Wells Fargo & Company (NYSE: WFC) has announced a partnership with Bilt Rewards, the loyalty program for renters, and Mastercard (NYSE: MA), in order to become the “official” issuer for the Bilt Mastercard.
The co-brand credit card allows members “to pay rent and earn points with no transaction fees on rent payments at any rental property in the U.S.”
Via this partnership, renters across the country will now be able “to earn unparalleled rewards that can be redeemed towards travel around the world, access to their favorite fitness classes, and even credit towards a down payment on a home.”
The Bilt Mastercard had been available by “invitation-only.” With Wells Fargo as the official issuer of the Bilt Mastercard, the program will now enable “qualified renters nationwide to a [new] credit offering.”
Dan Dougherty, EVP, Head of Partnerships and Branch Cards, Wells Fargo, stated:
“We are thrilled to partner with a game-changing loyalty program like Bilt Rewards. Rent is the single largest expense for the vast majority of American renters, yet it’s never been a tool that helps consumers confidently enter the housing market. As the new issuer of the Bilt Mastercard, Wells Fargo can now help renters with the card take their biggest expense and turn it into a rewarding experience, including helping them build a path to homeownership.”
Wells Fargo, which serves 1 in 3 U.S. households, counts more than 70 million customers, and operates 5,000+ branches across the US, will work “in partnership with Bilt Rewards to market the card to its customer-base and the next generation of renters.”
The public launch of the Bilt Mastercard “marks the first time that renters can earn rewards on the collective $500 billion spent nationwide in the U.S. each year on rent, without the transaction fees historically charged by properties.”
Ankur Jain, Bilt Rewards Founder and CEO, remarked:
“We are excited to replicate the enthusiasm we’ve seen surrounding Bilt Rewards within our Bilt Alliance network and extend the rewards of renting to every renter in the U.S. With the cost of rent at an all-time high, there is no better time than now to show the world that paying rent doesn’t have to mean lighting your money on fire. Now, renting means your next vacation, your next workout class, or even savings on your next home. We’re thrilled to extend our relationship with Mastercard and can’t wait to work side-by-side with Wells Fargo to open up the Bilt Mastercard to the world.”
The Bilt Mastercard “offers a competitive 0-1-2-3 product structure, making it not only the go-to credit card for rent, but also for dining, travel, and everyday spend.”
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