A few months ago, Laqueshia Clemons and her husband were looking for ways to earn as many points on their credit cards. After being thrown around, they decided to give Bilt MasterCard * one step.
BILT MASTERCARD is a unique housing credit card created to help you earn rental rewards. Later this year, according to a letter addressed to members on its website, BILT will also offer points for mortgage payments. Another housing credit card, the favorite signature credit card Mesa Homeowners Visa®*, recently launched, allows homeowners to earn a credit card for mortgage payments.
Clemons, a 35-year-old Freedom Life Therapy-based financial therapist, now uses BILT card to pay monthly rent, electricity, cellphone, car insurance premiums and transmission subscriptions. She and her husband placed about 2500 dollars a month on the BILT card, collecting a lot of reward points in the process.
Since housing is the highest expense for most American households, the use of a credit card for large tickets, continuous expenses such as rent or mortgage payments may make sense. But is it worth the risk of using a housing credit card? Let’s take a closer look.
Do you have to pay for housing with a credit card?
Payment for everything with a credit card, including housing, may be valuable, but it always depends on your budget and expenditure models. If you are financially tightened due to a last job loss or you have unpaid medical bills, you do not want your housing costs to increase and put you in red.
However, if you feel sure you can use the card consciously – which means you can cover the balance immediately when it is the deadline every month – using a credit card can be a good way to accumulate points.
Clemons, for example, pays its balance every week. Part of each payment goes directly towards credit card payments and it never collects interest. Because her cards are fully paid every month, she can earn points without being hit with heavy fees or fees.
“I can create enough points to remove the money from the rental payment,” she said. Although it can only be a few extra dollars every month, extra money can be spent on something, such as coffee on the way to work.
Beau Wirick, a 38-year-old counselor for the California-based Morton Wealth, has used the BILT card to pay for his rent in recent years.
“Getting rental points is a change of game, so I recommend the BILT card for this purpose,” Wirick said. Wirick gets the best repurchase value by transferring points and repaying them through BILT travel partners, which can be used in flights, rental cars, hotels and activities.
Why don’t you have to pay the housing with a credit card?
The negative side of housing payment with a credit card is the accumulation of more debt if you have no money to cover your balance every month. It is often safer to pay for housing in the traditional way, that is, by transferring funds via ACH from your bank account, writing a check or a money order.
It is also important to check with the landlord or property manager for tariffs. While BILT cards and how do they have annual fees (and BILT cards have no transaction fees for lease payments), your owner may impose a processing fee if you pay with a credit card.
One way to avoid this with BILT is to select Biltprotect, which allows you to pay the rent and earn points without getting into your credit line. With this feature, the funds are withdrawn directly from your linked bank account. If you decide not to use this feature, your rent will be charged directly on Bilt MasterCard, just like any other fee on your credit card.
Do Credit Cards specific for housing have?
Credit cards that specialize in paying your housing do not have unique requirements. To qualify for Bilt Mastercard, you must be at least 18 years old and a resident of the US or its territories. Technically there is no minimum credit point to be approved, but a good result is recommended in excellent (670 to 850).
To earn points on the BILT card, you will need to make at least five transactions each billing cycle. To make sure you never miss that threshold, try setting your BILT card as the predetermined method for continuous expenses.
For the MESA card, everyone with a suitable device and access to the App Store and Google Play can be joined directly into the reception list, according to a company representative. Once you are invited to apply, you will be required to provide additional information to make a credit decision on your application, similar to other unsafe customer credit cards.
What rewards do they come with with BILT and mes cards?
Bilt MasterCard
BILT offers 1x point per rent, up to 100,000 points per year. To earn points, you will need to use the card at least five times in any month of the statement. You can earn higher points when spending on trips and restaurants. As a BILT card holder, you can get special benefits in partner restaurants, fitness studio and travel sharing applications.
You can transfer points through the BILT travel portal and accumulate extra points when reserving trips through the portal.
In addition to improving your credit score if you make monthly payments on time, BILT has an added feature that allows you to choose to report your lease payments to three credit offices, which can also increase your result.
Preferred credit card and signature of MESA for homeowners
Currently, you will need to get into a waiting list to register for the Mesa Visa card, which is available on the App Store and Google Play.
Credit card has different reward fees depending on your purchase: 1x point per dollar on your monthly mortgage payments; 2x points for essential daily things (eg, food, gas); 3x points for home -related transactions, such as municipal services, maintenance, decoration and home improvement projects; and 1x point for everything else.
You can also benefit from other benefits, such as Sam’s Club memberships and credits with Middle Brand partners, such as Thumbtack and Wag! The points earned can be bought towards a credit statement, gift cards, travel and mortgage payments.
What protection does bilt or mes have?
Sharing delicate information with another party can always bring risks, so it is important to keep your account information safe.
BILT credit cards and come with standard protection with zero responsibility to help provide your sensitive personal and financial data from fraudulent activity. Because BILT is a masters co-bored with Wells Fargo, it comes with 24/7 protection from ID thefts.
“You will want to make sure they have protective measures to transmit your payment information to the landlord, property manager or mortgage company,” said Jovan Johnson, a CFP and co -founder of Piece of Wealth Planning. “Look for other features of cards such as fraud signals or virtual card numbers, which can add an additional layer of protection.”
Are the housing credit cards worth the risk?
Each credit card has specific benefits and bonuses, so it is best to research the good and the bad before applying. Bilt is more determined and must soon expand its extension. It is still quite limited to its extension, so it is worth doing more research on terms and conditions.
Financial experts say you should only use a credit card when you are able to pay your statement completely and not keep a balance. Otherwise, it is easy to debt immediately from high interest rates.
“Credit card programs are created to encourage you to spend more money,” Wirick said. “As long as you can save yourself from falling into bad habits, go on.”
*All information about Bilt MasterCard’s favorite credit card and home owners have been assembled independently of the CNET and not reviewed by the issuer.