Wells Fargo Bilt Credit Card Review

In this Wells Fargo Bilt credit card review, we explore how it works, and the card’s unique benefits, such as earning points on rent payments without any annual fee. With a variety of redemption options, including travel perks and flexible rewards, the Bilt credit card stands out. However, we also discuss some challenges, like setting up rent payments and survey qualifications, to provide a balanced perspective.

Table of Contents

What Is Bilt Credit Card?

The Bilt Credit Card is a unique credit card designed to help users earn rewards on rent payments without any transaction fees, along with other everyday purchases. Issued by Wells Fargo, the Bilt Mastercard is part of the Bilt Rewards program, which aims to make renting more rewarding by offering points that can be redeemed for various benefits.

Benefit of the Bilt Credit Card:

Earn Points on Rent Payments: The Bilt Credit Card allows cardholders to earn rewards points for paying their rent, a feature that sets it apart from most other credit cards. You can earn up to 1 point per dollar on rent payments with no transaction fees, up to a monthly limit.
Rewards on Everyday Spending: In addition to rent, you can earn points on other purchases:
- 3 points per dollar on dining.
- 2 points per dollar on travel.
- 1 point per dollar on all other purchases.
No Annual Fee: The Bilt Credit Card does not charge an annual fee, making it a cost-effective option for earning rewards.
Bilt Rewards Program: Points earned through the Bilt Credit Card can be redeemed for various rewards, including:
- Travel (through Bilt’s travel partners).
- Fitness classes.
- Home decor.
- Future rent payments.
- Down payment on a home.
Travel Benefits: The card offers travel protections such as trip cancellation and interruption insurance, auto rental collision damage waiver, and travel accident insurance.
Purchase Protections: Benefits include purchase security, extended warranty protection, and cellphone protection.
No Foreign Transaction Fees: Cardholders can use the Bilt Credit Card for purchases abroad without incurring additional fees.
Access to Special Events and Experiences: Bilt Rewards members may get exclusive access to events, concerts, and other unique experiences.

How Does BILT Credit Card Work

The BILT credit card works majorly in the following 2 ways:

Rent Payments:

To earn points on rent, cardholders can pay their rent through the Bilt app, which then uses the Bilt Credit Card to process the payment. This way, users avoid the usual transaction fees associated with using credit cards for rent payments.

Rewards Redemption:

Points can be redeemed directly through the Bilt Rewards app or website, offering a range of redemption options to suit various preferences and needs.

Who Is BILT for?

The Bilt Credit Card is particularly beneficial for renters who want to maximize their spending by earning rewards on one of their largest monthly expenses. It’s also a good option for those who dine out frequently, travel often, or are looking for a no-annual-fee credit card with a solid rewards program.

BILT Credit Card Requirements

To qualify for the Bilt Credit Card, applicants need to meet certain requirements related to their creditworthiness and personal information. Here are the typical requirements:

Credit Score

A good to excellent credit score is generally required. This usually means a FICO score of 670 or higher.

Age and Residency

Applicants must be at least 18 years old.
You must be a U.S. citizen or a permanent resident.

Income Verification

Applicants need to provide proof of a steady income. This can include employment income, self-employment income, or other regular sources of income.
Specific income requirements are not publicly disclosed, but a sufficient income level relative to your existing debt obligations is necessary to meet the credit card issuer’s criteria.

Personal Information

Basic personal information such as your name, date of birth, Social Security number, and contact information will be required.
Information about your current address and residential status.

Credit History

A history of responsible credit use is essential. This includes a track record of on-time payments, low credit card balances relative to credit limits, and a mix of credit accounts.
The absence of major negative marks like bankruptcies, foreclosures, or recent delinquencies is important.

Employment Information

Details about your current employment status, including the name of your employer, your position, and how long you have been employed there.

Existing Debts

Information about your existing debts, such as mortgages, student loans, and other credit card balances, will be considered to assess your debt-to-income ratio.

Bilt Credit Card Review By Renters

Customers’ opinions on the Bilt Credit Card are generally positive, highlighting several key features and benefits:

Positive Feedback:

Earning Points on Rent:
- Many customers appreciate the ability to earn points on rent payments, which is a unique feature not commonly found in other credit cards. This allows them to make a significant monthly expense more rewarding.
No Annual Fee:
- The fact that the Bilt Credit Card does not have an annual fee is highly valued by users, making it a cost-effective option for earning rewards.

Variety of Redemption Options:
- Customers like the flexibility in redeeming points for travel, fitness classes, home decor, and even rent credits or down payments on a home. The wide range of options is seen as a major advantage.
Travel Benefits:
- Frequent travelers appreciate travel-related perks such as trip cancellation and interruption insurance, no foreign transaction fees, and auto rental collision damage waiver.
Good Customer Service:
- Some users have reported positive experiences with Bilt’s customer service, noting quick and effective resolution of issues.

Constructive Criticism:

Qualifying for Surveys:
- There are reports of customers being disqualified from surveys after spending a significant amount of time on them. This can be frustrating, particularly when it happens frequently.
Strict Qualification Criteria:
- A few users have mentioned that the credit score requirements for approval are relatively high, which might be a barrier for those with less-than-perfect credit.

Limited Rent Payment Options:
- While Bilt tries to accommodate all rent payment scenarios, some users have found it challenging to set up rent payments, especially with landlords who are not tech-savvy or do not accept electronic payments.
Slow Points Posting:
- There have been occasional complaints about the time it takes for points to post to the account after transactions, which can delay redemption.

Summary:

Overall, the Bilt Credit Card receives positive reviews for its innovative approach to earning points on rent payments, no annual fee, and a variety of redemption options. The travel benefits and customer service are also well-received. However, there are areas for improvement, such as the qualification process for surveys and ease of setting up rent payments with certain landlords.

BILT Credit Card Application Process

Here are the 3 steps to apply for a BILT credit card:

Online Application:

The primary method of applying for the Bilt Credit Card is through the online application form on the Bilt Rewards website.

Required Documents:

Be prepared to provide necessary documents for income verification, such as pay stubs, tax returns, or bank statements.

Credit Check:

The issuer will perform a hard inquiry on your credit report as part of the application process, which may temporarily impact your credit score.

Who Owns Bilt Credit Card?

The Bilt Credit Card is part of the Bilt Rewards program, which was created by Bilt Technologies, Inc. Bilt Technologies developed this unique rewards program to allow renters to earn points on their rent payments along with other everyday purchases.

How To Pay Rent With Bilt Credit Card?

To pay rent with the Bilt Credit Card, follow these steps:

Enroll in Bilt Rewards

First, sign up for the Bilt Rewards program.

Link Your Rent Payment:

Through the Bilt app, you can link your rent payment details. Bilt allows you to pay your rent through their platform even if your landlord doesn’t accept credit card payments directly.

Make a Payment:

Each month, use the Bilt app to make your rent payment with the Bilt Credit Card. Bilt will send the payment to your landlord either via a check or electronically.

Earn Points:

You will earn 1 point per dollar spent on rent, up to a specified limit, with no transaction fees.

What Bank Is Bilt Credit Card?

The Bilt Credit Card is issued by Wells Fargo Bank, N.A. Wells Fargo is responsible for managing the credit card accounts, including billing and customer service.

How To Pay Off Bilt Credit Card?

Paying off your Bilt Credit Card can be done through several methods:

Online Payments:

Log in to your Wells Fargo online banking account.
Select your Bilt Credit Card account.
Choose the payment option and follow the prompts to make a one-time payment or set up automatic payments.

Mobile App:

Use the Wells Fargo mobile app to manage your Bilt Credit Card.
Navigate to the payments section to make a payment.

Phone Payments:

Call the customer service number provided on the back of your Bilt Credit Card to make a payment over the phone.

Mail:

You can send a check or money order to the payment address listed on your billing statement.

In Person:

Visit a Wells Fargo branch to make a payment in person.

How To Get Approved For Bilt Credit Card?

To increase your chances of getting approved for the Bilt Credit Card, follow these steps:

Check Your Credit Score:

Aim for a good to excellent credit score (typically 670 or higher).

Review Credit Report:

Check your credit report for any errors or negative marks and address them.

Reduce Debt:

Pay down existing debts to improve your debt-to-income ratio.

Stable Income:

Ensure you have a steady source of income and can provide proof if necessary.

Accurate Application:

Fill out the application form accurately with all the required information.

Prequalification:

Consider checking if you pre-qualify for the card on the Bilt or Wells Fargo website to see if you meet the initial criteria without a hard inquiry.

By maintaining good credit health, providing accurate information, and demonstrating financial stability, you enhance your likelihood of being approved for the Bilt Credit Card.

Wells Fargo Bilt Credit Card Requirements

To qualify for the Wells Fargo Bilt World Elite Mastercard, you typically need to meet the following requirements:

Credit Score: A good to excellent credit score is necessary, usually a FICO score from 670 to 850. For the best approval odds, it’s recommended to have a credit score of 740 or higher .
Income and Housing Costs: The credit card provider will analyze your annual income and monthly housing costs to evaluate your ability to make monthly payments. A stable income and manageable debt-to-income ratio are important factors.
Application Process: Most card applications receive an instant decision within 30 seconds, but a manual review can take up to 30 days. You can call Wells Fargo at 1-833-461-0346 for specific questions about your application.

Wells Fargo Bilt Credit Card Benefits

The Wells Fargo Bilt World Elite Mastercard offers several benefits:

Rent Rewards: Earn 1X points on rent payments without incurring transaction fees. This can save you money, especially if you have a high monthly rental rate.
Dining and Travel Rewards: Earn 3X points on dining and 2X points on travel purchases, making it a competitive choice for those who frequently dine out or travel .
No Annual Fee: The Bilt Credit Card does not have an annual fee, making it an attractive option for those looking to maximize rewards without additional costs.
Cellular Telephone Protection: The card offers cellular telephone protection, which can reimburse you for damage to, theft of, or involuntary and accidental parting of a cell phone, up to $800 per claim.
Travel Protections: The card includes various travel protections and benefits, such as no foreign transaction fees, which can be valuable for frequent travelers.

Wells Fargo Bilt Credit Card Phone Number

For assistance with the Wells Fargo Bilt World Elite Mastercard, you can contact Wells Fargo customer service at:

1-833-461-0346: This number is available for specific questions about your application or account.

Additionally, you can call the general Wells Fargo customer service number for other inquiries:

1-800-869-3557: This is the main customer service number for Wells Fargo, where you can get help with various banking and credit card-related issues.

Conclusion

Customers usually like the Bilt Credit Card since it earns points on rent payments and has no annual fees. They love the numerous redemption possibilities, travel incentives, and excellent customer service. However, some have problems with survey credentials and rent payment arrangements, particularly with less tech-savvy landlords. Occasional sluggish point posting and high credit score requirements are also noted as issues for improvement.