Are you looking for ways to save money on your rent? If so, you may be wondering if using a credit card to pay rent is a good option. In this article, we’ll explore the benefits of using a credit card to pay rent and offer tips for doing so wisely. We’ll also answer some frequently asked questions about credit cards and rent payments. Keep reading to learn more!
What credit card should you use to pay rent, and why
The best option is probably the Bilt Mastercard. Up until now (Nov 2022), it is the only credit card that allows you to earn points on rent without a transaction fee. The key is no transaction fee. Normally, if you use credit card to pay rent, you may need to pay 2.5% or even 3%.If you don’t use Bilt, that’s an extra $25-$30 per every $1000 of rent each month. For example, if your monthly rent is $2000, you would spend an additional $600 to $720 annually on transaction fees.
Even if your property only accepts checks, you can still pay with your card through the Bilt Rewards app, and they will send a check on your behalf.
You can earn 1X points on rent payments up to 50,000 points for each calendar year. Bilt points can be redeemed to book travel with a large number of airlines and hotel chains, such as Hyatt, IHG, United Airlines, Emirates, etc.
The rest of the benefits of using Bilt is the same as other travel cards or slightly worse:
- Unfortunately, Bilt does not offer a sign up bonus at this time.
- 2X points on travel
- 3X points on dining
- 1X for all other purchases
Bilt credit card deep dive
If you want to have a deeper dive into Bilt credit card, here is an article about all you need to know.
Some common FAQ that I have found useful from Bilt
My rental property isn’t in the Bilt Rewards Alliance. Can I still use Bilt to earn points on rent?
Answer: yes, you can use Bilt Rent Account to pay. More details can be found here.
My online portal charges a fee for credit card. Will I be charged a fee when using the Bilt Mastercard?
Answer: Nope! You can pay rent directly through your property’s online payment portal without fees by using a Bilt Rent Account. With a Bilt Rent Account, you’ll use a unique routing and account number found in the Bilt Rewards app to enter into your online portal as an ACH / e-check payment. Whenever your unique routing and account numbers are used to pay rent, we’ll charge your Bilt Mastercard for the same amount. That way, you earn points on rent without paying the processing fees normally associated with using a credit card in an online payment portal!
Can I use the Bilt Mastercard for other expenses?
Of course, you can use the card anywhere Mastercard is accepted.
Paying rent using a credit card may negatively impact my credit utilization rate and my credit score. What should I do?
BiltProtect lets you pay your rent without using your available credit. What this means is that “When BiltProtect is enabled, Bilt will facilitate charging to your Bilt Mastercard while also pulling funds from your bank account.” You can still earn points for the rent payment.
For more information, click here.
What to watch out for?
“Just remember to make at least 5 transactions that post to your account each statement period to earn points.”
If you have more questions about Bilt, you may want to reach out to their customer service directly.
Last but not least, I recently created a group on Facebook called Asian Expats in the US so that we can share/discuss more tips directly. Feel free to join.
That’s all from me.