cancel
Showing results for 
Search instead for 
Did you mean: 

Renters could use credit card points for home down payment

speaks4
Valued Member

Renters could use credit card points for home down payment

Wall Street Journal article 

 

Some highlights from the article:

 

  • Bilt Technologies Inc., a real-estate startup, wants to launch a new credit card with Evolve Bank & Trust and Mastercard Inc.
  • Users can accumulate rewards points through rent and other spending, with no fees charged to the tenant or the landlord when paying rent on the card
  • For the typical card user spending $1,500 on monthly rent for 10 years, Bilt estimates the accumulated points savings for a down payment would equal about $6,000
Message 1 of 10
9 REPLIES 9
blindambition
Community Leader
Senior Contributor

Re: Renters could use credit card points for home down payment

I read about this earlier today. Looks promising, since they're making a network of lease management companies, card network, and federal mortgage backers.

Message 2 of 10
pizzadude
Moderator Emeritus

Re: Renters could use credit card points for home down payment


@speaks4 wrote:

Wall Street Journal article 

 

Some highlights from the article:

 

  • Bilt Technologies Inc., a real-estate startup, wants to launch a new credit card with Evolve Bank & Trust and Mastercard Inc.
  • Users can accumulate rewards points through rent and other spending, with no fees charged to the tenant or the landlord when paying rent on the card
  • For the typical card user spending $1,500 on monthly rent for 10 years, Bilt estimates the accumulated points savings for a down payment would equal about $6,000

Interesting, if I'm doing the math correctly each point ( one point earned per $1 ) would be worth around 3¢, so a montly $1,500 rent payment would net around $45 in rewards.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 10
Remedios
Moderator

Re: Renters could use credit card points for home down payment

Let's not forget "hoping card is still around after a few years, and is not nerfed in the next 15 years"..

 

I wouldn't be throwing spend on something that's probably not going to stick around, or person may move around, ending up at the place where card payments aren't allowed etc.

 

 

Message 4 of 10
SOGGIE
Valued Contributor

Re: Renters could use credit card points for home down payment


@Remedios wrote:

Let's not forget "hoping card is still around after a few years, and is not nerfed in the next 15 years"..

 

I wouldn't be throwing spend on something that's probably not going to stick around, or person may move around, ending up at the place where card payments aren't allowed etc.

 

 


I agree 100%. You make a very good point.

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

SCORES: Excellent · 832 to 845
INQUIRIES: TU=2, EQ=0, EX=0
UNIVERSAL REVOLVERS: $200K Club
NUMBER OF CC ACCOUNTS: Several
CARD USAGE: Minimal
CREDIT HISTORY: Very Lengthy · Seasoned Accounts
INCOME: Sufficient
UTIL: 1-2%
PYMTS: 100% Positive · Always PIF · AZEO
INSTALLMENTS: No thanks!
ASSETS: 100% Equity
TOTALLY REFUSE TO: Pay Interest or Annual Fees, Combine Accounts, Reduce Limits, Submit 4506-T, SCT, App Spree, Accumulate Inquiries, Do business with any credit-cancerous lending institutions
Message 5 of 10
TheCreditGuy19
Valued Member

Re: Renters could use credit card points for home down payment

The most valuable part about this credit card is that it has the ability to transfer the points earned into American Airlines which in the travel points community has always been the "elusive fox" 

 

If you've already got your Chase cards (5/24) and haven't applied for a card in several months + plan on making rent payments for the next 2 years then IMO getting this card is a no brainer


Message 6 of 10
FalconSteve
Established Contributor

Re: Renters could use credit card points for home down payment

Am I missing somethong?

 

How is this better than a 2% cashback card and a high interest savings account?

 

Is this for people who can't do that because of will power?

SoFi World Elite MC (TBOM) $7000 SL
REDcard (TD Bank) $2500 SL
AmEx Cash Magnet $10k SL, CLI after 36hr to $20k- $30k CL
BB&T Rewards $11k SL- impulse application
BB&T Rewards $11k SL- AU, not on reports- impulse app (wife's card)
Discover $8800 CL- $1k SL- AU, no longer on reports b/c of error (wife's card)
Citi Double Cash WEMC $8400 CL- AU- (wife's card)
AmEx Cash Magnet $27,900 CL (wife's card)
BoA Cash Rewards $11k CL- AU (Dad's card)
BoA Premium Rewards $12.3k CL- AU (Dad's card)
PSECU Founder's Card $30k SL- AU (Dad's card; closed on some reports)
AmEx Cash Magnet $30k CL- AU (Dad's card)
Wells Fargo Propel AmEx $3200 CL (AU, wife's card, not on CR b/c I was temporarily removed as an AU)

Credit Scores for both of us around 800, depending on what you pull & balances. All PIF, frequently before statement close
Goals: Buy a house, AOD VISA Signature card (or other 3% cashback), Chase Freedom Flex, $250k on CR, $100k NOT including AU accounts
Closed accounts (long period of inactivity): AmEx clear, Citi ThankYou (previously Driver's Edge), Chase Freedom, Cap One, Discover IT, Lowes, 1st REDcard, Buy.com Visa, Children's Place, Kohl's, Angel Card (AU- wife's), Old Navy, Wells Fargo Active Cash (2%)- $2k SL- AU (wife's card)
Message 7 of 10
GrainFan
New Contributor

Re: Renters could use credit card points for home down payment


@FalconSteve wrote:

Am I missing somethong?

 

How is this better than a 2% cashback card and a high interest savings account?

 

Is this for people who can't do that because of will power?


Pretty sure this card is designed specifically for paying rent with a CC, and earning points while doing it. Old methods of paying rent with a CC like Plastiq/PPK don't work like they used to. Nothing to do with willpower, more to do with earning rewards where previously there were none (rent payments). 




Message 8 of 10
FalconSteve
Established Contributor

Re: Renters could use credit card points for home down payment

So I did miss something. Rent can actually be paid without paying extra, which is unique. I didn't see this before and it makes more sense now that people might want this.

SoFi World Elite MC (TBOM) $7000 SL
REDcard (TD Bank) $2500 SL
AmEx Cash Magnet $10k SL, CLI after 36hr to $20k- $30k CL
BB&T Rewards $11k SL- impulse application
BB&T Rewards $11k SL- AU, not on reports- impulse app (wife's card)
Discover $8800 CL- $1k SL- AU, no longer on reports b/c of error (wife's card)
Citi Double Cash WEMC $8400 CL- AU- (wife's card)
AmEx Cash Magnet $27,900 CL (wife's card)
BoA Cash Rewards $11k CL- AU (Dad's card)
BoA Premium Rewards $12.3k CL- AU (Dad's card)
PSECU Founder's Card $30k SL- AU (Dad's card; closed on some reports)
AmEx Cash Magnet $30k CL- AU (Dad's card)
Wells Fargo Propel AmEx $3200 CL (AU, wife's card, not on CR b/c I was temporarily removed as an AU)

Credit Scores for both of us around 800, depending on what you pull & balances. All PIF, frequently before statement close
Goals: Buy a house, AOD VISA Signature card (or other 3% cashback), Chase Freedom Flex, $250k on CR, $100k NOT including AU accounts
Closed accounts (long period of inactivity): AmEx clear, Citi ThankYou (previously Driver's Edge), Chase Freedom, Cap One, Discover IT, Lowes, 1st REDcard, Buy.com Visa, Children's Place, Kohl's, Angel Card (AU- wife's), Old Navy, Wells Fargo Active Cash (2%)- $2k SL- AU (wife's card)
Message 9 of 10
gdale6
Moderator

Bilt Mastercard announces new rewards structure

"Bilt Rewards introduced a revamped rewards program on Tuesday which now allows you to earn bonus points in new spending categories and simplifies earning points on the largest expense for many Americans, rent."

 

https://www.cnbc.com/select/bilt-mastercard-new-credit-cards-rewards/

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.