Bottom Line Up Front: Bilt Rewards revolutionizes how renters earn rewards by offering points on rent payments without transaction fees. With three new credit cards launching February 2026 and upcoming mortgage payment rewards, Bilt is expanding far beyond its original rent-focused model to become a comprehensive housing rewards platform.

What Is Bilt Rewards?

Bilt Rewards is a loyalty program that lets you earn points for paying your rent, with no transaction fees. Unlike traditional credit card programs, Bilt allows renters to earn valuable points on their largest monthly expense – something that was previously impossible without hefty processing fees.

The program launched in June 2021 with a simple yet powerful premise: turn your rent into rewards. Since then, it's grown into a $10.75 billion company that's reshaping how Americans think about housing-related rewards. If you're comparing different travel credit cards, Bilt offers a unique angle that no other program can match.

How Bilt Rewards Works

The Basics

Bilt was designed and founded as a way for renters to have a path to homeownership. Here's how you can earn points:

Without the Bilt Credit Card:

• Earn 250 points per rent payment if you're enrolled in the free Bilt Rewards program
• Must live in a property within the Bilt Rewards Alliance, a collection of more than 4 million rental properties
• Maximum of 3,000 points annually through this method

With the Bilt World Elite Mastercard:

• 1x points on rent payments without the transaction fee, up to 100,000 points each calendar year
• 3x points on dining, 2x on travel, and 1x on other purchases
• Must use the card 5 times each statement period to earn points
• Works whether you're in the Bilt Alliance or not

Rent Payment Process

If you live in a rental unit that's part of the "Bilt Alliance" (which includes more than 3.5 million units across the U.S. managed by The Blackstone Group, Equity Residential and more), you can pay your rent directly in the Bilt Rewards app with the Bilt World Elite Mastercard.

For those outside the alliance, if your landlord doesn't accept credit cards, you can still pay your rent through the Bilt app, and Bilt will pay your landlord in the way they prefer, whether it's by mailed check, ACH, or another form of payment.

Current Bilt Credit Card Benefits

Bilt World Elite Mastercard Key Features

The Bilt World Elite Mastercard stands out with its $0 annual fee – making it one of the best zero annual fee travel credit cards available today. Here's what you get:

Annual Fee: Completely free, no hidden costs

Welcome Bonus: While there's no official welcome bonus, many new cardholders report being targeted for 5X points on all purchases (excluding rent) for their first five days, up to 50,000 bonus points

Rent Rewards: 1x points on rent payments, up to 100,000 points annually – this is the card's signature feature

Bonus Categories: 3x points on dining and 2x points on travel, which competes well with other travel rewards cards

Other Spending: 1x points on all other purchases

Monthly Usage Requirement: You must use the card 5 times per statement period to earn points

Additional Perks and Protection

World Elite Mastercard Benefits:

• Cellular Telephone Protection up to $800 a year in coverage per claim (subject to $25 deductible)
• Access to the Mastercard Luxury Hotels & Resorts portfolio for amenities like upgrades and free breakfast
• 24/7 complimentary World Elite Concierge for all your personal assistant needs
• Primary car rental insurance – a rare benefit for a no-annual-fee card

Special Monthly Benefits:

• Double points on the first of each month (excluding rent, up to 1,000 bonus points)
• $5 in Lyft credit per month after three eligible rides (through Sept. 30, 2025)
• Up to 5x Bilt points on Lyft rides when you link accounts

Bilt's Impressive Transfer Partner Network

One of Bilt's strongest features is its extensive transfer partner network. With a standard 1:1 transfer ratio and 22 travel partners including 17 airlines and 5 hotels, Bilt Rewards is now comparable to veteran loyalty programs like Chase Ultimate Rewards and American Express Membership Rewards.

Airline Partners (All 1:1 Transfer Ratios)

Star Alliance Partners:Air Canada Aeroplan, United MileagePlus, Turkish Airlines Miles&Smiles, Avianca Lifemiles, and TAP Miles&Go give you access to a massive network of Star Alliance carriers. This includes United Airlines, Lufthansa, Singapore Airlines, and many others.

Oneworld Partners:Alaska Airlines, British Airways Executive Club, Cathay Pacific, Iberia Plus, Japan Airlines, and Qatar Airways Privilege Club Avios provide excellent coverage for premium cabin redemptions. Alaska Airlines is particularly valuable for booking American Airlines flights at competitive rates.

SkyTeam Partners:Air France/KLM Flying Blue opens up the SkyTeam network, including Delta Air Lines partner awards.

Non-Alliance Partners:Emirates Skywards, Virgin Red (Virgin Atlantic), Southwest Airlines, and Aer Lingus AerClub round out an impressive list that covers nearly every major airline alliance and several independents.

Hotel Partners

Hotel options include all the major chains: Hilton Honors (1:1), Marriott Bonvoy (1:1), World of Hyatt (1:1), and IHG One Rewards (1:1). The only exception is Accor Live Limitless, which transfers at a 3:2 ratio. World of Hyatt consistently offers some of the best hotel redemption values in the industry.

Recent Partner Additions

Bilt has been aggressively expanding its partner network. In the past month alone, Bilt has added three new airline partners: Southwest, Japan Airlines (JAL), and Qatar Airways. The JAL partnership is particularly noteworthy as it's the first of its kind between a U.S. loyalty program and JAL, giving you access to JAL's premium cabins and extensive Asian network.

Beyond Rent: Additional Earning Opportunities

Bilt Dining Program

Bilt has its own dining rewards program called Bilt Dining that lets you stack rewards on top of your existing credit card earnings. You can link any Visa, Mastercard or American Express credit card to earn up to 3 points per dollar spent at Bilt Dining restaurants.

If you pay with your Bilt Mastercard, you'll earn 3 additional points per dollar spent, for a total of up to 6 Bilt points per dollar spent. That's a 12.3% return on your dining purchases, according to The Points Guy's May 2025 valuations.

Travel Portal and Home Purchases

Expedia powers Bilt's travel portal, where you can earn points on flights, hotel stays, car rentals and things to do. While portal rates vary, having the option to book directly through Bilt can be convenient for smaller redemptions.

For those serious about homeownership, Bilt offers points on home purchases through eXp Realty. You can earn up to 250,000 Bilt points for a $500,000 home purchase – that's worth over $5,000 in travel value based on current point valuations.

Monthly Rent Day Promotions

Rent Day deals change each month, but they're often spectacular. In the past, Bilt has offered transfer bonuses of up to 150% for its top-tier elite members. These promotions on the first of each month often include unique benefits like free fitness classes, dining experiences, and substantial transfer bonuses that can dramatically increase your points' value.

Elite Status and Program Benefits

Bilt offers a four-tier elite status program based on annual points earned. Elite benefits include earning interest on your points balances (in the form of more Bilt Points), lower points transfer minimums, and bonuses for new leases or lease renewals.

The status program also affects transfer minimums: Blue tier members must transfer a minimum of 2,000 points, while Silver members and above can transfer just 1,000 points. This flexibility becomes important when you want to top off an account for a specific award.

What's Coming: Major Changes in 2025-2026

New Credit Card Portfolio

Come February 2026, Bilt will launch three new cards in partnership with credit card platform Cardless. Based on feedback from tens of thousands of Bilt members, the new lineup will include a no-fee card, a $95-annual-fee card and a $495-annual-fee card.

Current cardholders of the Bilt Mastercard will be moved from Wells Fargo to the new card platform. CEO Ankur Jain promises "We're going to make it super seamless so you can kind of learn all the details, pick what you want and really seamlessly transition into the new card without having to change any of your behavior."

Mortgage Payment Rewards

Perhaps the most exciting development is Bilt's expansion into mortgage payments. United Wholesale Mortgage has invested $100 million into this funding round as part of a strategic partnership. More details will be announced this fall, but this could be a game-changer for homeowners who want to maximize their credit card rewards.

Bilt is also expanding into student housing through a new partnership with Blackstone's American Campus Communities, meaning some students will soon be able to earn Bilt points on their housing payments.

Redemption Options and Value

Point Values and Transfer Partners

The Points Guy's May 2025 valuations rate Bilt points at 2.05 cents per point, making them one of the most valuable transferable currencies available. This valuation reflects the program's excellent transfer partner network and redemption flexibility.

Best Redemption Methods

Travel Partners offer the highest value: 1:1 transfers to 22+ airline and hotel programs provide maximum flexibility. Most transfers are immediate, but allow up to 48 hours for completion. Southwest transfers can take up to 72 hours, so plan accordingly.

Other redemption options include:

• Travel portal bookings with variable value depending on the deal
• Fitness classes like SoulCycle, Solidcore, and Y7 Studio at around 1 cent per point
• Rent payment credits at 0.55 cents per point (better to save points for travel)
• Down payment assistance at 1.5 cents per point for future home purchases
• Bilt Collection merchandise that rarely exceeds 1 cent per point value

For maximizing your travel rewards, focus on transferring to airline and hotel partners rather than these lower-value options.

Pros and Cons Analysis

The Advantages

Revolutionary Rent Rewards: Bilt is the first and only major credit card program to offer rewards on rent payments without transaction fees. This alone makes it valuable for any renter.

No Annual Fee: At $0 annually, there's virtually no downside to having this card in your wallet, especially compared to premium cards like the Chase Sapphire Reserve.

Excellent Transfer Partners: Twenty-two travel partners with 1:1 ratios rival programs from Chase and American Express.

Multiple Earning Opportunities: Beyond rent, you can earn through the dining program, Lyft partnerships, travel portal, and home purchases.

Credit Building Benefits: Free rent reporting to all three credit bureaus can help improve your credit score – particularly valuable for those building credit history.

Monthly Rent Day Bonuses: Exclusive promotions and transfer bonuses can significantly boost your points' value.

Future Mortgage Rewards: The upcoming ability to earn on mortgage payments will make this relevant to homeowners.

The Disadvantages

No Welcome Bonus: Unlike cards such as the Chase Sapphire Preferred, Bilt lacks a traditional sign-up bonus to jumpstart your earning.

Monthly Usage Requirement: The requirement to use the card 5 times per statement period can be annoying, though small purchases at coffee shops or grocery stores easily satisfy this.

Limited Rent Alliance: You only earn points without the card if your property is in the alliance network, though the network includes over 4 million units.

App Functionality Issues: Some users report difficulties with the Bilt app, making it hard to track rewards and payments.

Customer Service Concerns: There have been reports of fraud issues and slow customer service response times.

Comparing Bilt to Other Travel Cards

When comparing Bilt to other travel rewards cards, consider your spending patterns. The Chase Sapphire Preferred offers higher earning rates on dining (3x vs 3x tied) and travel (3x vs 2x), plus it comes with a substantial welcome bonus. However, it has a $95 annual fee and can't earn rewards on rent.

For those interested in maximizing hotel stays, Bilt's hotel transfer partners provide excellent flexibility. You can transfer to Hyatt for premium redemptions, Marriott for broad coverage, or Hilton for consistent availability.

Who Should Consider Bilt Rewards?

Ideal Candidates:

Renters paying significant monthly rent who want to maximize rewards on their largest expense. If you're paying $2,000+ monthly in rent, you could earn 24,000+ Bilt points annually just from housing costs.

Travel enthusiasts who value transferable points and diverse redemption options. The extensive partner network rivals established programs.

Credit builders looking to establish or improve credit history through rent reporting. This is particularly valuable for young adults or those rebuilding credit.

Future homeowners interested in upcoming mortgage payment rewards and down payment assistance options.

Less Ideal For:

Homeowners without significant rent payments, at least until mortgage features launch in late 2025.

Cash-back preferrers who don't want to deal with transfer partners and prefer simple cash back credit cards.

Low-spend users who might struggle with the 5-transaction monthly requirement or don't spend enough to make rewards worthwhile.

Getting Started with Bilt

Signing up for Bilt Rewards is completely free, and you can start earning points immediately. Even if you don't want the credit card right away, joining the program gives you access to Bilt Dining and other earning opportunities.

If you decide to apply for the Bilt World Elite Mastercard, remember that approval isn't guaranteed. Some users with excellent credit have reported denials, while others with lower scores have been approved. Your overall credit profile, income, and existing relationships with Wells Fargo may influence the decision.

For those planning to apply for multiple cards, consider your credit card application strategy and how Bilt fits into your broader rewards portfolio.

Bottom Line

Bilt Rewards has fundamentally changed the credit card landscape by making rent – typically the largest monthly expense – rewardable. The Bilt Mastercard is genuinely unique as the first card to enable rent payment rewards without fees.

With a new $10.75 billion valuation after $250 million in funding and major expansions planned, Bilt is positioning itself as more than just a credit card company. The upcoming three-card portfolio and mortgage payment rewards represent a significant evolution that could make Bilt appealing to an even broader audience.

Our Rating: 4.5/5 stars

For renters, Bilt offers unparalleled value with its no-fee rent rewards and excellent transfer partner network. The program's rapid expansion and innovation make it a must-have for anyone paying rent. While the lack of a welcome bonus and monthly usage requirement are drawbacks, the unique value proposition and strong redemption options make Bilt Rewards one of the most compelling programs in the market today.

The upcoming mortgage payment features and expanded card lineup suggest that Bilt's best days are still ahead. Whether you're currently renting or planning to buy a home, this program deserves serious consideration in your travel rewards strategy.

Ready to maximize your housing expenses? Whether you're renting or preparing for homeownership, consider exploring travel rewards cards that complement Bilt's unique offering. The combination of rent rewards and traditional travel earning can significantly accelerate your points accumulation and help you travel more for less.

Featured Image Courtousy of Bilt Rewards