Bilt Rewards Mastercard: Transforming Rent Payments into Valuable Rewards

The Bilt Rewards Mastercard, as reviewed by CNBC Select, offers a unique proposition for renters. It enables cardholders to pay their rent without transaction fees while earning valuable rewards. This no-annual-fee card also boasts travel rewards and insurance benefits, rare in its category.

Key Features of the Bilt Rewards Mastercard

» No Annual Fee

A significant advantage for budget-conscious consumers, the Bilt Rewards Mastercard does not charge an annual fee, allowing cardholders to maximize their rewards without worrying about extra costs.

» Rewards Structure

The card offers a robust rewards program:

• 1x points on rent payments (up to 100,000 points yearly).
• 3x points on dining.
• 2x points on travel.
• 1x points on other purchases.

This structure is particularly advantageous for those who spend heavily in these categories, allowing them to accumulate points quickly.

» Foreign Transaction Fee

There are no foreign transaction fees, making the Bilt Rewards Mastercard an excellent option for international travelers. This feature ensures that users can use their card abroad without incurring additional charges.

» Credit Requirement

The card is recommended for individuals with excellent to good credit, making it accessible to a wide range of consumers who meet these criteria.

Benefits and Perks

» Travel Protections

The Bilt Rewards Mastercard offers several travel protections, including:

• Trip delay reimbursement.
• Trip cancellation/interruption protection.
• Car rental collision coverage.

These protections provide peace of mind for travelers, ensuring they are covered in case of unforeseen circumstances.

» Cell Phone Protection

Cardholders receive added security for their mobile devices, protecting them against damage or theft.

» Purchase Security

This benefit safeguards purchases made with the card, offering protection against damage or theft.

» Lyft Credits

Until March 31, 2024, cardholders receive a $5 monthly Lyft credit after completing three eligible rides. This perk is especially useful for those who frequently use ride-sharing services.

» Award Search Tools

Access to tools like Point.me and Awayz helps cardholders find the best redemption options for their points, maximizing the value of their rewards.

Earning and Using Points

» Earning Points

To earn points, cardholders must make at least five transactions each billing cycle. Points are earned on dining, travel, other purchases, and rent payments. This requirement encourages regular use of the card.

» Elite Status

The Bilt Rewards program offers different levels of elite status based on annual points earned. Higher status levels provide additional benefits and rewards, enhancing the value of the card for frequent users.

» Redemption Options

Points can be redeemed in various ways:

• Rent payments.
• Amazon purchases.
• Fitness classes.
• Travel.
• Down payments on homes.

This flexibility ensures that cardholders can use their points in ways that best suit their lifestyle and financial goals.

» Transfer Partners

Bilt points can be transferred to several airline and hotel programs at a 1:1 ratio, including American Airlines, United, and World of Hyatt. This feature is particularly valuable for travel enthusiasts who can leverage these transfers for significant travel savings.

Rates and Fees

» APR

Cardholders should refer to the card’s terms for current APR rates, which vary based on creditworthiness and market conditions.

» Balance Transfer Fee

Up to 5% of the transfer amount, a consideration for those looking to consolidate debt.

» Cash Advance Fee

$10 or 5% of the cash advance amount, whichever is greater. This fee should be considered when planning cash advances.

Comparing Alternatives

» Citi Double Cash® Card

Offers 2% cash back on all purchases but charges a foreign transaction fee, making it less ideal for international use compared to the Bilt Rewards Mastercard.

» Capital One Venture Rewards Credit Card

Features a $95 annual fee but provides a substantial welcome bonus and other travel benefits, making it a strong contender for frequent travelers who don’t mind the annual fee.

Conclusion

The Bilt Rewards Mastercard is particularly beneficial for renters, transforming rent payments into rewards. Its no-annual-fee structure, diverse rewards program, and robust travel protections make it an attractive option for many consumers. However, its appeal might be limited for homeowners or those not paying rent. Despite lacking a welcome bonus, its unique rewards structure and transfer options make it a strong contender in the travel credit card market.