The Wells Fargo Bilt Mastercard is a revolutionary credit card designed specifically for renters who want to earn rewards on their rent payments along with other everyday expenses. This card stands out in the market by offering the unique ability to earn points on rent without any transaction fees, making it an invaluable tool for those who are looking to maximize their spending benefits.

Beyond its no-annual-fee structure, the Bilt Mastercard boasts an impressive rewards program. Cardholders can earn double points on the first of each month and enjoy exclusive benefits such as cell phone protection and access to a curated catalog of art, decor, and apparel through the Bilt Collection.

Key information about the Wells Fargo Bilt Mastercard card

The Bilt World Elite Mastercard is a versatile credit card that offers several attractive features, especially for renters. It allows cardholders to earn points on their rent payments, travel, dining, and other purchases. One of its standout features is the ability to earn double points on the first of each month. Furthermore, the card is highly recognized, having won the Best No-Annual-Fee Credit Card award from The Points Guy Readers’ Choice Awards in 2023.

How does the annual fee work?

One of the most appealing aspects of the Bilt Mastercard is that it has no annual fee. This feature makes it an accessible option for many users, as they can enjoy all the benefits without worrying about an additional yearly cost.

There are no hidden charges related to maintaining the card, which further enhances its value proposition. This no-annual-fee structure is particularly advantageous for those who want to maximize their rewards without incurring extra expenses.

How is the credit limit determined?

The credit limit for the Bilt Mastercard is determined based on several factors, similar to other credit cards. Wells Fargo assesses an applicant’s creditworthiness by evaluating their credit history, income, and overall financial situation. For conventional credit cards, this involves a detailed review of the applicant’s credit report and score. However, for the Bilt Mastercard, there is no pre-set spending limit, offering flexibility to cardholders.

Credit card benefits 

• 1X points on rent payments: Cardholders can earn 1 point per dollar spent on rent, up to a maximum of 100,000 points per year, without any transaction fees.
• 2X points on travel: Earn double points on travel expenses, including bookings with airlines, hotels, cruise lines, and car rental agencies.
• 3X points on dining: Dining out or ordering in earns you three times the points, enhancing the value of your dining experiences.
• No foreign currency conversion fee: This benefit is particularly useful for travelers, as it eliminates additional costs when making purchases abroad.
• Exclusive access to the Bilt collection: Cardholders have access to a curated catalog of art, decor, and apparel.
• Cell phone protection: Receive coverage for damage or theft of your cell phone when you pay your bill with the Bilt Mastercard.

Rewards program

The Bilt Rewards program is a key highlight of the Bilt Mastercard. It allows users to accumulate points through various spending categories and redeem them in multiple ways. Points can be transferred 1:1 to several travel partners, used to cover rent payments, or even saved for a future home down payment. The program also offers the ability to redeem points for fitness classes and items from the Bilt Collection.

Disadvantages

• Spending requirement for earning points: To earn points, cardholders must use their card for at least five transactions each statement period.
• Points limitation on rent payments: The 100,000-point cap on rent payments per year might limit earning potential for some users.
• Limitations on bonus points: Bonus points are only earned if purchases are classified correctly by the merchant’s Mastercard code, which may not always be within the control of the cardholder.

Spending requirement

One of the main disadvantages of the Bilt Mastercard is the requirement to make at least five transactions per statement period to earn points. This requirement could be seen as a hindrance for users who do not frequently use their card for smaller, everyday purchases. This condition might necessitate more active management of transactions to ensure that the minimum number of transactions is met every month.

Who can apply for this card?

To apply for the Bilt Mastercard, applicants must meet certain criteria:

• Minimum age: Applicants must be at least 18 years old.
• Credit history: A good to excellent credit score is generally required.
• Income requirements: Applicants need to provide proof of income to demonstrate their ability to manage credit repayments.
• Residency status: Must be a U.S. resident with a valid Social Security Number.
• Creditworthiness: The card is not specifically designed for individuals with poor credit history or those who are currently bankrupt.

How to apply for the Wells Fargo Bilt Mastercard card

Via WebSite

Applying for the Wells Fargo Bilt Mastercard online is a straightforward process designed to be convenient and user-friendly. To begin, visit the Wells Fargo website and navigate to the Credit Cards section. From there, locate the Bilt Mastercard page, where you can find detailed information about the card’s benefits, rewards program, and terms. Once you have reviewed this information and decided to apply, click on the “Apply Now” button to start your application.

The first step in the application process involves providing your personal information. This includes your full name, date of birth, Social Security number, and contact details such as your address, phone number, and email address. This information is necessary for identity verification and credit assessment purposes. Be sure to double-check all entries for accuracy to avoid any delays in processing your application.

Next, you will need to provide financial information, including your employment status, annual income, and monthly housing payment. Wells Fargo uses this information to assess your ability to repay any credit extended to you. If you have additional sources of income, such as investments or rental properties, be sure to include these as well to give a complete picture of your financial situation.

After submitting your personal and financial information, you may be asked to consent to a credit check. Wells Fargo will review your credit history to determine your eligibility for the Bilt Mastercard and to set your credit limit. It’s important to note that this credit check may have a temporary impact on your credit score. Once you have given your consent, the bank will process your application, which typically takes a few minutes.

Upon completion of the review process, you will receive a decision regarding your application. If approved, you will be provided with your initial credit limit and other important account details. Your new Bilt Mastercard will be mailed to you within a few business days. If your application is not approved, Wells Fargo will provide you with information on why the application was declined and any steps you can take to improve your chances in the future.