The Bilt Rewards card is something that has received a fair amount of attention in recent times. This is because it is a credit card aimed at renters, which is rather unusual to say the least. However, interested individuals should make sure to look into it before jumping in, whether on their own or with the assistance of sources such as The Points Guy.
1. Bilt Rewards Belongs to Kairos
Bilt Rewards is a brand that belongs to a company called Kairos. As such, it is a new product rather than a new company. There is more than one organization out there called Kairos. This is because it is an ancient Greek word meaning either an opportune or otherwise right moment. Thanks to this, it is no wonder that Kairos is such a popular name.
2. Has Two Components
There are two components to Bilt Rewards. One would be the rewards platform. The other would be the credit card associated with the rewards platform. In this, Kairos has teamed up with Mastercard, which makes most of its money by processing payments made using Mastercard-branded cards of various sorts.
3. Has a Lot of Partners
Credit card issuers can offer rewards even without a lot of partners. However, that puts a serious limit on what they can and cannot offer. Since Bilt Rewards is marketing itself by emphasizing its rewards for renters, it should come as no surprise to learn that Kairos has a lot of estate owners and property managers as partners. Something that enables it to offer rewards that are more appealing to its intended audience than otherwise possible.
4. Rent Payments Are Fee-Free
In significant part, the Bilt Rewards card is meant to encourage renters to make their rent payments using it rather than one of the other options that are available to them. One example of the incentives used for this purpose would be how it makes rent payment fee-free. Considering how much credit card companies can charge for such transactions, it seems safe to say that this is meant to be a significant selling point. Something that is particularly true because this kind of thing seems to be a first for the industry, thus making the Bilt Rewards card that much more useful for people who care about this particular feature.
5. Earn Points on Rent Payments
Having said that, it should come as no surprise to learn that the biggest incentives in this regard would be the points handed out for rent payments made using the Bilt Rewards card. However, interested individuals should know that there isn't a single figure for the number of points earned for such transactions. This is because it changes based on the user's spending on other transactions using the Bilt Rewards card. The more than they spend on non-rent transactions, the more points that they earn on their rent payments.
6. There Can Be a Significant Difference in the Number of Points Earned on Rent Payments
As such, there can be a significant difference in the number of points earned for each dollar spent on rent. For example, someone who spends $250 or more on non-rent transactions will be considered a Blue-tier member, meaning that they will earn just 0.5 points per dollar spent on rent. In contrast, someone who spends $3,500 or more on non-rent transactions will be considered a Platinum-tier member, meaning that they will earn 2 points per dollar spent on rent.
7. Maximum of 4,000 Points Per Month from Rent Payments
It is important to note that interested individuals will be able to earn a maximum of 4,000 points per month from rent payments. This is something that may or may not matter to people depending on where they live as well as how they spend their money. For example, someone living in particularly expensive cities such as San Francisco and New York City are likelier to find this to be more of a problem than someone living in small communities with much more affordable housing prices. Something that is particularly true if they also pay for a lot of non-rent transactions using their credit card because that will increase the rate at which they earn these points.
8. Non-Rent Transactions Earn One Point Per Dollar
Interested individuals can earn points on their non-rent transactions as well. However, they will earn one point per dollar and only one point per dollar no matter how much they spend on non-rent transactions because the rate is fixed. Theoretically, if someone wants to get more points per dollar on their rent payment, they should put their non-rent transactions on the Bilt Rewards card so that they can hit a higher-tier of membership. In practice, that may or may not be worth it depending on what other credit cards are available to them because they might be able to get more points by putting certain non-rent transactions on those credit cards instead. Simply put, if people want to optimize their points collection, they are going to need to put some effort into figuring out what works best for them. In contrast, if they aren't particularly concerned about getting absolutely every single point that they could be getting, they can afford to be somewhat more relaxed in this regard.
9. Points Can Be Transferred to Travel Partners
Regardless, there are a number of things that can be done with the points earned through the Bilt Rewards card. For instance, interested individuals can transfer the points to a number of travel partners. Please note that some of these travel partners such as Hawaiian Airlines offer less usefulness compared to the other options. However, since there are other options, this shouldn't be a huge issue for interested individuals.
10. Points Have Other Uses
Naturally, the points have other uses as well. For example, they can be exchanged for gym memberships, which can be quite useful to those who work out on a regular basis. Similarly, they can go towards a down payment on a home.
Written by Dana Hanson
Read more posts by Dana Hanson