Well … that didn't last long. After turning heads last month by offering Bilt Rewards points for rent payments made with any credit card, Bilt is already scaling things back. Beginning July 21, users will earn half as many points when paying rent with a non-Bilt credit card.
Come that date, if you're using a Visa, Mastercard, or Discover card to pay rent through Bilt, you’ll only earn 1 Bilt point per every $2 spent. That’s a significant downgrade from the 1:1 rate launched just last month, and now matches what you’d earn when paying with an American Express card.
However, if you’ve got the *Bilt Mastercard*, no changes will occur. You'll still earn 1x point per dollar on rent (up to 100,000 points annually), provided you make five other purchases with the card each billing cycle.
The real kicker? Non-Bilt card payments still come with a 3% transaction fee. That’s $75 on a $2,500 rent payment – no doubt a steep price to pay for a reduced return.
Originally, that fee could’ve been worth it if you were stacking Bilt points, in addition to the rewards your credit card earns, especially while working toward a big welcome bonus! But with this upcoming cut, the value proposition just took a serious hit.
It seems clear Bilt crunched the numbers after seeing how many renters took advantage in May and realized it wasn’t sustainable to dish out full points to non-Bilt cardholders – even with that 3% fee. Disappointing? Definitely. Surprising? Not really. There’s a reason no one else was rewarding rent payments without sky high fees before Bilt came along.
There’s one notable exception: Renters using the Alaska Airlines Visa Signature® Card will continue to earn 3x Bilt points per dollar, thanks to a close partnership between the two companies. Bilt has indicated that more of these arrangements are coming later this summer: Members will be able to earn more Bilt points when using a co-branded card from one of Bilt's partners.
Who’s next? That remains to be seen – but we’re definitely crossing our fingers for World of Hyatt.
Bottom Line
Bilt Rewards is slashing the points you’ll earn when paying rent with a non-Bilt credit card, cutting earnings in half to just 1x point per $2 spent starting July 21. While Bilt cardholders are unaffected, those using a third-party Visa, Mastercard, or Discover card will earn fewer points and still face a 3% transaction fee, making it a much less rewarding deal.
One bright spot: Renters paying with the Alaska Airlines Visa will continue to earn 3x, with more co-branded partners expected to join the mix soon.
