Thursday, May 26, 2022

Wells Fargo’s Help Made it Possible For Bilt to Extend its Mastercard to Everyone.

Must read

Start-up in New York

A modest (but significant) New York City firm revolutionized the rental, credit card, and rewards marketplaces in summer 2021.

bilt points
bilt points

Join Bilt Rewards, the world’s first loyalty club to reward points on rent with no fees attached. Your points can be redeemed for travel, prospective mortgage or rent credits, fitness classes, etc.

The Bilt Reward system works with the Bilt Mastercard, with no annual cost. Suppose your landlord is a member of the Bilt Rewards Alliance. In that case, you don’t even need a Bilt Mastercard to rack up points on rent because even if they are, holding this card can assist in accelerating your gains toward your subsequent redemption.

However, since the program’s inception, requests for the card have been limited to those who have received an invitation.

All of that has changed today. A year later, Bilt collaborated with Wells Fargo to become the only issuer of the Bilt Mastercard, allowing applications to be made available to the general public. TPG is also publishing our first-ever assessment of Bilt Rewards points with this release.

Since its establishment, the Bilt Mastercard has prompted prospective candidates to join a lengthy queue.

It’s easy to see that if this card allows the user to gain one point for every dollar spent on rent—with no fees. When paying the rent with something like a credit card, you may expect to spend up to 3% in convenience fees, so being able to avoid this tax while collecting rewards is an extraordinary feat.

Since March 28, 2022, the queue for this card has been closed. Wells Fargo has released the Bilt Mastercard, and applications are now available.

Let’s look at what this collaboration implies for existing cardholders and potential applications.

What makes Wells Fargo unique?

Whereas Wells Fargo is a massive bank that serves one out of every three families in the United States, the company isn’t recognized for its co-branded credit cards.

Before Bilt, Hotels.com was Wells Fargo’s exclusive partner. The Bilt Mastercard would have been the first new credit card Wells Fargo and Mastercard issued in five years.

Because of this new collaboration, requests for the said Bilt Mastercard would be open to almost everyone, just like every other credit card. Furthermore, the Bilt Mastercard will now attract the attention of existing Wells Fargo clients as the bank has over 64 million customers and runs around 4,700 branches all over the country.

Bilt Mastercard

We’re concentrating on the benefits and prizes that come with each card. These cards aren’t worth it if you have to pay interest or late penalties. When using a credit card, it’s critical to pay your debt in full each month, make on-time payments, and spend only what you can afford to pay. Let’s see what the Bilt Mastercard brings.

Pros

  • Only credit cards are accepted for rent payments to landlords with no fees.
  • A wide choice of airline and hotel transfer providers is available.
  • Benefits of the World Elite Mastercard and no yearly charge.
  • Gain interest in your incentives by

Cons

  • Other cards provide more significant welcome bonuses and incentives if you aren’t a renter.
  • To earn a return on points, you must have a silver or above rank.
  • To get points, you must complete five transactions in each statement period.

More about it

  • Business Insider gathered information about the Bilt Mastercard, which the issuer has not approved.
  • One point for every dollar spent on housing (up to $50,000 per year).
  • 2X points for every dollar spent traveling (once reserved openly with an airline, hotel, car rental, or cruise corporation).
  • Every dollar spent on dining out earns you 3X points.
  • Benefits of the World Elite Mastercard include mobile phone coverage, purchase assurance, savings on Lyft, Doordash, Shoprunner, Mastercard Luxury Hotel & Resorts, and World Elite Concierge.
  • There is no international transaction fee.
  • The annual charge is $0.

Are there new changes to the card?

While Wells Fargo is now the issuer of the Bilt Mastercard, the essential offering remains the same. Existing cardholders will continue to receive the same number of points based on their Bilt status tier.

If you’re a first-time applicant, here’s a quick reminder on the Bilt Mastercard:

First, the Bilt Rewards Alliance covers over two million rental properties in the United States. Customers can pay their rent and collect points without incurring any fees. Even if your rental isn’t part of the alliance, customers can pay rent using the Bilt App, and Bilt will send a check to their tenant on their behalf.

How do you get points?

You may earn points with the Bilt Mastercard on everyday purchases and rent:

  • In addition, dining and takeaway earn 3 points for every dollar spent.
  • Two points for every dollar spent on direct bookings with airlines, hotels, shipping companies, and car rental businesses.
  • One point is awarded for every dollar spent on housing (up to 50,000 points per year) and all other qualified purchases (no cap).

Cardholders must complete at least five transactions during each statement period to earn points, which should not be a problem for most cards.

How do I use my points?

The variety of airline and hotel transfer partners may be Bilt Rewards’ most intriguing aspect. Your Bilt points can be transferred to the relevant loyalty schemes at a 1:1 ratio.

  • The AAdvantage program of American Airlines
  • The Air Canada plane
  • Cathay Pacific Asia Miles
  • Flying Blue (Air France/KLM), Emirates Skywards
  • Hawaiian Airlines (Hawaiian Airlines), HawaiianMiles.
  • Hotels & Resorts by IHG
  • Miles and Smiles on Turkish Airlines
  • MileagePlus on United Airlines
  • The Virgin Atlantic Flying Club
  • world of Hyatt.

Other redemption choices include Rumble and SoulCycle exercise classes, future rent or housing credit, and exclusively curated products from the Bilt Collection.

Finally, other notable bonuses, including World Elite Mastercard privileges and no international transaction fees, make this an appealing card for US renters.

Earn Bilt status to increase your rewards.

Furthermore, the Bilt Reward system includes four class tiers based on the number of points you accumulate in a calendar year (including rent and non-rent purchases).

If you achieve a specific tier between January 1 and June 30, you will keep your status until January 31. Those who get the rate between July 1 and December 31 will retain them for the remainder of that year and next year.

Let us observe how each tier card works with its features!

Blue Tier

  • Conditions: 25,000 points were earned.
  • Transfer to and from the airport and accommodation in 2,000-point installments.
  • Concierge for Homeownership (if you choose to redeem Bilt points headed for a future mortgage)No
  • Gift from the Bilt CollectionNo
  • Yes, there are bonus points for new and renewed leases.

Silver Tier

  • Conditions: 25,000 points were earned.
  • Transfer to and from the airport and accommodation in 1,000-point installments.
  • Concierge for Homeownership (if you choose to redeem Bilt points headed for a future mortgage)-No
  • Gift from the Bilt Collection-No
  • 10% bonus points for new and renewed leases

Gold Tier

  • Conditions: I have accumulated 50,000 points.
  • Transfer to and from the airport and accommodation in 1,000-point installments.
  • Concierge for Homeownership: Yes (if you choose to redeem Bilt points for a future mortgage).
  • Gift from the Bilt Collection-No
  • Lease renewals and new leases receive a 25% bonus point.

Platinum Tier

  • Conditions: I have accumulated 100,000 points.
  • Transfer to and from the airport and accommodation in 1,000-point installments.
  • Concierge for Homeownership: Yes (if you choose to redeem Bilt points for a future mortgage).
  • Gift from the Bilt Collection-Yes
  • New and renewed leases receive a 50% bonus point.

How significant are the bilt points?

TPG’s editorial staff has studied the Bilt Reward system to determine the value of Bilt points, and now the Bilt Mastercard is accessible to the public. This will be featured in our monthly valuations launch in April, but we’re sharing it first.

We’re transitioning all of our valuations to a data-backed approach, as we revealed in December 2021. Still, for the time being, our team uses a proprietary formula to value transferable awards (like Bilt Rewards) based on several parameters. This includes the most valuable transfer partner and the number of independent partners with loyalty currency worth more than one cent.

We also consider the “basic” redemption option—using the currency for individuals who do not want to transfer it to partners and optimize the value.

TPG values Bilt Rewards points at 1.8 cents each based on these calculations.

The program is well-known for its excellent transfer partners, including World of Hyatt, United MileagePlus, and American AAdvantage (in fact, this is the only transferable money to link with AA). In addition, this list includes all leading airline alliances and some excellent non-alliance programs, such as Emirates Skywards and Virgin Atlantic Flying Clubs.

However, with only 11 partner programs, the roster isn’t as long as that of American Express Membership Points or Chase Ultimate Rewards.

Furthermore, the 2,000-point threshold for non-elite users to transfer points is significantly less flexible than others.

Finally, for cardholders unfamiliar with transfer partners, Bilt Rewards provides limited and low-value immediate redemption choices for their points: down payments on a new residence (1.5 cents per point) or future mortgage repayments (0.55 cents per point).

This valuation is expected to alter as the program expands and their data-backed evaluations expand to other programs. Still, Bilt Rewards is valued at 1.8 cents per point for the time being.

What is Bilt’s next step?

Customers are already experiencing rapid growth in the Bilt Rewards program. In addition, Bilt has gained two new airline transfer partners in the last month alone: Cathay Pacific Asia Miles and United MileagePlus.

In less than a year, the program’s flagship product, the Bilt Mastercard, went from invite-only to the public, supported by a prominent credit card provider in Wells Fargo.

Richard Kerr, Bilt’s head of travel rewards, hinted in an emailed comment to TPG that there will be more to come:

In the ten months since our inception, we’ve talked to our members and considered how much it would require to achieve Bilt Rewards, the world’s most beneficial and relevant loyalty system. Our already valuable travel program has been strengthened by the latest contributions of United MileagePlus and Asia Miles, but this is just the beginning.

We will make many more announcements in the coming months that will strive to keep Bilt Points pertinent and beneficial to every member, irrespective of their interests and hobbies. We’re thrilled about what we already have in store for the remaining months of 2022.

If recent advancements are any indication, Bilt will likely continue to pave the way to becoming one of the most excellent transferable points programs today, even rivaling Amex or Chase in terms of offering value to passengers.

Closure

Wells Fargo Card customers nowadays can earn one of its best transferable rewards currencies: The Bilt Mastercard allows transfers towards prominent airline and hotel reward programs. In this regard, Wells Fargo has joined Chase, Citi, Capital One, and American Express in offering credit cards with flexible travel rewards.

Bilt is sure that doing so will carry on with high-value partnerships for its rewards program, making it even more appealing.

Disclosure

These are purely the opinions of the author based on observations and analysis of financial platforms and a study of public reviews and ratings on how Wells Fargo’s help made it possible for Bilt to extend its Mastercard to everyone. Excerpts from various sources have been used to clarify the facts in this article. A glossary of all the sources used can be found at the end of the article. This article is for educational purposes only and is not financial advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More articles

Save Money

This June, Bank of America Will Ultimately Shut Several More Local Branches.

Banks are closing branches. Dozens of bank branches closed around the country in 2021, and the trend has continued this year. For example, Bank of...
Janet V. Wallace
I am an America-based experienced financial blogger with extensive writing skills and financial background. I will help people to invest their money in the stock market, be financially free, and live a fulfilled life. I will write a blog about the various aspects of personal finance and share my knowledge about How to find the perfect bank for your background and how to make your money work for you, how to save your money, and also help you take control of your money, I'm confident that my financial knowledge will help your needs.

Latest article