Housing costs have risen significantly over the past decade, accounting for an increasing share of household income. Affordability is one of the primary barriers to homeownership, as many Americans struggle to save for a down payment while making monthly rent payments.
Although many credit cards offer extensive rewards programs, rent and mortgage payments have historically been excluded.
Renters have always had the option to pay rent with a credit card, but not all landlords accept them. In addition, these transactions typically come with processing fees and and could even damage credit scores.
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Bilt was founded as a startup in 2019 and launched its loyalty reward program in 2021, allowing users to earn cash-back rewards on rent payments. Users also have the option to build their credit scores by reporting their on-time payments to Equifax, TransUnion, and Experian.
Now, the tech company has announced it will expand its rewards program to include mortgage payments, allowing homeowners to take advantage of earning money on their monthly housing costs.
As homeowners grapple with the rising cost of living, earning money back on a major recurring expenses could offer some relief.
Bilt will let homebuyers earn cash back on monthly mortgage payments
The Harvard Center for Joint Housing Studies found that the median home price was 5.6 times the median salary in 2022. As housing prices rise for both renters and homeowners, many Americans are looking for ways to save on costs and make ends meet.
Nearly half of all renters are cost-burdened, meaning that they spend more than 30% of their income on housing. Bilt has traditionally allowed renters to earn rewards on their monthly rent payments, but now homeowners are eligible for the same benefits on their mortgage payments.
In a letter to Bilt members, Founder and CEO Ankur Jain unveiled new plans to offer three different card options, and a future mortgage reward program.
“The new card lineup will include three distinct products designed to serve Bilt’s diverse member base: a no-fee card option, along with premium cards featuring $95 and $495 annual fees, respectively.”
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Though the exact details of the rewards on mortgage payments will be revealed later this year, homeowners can expect similar rewards to the Bilt rental program and earn points that can be applied to the next month’s payment.
“Bilt Card 2.0 launches in February 2026, and current cardholders will be seamlessly moved from Wells Fargo to our new card platform at that time,” Jain wrote. “More details about the new issuing partner, enhanced rewards including points on both rent and mortgage, the broader card value prop, and the transition process will all be announced early fall.”
Bilt establishes strategic partnership with major mortgage lender
As the housing market continues to stagnate from rising home prices, sticky mortgage rates, and dampened buyer demand, many would-be homebuyers are delaying homeownership until market conditions improve.
Bilt plans to expand its product offering into mortgages, partnering with leading mortgage lenders to reshape the industry.
“We’re announcing our expansion into mortgage through direct partnerships with mortgage servicers, revolutionizing the mortgage experience from origination through servicing on to loyalty. United Wholesale Mortgage has invested $100 million into this round as part of an exciting strategic partnership,” Jain continued.
Related: Bank of America predicts major housing market changes are coming soon
United Wholesale Mortgage CEO Mat Ishbia expects the partnership with Bilt to reshape the customer service experience for lenders and homeowners.
“Bilt’s platform will drive tremendous value for our brokers by delivering a better servicing experience and everyday rewards that create loyalty, while also creating a new pipeline of origination for our broker network,” Ishbia said. “We think this represents the future of how customers will engage with their mortgage throughout the entire homeownership journey.”
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