Earn up to 5 Bilt points per dollar spent on Lyft rides with new partnership

Editor’s note: TPG founder Brian Kelly is a Bilt advisor and investor.

Lyft and Bilt Rewards have launched a new partnership.

But this one's unique. Unlike Lyft's existing rewards partners, Bilt Rewards points aren't limited to a single currency. Instead, these rewards can be transferred to Bilt's 14 travel partners — including American, United and World of Hyatt. In short, you can now effectively earn rewards in more than a dozen new loyalty programs every time you hail a Lyft.

Here's what you need to know about the new partnership.

Overview of Bilt and Lyft partnership

Starting today, Bilt members can earn 2 points per dollar on Lyft rides when you link your accounts in the Bilt app and set Bilt Rewards as your preferred rewards partner in the Lyft app.

If you have the Bilt Mastercard® (rates & fees), you'll earn an extra 3 points per dollar on these purchases. In other words, by linking your accounts, setting Bilt Rewards as your preferred rewards partner and paying with the card, you'll earn a total of 5 points per dollar spent on Lyft rides — effectively 9% back based on TPG's latest valuations.

According to Bilt, you'll earn points on your total fare (including tax and tips).

Related: Earn points on rent: Your complete guide to the Bilt Rewards program

Selecting the best Lyft rewards partner

This new partnership is not Lyft's first foray into the world of loyalty programs. However, there are a number of features of this new linkup that could make it more appealing to many travelers. And since you can only designate one partner through which to accrue rewards with Lyft, it's critical to pick the one that makes the most sense.

Here's a look at the reward choices using TPG's valuations.

Bilt Rewards

• 2 points per dollar (3.6% return) for regular Bilt members.
• 5 points per dollar when you pay with the Bilt Mastercard® (9% return).

Hilton Honors

• 3 Hilton Honors points per dollar spent on private Lyft rides in the U.S. (1.8% return).
• 2 Hilton Honors points per dollar spent on shared Lyft rides in the U.S. (1.2% return).
• These earning rates are capped at up to 10,000 points per calendar year.

Delta SkyMiles

• 2 Delta SkyMiles per dollar spent on airport Lyft rides in the U.S. (2.82% return).
• 1 Delta SkyMile per dollar spent on non-airport Lyft rides in the U.S. (1.41% return).

Alaska Mileage Plan

• 1 Alaska Mileage Plan mile per dollar spent on all Lyft rides in the U.S. and Canada (1.8% return).

Note that even the base earning rate with Bilt outstrips the other programs that partner with Lyft. And for Bilt cardholders, it's even more lucrative. Given Bilt's list of transfer partners, this means you can now earn up to 5 American miles, 5 United miles or 5 World of Hyatt points for every dollar you spend on rides.

That said, you may be able to leverage this new partnership with other cards that offer an even better return on ride-hailing services.

For example, you could select Bilt Rewards as your Lyft rewards partner to earn 2 Bilt points per dollar spent. However, you could then pay for those rides on the Chase Sapphire Reserve. Thanks to the Chase-Lyft partnership that renewed in 2022, you'd take home 10 Ultimate Rewards points per dollar spent. This results in a total return of 23.6% on these purchases.

Related: Should you use the Bilt Mastercard? Why it's a game changer for renters

Bottom line

Bilt Rewards is Lyft's newest rewards partner, and even if you don't have the Bilt Mastercard® or rent an apartment, you can still earn 2 points per dollar by linking your accounts. Those points can be transferred to partner programs like American AAdvantage, Turkish Airlines Miles & Smiles and World of Hyatt, making this option notably more flexible than Lyft's existing partnerships.

If you want to begin earning transferable points on your Lyft rides, link your accounts in the Bilt app today, and then designate Bilt Rewards as your preferred partner with Lyft.

See Bilt Mastercard rates and fees here.

See Bilt Mastercard rewards and benefits here.