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There’s a new way for renters to save on one of their biggest monthly expenses.
The new Bilt World Elite Mastercard, issued by Wells Fargo, is open for applications after months of invite-only access. Bilt is an online loyalty program that lets you earn rewards on rent payments, and its co-branded card offers more options for rewards on rent for no annual fee.
You’ll earn one point per dollar you spend paying rent with the card through Bilt’s app, up to 50,000 points each calendar year.
And while the biggest selling point of this card is rewards on rent, it’s also a Mastercard that you can use to earn 3x points at restaurants, 2x points on travel (including airlines, hotels, cruise lines, and car rentals), and one point per dollar spent on everything else.
Here’s what else you need to know about paying rent with Bilt, and how this card can help you maximize your monthly rent payments:
Can You Use a Credit Card for Rent Payments?
Many landlords don’t directly accept credit cards as a rental payment option, preferring cash or check.
Other properties may allow credit card payments — through an online payment portal, for example — but pass the fees along to you. Third parties like Plastiq and RentPad, too, are another option for facilitating rent payments via credit card, but they often carry monthly fees.
And some experts warn that paying your rent with a credit card is risky — largely due to the high fees and potential interest costs if you don’t pay the balance down.
Bilt, which first launched in 2021, is different than many other options for paying rent with a credit card because it doesn’t charge fees for its service. The only fees you’ll incur paying rent with the Bilt Mastercard are standard credit card fees, including interest if you carry a balance or late payment fees.
There are a couple different ways to use Bilt, depending on your rental property. If your building management is a member of the Bilt Rewards Alliance, you can find your property and pay your rent directly through the Bilt Rewards app. More than 2 million apartment units are currently under a management property in the alliance, according to Bilt.
If you don’t live in a property that’s part of the alliance, you …….