Kairos, a portfolio of brands that builds and invests in solutions across healthcare, housing and financial services, today announced a partnership with the nation’s leading real estate owners to launch Bilt Rewards, the first rewards program that allows renters to earn points on rent, in addition to the Bilt Mastercard – the first-ever credit card that allows cardholders to pay rent and earn points with no fees.
Residents across an alliance of properties, accounting for more than 2 million rental units throughout the country including AMLI Residential, AvalonBay Communities, Blackstone, Camden Property Trust, Cushman & Wakefield, Equity Residential, GID-Windsor Communities, Lennar Corporation, The Moinian Group, Morgan Properties, Related Companies, SL Green Realty Corp., Starwood Capital Group, Trammell Crow Residential, Veritas Investments and more, will now be able to earn rewards through monthly rent payments and renting-related events, such as signing a lease or referring a tenant.
Through its high-value, unparalleled program, Bilt Rewards points can be redeemed for travel across over 100 major airlines and hotels via 1:1 transfer partnerships with American Airlines AAdvantage®, Emirates Skywards, KLM-Air France FlyingBlue, World of Hyatt loyalty program and more; fitness classes at the country’s top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and can even be used for rent credits or towards a future down payment on a home.
Opening up a path towards homeownership for this generation of renters, Bilt is the first company to win regulatory approval to redeem points towards down payments on home mortgages through Fannie Mae and the Federal Housing Administration.
Bilt Rewards marks the first-ever rewards program for the housing sector and the $500 billion/year rental market at-large. “Housing is the single largest expense for the vast majority of Americans,” says Bilt CEO and Founder Ankur Jain, “And until today, rent has been the only major expense you couldn’t earn points on without fees. Over a renter’s lifetime, that’s thousands upon thousands of dollars that they’ve never been able to earn something back on. With the launch of the new Bilt Rewards program, renters will now be able to travel, shop, or even start thinking about purchasing a future home just by paying their rent.”
Of the program, Bilt Senior Loyalty Advisor and Founder and CEO of The Points Guy, Brian Kelly, says, “Bilt Rewards is the most innovative loyalty program to launch in a generation. Just by paying rent, you can now earn points to travel the world, or even buy a home.”
Barry Sternlicht, Chairman, CEO and founder of Starwood Capital Group, who also advised on the program says, “In the same way SPG transformed hotel loyalty, we have an opportunity with Bilt to rethink the housing experience for the next generation of renters – and give every young person a path to homeownership.”
In tandem with the launch of Bilt Rewards, Bilt has also partnered with Mastercard to develop a first-of-its-kind co-brand credit card that not only enables renters to pay rent and earn points with no fees, but also meets the digital needs and expectations of today’s consumers. Renters who enroll in Bilt Rewards and pay with their Bilt Mastercard can pay rent at any apartment or rental unit in the U.S with no fee, and can earn up to 2x points on rent and 1x points for every non-rent purchase. The Bilt Mastercard will be issued by Evolve Bank & Trust.
To ensure renters aren’t using up their credit line or risking debt to finance rent, Bilt and Mastercard developed BiltProtect. When enabled, Bilt Mastercard will function similar to a debit card for rent transactions, directly pulling funds from a linked bank account with each rent charge. This keeps credit lines open for other purchases, while still enabling cardholders to earn points on every rent payment.
For buildings that do not accept credit card payments, cardholders can still pay their rent with their Bilt Mastercard through the Bilt App, and a check will be sent to landlords on the cardholder’s behalf. Further, rent payments made through Bilt Mastercard will automatically be reported to credit bureaus, enabling residents to build their credit score with each on-time rent payment.
The Bilt Mastercard offers World Elite Mastercard® benefits, which gives cardholders access to exclusive offers with select merchants, in addition to advanced security features including Mastercard ID Theft Protection™, Zero Liability and Price Protection. Cardholders will also have access to Priceless® Experiences, offering activities both digitally and in the cities where they are. Upon approval, cardholders can instantly access the Bilt Mastercard and begin making purchases online, in-app and at the point of sale by directly adding it to their mobile wallet from the Bilt App. The metal card can be managed digitally – including access to transaction history and balance information, alerts, and access to benefits.
With no annual fees, cardholders can receive all ancillary benefits typically reserved for premium cards at no extra cost. Tenants within Bilt’s network of real estate partner properties will be the first to receive invitations for the Bilt Mastercard, as Bilt Rewards roll out across their 2 million+ units starting today.
To find out more about Bilt Rewards and the Bilt Mastercard, visit BiltRewards.com.
Kairos is a portfolio of brands across healthcare and financial services that focuses on making life simpler and more affordable for our generation. We start by identifying the toughest problems and build products to solve them. We have built five Kairos solutions to date: Rhino replaces the security deposit, Cera provides affordable care from the comfort of the home, and Little Spoon is a modern parenthood brand to help keep your kid healthy. Bilt is the first rewards program that lets you earn points on rent. Alloy is a healthcare platform for women over 40. Kairos’ five brands have a collective market cap of nearly $1 billion.
Head of Communications, Kairos