Bilt Mastercard Adds Limit of One Rent Payment Per 30 Day Period
The Bilt Mastercard from Wells Fargo rewards you for paying your rent. You can earn 1x point for every dollar spent on rent, up to 100,000 points every year.
But some other charges such as utilities have also been earning rewards as rent payment. So now Bilt Rewards has updated the terms, limiting rent payments to just once per month. Here are the changes in the Bilt Services Terms of Use:
You acknowledge that Bilt has a policy whereby it may hard reject (i) any individual rent payment in an amount over $20,000 (unless you contact Bilt at [email protected] for approval prior to initiating the transaction) and (ii) any attempt to make more than one rent payment to one payee within a 30 day period (exclusive of NSFs or blocked or returned payments). Rejected payments may result in you incurring fees or penalties from your property manager or other third party service providers.
Doctor of Credit reports that this change will not affect rent payments where a convenience fee is charged by the landlord, and it could result in two separate charges. You can also “break up your rent payment to the same landlord into 2 smaller payments” Bilt said in a statement, and “that will also process without issue.” You also don’t have to worry about payments made in February and March. Those will process as usual.
So these changes are designed to help prevent abuse, and to prevent non-rent transactions from earning points with no fees.
