Some financial experts suggest we should use credit cards to pay most expenses, because the more we use our credit correctly, the stronger our credit scores become. Most tenants haven't been allowed to pay their rent with a credit card—that is, until recently. The Bilt World Elite Mastercard, issued by Wells Fargo, gives users points for paying their rent with the card. Is the new card worth using?
This Wells Fargo rent credit card has been highly anticipated by consumers. There was a waitlist for some time, but now, Wells Fargo is taking all applications for the card.
What's the Bilt World Elite Mastercard about?
The Bilt World Elite Mastercard is a collaboration between Wells Fargo, Bilt Rewards, and Mastercard. Launched last year, Bilt Rewards is the first program that rewards users for paying rent. Users can also use the rewards accrued from the card to pay off rent as well.
What are the perks of the Bilt World Elite Mastercard?
Users will earn one point per dollar for every rent payment they make with the card, but only up to 50,000 points per year. There are 3× points on dining, 2× points on travel when booking directly with a hotel, airline, car rental, or cruise company, and 1× points on everything else. Bilt doesn't charge an annual card fee.
What are the downsides of the Bilt Mastercard?
There aren’t too many downsides. However, the 50,000-point cap on rent payments can be limited if you have a large rent bill. Also, users have to have at least five card transactions per statement period to keep the points they earn.
If you’re a new cardholder, for the first 30 days, you can earn double points on all non-bonus category purchases. Bilt has partnerships with various airlines, which allow you to link your airline loyalty accounts. You’ll earn 100 points for each eligible account linked.
How does Bilt Rewards work?
Bilt has over 2 million real estate partners in its network, so if your property is in-network, you can make payments through a checking account and earn rewards without having to get the card. The rewards include 250 points per monthly rent payment. In-network real estate companies will be paid directly through the Bilt Rewards app, whether you pay with the Mastercard or your checking account.
Is the Bilt World Elite Mastercard worth it?
If you want to earn reward points for paying rent, there is no other credit card that offers as big of a reward for those monthly payments like this card. However, if you're a homeowner or someone that prefers not to use a credit card to pay for rent, then there are other credit cards such as the Chase Freedom Unlimited or the Capital One SavorOne that offer similar rewards for dining and travel but also have a more broad range of cash back rewards.