Bilt Credit Card Review: Charge Rent and Earn Rewards

Pay rent and earn rewards

It's often not possible to pay rent directly with a credit card. Many landlords don't accept cards as payment, and those who do might charge expensive processing fees for such transactions. Certain third-party payment processors like Plastiq can be a workaround, but those, too, will cost you in processing fees.

Not only does the Bilt World Elite Mastercard® Credit Card let you pay your rent without incurring any processing fees, and not only does the card have no annual fee, but on top of all that, you can earn rewards on those rent payments. That's a powerful combination you won't find elsewhere.

The only caveat is that rent payments will not count toward your Bilt Rewards elite status. (More information on status tiers below.)

» MORE: Best no-annual-fee credit cards

Competitive rewards rates

The Bilt World Elite Mastercard® Credit Card isn’t just for rent. Since it’s a Mastercard, it can be used almost anywhere that credit cards are accepted. When you use the card, you’ll earn 5 points per $1 spent on Lyft, 3 points per $1 on dining, 2 points per $1 on travel, 1 point per $1 spent on rent (up to 100,000 points per calendar year), and 1 point per $1 on other purchases.

The Bilt World Elite Mastercard® Credit Card isn’t the only no-annual-fee card to offer heightened rewards on everyday spending categories. The Chase Freedom Unlimited®, for example, earns 5% cash back on travel booked through Chase; 3% back on dining and drugstores; and 1.5% points on all other purchases. But it, and other cards in its class, generally won’t earn rewards on rent unless you are willing to incur processing fees that would cancel out the value of those rewards.

» READ: Everything you need to know about Mastercard benefits

Plentiful, flexible redemption options

Rewards earned from the Bilt program are flexible and can be redeemed in a variety of ways. The value of your points will vary based on which option you choose:

• Pay rent or receive a statement credit: 0.55 cents per point.

• Down payment on a home: 1.5 cents per point.

• Transfer points 1:1 to travel partners: Point values vary depending on the partner. (See list of partners below.)

• Book travel through the Bilt travel portal: 1.25 cents per point.

• Fitness

• Home decor and curated art: 0.7 to 5 cents per point, depending on the item.

» LEARN: How much points and miles are worth

Earn interest on your points

Renters can earn Bilt points in a variety of ways, like on new leases and renewals in Bilt Alliance properties, even if they don’t hold the Bilt World Elite Mastercard® Credit Card. Bilt Rewards members can also be eligible for extra incentives, such as bonus points, depending on their status tier. The more points a member earns in a calendar year, the more benefits they can be eligible for in this tiered program:

• Blue: Fewer than 25,000 points earned.

• Silver: 25,000 - 49,999 points earned.

• Gold: 50,000 - 99,999 points earned.

• Platinum: 100,000 or more points earned.

Once you become at least a Silver member in the Bilt Rewards tier system, you’ll be eligible to earn interest on your stash of points. Each month, you’ll receive interest in the form of bonus points based on your average daily points balance for each 30-day period. While it may not amount to much (the interest rate is tied to the published national savings rate from the Federal Deposit Insurance Corp.), it’s a unique added-value feature for the card.

Extra perks

The primary auto insurance you get on rental vehicles you pay for with the Bilt World Elite Mastercard® Credit Card sets it apart from most other no-annual-fee travel cards. This coverage means you can avoid paying more for insurance at the rental counter or getting your own insurer involved if you incur damage, saving on deductibles and potentially increased premiums.

You'll also receive up to $800 in cell phone protection when your phone is damaged, stolen or involuntarily lost (cracked screens, cosmetic damage and scratches aren't covered). To qualify, you need to pay your monthly statement with the card and a $25 deductible. Cell phone insurance has become a more common card benefit in recent years, but the $25 deductible is as low as you'll find on any card. (See the card's benefits guide for more details.)

» MORE: Best credit cards for cell phone insurance

MORE NERDY PERSPECTIVES

No sign-up bonus

One knock against the Bilt World Elite Mastercard® Credit Card is the lack of a sign-up bonus. Other no-annual-fee travel rewards cards offer an initial pile of points or cash back once you complete some basic requirements.

For example, with the Wells Fargo Active Cash® Card, you can grab the following bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. You can also earn 2% cash back on all purchases, every day. While it lacks transfer partners, that sign-up bonus combined with a flat 2% cash back on all purchases may provide more ongoing value for some people.

You'll want to use the card at least 5 times a month

Another caveat with the Bilt World Elite Mastercard® Credit Card is that you’ll have to make at least five purchases with it per billing cycle to be eligible to earn meaningful rewards. For many, that won't be a steep requirement, and there’s no minimum purchase amount stated. But it does mean you’ll want to use the card for more than rent each month.

What happens if you make fewer than five purchases in a billing cycle? In that case, you will earn a flat 250 points for your rent payment and no rewards on any other purchases that cycle.

Limited use for people who don't rent

The Bilt World Elite Mastercard® Credit Card is built for renters. Sure, the card lets you earn bonus rewards on dining and travel. But other no-annual-fee cards, like the Wells Fargo Autograph® Card, also earn bonus rewards in those categories. The ability to pay rent is unique for a no-annual-fee rewards card that also provides access to travel partners. But if you won't pay rent with the card, you’ll be missing out on its core value proposition.