthly rent payment is $3,000, or $36,000 a year. If you bank these as BILT points, you can redeem them at 1.5 cents each, or $540 annually towards a down payment. Assume you rent at the same rate for ten years, then your total BILT down payment rewards would total $5,400. That's a tidy sum, but if you hope to put 20% down to avoid mortgage insurance, you can only afford a property priced at $27,000. Good luck finding a property worth that amount!
"The idea of points towards a down payment is clever, but I wouldn't rely on it to make the jump from renter to buyer, given the weak exchange rate," said Svokos. "Instead, I'd use this card to let my rent rack up points for travel. Given that housing is usually people's biggest expense, that's a lot of points."
You can earn rewards without the BILT card
There are three ways that you can get BILT rewards on rent: through the BILT credit card, by renting an apartment in one of the BILT-affiliated properties called the BILT Alliance, or by joining the BILT Rewards program as a loyalty member.
Kick the tires
Although BILT partnered with Wells Fargo to issue its credit card, BILT is not a bank but a financial technology company. The startup studio Kairos HQ launched BILT in 2021. That raises an important question: is BILT financially sound? You don't want the company arranging your rent payments to go out of business or cut services due to financial troubles.
Although the company is young, it appears to be thriving. BILT has benefitted from three venture capital (VC) funding rounds. In January 2024, the latest round gave BILT an additional $200 million and increased its valuation to $3.1 billion. According to TechCrunch, the company is profitable and growing and has plans to expand to student and multifamily housing.
Pros and cons of the BILT card
Pros:
- No annual fee
- The only credit card to pay for rent without fees
- Excellent transfer partners and travel benefits
- High redemption rate with transfer partners
- Rent day bonus
- The option to report rent payments to credit bureaus
- The Bilt Rewards app gets excellent ratings on the Apple Store (4.9 out of 5 stars) and Google Play (4.6 of 5 stars).
Cons:
- No welcome bonus
- The rewards rate is low compared to some of the best travel cards
- You must make at least five transactions with the card every month to earn points
- BILT is a financial technology company that relies in part on venture capital funding
Rewards cards dos and don'ts
As with any rewards credit card, make sure you understand how to use the card effectively. While reward credit cards are great if you use them wisely, always pay them off in full and on time each month to avoid interest, which can dwarf any rewards you earn. Don't change your spending habits to earn extra points. That's a slippery slope that can lead to overspending.
If this is your first foray into credit cards, or you just want a refresher, make sure you know how to choose a credit card. And ensure you are familiar with what counts as a good credit score.
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Disclaimer
As an independent publication dedicated to helping you make the most of your money, the article above is our view and is not the opinion of any entity mentioned such as a card issuer, hotel, airline, etc. Similarly, the content has not been reviewed or endorsed by any of those entities.
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