Piñata, a rental rewards program designed to help users build and establish credit, has just announced an exclusive partnership with Visa. Piñata Pay is dubbed the first no-fee debit payment solution for renters with credit-card-like rewards. Created to be a responsible alternative to a credit card, Piñata Pay focuses on building long-term financial health while avoiding debt.
For each dollar saved, renters can earn points for rewards, get cash-back in their pocket, or win giveaways like home theaters or a kitchenware makeover. Piñata Pay lets renters earn points on everyday expenses and will soon offer card-linked rewards on amazing deals featuring thousands of marquee brands.
“It’s a way to access credit card-like rewards without taking on debt,” said CEO Lily Liu. “Users will be building financial health while supercharging all the things renters already love. This means the end of the endless cycle of credit card debt for millions of renters.”
In addition to offering credit card-like rewards, Pinata Pay reports rent payments to all three major credit bureaus, maximizing a renter’s credit score impact. With free back reporting, renters can see a significant point surge, which can have an outsized and immediate impact on their credit scores. A higher credit score can open doors to significant savings on loans and leases, with monthly rewards for everyday expenses providing additional financial relief.
Piñata says it offers low yearly rates rather than monthly payments, ensuring a stable and secure path to financial health and a boosted credit score. The company, founded in 2020 and led by women of color, offers renters a unique set of financial benefits, including rewards and credit-score-boosting opportunities, while providing a unique amenity for landlords. While Piñata offers a free version of the program, a premium membership costs $60 a year.
The company has raised $20 million to date from proptech investors led by Wilshire Lane Capital.