Bilt Rewards and Mastercard Team Up to Launch the Bilt Mastercard: The First Credit Card with No Fees on Rent Payments
June 22 2021 - 11:34AM
Business Wire
The Bilt Mastercard can be used at any
apartment or rental unit with no transaction fees and earn up to 2x
points on rent for redemption on travel, rent credits, or even a
future down payment on a home
Bilt Rewards, the new renter loyalty program launched by an
alliance of the country’s top real estate owners, and Mastercard
today announced a multifaceted partnership to launch the Bilt
Mastercard. The co-brand credit card offers renters across the
United States 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,” says Bilt Rewards CEO and Founder Ankur Jain.
“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.”
The Bilt Mastercard includes several features that meet the
needs of today’s consumers:
- No transaction fees: The Bilt Mastercard is the first
card to waive 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 yet part of the
Bilt Rewards network, cardholders can still pay rent through the
Bilt Rewards App and a check will be sent directly to the landlord
on their behalf. Cardholders can also manage their Bilt Mastercard
digitally – upon approval, cardholders can instantly access the
Bilt Mastercard and begin making purchases online, in-app and at
the point of sale by directly adding it to their mobile wallet from
the Bilt Rewards App.
- Unparalleled rewards benefits: As the co-brand credit
card of Bilt Rewards, cardholders can earn 2x points within Bilt
Rewards’ high-value, unparalleled loyalty program. Bilt Rewards
points can be redeemed for travel via 1:1 transfer partnerships
with over 100 airlines and hotels; fitness classes at the country’s
top boutique studios including SoulCycle, Rumble and Y7;
limited-edition and exclusive collections of art and home decor
through the Bilt Collection, and can even be used for rent credits
or towards a future down payment on a home.
- Credit-building opportunities: Cardholders can build
their credit scores through the Bilt Mastercard with every on-time
rent payment. While rent payments are not typically reported to
credit bureaus today, Bilt Mastercard cardholders can watch their
borrowing rates improve and their mortgage qualification grow in
just 12 months through automatic credit reporting.
- 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. When enabled, the Bilt
Mastercard preserves a cardholder’s credit line and directly pulls
funds from their linked bank account with each rent charge,
effectively keeping credit lines open for other purchases.
- 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
will also have access to Priceless® Experiences, offering
activities both digitally and in the cities where they are.
In addition to the Bilt Mastercard, Bilt Rewards and Mastercard
will continue to collaborate to offer cardholders innovative new
products, benefits and experiences.
“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,” said Sherri Haymond, executive vice president,
Digital Partnerships at Mastercard. “We look forward to working
with Bilt Rewards to innovate the renter’s market and deliver
next-generation financial products and solutions.”
Tenants renting within the Bilt Rewards Alliance network, a
group of the top real estate owners across the country, will be the
first to receive invitations for the Bilt Mastercard as Bilt
Rewards roll out across 2 million-plus units starting today.
For more information on the Bilt Mastercard, visit
BiltRewards.com.
About Bilt Rewards
Bilt Rewards is the first-ever rewards program that allows
renters to earn points on rent and builds a path towards
homeownership. Through a June 2021 launch partnership with the
nation’s largest real estate owners including The Blackstone Group,
The Related Companies, Equity Residential and more, Bilt Rewards
will enable renters in more than two million units across the
country to earn points just by paying rent. Bilt Rewards boasts one
of the highest value rewards programs on the market today,
including one-to-one point transfers for travel across over 100
major airlines and hotel partners; fitness classes at the country’s
top boutique studios including SoulCycle, Rumble and Y7;
limited-edition and exclusive collections of art and home decor
through the Bilt Collection, and the ability to use points for rent
credits or towards a future downpayment. Bilt Rewards is a Kairos
company. For more information, visit BiltRewards.com.
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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version on businesswire.com: https://www.businesswire.com/news/home/20210622005879/en/
Media Contacts: Will Tsang William.Tsang@mastercard.com
Lauren Doyle Lauren@BiltRewards.com
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