Bilt Rewards Expands to Homeowners with New Credit Cards

Bilt Rewards Expansion to Homeowners

• 🚀 Bilt has launched three new co-brand cards that extend its rewards program to homeowners, allowing them to earn points on mortgage payments.
• 💡 The company experienced overwhelming demand, with its website traffic scaling up four times its biggest day ever, causing an initial outage.
• 🎯 The expansion aims to reward homeowners on their biggest monthly expense, bringing them into the Bilt ecosystem.

How Bilt Rewards for Homeowners Works

• 💳 Homeowners can sign up for a free Bilt membership and connect their mortgage lender or set up bill pay through Bilt.
• 🤝 Bilt partners with mortgage servicers like United Wholesale Mortgage and allows users to link existing credit cards (e.g., Chase, American Express) to their Bilt wallet to earn rewards on payments.
• 🏠 The platform aims to create a connected experience for the neighborhood, similar to hotel services, where local businesses and services recognize members.

New Bilt Co-Brand Cards

• 🌟 Three new cards have been introduced: Built 2.0 (no annual fee), Obsidian ($95 annual fee), and Palladium ($495 annual fee).
• 💰 The Built 2.0 card offers 1x points on everyday spend and 4% Built Cash. The Obsidian card provides 3x points on dining/groceries and bonus cash back. The Palladium card offers 2x points on everything, with credits exceeding its annual fee.
• ✅ A key feature across the new cards is the ability to pay rent or mortgage with no transaction fees and earn rewards.

Bilt's Business Model and Vision

• 🛠️ Bilt operates as a platform powering the customer experience for apartment buildings and local businesses, functioning similarly to Shopify for local commerce.
• 📈 The company makes money through software and checkout fees from merchants, driving engagement for local businesses and service providers.
• 🌍 Bilt's vision is to connect the home and neighborhood, providing members with increased value and rewarding local spending.

Financial Aspects and Industry Context

• 🏦 Bilt is not a bank but partners with a banking institution, focusing on affordability and helping consumers build credit.
• 📉 The company is offering an introductory 10% APR for the first year on new purchases with the Bilt Card, aligning with a call for consumer affordability.
• 💰 Bilt has achieved a valuation of approximately $11 billion.