Bilt's new payment platform paves way for new reward categories

The Bilt Rewards program is preparing to launch a new rent payment platform, BillPay by Bilt, designed to enhance security for members who don't live at Bilt partner properties.

For current Bilt members, this is a relatively small update that requires little or no change on your part. But for homeowners, this is a major step toward an exciting new Bilt feature: the ability to earn rewards on mortgage payments, which is coming later this year. Plus, the rewards program is considering adding other categories, like other bill types, that could help current and future members boost their rewards even further.

Here's what we know.

Related: 6 reasons I love my Bilt Mastercard as a renter in the most expensive city in the US

New reward categories coming to Bilt

Renters rejoiced when Bilt launched Bilt Rewards and the Bilt Mastercard® in 2021, providing the first-ever way to earn transferable rewards on rent payments. (You must make a minimum of five transactions on the card each month to earn points.) Then, late last year, Bilt added the ability to earn rewards on the purchase of a home, but current and prospective homeowners are still waiting for a chance to earn valuable Bilt Points on their monthly mortgage payments.

The information for the Bilt Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Bilt recently teased mortgage rewards as a possible new feature, and now it seems the company is taking concrete steps in this direction.

"[BillPay by Bilt] creates a more seamless and secure payment process while building the foundation for new features — including our mortgage rewards program launching this year and other future bill types," Richard Kerr, Bilt's vice president of travel, told TPG.

Although we still don't know the details of how Bilt's mortgage rewards will work or when they will launch, it seems they may debut sometime later this year. This is an exciting development for anyone who owns a home or is considering buying one.

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Mortgage payments are by far the biggest monthly expense paid by millions of homeowners in the U.S. Adding mortgage payments to Bilt Rewards could allow homeowners to earn tens of thousands of Bilt points per year on purchases they'd normally make anyway — and they could transfer those points to Bilt's 18 airline and hotel transfer partners to maximize their value.

Even if you're a renter who's already racking up Bilt points on your monthly expenses, there may be exciting changes in store for you, too. Bilt Rewards seems to be considering "other future bill types" as potential reward categories, so it's possible you could soon earn bonus points on other hefty bills like utilities and renters insurance. Bilt members can often earn double points on these purchases by making them on Bilt's once-per-month Rent Day, but perhaps Bilt plans to expand this in the future.

Related: How long do Bilt Rewards points take to transfer?

How to use Bilt's new payment platform

If you currently earn Bilt points on rent payments, there are a few things you should know ahead of the transition to the BillPay by Bilt payment platform.

This change does not affect renters living in Bilt Alliance properties. If you live in a nonalliance property, your Rent Rewards account will expire April 29, when Bilt switches its payment platform to BillPay by Bilt.

You'll receive new BillPay by Bilt routing and account numbers, which you'll need to add to your property's payment portal, replacing your old Rent Rewards account details. This is a one-time step you must complete before your first payment with the new system.

After that, you'll need to pre-authorize each rent payment in the Bilt app before making the payment. According to a press release, "This pre-authorization replaces the old post-payment text verification, now preventing issues like duplicate or incorrect payments."

Up to five days before you pay rent, go into the Bilt app to pre-authorize your payment and select your rent amount and payment method. You can use your Bilt Mastercard to earn Bilt points and get waived fees on your rent payment, or you can use any other credit or debit card to earn both Bilt points and the card's rewards. You must use your Bilt Mastercard at least five times each statement period to earn Bilt points.

Related: Bilt members can now use points to pay for Lyft rides

Bottom line

Bilt's new payment platform is a relatively small change that should make rent payments more secure for existing members, but it's also a step toward Bilt's exciting growth plans. We're looking forward to learning more about Bilt's rewards on mortgage payments and beyond and — hopefully — seeing them in action later this year.