Attention tenants in the Bilt Rewards ecosystem: It’s time to set up rent payments with your new Bilt 2.0 card.
Whether you’re a Bilt 1.0 pro or just starting to earn Bilt points on your rentals, there are some steps you need to take and important factors to consider before making your first payment.
Let’s take a look at the new rent payment process and the actions tenants within and outside the Bilt Alliance need to take to ensure their Bilt 2.0 rent payments go as smoothly as possible.
New ACH Rent Payment Process
Before we walk you through each step of setting up a Bilt 2.0 rental account, let’s take a look at how these payments are processed and how this method differs from the old way of paying rent with a Bilt 1.0 card.
When you first set up a new Bilt 2.0 account, you’ll be prompted to confirm your checking account details to “pay rent and mortgage with no preset limits.”
When you press “Continue,” you authorize Bilt to automatically deduct any rental charges from your bank account when you pay your rent via Automated Clearing House (ACH).
This is a significant change compared to how Bilt handles rent payments with 1.0 cards. Previously, Bilt cardholders had their rent payments rolled toward their credit limit, meaning they had the option to “float” their rent costs and defer housing payments until their credit card bill was paid off.
For example, TPG senior editor Lyndsey Matthews said that when Bilt 1.0 added rent to her line of credit, she often split her housing payment into two smaller installments because her paycheck came out every two weeks. Now, since Bilt 2.0 pulls funds directly from her bank account, she’ll have to double-check that her full rent payment is ready to be paid on the first of every month — and possibly move the due dates on other credit card bills to make sure they’re spaced correctly.
Choose a rental incentive structure
Bilt 2.0 also changes the way you earn points for paying rent with your Bilt card. Cardholders can choose:
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- Earn 4% Bilt Cash on all purchases
- Earn up to 1.25 points per $1 spent on rent or mortgage (depending on how much you spend on non-home purchases each month)
Cardholders will be prompted to make this selection when activating the card, but don’t worry, you can change between options each month.
You can learn more about your options to earn incentives on your home purchase here.
RELATED: Bilt 2.0 Cards Are Now Live — Here’s How to Activate Your Card and Set Up Your Account
Bilt Alliance Properties: Setting Up Rent Payments
If you have been paying rent at a property within the Bilt Alliance Network since Bilt 1.0 was implemented, you should have received an email instructing you to reset automatic rent payments through your Bilt account for the 2.0 transition.
This is the only action Bilt cardholders who live in Bilt Alliance properties must take. All you need to do is confirm your payment method, payment date, and the amount of your balance you’d like to have automatically transferred. After that, you will press “Confirm automatic payment”.
Carly Helfand, director of points, miles and credit card content at TPG, simulated a hypothetical $1 “rent payment” to demonstrate how it would be handled.
From this screenshot, you can see Carly’s Birt Palladium Card (See Rates and Fees) The payment is being processed and will be withdrawn from her linked checking account.
The screenshot also shows that there will be no 3% transaction fee and a maximum of 1 Bilt point will be earned.
Related: How good is Bilt’s first welcome offer? Earn up to 50,000 points
Properties outside Bilt Alliance: Setting up rent payments
If you are using Bilt 1.0 to pay rent for a property that is not in the Bilt Alliance network, you need to complete an additional step to ensure you are ready to pay rent using Bilt 2.0. This is also the process that new members who use Bilt to pay rent for the first time will go through.
First, visit the Home tab in your Bilt Rewards account. There, you’ll see some details about Bilt’s BillPay for Home feature.
BillPay for Home is a process for Bilt cardholders to earn rewards on their housing payments by paying rent outside of the Bilt alliance. Click “Start” to set up.
From here, cardholders will have four options for paying rent:
- Online rent payment portal
- Check
- Wenmo
- Other/not listed
Depending on how your landlord wants to charge rent, you may have more options after this step.
If you’re paying by check, you’ll also be prompted to provide your monthly rent amount, your check payment details, the address you’d like your home to be mailed to, and your preferred shipping method. Plus, you can sign up for automatic transfers for your monthly checks.
To pay rent with Venmo, you first need to link your Venmo account to Bilt. You will then be asked to select a backup payment method. Next, you’ll search for recipients using their phone numbers and enter your monthly rent amount.
You can find complete details about each rental payment method on Bilt’s BillPay FAQ page.
I paid through the online rent payment portal, so I received a routing number and account number to submit in the payment portal for my apartment. It appears as a “Rent Rewards Account” and I pay monthly through the apartment’s app.
For me, this is the same process I used in Bilt 1.0. However, as you can see above, I had to confirm these details to use the Bilt 2.0 program, including my card number and preferred rewards structure. (I choose to earn up to 1.25 points per dollar spent on rent, depending on how much I spend on non-housing purchases each month.)
Once you press “Confirm” you are good to go.
When I pay my rent through the apartment’s online portal, Bilt will debit my bank account and I will have the opportunity to earn rent points.
I can access step-by-step instructions at any time by revisiting the “Home” section of my Bilt account and selecting “View payment instructions.”
Related: Bilt 2.0 transition questions answered: What you need to know
bottom line
While most tenants will be paying within a few weeks, now is the time to set up your new Bilt 2.0 rent payment system to ensure you’re ready when that day comes.
With your valuable Bilt points in hand, you’ll want to have everything in place before lease day so that the entire process goes smoothly.
Related: What is Bilt Cash? How to earn and redeem this new rewards currency
