- Bilt Technologies, a real estate startup, teamed up with Evolve Bank & Trust and Mastercard to launch credit card specifically designed for renters
- Card holders gather rewards points via rent payments that can be converted to cash towards a down payment
Bilt, in Partnership with Evolve Bank & Trust and Mastercard, Launches Credit Card to Serve Renters
Homeowners who consistently pay their monthly housing costs in a timely fashion get a credit score boost.Â Why donâ€™t renters who consistently pay their monthly rent in a timely fashion get that same sort of credit score boost?
Ankur Jain, founder of Bilt, a real estate startup, believes that renters ought to get a similar credit score boost.Â Jain said, â€œWe believe paying rent should build your credit score because itâ€™s your single largest liability.â€
The result of Jainâ€™s thinking is Bilt Mastecard.
Features Included in Bilt MastercardÂ
This co-brand credit card offers renters throughout the US the ability to pay rent via credit card without fees, earn points on their largest expense (renting), raise their credit scores with every on-time rent payment and build a path towards homeownership.
Features included are:
- No transaction fees for both cardholder and property owner
- Cardholders earn rewards points at no cost
- Cardholders can pay rent on Bilt Rewards app and then check sent directly to landlord of building that currently doesnâ€™t accept credit cards for rent payments
- Cardholders can earn 2X points within Bilt Rewardsâ€™ loyalty program â€“ rewards can be used for travel, hotels, rent credits or towards a future down payment on a house
- Credit-building opportunities for every on-time rent payments to improve credit scores and borrowing rates
Bilt Mastercard Designed Expressly for Renters
According to Bilt Rewards founder and CEO, Ankur Jain, â€œHousing is the single largest expense for most Americans, and rent is one of the only expenses that you couldnâ€™t earn points on without fees.Â Together with Mastercard, we have created a product that turns renting into a path forward for this generation, enabling them to earn points, build their credit and even chart a path towards homeownership.Â Not to mention itâ€™s 2021, and renters shouldnâ€™t have to pay rent with a check.â€
Thanks to Inman.
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