Bilt — status

Bilt Rewards is a loyalty program that allows renters to earn points on their largest monthly expense: rent. Its business model is built on a unique ecosystem that connects renters, landlords, and a variety of partner merchants. The company's history began in 2019, founded by Ankur Jain, with a mission to make renting a rewarding experience and to create a path to homeownership. A key part of its value proposition is the ability for members to earn rewards without incurring transaction fees, a major barrier with other payment platforms. The core of the business is the Bilt World Elite Mastercard, issued in partnership with Wells Fargo. This credit card allows users to earn one point per dollar on rent payments, up to 100,000 points per calendar year, without paying the typical credit card processing fee. Bilt's revenue streams come from several sources, including interchange fees on all non-rent purchases made with the card, as well as referral fees from its extensive network of partners. These partners include major airlines, hotels, and a "Neighborhood Dining" and "Neighborhood Fitness" program that rewards users for spending at local businesses. The company also earns revenue from its "Bilt Rewards Alliance," a network of apartment properties that pay a fee for the loyalty program and access to Bilt's payment system. Bilt differentiates itself from traditional credit card reward programs by offering a truly unique value proposition that addresses a financial pain point for millions of renters. The company's rewards can be redeemed for a variety of high-value options, including 1:1 point transfers to major airline and hotel loyalty programs, which is a major draw for travelers. Points can also be used for a down payment on a home, a first in the loyalty industry. In addition to earning rewards, Bilt also reports rent payments to the three major credit bureaus for free, which can help members build their credit history.