bilt mastercard | bilt credit card [2023]: Pay Rent with a Credit Card without Fees

bilt credit card | bilt Mastercard

With the Bilt credit card, you can acquire points when you pay your rent (as well as on everyday purchases). Following that, you can use those points in the same ways as any other rewards program: to directly book travel, to transfer to travel partners, or to use some of the other redemption options.

Renting a Bilt Alliance property or using the Bilt World Elite Mastercard are the two ways to earn points with the card.

bilt credit card | bilt Mastercard

How does the Bilt reward card work?

When you open a Wells Fargo-issued Bilt Mastercard, which has no annual fee, you use the app or website to set up your automatic monthly rental payments.

Then, Bilt establishes a special bank account connected to your Bilt credit card so that you can pay your rent via electronic check rather than credit card. This bank account was essentially set up as a “dummy” account to avoid paying with credit card processing fees. You don’t use it for anything else and don’t take money out of it or put money in it.

Rent payments made using these particular routing and account numbers result in a charge to your Bilt Mastercard for the same sum. (To pay off the card each month, you must still link your personal bank account.)

Additionally, you can still pay with your Bilt card through the Bilt Rewards app and Bilt will send a check on your behalf if your property is traditional and only accepts checks.

Wells Fargo bilt credit card | bilt credit card Wells Fargo | Wells Fargo bilt Mastercard

Although Wells Fargo is not a part of Bilt, they work together to issue the Bilt Mastercard. In March 2022, Wells Fargo made an announcement about their collaboration with Bilt Rewards to become the authorised card issuer for the Bilt card. Evolve Bank & Trust and Bilt previously collaborated to issue Bilt’s credit cards.

bilt credit card pre approval

Here, you might choose to prequalify for credit cards offered directly by Wells Fargo.

It is important to note that prequalification does not ensure final approval. But if the Bilt World Elite Mastercard isn’t listed among the suggested cards, it’s a good sign that you need to fix your credit before applying.

You can compare the best credit cards for your current credit profile using this soft inquiry, which is free and has no effect on your credit.

Additionally, if you’re a current Wells Fargo banking, loan, or credit customer, you might be eligible to receive tailored offers.

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The Wells Fargo-issued Bilt World Elite Mastercard is a distinctive metal credit card because it is the first credit card to not impose transaction fees on payments for rent. Rent can be paid with a credit card, but the processing costs (which are typically 3%) usually outweigh the benefits.

You can raise your Bilt Rewards status level by using the card to earn bonus points when you dine out and travel. However, in order to receive rewards during the billing period, you must use your card for at least 5 purchases each month (more on this below).

Rent payments and 1:1 transfers to travel partners are just two of the point redemption options available.

This card is special in that there are no fees associated with using it to pay rent to any landlord, anywhere. Rent payments (1 point per dollar up to $50,000 per year), travel (2 points), dining (3 points), and other purchases (1 point per dollar) all count toward your point total. To earn points, you must, however, complete at least five transactions each statement period.

bilt credit card approval odds

Waiting to apply until you have a credit score of 740 or higher, which marks the beginning of the excellent credit range, will give you the best chance of being approved. A score in the low 700s, though, can also be encouraging in many circumstances.

After providing your information, most card applications receive an instant decision within 30 seconds, according to Bilt (a manual review can take up to 30 days).

bilt credit card rent 

The Bilt Mastercard does not charge a fee when using a credit card to pay rent, contrary to standard practise. Additionally, you will accrue bonus points.

Your credit card payment will be automatically accepted if you reside in a Bilt Alliance property. Even so, you can still use the Bilt Rewards app to pay, and Bilt will send a check on your behalf, even if your landlord doesn’t accept credit cards.

You will receive one point for every dollar of rent once your payment has been received. Rent is one of people’s largest recurring expenses, so this can be significant. Additionally, the card offers three points for dining, two points for travel, and one point for all other purchases for every dollar spent.

The Bilt Mastercard has another interesting feature called Bilt Protect if you’re worried about the risk of charging such a sizable purchase on a credit card. When you activate it, you connect a bank account to your Bilt account, and within 48 hours, Bilt will withdraw money to cover any rent charges on your card. This keeps more of your credit line available while also assisting you in avoiding carrying a balance.

Bilt Mastercard Rewards

While you must complete 5 qualifying purchases each month to receive rewards, all eligible transactions that take place during the transaction period also qualify. If you schedule your rent payment using the Bilt App, you will otherwise only receive a flat 250 points.

Your purchases can earn you up to 3 Bilt Rewards points for every $1 spent:

  • three times for meals
  • on two separate occasions while travelling
  • 1% off of rent payments made using the Bilt App (up to 50,000 points per year)
  • 1x on all future purchases

For many households, rent represents their largest monthly expense. With the ability to earn points, you can spend more money each day and earn more points, which will allow you to save up for a nice reward flight each year.

The biggest disadvantage, though, may be the inability to earn bonus points on other essential costs like groceries or gas.

bilt credit card credit score requirements | credit score needed for bilt credit card | What credit score do I need for the Bilt Mastercard?

According to a number of data points, you must have good or excellent credit to be eligible for the Bilt Mastercard. That normally involves a FICO score between 670 and 850.

Many of the best rewards credit cards with comparable purchase reward opportunities and card benefits have similar scoring requirements.

bilt credit card apply | bilt credit card application.

In the summer of 2021, the Bilt Mastercard was introduced to the market but only by invitation.

That has changed because Wells Fargo is now the Bilt Mastercard’s legitimate issuer.

When you’re ready, you’ll need to open your Bilt Rewards account by entering your email address and making a password (which you can do without formally applying).

Simple questions about your personal information, annual income, and monthly mortgage or rent payments make up the remainder of the application process.

Hopefully you’ll get the go-ahead there and learn what your new card’s credit limit is.

bilt credit card customer service

Call us at 844-389-5900 from 7 AM to 8 PM EST, Monday through Friday, to get in touch with us.

Please contact card services team by calling the number listed on the back of your Bilt Mastercard if you have any questions about your credit card, such as how to pay your statement or dispute a charge that was not authorized for rent.

bilt credit card referral

With Bilt’s refer-a-friend program, you can earn rewards for introducing friends to the card:

For every five friends who are approved for the card and make their first purchase within the first 30 days, you can earn 25,000 points.

This method allows you to earn up to one million points, which you would receive after successfully referring 200 people.

Download the Bilt Rewards app, complete your profile, and at the top left of the screen, you’ll find your invitation code to share with friends. You don’t even need to have a card to refer someone.

This is a good way to get compensated for recommending the product to friends and family, even if Bilt isn’t right for you.

is bilt credit card legit?

Yes, the Bilt card is a good option for many people who want to benefit from its main benefit, which is the ability to use a credit card to pay your rent without having to worry about transaction fees. This card has no annual fee.

The card also offers elite status, the ability to transfer points, and the chance to accumulate interest-earning points for a down payment on a home, all of which may appeal to renters seeking a simple way to accumulate and use rewards without having to pay an annual fee. However, to get the most out of it, you should combine this card with another rewards card, or even several rewards cards, to maximize your savings.

pros and cons of Bilt Master Card

PROS

  • provides the unusual opportunity to pay your rent without having to pay transaction or processing fees.
  • When you reach an elite status level, you can receive interest on any unused points.
  • There are 12 travel partners to whom points can be transferred, which could further reduce the cost of travel.
  • There is no annual fee or foreign transaction fee, so you can use the card abroad to test it out without incurring costs (provided you pay your balance in full).

CONS

  • Compared to other travel and cash back cards, rewards maximize might find it difficult to accrue points quickly.
  • When compared to the best rewards cards, the card has poor short-term value because it lacks a sign-up bonus or introductory APR offer.
  • No sign-up bonus — When you first receive the card, there is no immediate punch of value.

bilt credit card limit

You can still be approved for the Wells Fargo Bilt Mastercard even if your debt-to-income ratio is relatively high, but your credit limit might be lower. The minimum spending amount is $1,000, as stated in the credit card agreement.

Your ability to make monthly payments will be assessed by the credit card company based on an analysis of your yearly income and housing expenses. Your application might need an additional review if the bank notices a potential red flag, which might entail supplying your tax returns and W-2 income statements.

FAQS

can you pay mortgage with bilt credit card?

Mortgages are not an option, but there is a fee-free way to pay rent and accumulate valuable points with the Bilt Mastercard.

How long does it take to get approved for the Bilt Mastercard?

As long as the applicant’s credit is approved, we can typically approve them in under 30 seconds. A manual review may be necessary for some applications. You’ll get a response in that case within 30 days.

Can the Bilt Mastercard be used anywhere?

Yes, you can use the Bilt Mastercard anywhere that takes Mastercard payments. Your Bilt Mastercard has no foreign transaction fees, so you can use it anywhere.

Which bank issues the Bilt Mastercard?

Wells Fargo is the issuer of the Bilt Mastercard.

Does the Bilt Mastercard have an annual fee?

There is no annual fee for the Bilt Mastercard

Is the Bilt Mastercard worth it?

Yes, any renter who is eligible for this card can use it to pay for rent and receive rewards while avoiding transaction fees.

Is the Bilt card a World Elite Mastercard?

Yes, the Bilt card qualifies as a World Elite Mastercard, giving you access to additional benefits like travel and cell phone insurance as well as concierge services.

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