Bilt Rewards: Earn Rewards on Rent Payments

Introducing Bilt Rewards: A New Rewards Program for Renters

Kairos, the venture studio spearheaded by Ankur Jain, is announcing the launch of Bilt Rewards today. This innovative program is designed to enable renters to accumulate rewards with each rent payment they make.

Backed by Kairos

The funding for Bilt Rewards is provided by Kairos, the same studio behind successful brands such as Rhino, Alloy, and Little Spoon.

Core Components of Bilt Rewards

Bilt Rewards comprises two primary elements: a comprehensive rewards platform and a Mastercard-powered credit card.

Rewards Platform Partnerships

Bilt has established partnerships with prominent estate owners and property management companies. These include the Blackstone Group, The Related Companies, and Equity Residential. Renters residing in properties managed by these entities can now earn rewards with every rent payment.

Additional earning opportunities are available through lease renewals and lease signing bonuses.

The Bilt Mastercard

The Bilt Mastercard credit card provides renters, whether at partnered properties or elsewhere, with the ability to pay their rent using the card. This offers a modern alternative to traditional payment methods like checks.

Earning Points with the Bilt Mastercard

Cardholders will earn 2x points on rent payments and 1 point for every dollar spent on other purchases.

Redeeming Rewards Points

Points accumulated through card spending or rent payments at participating properties can be redeemed for a variety of benefits. These include travel options with airlines and hotels, as well as access to fitness classes.

A particularly noteworthy redemption option is the ability to apply points towards a mortgage payment.

Mortgage Integration

Bilt collaborated with regulatory bodies, Fannie Mae, and the Department of Housing and Urban Development to secure approval for using rewards points towards mortgage payments.

This allows renters to contribute to their down payment while simultaneously building their credit score and potentially lowering their mortgage rates.

Bilt’s Revenue Model

Bilt generates revenue through a percentage of transaction fees associated with purchases made using the Bilt credit card, alongside Mastercard.

The company also earns revenue by charging property managers for the points distributed to their tenants.

Challenges and Timeline

“Three years ago, the idea of uniting property owners under a single rewards program seemed improbable,” stated Jain. “Securing collaboration from payment networks regarding credit card fees and rent payments was also considered a significant challenge.”

“Obtaining regulatory approval from the U.S. government and establishing partnerships with airlines and hotels presented substantial hurdles. This project has been the most demanding we’ve undertaken.”