Renters celebrated when Bilt launched Bilt Rewards and the Bilt Mastercard in 2021, providing the first-ever way to earn transferable rewards on rent payments. Then, late last year, Bilt added the ability to earn rewards on home purchases. However, homeowners are still waiting for a chance to earn points on their monthly mortgage payments.
Although details of how Bilt's mortgage rewards will work remain unclear, it appears they may launch sometime later this year. This development holds promise for homeowners looking to maximize their reward potential.
Mortgage payments are among the largest monthly expenses for millions of U.S. homeowners. Adding these payments to Bilt Rewards could allow them to earn tens of thousands of points per year on routine purchases -- points that can be transferred to Bilt's 18 airline and hotel transfer partners.
Even renters currently earning points on monthly expenses might see beneficial changes soon. The program is considering "other future bill types" as possible reward categories, suggesting potential bonus points on bills like utilities and renters insurance.
If you currently earn points on rent payments through Bilt, there are some key considerations ahead of transitioning to the BillPay by Bilt platform:
- This change does not affect renters in alliance properties.
- For non-alliance property residents, Rent Rewards accounts will expire April - You will receive new routing and account numbers from BillPay by Bilt which need updating in your property's payment portal.
- Pre-authorize each rent payment via the app before making it.
"This pre-authorization replaces the old post-payment text verification now preventing issues like duplicate or incorrect payments," according to a press release.
Bilt's new payment platform aims at making rent payments more secure for existing members while paving way for exciting growth plans involving mortgage payment rewards and possibly additional categories.
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