Bilt Rewards partners with Mastercard to launch the Bilt Mastercard

By Pavithra R

Bilt Rewards, the new renter loyalty program launched by an alliance of United States’ top real estate owners, and Mastercard has announced a multifaceted partnership to launch the Bilt Mastercard.

The new co-brand credit card offers renters across the country a way to pay rent via credit card with no fees, earn points on their largest expense, raise their credit history with every on-time rent payment, and build a path towards homeownership.

“Housing is the single largest expense for most Americans, and rent is one of the only expenses that you couldn’t earn points on without fees. Together with Mastercard, we have created a product that turns renting into a path forward for this generation, enabling them to earn points, build their credit and even chart a path towards homeownership. Not to mention it’s 2021, and renters shouldn’t have to pay rent with a check,” said Bilt Rewards CEO and Founder Ankur Jain.

The Bilt Mastercard includes several features that meet the needs of today’s consumers, including:

• No transaction fees: The credit card has waived off transaction fees for both the cardholder and the property owner, in addition to offering cardholders rewards points at no cost. The card also has no annual fee, allowing cardholders to experience the full value of their rewards.
• Digitally-driven rental payment experience: The Bilt Mastercard enables rent payments at buildings that don’t currently accept credit cards. For buildings that are not part of the Bilt Rewards network, cardholders can pay rent through the Bilt Rewards App, and a check will be sent directly to the landlord on their behalf. 
• Unparalleled rewards benefits: Cardholders can earn 2x points within Bilt Rewards’ high value. 
• Credit-building opportunities: Cardholders can build their credit scores through the Bilt Mastercard with every on-time rent payment.
• Protected payments: To ensure renters aren’t using up their credit line or risking debt to finance rent, Mastercard and Bilt Rewards collaborated to create BiltProtect by tapping bill payment processing and open banking through Transactis and Finicity, both Mastercard companies.
• World Elite Mastercard Benefits: Cardholders can access exclusive offers with select merchants, in addition to advanced security features and protections, including Mastercard ID Theft Protection, Zero Liability and Price Protection. Cardholders also have access to Priceless Experiences, offering activities both digitally and in the cities where they are.

“Bilt Rewards and Mastercard share a similar ethos in putting the consumer at the center and offering innovative, relevant experiences and benefits that meet and exceed their growing needs and expectations. We look forward to working with Bilt Rewards to innovate the renter’s market and deliver next-generation financial products and solutions,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. 

Besides Bilt Mastercard, Bilt Rewards and Mastercard will continue to collaborate to offer cardholders innovative new products, benefits and experiences.