Bilt Rewards – Is It Worth It?
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When it comes to loyalty programs, it can be hard to know if they’re truly worth the investment of time and money. Bilt Rewards, a program that rewards renters for paying their rent, is no exception. So, is Bilt Rewards worth it for most folks? Let’s take a closer look.
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The Basics of Bilt Rewards
- Bilt Rewards is a loyalty program for mainly apartment renters.
- Members earn points by paying rent, using the Bilt Mastercard, and engaging in other activities.
- Points can be redeemed for a variety of rewards, including discounts on paying your rent, travel, and merchandise or even shopping at Amazon.
- Membership is free, but certain rewards and benefits may require an application or additional fees.
- It helps build your credit score due to them reporting to the 3 major credit agencies.
The Pros of Bilt Rewards
- Easy to earn points: Rent is a fixed expense, so it’s easy to rack up points simply by paying your bills on time.
- Variety of rewards: The program offers a wide range of rewards, from discounts on rent to travel and merchandise, making it easy to find something of value.
- No annual fee: Unlike some credit cards or other loyalty programs, Bilt Rewards does not charge an annual fee.
- Bonus points for linking loyalty accounts: Bilt Rewards members can earn bonus points by linking their frequent flyer and hotel loyalty accounts.
- Interest on points: for members with Silver, Gold or Platinum status, Bilt Rewards pays interest on points earned every month, based on the FDIC published national savings rate.
- Homeownership concierge: select members with Gold or Platinum status, Bilt Rewards offers a dedicated concierge to help members through the home buying process step-by-step. This hints that there may be more rewards for home ownership in the future as well.
- Bonus points on new leases or renewals: for members living in the Bilt Rewards Alliance, Bilt will deposit up to 50% bonus points on top of points issued by landlords for signing for new tenant leases and lease renewals depending on member status.
The Cons of Bilt Rewards
- Limited to renters: The program is only available to renters, so homeowners or potential buyers won’t be able to take advantage.
- Limited to certain areas: Membership in the Bilt Rewards Alliance is currently limited to certain areas, which means that renters in other regions may not be able to participate in the program. You can get around this by using the Mastercard however.
- May require a credit check: Some benefits, such as the Bilt Mastercard, require a credit check.
- Points and status levels may expire: Points and status levels earned through the program expire after one year, so it’s important to redeem them before they’re gone.
- Limited to certain payment methods: Rent payments must be made through the Bilt Rewards app or via a paper check to earn points.
Terms of Service Important Points
The details matter. Consumers should be aware of the following points in the terms of service.
- The program is only available for members with a Bilt Mastercard and renters.
- Members without a Bilt Mastercard will only earn 250 points per monthly rent payment at an In-Network property made through the Bilt App, up to a maximum of 250 points per month. Points earned on rent payments are capped at 250 if the rent payment is less than $250
- Members with a Bilt Mastercard will earn points according to the terms of their Bilt Mastercard Cardholder Agreement and in case of any conflicts you may have to deal with Mastercard directly instead of Bilt Rewards.
- Only certain transactions will earn points, such as rent payments and net purchases at certain merchants. Merchants are assigned codes by Mastercard and purchases not processed using the codes identified by Mastercard will not qualify for earning points.
- Points will only be earned if at least 5 transactions post to the account during a statement period for cardholders. Points may show as pending until after the 5th transaction posts in each statement period.
- Certain transactions such as cash advances, balance transfers, disputes, illegal actions, gambling charges, fees and interest, do not earn points.
- There is a maximum of 50,000 points each calendar year that can be earned on rent payments.
- Rent payments can only be made to one rental property per month.
- The program may have additional terms and conditions or restrictions on redeeming rewards. See full terms here.
Questions? How To Reach A Human At Bilt Rewards
It’s best to hear it from them directly in case any information has changed. Below is how to call, email, mail and message them on social media.
General Contact Information:
- General Email: [email protected]
- Rewards Email: [email protected]
- Cardholder Phone Support: 844-389-5900
- Bilt World Elite Mastercard Concierge Number: 866-800-0302
- Cardholder Mailing Address:
- P.O. Box 9226, Old Bethpage, NY 11804-9226
Social Media:
The Bottom Line
Overall, Bilt Rewards can be a great option for renters who pay their rent on time and are looking for a loyalty program that rewards them for doing so. However, it’s not a perfect program, and it’s not right for everyone. Renters in certain areas may not be able to participate, and some benefits may require a credit check. Additionally, the points earned through the program expire after one year, so it’s important to redeem them before they’re gone.
Ultimately, whether or not Bilt Rewards is worth it for you will depend on your individual circumstances and priorities. It’s worth taking a closer look at the program and considering whether it’s a good fit for you.
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