MoneyFeb 8, 2025
The Bilt Card’s Points Back On Rent Payments Was Revolutionary — They Might Be About To Shake It Up, Amid Big Losses and Changes
Fintech Pivot
Noah Weidner
Discover
When Bilt launched in 2022, it became the first credit card that could offer points for paying rent — no transaction fees required. With investment from banking giant Wells Fargo and some of the nation’s largest landlords, the card exploded in popularity. But unpleasant changes might await Bilt’s cardholders as its issuer, Wells Fargo, takes big losses from offering the flashy card. The changes might be just around the corner, too.
There’s still some consolation: As part of “Bilt Card 2.0”, the company plans to expand its 1x points on rent to homeowners, stealing thunder from the emerging Mesa card, which boasts points on mortgage payments. Bilt already offers 2x points per dollar if you originate a mortgage through them, but the expansion to points back on mortgage payments might offer cardholders even more reasons to stick with Bilt. After all, housing is expensive — and it never hurts to earn more points.
But Bilt cardholders, check your inbox: Bilt says that they intend for their changes to benefit “members who genuinely engage with [their] broader program” — whether that’s with new “neighborhood spend categories” or other features they’re entertaining. This week, Bilt is sending a survey to existing cardholders, collecting their thoughts on possible product changes. Watch that inbox.
