New Bilt Mastercard from Wells Fargo Now Available

Wells Fargo today announced a new strategic relationship with Bilt Rewards, the top renter loyalty programme, and Mastercard to become Bilt Mastercard's official issuer. The first-of-its-kind co-brand credit card allows members to pay rent and earn points at most rental properties in the United States with no transaction fees. Renters around the country will soon be able to earn points that can be redeemed for trips across the world, access to their favourite fitness programmes, and even credit toward a down payment on a home through this creative new arrangement. A new referral scheme is also available, as well as additional advantages for new cardholders.

Bilt Rewards and the Bilt Mastercard have been in existence for a few years. The Bilt Mastercard has only been offered by invitation until now. However, now that Wells Fargo is the official issuer of the Bilt Mastercard, millions of qualified renters around the country will be able to obtain the card and begin collecting points.

Bilt Mastercard

The Bilt Mastercard has a competitive 0-1-2-3 product structure, making it a good alternative for dining purchases as well as rent. The 0-1-2-3 structure1 as well as the card's additional perks include:

• There is no annual cost.
• 1X Points on Rent: When you pay your rent, you'll get 1X points (up to 50,000 points each year)
• Earn 2x points when you book travel directly with airlines, hotels, cruise lines, and car rental agencies. Trip cancellation, auto rental collision damage waiver, Lyft credits, and no foreign currency conversion fee are among the travel benefits and services.
• 3X Points on Dining: When you dine at your favourite restaurant, lounge, or order in, you'll earn 3X points. In addition, you'll get access to a reservation concierge 24 hours a day, 7 days a week, and DoorDash discounts.
• Purchases of other items will get you 1X points.
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The Bilt Mastercard also comes with World Elite Mastercard perks, such as access to special offers, Zero Liability and Price Protection, and Priceless® Experiences, among other things. BiltProtect, which was created by Mastercard, particularly for Bilt Mastercard cardholders, ensures that tenants do not use up their credit line to finance rent by withdrawing funds immediately from their associated bank account with each rent charge.

Bilt Benefits

The Bilt Mastercard is being launched in collaboration with Bilt Rewards, the nation's leading renter loyalty programme, which was launched in 2021 by a group of the country's largest multifamily property owners and managers, including AvalonBay, Blackstone, Camden, Cushman & Wakefield, Equity Residential, GID, Related, SLGreen, Starwood, and Veritas, among others. Over 2 million apartment units are currently represented by the association. The Bilt Mastercard will now be available to the 109 million renters across the country, thanks to Wells Fargo as the card issuer.

Bilt members and cardholders can use their points for travel across over 100 major hotel and airline partners (through points transfers); fitness classes at the country's top boutique studios such as SoulCycle, Solidcore, Rumble, and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection; and even rent credits through the Bilt Collection. Members of Bilt Rewards will be able to use their points toward a down payment on a home through Fannie Mae and the Federal Housing Administration for the first time. Cardholders can minimise their future mortgage expenses by paying rent, making house ownership more accessible in the future.

Renters can use the Bilt Mastercard to pay rent and earn points at any rental unit in the United States, even if their landlords don't accept credit cards, thanks to Wells Fargo's distribution. Cardholders just pay their rent using the Bilt App for buildings that do not accept credit cards or digital payments, and a check will be sent to landlords on their behalf. Each rent payment earns 250 points for all Bilt Rewards members. Bilt Mastercard cardholders, on the other hand, can earn points more quickly. To obtain points for the cycle, they must use their card at least 5 times throughout each statement period. And:

• If your rent payment is less than $250, you will receive 250 bonus points (rent payments can only be made to one rental property per month).
• When you use your Bilt Mastercard to pay rent through the Bilt App and do not make at least 5 transactions that post to your account in a statement period, you will get a flat 250 points.

Bilt Rewards Status Tiers

Bilt's status is determined by total points gained over the course of a calendar year rather than monthly points accumulation. Points can be gained in a variety of ways, including rent transactions, non-rent transactions, and in-network bonus points. Currently, there are four tiers. When you first join the programme, you are automatically assigned to the Blue tier.

• Blue – anyone enrolled in Bilt Rewards with under 25,000 points
• Silver – 25,000 points earned
• Gold – 50,000 points earned
• Platinum – 100,000 points earned