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Some things are too good to be true, but believe us when we tell you there’s a no-annual-fee credit card (rates & fees) you can use to earn rewards on a significant expense: housing.
Bilt, the loyalty program behind the Bilt World Elite Mastercard® (rates & fees) that lets you earn points on rent when you use the card five times each statement period, up to 100,000 points in a calendar year, is expanding its rewards system to include mortgage payments.
The visionary company recently raised $250 million from investors, bringing its valuation to $10.75 billion. As Bilt transitions out of its partnership with Wells Fargo, the current issuer of the Bilt World Elite Mastercard®, the company plans to revamp its card offerings come February 2026, introducing a $95 and $495 annual fee option.
Bilt 2.0: More Tiers and More Rewards
Bilt is revamping its business model by expanding its credit card offerings through a new partnership with Cardless. This involves introducing two paid card tiers, one with a $95 annual fee and another with a $495 fee, alongside the current no-annual-fee option (rates & fees). Bilt plans to share more details about these offerings and how it will transition current cardholders from Wells Fargo to the new platform in early fall.
Currently, the card is already extremely lucrative. Cardholders can redeem Bilt points for rent payments, a statement credit, for travel through Bilt’s portal at 1.25 cents per point, fitness classes and more, or transfer their points to Bilt’s hotel and airline partners. Bilt also offers the option to use toward a down payment on a home at a redemption rate of 1.5 cents per point.
Bilt rewards are also easy to accumulate. Bilt World Elite Mastercard® cardholders earn 1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company) and 1 point per dollar on other purchases. The card must be used at least 5 times each statement period to earn points. Bilt members who do not hold the Bilt World Elite Mastercard® still earn 1 point per dollar on flights and 2 points per dollar on hotel bookings made in the Bilt Travel Portal.
In April, Bilt sweetened the deal with a new redemption option: student loan payments. Bilt members can redeem their rewards to pay eligible student loan servicers, including Sallie Mae, Nelnet, MOHELA, Aidvantage and Navient, with more servicers expected to join the program.
When redeemed for student loans, Bilt points are worth a cent each, meaning 1,000 Bilt points equals a $10 loan payment. The redemption option allows users a way to pay off their student loans using rewards they earn on a major monthly expense: their rent.
With plenty of redemption options and opportunities to earn points at no annual fee (rates & fees), it’s worth mentioning an aspect of the Bilt World Elite Mastercard® that requires attention. Members must use their card five times each statement period to earn points from that period. Rent payments do not contribute to this transaction minimum, and there’s a cap of 100,000 points earned on rent in a calendar year. While this is easily achievable by making the card your dedicated payment option for your morning coffee, it is still something to keep track of.
Read more: Bilt Rewards: The Complete Program Guide
A Strategic Pivot to Housing and Commerce
With some significant changes quickly approaching, Bilt says the company expects to generate $1 billion in revenue by the end of the first quarter of 2026. A press statement attributed the company’s “rapid growth” to achievements like the projected processing of over $100 billion annually in housing spend by the end of 2025, as well as partnerships with over 70% of the nation’s top 100 property managers.
The company is doubling down on its mission to allow users to earn points across all housing categories. In addition to rent, the changes to Bilt’s card portfolio coming February 2026 will allow cardholders to earn points on mortgage payments, student housing, Homeowner Association (HOA) fees and purchases with “neighborhood commerce” partners.
What This Means For Users
- Existing Bilt cardholders: Current terms remain unchanged. Come February 2026, cards transition to Cardless, ushering in new tiers and expanded mortgage rewards.
- Homeowners and aspiring buyers: Soon, mortgage payments will earn Bilt points, pioneering the first rewards system of its kind.
- Broader rewards ecosystem: The expansion covers points earnings on condos, HOA fees and student housing, while continuing the available benefit of using rewards points toward student loans.
Our Take
As Bilt transitions towards a more ambitious rewards system, it’s notable that the company is making moves to float a more sustainable business model, backed by generous funding. Whether the new model succeeds in engaging users will depend on the offerings of the new card tiers. Consumers will have to wait until the fall for the rollout of the new program and until February 2026 to take advantage of all Bilt 2.0 has in store.