Wells Fargo and company (NYSE: WFC) today announced a new strategic partnership with Bilt Rewards, the first loyalty program for renters, and Mastercard® to become the official issuer of the Bilt Mastercard. The first-of-its-kind co-branded credit card allows members to pay rent and earn points with no transaction fees on rent payments at any rental property in the United States. Through this innovative new partnership, renters across the country will now be able to earn unparalleled rewards that can be redeemed for trips around the world, access to their favorite fitness classes and even credit towards a down payment on a home.
Until now, the Bilt Mastercard was only available by invitation. With Wells Fargo as the official issuer of the Bilt Mastercard, the program will now enable millions of qualified renters nationwide to benefit from a one-of-a-kind credit offering.
“We’re thrilled to partner with a groundbreaking loyalty program like Bilt Rewards,” said Dan Dougherty, executive vice president, head of branch partnerships and cards, Wells Fargo. “Rent is the biggest expense for the vast majority of American renters, but it has never been a tool that helps consumers confidently enter the housing market. As the new issuer of the Bilt Mastercard, Wells Fargo can now help renters with the card take their biggest expenses and turn them into a rewarding experience, including helping them pave the way to homeownership. .
Wells Fargo, which serves 1 in 3 U.S. households, has more than 70 million customers and operates more than 5,000 locations across the country, will work in partnership with Bilt Rewards to market the card to its customer base and the next generation of tenants. The public launch of the Bilt Mastercard marks the first time renters can earn rewards on the $500 billion spent each year in the United States on rent, without the transaction fees historically charged by properties.
“We’re excited to replicate the excitement we’ve seen around Bilt Rewards within our Bilt Alliance network and expand rental rewards to all renters in the United States,” said Ankur Jain, Founder and CEO of Bilt Rewards. “With the cost of rent at an all-time high, there’s no better time than now to show the world that paying rent doesn’t have to mean setting your money on fire. Now renting means your next vacation, your next workout class or even savings on your next home.We are excited to expand our relationship with Mastercard and look forward to working side-by-side with Wells Fargo to open the Bilt Mastercard to the world.
The Bilt Mastercard offers a competitive 0-1-2-3 product structure, making it not only the go-to credit card for rentals, but also for meals, travel and everyday expenses.
The 0-1-2-3 structure and additional card benefits include:
● 1X Points on rent: Earn 1x points on rent payments (up to 50,000 points each year)
● 2X Travel Points: Earn 2x the points on trips booked directly with airlines, hotels, cruise lines and car rental companies. Travel benefits and features include trip cancellation, collision damage waiver for car rental, Lyft credits, and no foreign currency conversion fees.
● 3X Meal Points: Earn 3X points whether you’re in your restaurant, living room or ordering. Plus, access a 24/7 reservations concierge and DoorDash discounts.
● 1X Points on other purchases: Earn 1X points on other purchases and enjoy premium benefits like cell phone protection, shopping security, collision damage waiver for car rental and more.
The Bilt Mastercard also includes Mastercard World Elite®, which includes access to exclusive offers at select merchants; advanced security features including Mastercard ID Theft Protection™, Zero Liability and Price Protection; and access to Priceless Experiences®. And developed by Mastercard exclusively for Bilt Mastercard cardholders, BiltProtect ensures tenants don’t use their line of credit to finance rent by drawing funds directly from their bank account tied to each rent charge.
“Consumers today are looking for dynamic financial products that work harder for them, while meeting their everyday needs,” said Bunita Sawhney, executive vice president, U.S. Financial Institutions at Mastercard. “We are excited to expand our relationship with Bilt Rewards and Wells Fargo to bring truly unique and innovative solutions to large-scale tenants.”
The Bilt Mastercard is launched in partnership with Bilt Rewards, the leading loyalty program for renters, launched in 2021 by an alliance of the country’s largest owners and managers of multi-family properties, including AvalonBay, Blackstone, Camden, Cushman & Wakefield, Equity Residential, GID, Connexes, SLGreen, Starwood and Veritas, among others. The alliance currently represents more than 2 million apartments. With Wells Fargo as the card issuer, the Bilt Mastercard will now be available to a broader population of 109 million renters across the country.
Through its high-value loyalty program, Bilt members and cardholders can redeem their points for travel at over 100 major hotel and airline partners (via point transfers); fitness classes at top boutique studios nationwide including: SoulCycle, Solidcore, Rumble and Y7; limited-edition, exclusive art and home decor collections through the Bilt Collection; and can even use their points for rental credits.
Bilt Rewards will also be the first program to allow members to redeem points for a down payment on a home through Fannie Mae and the Federal Housing Administration. This means that by paying rent, cardholders can lower their future mortgage costs, making home ownership more affordable in the future.
With Wells Fargo’s distribution, renters can use the Bilt Mastercard to pay rent and earn points at any rental unit in the United States, even if their landlords don’t accept credit cards. For buildings that don’t accept credit cards or digital payments, cardholders simply pay their rent through the Bilt app, and a check will be sent to landlords in the cardholder’s name.
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