Wells Fargo partners with Bilt Rewards and Mastercard to issue first credit card to earn points on rental payments without transaction fees

    San Francisco–(work wire) – Wells Fargo & Company (NYSE: WFC) today announced a new strategic partnership with Bilt Rewards, the leading loyalty program for renters, and Mastercard® to become the official source for Bilt Mastercard. A first-of-its-kind co-branded credit card that allows members to pay rent and earn points without transaction fees on rental payments at any rental property in the US With this innovative new partnership, renters across the country will now be able to get unparalleled travel rewards around the world, access their favorite fitness classes, and even get a down payment on home.

    Until now, the Bilt Mastercard was by invitation only. With Wells Fargo as the official Bilt Mastercard issuer, the program will now enable millions of eligible renters across the country to offer a one-of-a-kind credit offer.

    ““We are thrilled to be partnering with a game-changing loyalty program like Bilt Rewards,” said Dan Dougherty, Executive Vice President, Head of Partnerships and Subcards, Wells Fargo. “Rent is the single largest account for the vast majority of American renters, yet it has never been a tool to confidently help consumers enter the housing market. As the new issuer of the Bilt Mastercard, Wells Fargo can now help renters with the card make their biggest spend and turn it into a rewarding experience. including helping them build a home ownership road.”

    Wells Fargo, which serves 1 in 3 families in the United States, has more than 70 million customers, and operates more than 5,000 branches across the country, will partner with Bilt Rewards to market the card to its customer base and the next generation of renters. The public launch of the Bilt Mastercard marks the first time that renters can earn rewards on the $500 billion spent nationwide in the United States each year on rent, without the transaction fees historically charged by real estate.

    “We are excited to replicate the enthusiasm we’ve seen about Bilt Rewards within our Bilt Alliance network and expand the scope of rental rewards to every tenant in the US,” says Anchor Jain, founder and CEO of Bilt Rewards. A better time than now to show the world that paying rent doesn’t have to mean lighting up your money. Now, rent means your next vacation, your next workout class, or even your next home save. We are excited to extend our relationship with Mastercard and can’t wait to work alongside Wells Fargo to open Bilt Mastercard to the world.”

    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 dining, travel and everyday spending.

    0-1-2-3 . structure1 Additional card benefits include:

    • $0 annual fee.
    • 1x point on rent: Earn 1x points on rental payments (up to 50,000 points each year)
    • Travel Double Points: Earn double points on travel booked directly with airlines, hotels, cruise lines and car rental agencies. Travel perks and features include trip cancellation, rental car collision damage waiver, Lyft credits, and no foreign currency conversion fees.
    • 3 times the points on food: Earn 3 times more points whether you’re at your favorite restaurant, lounge or ordering. Plus, get 24/7 booking concierge and DoorDash discounts.
    • 1X Point on other purchases: Earn 1X points on other purchases, and enjoy premium benefits like cell phone protection, purchase security, car rental collision damage waiver and more.
    • For more information visit: https://www.biltrewards.com/card

    The Bilt Mastercard also has World Elite Mastercard® benefits, which include access to exclusive offers with select merchants; Advanced security features including Mastercard ID Theft Protection™ and Zero Liability and Price Protection; and access to Priceless® experiences. Developed by Mastercard exclusively for Bilt Mastercard holders, BiltProtect ensures that tenants do not use their credit limit to fund rent by withdrawing funds directly from their associated bank account with each rental fee.

    ““Consumers today are looking for dynamic financial products that work even harder for them, while also catering to their everyday needs,” said Bonita Sawhney, Executive Vice President of US Financial Institutions at Mastercard. “We are excited to expand our relationship with both Bilt Rewards and Wells Fargo to bring truly unique and innovative solutions to tenants at scale.”

    The Bilt Mastercard is launched in partnership with Bilt Rewards, the premier loyalty program for renters, launched in 2021 by a coalition of the nation’s largest multi-family property owners and managers including AvalonBay, Blackstone, Camden, Cushman & Wakefield, Equity Residential, GID and Related, SLGreen, Starwood, and Veritas among others. The consortium currently represents more than 2 million housing units. With Wells Fargo as the card issuer, the Bilt Mastercard will now be available to an even larger population of 109 million renters across the country.

    Through the high-value loyalty program, Bilt members and cardholders can redeem their points for travel through more than 100 hotels and major airline partners (through points transfer); Fitness classes at the best boutique studios in the country including: SoulCycle, Solidcore, Rumble, and Y7; Limited and exclusive collections of art and home décor by The Bilt Collection; They can even use their points to get 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 future mortgage costs, making home ownership more affordable in the future.

    Through the Wells Fargo distribution, renters can use the Bilt Mastercard to pay rent and earn points on any rental unit in the United States, even if their landlords don’t accept credit cards. For buildings that do not accept credit card payments or digital payments, cardholders simply pay their rent through the BILT app, and a check will be sent to the landlords on the cardholder’s behalf.

    For more information on how to apply for a Bilt Mastercard, visit BiltRewards.com or download the Bilt Rewards app.

    About Wells Fargo

    Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serving one in three American households and more than 10% of small businesses in the United States, and is the leading provider of banking services in the United States. In the US mid-market, we offer a diverse range of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reported operating segments: retail banking and lending, commercial banking, corporate and investment banking, and wealth and investment. Administration. Wells Fargo is ranked No. 37 in the Fortune 2021 rankings of the largest US companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available in Wells Fargo Stories.

    Additional information can be found at www.wellsfargo.com | Twitter: @Wells Fargo.

    About BILT Rewards

    Launched by Kairos HQ in June 2021, Bilt Rewards is the first-ever loyalty program that allows renters to earn points on rent without fees and builds a path toward home ownership. Partnering with the nation’s largest landlords including AvalonBay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards allows renters at more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest-value rewards programs on the market today, including point-to-point transfers to 11 loyalty programs that allow travel through over 100 airlines and major hotel partners; fitness classes at the best boutique studios in the country including SoulCycle, Solidcore, Rumble and Y7; Limited edition and exclusive collections of art and home décor through the Bilt Collection, and the ability to use Bilt Points for rental credits or for a down payment in the future. Bilt has also partnered with Mastercard to create the Bilt Mastercard – the first and only credit card that can be used to pay rent with no fees. BILT is Kairos Corporation. For more information, visit BiltRewards.com.

    About Mastercard (NYSE: MA)

    Mastercard is a global technology company in the payments industry. Our mission is to connect and operate an inclusive digital economy that benefits everyone, everywhere by making transactions secure, simple, smart and accessible. Using data, secure networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. The Fitness Quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks invaluable possibilities for all.

    www.mastercard.com

    Press Release Category: WF PS


    1 Cardholders earn points when they make 5 transactions published each statement period.