August 17, 2022

Review: Is The Bilt Mastercard Worth It?

The Bilt Mastercard recently started accepting applications on a widespread basis. This is an innovative…

Review: Is The Bilt Mastercard Worth It?

The Bilt Mastercard recently started accepting applications on a widespread basis. This is an innovative no annual fee card that virtually anyone who pays rent in the United States should consider picking up (and maybe even others).

The basic value proposition of the Bilt Mastercard

The no annual fee Bilt Mastercard is issued by Wells Fargo. The card has lucrative bonus categories, and earns points that can be transfered to popular airline and hotel partners. But the truly unique feature of the card — and really the fundamental value proposition — involves the ability to pay rent with the card with no fee, all while earning rewards.

That’s right, you can pay your rent with no fee even if your landlord doesn’t accept credit card payments, or would otherwise charge a fee. For many people that probably sounds too good to be true, so let’s dig a bit deeper.

Earn Emirates Skywards miles with the Bilt Mastercard

Earning points with the Bilt Mastercard

The Bilt Mastercard earns the following rewards when you have at least five posted transactions per billing cycle:

  • 3x points on dining
  • 2x points on travel
  • 1x points on rent payments without any transaction fees, up to a limit of 50,000 points per year
  • 1x points on everything else

The card also has no foreign transaction fees and is a World Elite Mastercard, so has great global acceptance, and is a good card to use abroad (especially given that a lot of foreign spending is on dining and travel).

Earn 2x Bilt rewards points on travel

Redeeming points with the Bilt Mastercard

The concept of earning 1-3x points per dollar spent sounds great, but how can you actually redeem points earned with the Bilt Mastercard? While there are a variety of ways to redeem points (ranging from experiences to merchandise), those of us in the travel space will probably be most interested in the ability to transfer these points to airline and hotel partners.

Bilt has the following travel transfer partners, all offering 1:1 transfers:

  • Air Canada Aeroplan
  • Air France-KLM Flying Blue
  • American AAdvantage
  • Emirates Skywards
  • Hawaiian Airlines HawaiianMiles
  • IHG Rewards
  • Turkish Airlines Miles&Smiles
  • United MileagePlus
  • Virgin Points
  • World of Hyatt

These transfer partners are competitive with what you’ll find with major transferable points currencies. What some might find most exciting is the World of Hyatt partnership, as well as the American AAdvantage partnership. That’s because the former only otherwise partners with Chase Ultimate Rewards, while the latter doesn’t otherwise partner with any major transferable points currencies.

Transfer Bilt rewards points to World of Hyatt

Bilt refer-a-friend program

Bilt has a refer-a-friend program, whereby you can be rewarded when you refer others to the card:

  • You can earn 25,000 points for every five friends who are approved for the card and make their first purchase within the first 30 days
  • You can earn up to one million points this way, which you’d get after successfully referring 200 people
  • You don’t even need to be a cardmember to refer someone — just download the Bilt Rewards app, fill out your profile, and at the top left you’ll find your invitation code to give to friends

Even if Bilt isn’t a fit for you, this is a good way to be rewarded for recommending the product to friends and family.

Earn travel rewards for referring friends to Bilt

What’s the catch? Is Bilt too good to be true?

The most intriguing aspect of the Bilt Mastercard is the ability to pay rent by credit card without fees and earn up to 50,000 points per year. This works even if your landlord doesn’t accept credit card payments, as Bilt will send a check.

You might be wondering “well how exactly is that possible?” All I can do is speculate, but here’s how I view it:

  • Presumably Bilt loses money when giving out rewards and then mailing a check to a landlord it has no relationship with, but this is part of a bigger play
  • Bilt hopes to get rental companies on its platform, hoping that being associated with Bilt gets more renters, and streamlines the payment process
  • The Bilt Mastercard doesn’t offer any sort of a welcome bonus, so I suppose you can view this as another way of investing in cardmembers (other credit cards offer rewards upfront that are in some cases worth $1,000+)
  • The Bilt Mastercard is designed so that you have to make a certain number of purchases every billing cycle, which is a good way to keep people spending money on the card (which could be lucrative)
Transfer Bilt rewards points to Turkish Airlines Miles&Smiles

Is the Bilt Mastercard worth it?

Is it worth getting the Bilt Mastercard? If you’re a renter in the United States and you can’t currently pay your rent by credit card, or have to pay a fee to make such a payment by credit card, then yes, this card is absolutely worth it. You can earn valuable rewards for money you have to spend anyway, so that’s a complete no-brainer.

What about for those who don’t rent? Given that you can’t make fee-free payments for mortgages, HOAs, etc., could it still make sense to get the card? Earning 3x transferable points on travel and 2x transferable points on dining on a no annual fee card is pretty lucrative, so I’d say an argument could be made for a certain type of consumer using the Bilt Mastercard for these bonus categories. One disadvantage of this card compared to other cards out there is the lack of a welcome bonus, though.

For someone looking to earn transferable points without an annual fee, I’d say this is an excellent option, especially if you spend a lot on dining and travel.

While I absolutely think the card is a great option for a large segment of the population, that’s not the case for everyone. For example, in my particular case there’s not much value to be had, at least based on my current credit card strategy:

  • I don’t rent, so I wouldn’t benefit from the ability to make fee-free rent payments
  • I have nearly 30 credit cards that I use to maximize my points, so I have other cards that offer bigger bonuses on both dining and travel

Of course I’m also not your average consumer when it comes to using rewards cards. 😉

I have other cards that offer up to 5x points on dining

Bottom line

The no annual fee Bilt Mastercard is issued by Wells Fargo, and recently opened to applicants without a waitlist. This card has a unique value proposition, which is that you can pay up to $50,000 per year in rent without fees — just pay through the Bilt app, and a check will be sent to your landlord on your behalf. That’s an amazing opportunity for renters.

Beyond that, the card offers 3x points on dining, 2x points on travel, and those points can be transfered to several valuable partners, ranging from American AAdvantage to World of Hyatt.

I think this card is absolutely worth it for renters, and even for non-renters this could be a great no annual fee card option, assuming you’re looking for travel rewards and spend a lot on dining and travel.

What do you make of the Bilt Mastercard?