Bilt Mastercard Now Available to All as Wells Fargo Joins as Issuer
Bilt Mastercard

Bilt Mastercard Now Available to All as Wells Fargo Joins as Issuer

These days, several credit cards emphasize rewards in a variety of spending categories. However, one of the largest expenses that Americans face on a monthly basis has largely been left out of the credit card rewards conversation: rent. That’s why, last year, Bilt Rewards was launched as a way for consumers to earn rewards on rent, including the introduction of a credit card that didn’t penalize rent payments with fees but actually encouraged them. Now, the Bilt Mastercard is expanding thanks to a partnership with a major U.S. bank.

This week, Bilt Rewards announced that Wells Fargo has come aboard to issue the company’s credit card. As a result, the previously waitlisted offering will now be made available to all. The Bilt Mastercard was first launched last year, with Bilt making some positive adjustments to the offering after raising $60 million in September. Both Wells Fargo and Mastercard participated in that funding round. Not only is this the first co-branded credit card Wells Fargo has issued since the Hotels.com Rewards Visa, but it also happens to be the first Wells Fargo Mastercard in more than five years.

While the headlining feature of the Bilt Mastercard is that it earns 1 point per dollar spent on rent payments (capped at 50,000 points per year), the card also boasts 3x points on dining, 2x points on travel purchases, and 1x on all other purchases. However, of note, cardholders must make at least five transactions during a statement period in order to earn any points for that period. As for other benefits, the card also features trip cancellation/interruption protection, trip delay reimbursement, auto rental collision damage waiver, and more. Plus, the card carries no annual fee and doesn’t have any foreign transaction fees.

Commenting on the latest developments with the Bilt Mastercard, Bilt Rewards founder and CEO Ankur Jain said in a statement, “We’re thrilled to extend our relationship with Mastercard and can’t wait to work side-by-side with Wells Fargo to open up the Bilt Mastercard to the world.” Jain also noted the usefulness of the product in today’s economy, saying, “With the cost of rent at an all-time high, there is no better time than now to show the world that paying rent doesn’t have to mean lighting your money on fire. Now, renting means your next vacation, your next workout class, or even savings on your next home.”

Meanwhile, Wells Fargo’s EVP Head of Partnerships and Branch Cards Dan Dougherty said of the bank’s involvement, “We are thrilled to partner with a game-changing loyalty program like Bilt Rewards, ” adding, “As the new issuer of the Bilt Mastercard, Wells Fargo can now help renters with the card take their biggest expense and turn it into a rewarding experience, including helping them build a path to homeownership.”

There’s no doubt that the involvement of Wells Fargo has elevated the reach of the Bilt Mastercard in a big way. Still, if there’s a downside to the offering, it’s that those at properties that aren’t part of the Bilt Rewards Alliance will need to navigate the platform’s other rent payment options in order to earn rewards. Nevertheless, with the backing of Mastercard and Wells Fargo, the future of Bilt definitely seems bright.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...