Link: Apply for the no annual fee Bilt Mastercard®
I’ve written extensively about the Bilt Mastercard® (review), which is an innovative and rewarding credit card. The greatest selling point of the card is that you can earn points for paying your rent (and anecdotally your HOA as well). Best of all, the points are quite valuable, which is also why this is a card that I applied for.
In this post I wanted to focus on an aspect of Bilt that I haven’t written about yet. Specifically, Bilt has an elite status program, which offers some unique features, like paying you interest on your points balance, plus access to better promotions. Let’s take a look at how that works.
In this post:
How to earn Bilt elite status
Bilt has four membership tiers — Blue, Silver, Gold, and Platinum. Status is earned based on how many points you rack up in the program in a calendar year. Blue is the entry level tier, and then you can:
- Earn Silver status when you accrue 25,000 points
- Earn Gold status when you accrue 50,000 points
- Earn Platinum status when you accrue 100,000 points
What makes this program so simple is that all points earned in the program count toward elite status. This includes points earned from rent transactions, non-rent transactions, bonus points, and more.
How long is status valid for?
- If status is earned between January 1 and June 30 of a particular year, it expires on January 31 of the following year
- If status is earned between July 1 and December 31 of a particular year, it remains active for the rest of the year, plus the entire following year
It’s not a big deal, but I’m not sure I get the logic of status validity. Those who earn 100,000 points early in the year won’t have status valid as long as those who earn it later in the year. In the elite status world, I’d get that in the context of a status match or challenge, but not in the context of outright qualifying for status.
The benefits of Bilt elite status
So, what are the perks of having elite status with Bilt? Below is a chart comparing the tiers, and then I’ll talk more about each perk below. Note that Bilt says we should expect more perks in the future, so I’ll of course update this when those are added.
I’ll be ranking the perks roughly in the order that I personally value them, though admittedly we’re all looking for different things.
Access to better Rent Day promotions
Ironically the best perk of elite status is something that isn’t even published. On the first day of every month, Bilt has a Rent Day promotion. In addition to earning up to double points on purchases, there’s also an additional promotion each month.
Bilt has promised that going forward, Rent Day promotions will increasingly be differentiated based on elite status. For example, for the August 2023 Rent Day promotion, there’s a transfer bonus to Virgin Atlantic, which ranges from 75% to 150%.
Blue member receive a 75% bonus, Silver members receive a 100% bonus, Gold members receive a 125% bonus, and Platinum members receive a 150% bonus.
If we continue to see promotions differ based on elite status, this could be a major motivator to go for elite status.
Earn interest on your points balance
Bilt has a unique feature that you won’t find with any other points loyalty program. Silver, Gold, and Platinum members earn interest on their points, giving them an incentive to keep their points. Every month, members will be paid interest in the form of additional points based on their average daily points balance for the previous 30-day period. The rate is based on the FDIC published national saving rates, which are published here.
Let me just say that while I love the idea of this, don’t get too excited. The FDIC savings rates don’t offer competitive interest to what’s out there in the market otherwise (like with Bask Bank). For example, on my balance of roughly 70,000 Bilt points, my interest for last month was 27 points.
I very much appreciate the concept of this, and I won’t say no to free points, but this isn’t a reason to maintain your points balance.
Complimentary Bilt Collection gift
Upon reaching Platinum status, Bilt members can receive a gift from Bilt Collection, featuring a curated assortment of home decor and art. The exact gift will differ based on the person, but expect it to be something along the lines of a coffee table book.
Bonus points on new lease or lease renewals
Bilt Silver, Gold, and Platinum members can receive bonus points on new leases or renewals. Specifically, Bilt will deposit up to 50% bonus points on top of points issued by landlords to members when they live at Bilt Rewards Alliance properties.
Bilt home ownership concierge
Bilt Gold and Platinum members who redeem Bilt points toward a down payment on a home purchase can use a dedicated concierge to walk them through the home buying process step-by-step. Maybe that’s something that some people value, though it is pretty niche, if you ask me.
Bottom line
Bilt has a unique elite status program for those with the Bilt Mastercard. Status is based on how many points you rack up in a calendar year. I love the idea of a credit card with elite status based on how many points you earn, since it gives you an incentive to spend more on the card.
While Bilt status isn’t life-changing, it seems that those with status can expect better Rent Day promotions. Furthermore, it’s kind of cool to receive interest on your points balance (even if it’s not much), plus a gift when you reach Platinum status.
With the exception of added value for Rent Day promotions (we’ll see how that evolves), it’s probably not worth going that much out of your way to earn status with Bilt. That being said, if you’re going to earn it anyway, you might as well know about the perks.
If you have elite status with Bilt, what has your experience been like?
I would like to see a complete list of the transfer partners. I am considering if it is worth to get the card, but only if certain partners are there. Interest is about the same as you would earn in cash. This is not the '90s!
Btw, Bilt doesn’t send out the Plat gift until the end of the year to anyone who has reached status by 12.31
For both our accounts we reached Platinum quickly at the beginning of this year (including the 50k sub’s). We are both Platinum til 12.31.24 (not 2023).
Living in NYC where rents are high, it didn't take too much effort to become Plat status. It's really good when linking other cards to the account. I use Amex Gold for dining (x4) then at many restaurants receive x5 at Bilt.
I will also be maximizing the 150% bonus.
So you receive 9 points total by linking the Amex gold?
What do you mean linking other cards to the account?
I reached platinum status several months ago. I got a cook coffee table book which was a nice perk. Other than that, I have not really noticed anything. I do play to take advantage of the 150% transfer bonus to Virgin Atlantic tomorrow.
I have the Mastercard and use it for rent payments. It’s useful for me that it is through Wells Fargo so I can manage it right with my bank accounts and basically treat it like a debit card, transferring money to pay it each week.
I’m more fascinated by these concepts they are pioneering and if we see any other cards do similar.