FinTech News

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.

Also published on Medium.

Other Articles by Jonathan Dyer