The No-Annual Fee Bilt Mastercard Will Give Cardholders a Way to
Earn Points Towards Travel, Fitness and Even Homeownership with
Every Rent Payment
Bilt Mastercard Partnership Marks First New Credit Card Between
Wells Fargo and Mastercard in Over Five Years
Wells Fargo & Company (NYSE: WFC) today announces a new
strategic partnership with Bilt Rewards, the leading loyalty
program for renters, and Mastercard® to become the official issuer
for the Bilt Mastercard. The first-of-its-kind co-brand credit card
allows members to pay rent and earn points with no transaction fees
on rent payments at any rental property in the U.S. Through this
innovative new partnership, renters across the country will now be
able to earn unparalleled rewards that can be redeemed towards
travel around the world, access to their favorite fitness classes,
and even credit towards a down payment on a home.
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Bilt Mastercard issued by Wells Fargo
(Graphic: Wells Fargo)
Until now, the Bilt Mastercard has been available by
invitation-only. With Wells Fargo as the official issuer of the
Bilt Mastercard, the program will now enable millions of qualified
renters nationwide to a one-of-a-kind credit offering.
“We are thrilled to partner with a game-changing loyalty program
like Bilt Rewards,” said Dan Dougherty, executive vice president,
Head of Partnerships and Branch Cards, Wells Fargo. “Rent is the
single largest expense for the vast majority of American renters,
yet it’s never been a tool that helps consumers confidently enter
the housing market. 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.”
Wells Fargo, which serves 1 in 3 U.S. households, counts over 70
million customers, and operates more than 5,000 branches across the
country, will work in partnership with Bilt Rewards to market the
card to its customer-base and the next generation of renters. The
public launch of the Bilt Mastercard marks the first time that
renters can earn rewards on the collective $500 billion spent
nationwide in the U.S. each year on rent, without the transaction
fees historically charged by properties.
“We are excited to replicate the enthusiasm we’ve seen
surrounding Bilt Rewards within our Bilt Alliance network and
extend the rewards of renting to every renter in the U.S.,” says
Ankur Jain, Bilt Rewards Founder and CEO. “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. 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.”
The Bilt Mastercard offers a competitive 0-1-2-3 product
structure, making it not only the go-to credit card for rent, but
also for dining, travel, and everyday spend.
The 0-1-2-3 structure1 and additional card benefits
include:
- $0 annual fee.
- 1X Points on Rent: Earn 1x points on rent payments (up
to 50,000 points each year)
- 2X Points on Travel: Earn 2x points on travel booked
directly with airlines, hotels, cruise lines, and car rental
agencies. Travel benefits and features include trip cancellation,
auto rental collision damage waiver, Lyft credits, and no foreign
currency conversion fee.
- 3X Points on Dining: Earn 3X points whether you're at
your favorite restaurant, lounge, or ordering in. Plus, get access
to a 24/7 reservation concierge and DoorDash discounts.
- 1X Points on Other Purchases: Earn 1X point on other
purchases, and enjoy premium benefits like cell phone protection,
purchase security, auto rental collision damage waiver and
more.
- For more information visit:
https://www.biltrewards.com/card
The Bilt Mastercard also features World Elite Mastercard®
benefits, which includes access to exclusive offers with select
merchants; advanced security features including Mastercard ID Theft
Protection™, Zero Liability and Price Protection; and access to
Priceless® Experiences. And developed by Mastercard exclusively for
Bilt Mastercard cardholders, BiltProtect ensures that renters
aren’t using up their credit line to finance rent by pulling funds
directly from their linked bank account with each rent charge.
“Consumers today are looking for dynamic financial products that
work harder for them, while also catering to their everyday needs,”
said Bunita Sawhney, executive vice president, U.S. Financial
Institutions at Mastercard. “We’re thrilled to extend our
relationship with both Bilt Rewards and Wells Fargo to bring truly
unique and innovative solutions to renters at scale.”
The Bilt Mastercard is being launched in partnership with Bilt
Rewards, the leading loyalty program for renters, launched in 2021
by an alliance of the nation’s largest multifamily property owners
and managers including AvalonBay, Blackstone, Camden, Cushman &
Wakefield, Equity Residential, GID, Related, SLGreen, Starwood, and
Veritas among others. The alliance currently represents over 2
million apartment units. With Wells Fargo as the card issuer, the
Bilt Mastercard will now be accessible to the broader population of
109 million renters across the country.
Through its high-value loyalty program, Bilt members and
cardholders can redeem their points for travel across over 100
major hotel and airline partners (through points transfers);
fitness classes at the country's top boutique studios including:
SoulCycle, Solidcore, Rumble and Y7; limited-edition and exclusive
collections of art and home decor through the Bilt Collection; and
can even use their points for rent credits.
Bilt Rewards will also be the first program to let members
redeem points towards a down payment on a home through Fannie Mae
and the Federal Housing Administration. That means that by paying
rent, cardholders can lower their future mortgage costs, making
home ownership more affordable in the future.
With Wells Fargo’s distribution, renters can use the Bilt
Mastercard to pay rent and earn points at any rental unit in the
U.S., even if their landlords don’t accept credit cards. For
buildings that do not accept credit card or digital payments,
cardholders simply pay their rent through the Bilt App, and a check
will be sent to landlords on the cardholder's behalf.
For more information on how to apply for the Bilt Mastercard
visit BiltRewards.com or download the Bilt Rewards app.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
About Bilt Rewards
Launched by Kairos HQ in June 2021, Bilt Rewards is the
first-ever loyalty program that allows renters to earn points on
rent with no fees and builds a path towards homeownership. Through
a partnership with the country's largest owners including AvalonBay
Communities, Equity Residential, Related, Starwood Capital Group
and more, Bilt Rewards enables 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 to 11 loyalty
programs allowing travel across over 100 major airlines and hotel
partners; fitness classes at the country's top boutique studios
including SoulCycle, Solidcore, Rumble and Y7; limited-edition and
exclusive collections of art and home decor through the Bilt
Collection, and the ability to use Bilt points for rent credits or
towards a future downpayment. Bilt has also partnered with
Mastercard to create the Bilt Mastercard - the first and only
credit card that can be used to pay rent with no fees. Bilt is a
Kairos company. For more information, visit BiltRewards.com.
About Mastercard (NYSE: MA)
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.
www.mastercard.com
News Release Category: WF-PS
1 Cardholders earn points when they make 5 transactions that
post each statement period.
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version on businesswire.com: https://www.businesswire.com/news/home/20220328005120/en/
Media Nicole Dye-Anderson, 302.740.1641
Nicole.Dye-Anderson@wellsfargo.com
(or)
Bilt Rewards Lauren Doyle Lauren@BiltRewards.com
Mastercard Alyssa Rosenblatt
Alyssa.Rosenblatt@mastercard.com
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