Mastercard has collaborated with Bilt Rewards to launch Bilt Mastercard – a credit card that offers no fees on rent payments.
Founded in 2021, New York-based Bilt is a rewards program that allows renters to earn points on rent and helps them to build a path towards homeownership. The firm claims its rewards will enable renters in more than two million units across the country to earn points just by paying rent.
According to Mastercard, the Bilt Mastercard can be used at any apartment or rental unit with no transaction fees. Users can also earn up to 2x points on rent for redemption on travel, rent credits, raise their credit history as well as a future down payment on a home.
The Bilt Mastercard also enables rent payments at buildings that don’t currently accept credit cards, with cardholders able to pay rent through the Bilt Rewards App, which is then followed by a check to be sent to the landlord on their behalf.
Cardholders are able to manage their Bilt Mastercard digitally and can begin making purchases online straight away, in app and at the point of sale by adding it to their mobile wallet.
In addition, Bilt Rewards points can be redeemed for travel through one-to-one transfer partnerships with over 100 hotels and airlines and fitness studios.
Mastercard and Bilt have also collaborated on creating BiltProtect, which taps bill payment processing and open banking through Mastercard companies Transactis and Finicity. When activated, the Bilt Mastercard is able to preserve a cardholder’s credit line and pulls their funds directly from their linked bank account.
Mastercard noted that tenants who rent 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 card and rewards program.
Mastercard EVP of digital partnerships Sherri Haymond said, “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. “We look forward to working with Bilt Rewards to innovate the renter’s market and deliver next-generation financial products and solutions.”
Bilt Rewards CEO and founder Ankur Jain added, “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.
“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.”
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