In today’s world, credit cards have become an essential part of our lives. They offer convenience and flexibility in making purchases, paying bills, and managing finances. One such credit card is the Bilt Mastercard. This credit card is designed to cater to the needs of renters and homeowners who want to earn rewards on their rent payments. In this article, we will take a closer look at the Bilt Mastercard, its features, benefits, and drawbacks.
Section 1: What is the Bilt Mastercard?
The Bilt Mastercard is a credit card that is designed to help renters and homeowners earn rewards on their rent payments. The card is issued by WebBank and is powered by Mastercard. It offers rewards on rent payments, as well as other purchases made with the card. The Bilt Mastercard is unique in that it allows cardholders to earn rewards on rent payments, which is not a common feature among credit cards.
Section 2: Features and Benefits of the Bilt Mastercard
The Bilt Mastercard offers several features and benefits that make it an attractive option for renters and homeowners. One of the main benefits of the card is that it allows cardholders to earn rewards on their rent payments. Cardholders can earn up to 2x points per dollar spent on rent payments, which can be redeemed for travel, merchandise, or statement credits.
Another feature of the Bilt Mastercard is that it offers a sign-up bonus of 25,000 points after spending $3,000 in the first 90 days of account opening. This bonus can be redeemed for $250 in statement credits or other rewards.
The Bilt Mastercard also offers a 0% introductory APR on balance transfers for the first 12 billing cycles. This can be a useful feature for those who want to transfer high-interest balances from other credit cards to the Bilt Mastercard.
In addition to these features, the Bilt Mastercard also comes with standard Mastercard benefits such as zero liability protection, extended warranty coverage, and travel accident insurance.
Section 3: Drawbacks of the Bilt Mastercard
While the Bilt Mastercard offers several benefits, it also has some drawbacks that potential cardholders should be aware of. One of the main drawbacks of the card is that it has a high annual fee of $125. This fee can be offset by earning rewards on rent payments and other purchases, but it may not be worth it for those who do not spend enough to earn significant rewards.
Another drawback of the Bilt Mastercard is that it has a high variable APR of 15.99% – 24.99%. This APR can be higher than other credit cards, especially for those with excellent credit scores. Cardholders who carry a balance on their card may end up paying a significant amount in interest charges.
Finally, the Bilt Mastercard is only available to renters and homeowners who live in Bilt-enabled properties. This means that not everyone will be eligible for the card, which can be a drawback for those who do not live in eligible properties.
Section 4: How to Apply for the Bilt Mastercard
If you are interested in applying for the Bilt Mastercard, you can do so online through the Bilt website. The application process is straightforward and can be completed in a few minutes. You will need to provide personal and financial information, as well as information about your rent payments.
Once you have submitted your application, you will receive a decision within a few minutes. If you are approved for the card, you will receive your card in the mail within 7-10 business days.
The Bilt Mastercard is a unique credit card that offers rewards on rent payments, as well as other purchases. While it has several benefits, such as a sign-up bonus and 0% introductory APR on balance transfers, it also has some drawbacks, such as a high annual fee and variable APR. Overall, the Bilt Mastercard can be a good option for renters and homeowners who want to earn rewards on their rent payments, but it may not be the best option for everyone.