My guess is one would expect fewer problems if the property used Bilt to manage rent payments.

(Considering I’ve been salivating about simple no-cost points-etizing (like monetizing) my condo payments for about 25 years, I see Bilt as a game changer. As a relatively new product which might be of high interest to many members here, there should be comprehensive information about Bilt here. I’ve not seen much of the information below posted previously, and in appreciation of all those who were so gracious and helpful in answering my questions above, I hope it’s helpful.)
I’m now less UNimpressed and there wasn’t any salt ;) ;)!

Bilt card arrived yesterday. Overall small box, placed in mailbox, no signature required, unique packaging with many dead trees. (No traditional piece of paper with card glued or taped and name/address/last 4-5 of account #, credit limit, etc.) I initially missed the “Activate Your Card” information (inside the slide out part of inner box, top right or lower photo). Metal card, weight ~16 grams (comparisons: AmEx biz plat 18.5 gm, AmEx Gold 15 gm, Chase Sapphire Reserve 13 gm, traditional plastic card 5 gm.)

Called customer service (before seeing printed “Activate…” information) to change closing date, unnecessary as my Bilt closing date serendipitously is my preferred closing date for all credit cards, about 27-28 days after my Bilt approval. I also asked the correct address to mail a payment prior to my first statement closing date as my intention is to meet the SUB minimum with estimated tax payments and even with $20-$40K credit limit I prefer not to have Wells Fargo report 25-50% utilization.

Within a couple of hours of delivery, received a text message and an email, both with “Your Bilt Mastercard has been delivered! As a thank you for being a Bilt Member, we’re excited to offer you 5X points on all of your eligible purchases (excluding rent) for the next 5 days starting Friday, September 08. Terms: This promotional offer is only valid for 5 days from the date this email was sent. During this time you will earn a total of 5 rewards points, (1 base point plus 4 bonus points), per $1 spent on net purchases (purchases minus returns/credits), excluding purchases classified as Rent in the Bilt World Elite Mastercard® Credit Card Rewards Program. Terms and Conditions. The maximum bonus points you can earn with this offer is 50,000, regardless of how much you spend. You must make at least 5 transactions each statement period using your Bilt Mastercard to earn points.” (I see this as essentially a highly time limited SUB: 50K/$10K/5 days.)

As a first time Bilt and WF customer, creating and accessing accounts at Bilt website and mobile app and WF website and mobile app were all straightforward and relatively painless.

Card used last night at gas station and grocery stores, today at payUSAtax. WF website account info shows all charges pending, Bilt website already displays:
SHOPRITE FLYERTALKLAND 09/08/23 33 pts $6.99
GULF OIL 123456 09/08/23 41 pts $8.46
STOP SHOP 1234 09/08/23 37 pts $7.74
US TREASURY TAX PAYMEN NASHVILLE USA 09/09/23 PENDING (no $ or point info)
PAYUSATAX CONV. FEE NASHVILLE USA 09/09/23 PENDING (no $ or point info)

Waiting to confirm 5x for tax payments to finish SUB minimum spend, still have 6 days to go. I’m confused as to how Bilt calculates “5X points”, rounding off or up or down or before or after multiplying does not produce the numbers (above) that Bilt states. Regardless, I’m a reasonably happy camper. Thanks again to all those who were so helpful.

(Now if I could just learn a simple no-cost way to points-etize buying or leasing or lease buy-outing a car I’d be an exceptionally happy points-and-miles camper :D.)

https://cimg7.ibsrv.net/gimg/www.fly...495a46ba4b.jpg

Their rounding is really unique - like they had to think hard about how to make it obscure. But here's what I'm pretty sure is going on with these charges:

For $6.99, you get 6 base points (they always just drop the cents). Then they also give you 4x bonus on it due to the initial 5x promo (you get 1x base and 4x bonus). So to add to the initial 6 points, you multiply out the $6.99 (they don't drop the cents yet) x 4 and get $27.96. They drop the cents and give you 27 points. Added to the 6 is 33.

$8.46 charge is 8 + (8.46 x 4 = 33.84 = 33 points) = 41 points.

$7.74 = 7 + (7.74 x 4 = 30.96 = 30 points) = 37 points.

At restaurants, for example, they drop the cents after the 3x multiplier, not before. Still annoys me, and my CSR has a slight advantage here, but at least they don't drop the cents before the multiplication.

I am a bit concerned that your tax payments aren't getting points possibly. That would be a big problem for me

“Unique” of course being a marked understatement ;).

Disappointing to me too :td:, but rest your concern. BTW, excellent timing, I was about to post this addendum: Estimated payUSAtax payment (and convenience fee) still pending on WF account info, Bilt sent notification this morning that I’m Silver Status Tier, Bilt Rewards website and app show: “Dr Jabadski Bilt Member ID: 123456789 YOUR TIER Silver Good thru 2024-12-31 BILT POINTS 30,723”. Details indicate 5X credited for tax payment and convenience fee. Not sure of the significance of Silver status, unlikely that I’m in a “participating properties”, be interesting to see what “Interest earned on points” amounts to.

I’ll make a state estimated tax payment today, no news is good news, I’ll report back if it doesn’t earn 5X and if (for some reason IAW Murphy’s Law) when my statement closes & prints in 3 weeks the 5X disappears.

The interest is miniscule; the one plus of Silver status is that points transfers to partners can be made in 1,000-point increments vs. the Blue tier.

It's already documented in this thread that tax payments qualify for bonus points (including the startup bonus). Keep in mind that the 5x offer is maximized with $12.5K in spend, not $10K.

Excellent point, thank you. Is that based on actual experience or based on interpretation of the offer wording (which might be unclear)?

The email states “As a thank you for being a Bilt Member, we’re excited to offer you 5X points on all of your eligible purchases (excluding rent) for the next 5 days starting Friday, September 081. That’s 5X on meals, online purchases, trips, gas, and much more. Up to 50,000 points.” (no differentiation of points)

Footnote 1 states “This promotional offer is only valid for 5 days from the date this email was sent. During this time you will earn a total of 5 rewards points, (1 base point plus 4 bonus points), per $1 spent on net purchases … The maximum bonus points you can earn with this offer is 50,000, regardless of how much you spend.” (differentiation of rewards and base and bonus points)

The text message is more vague (than the email) and includes an obvious link to Terms & Conditions which are identical to the footnote.

Without actual experience(s), it’s subject to interpretation of which $12,500 (vice $10,000) is probably correct. Thanks again.

Actual experience for me - $12,500 is correct.

Thank you. I just made another NYS tax payment, just a few hours after the first NYS payment this morning.BREAK

It appears that Bilt points can be transferred immediately upon posted earning, within 1-2 days of credit card transaction(s), in contrast to Chase UR (upon statement closing) and AmEx (earned points ~ 24 hours after balance payment, SUBs/retention offers upon posting several days after transaction).

Seems also that Bilt partner programs can only be linked and points can only be transferred via the mobile app and not the full website. Is that correct? (Snip screenshot below from full desktop PC website.)
https://cimg3.ibsrv.net/gimg/www.fly...7ccd0d981c.jpg

I believe that's right. There are several functions (like Rent Day games) that can only be performed in the app as far as I know.

Curious as to other people’s strategy vis-à-vis Bilt Rewards. I’m a little concerned due to newness and an arguably unsustainable business model. As a hedge, I’m thinking of speculative (no planned redemption) transfer of all my Bilt points to a program that has withstood the test of time and for which I have regular redemptions and other earnings.

Bilt has no annual fee and an arguably generous quasi-SUB and arguably generous rewards (points earning). Bilt pays rent at no cost and awards points, apparently eating the costs of mailing checks and administering ACH payments. Seems that WF gets swipe fees and interest from those carrying a balance.

How is Bilt making money? Kickbacks from WF? Does Bilt make money when they send a rent check or ACH and then post the charge to the WF MC? Something else? Thank you.

Thanks again for the clarification(s) and reminder(s).

Now confirmed based on 5 days experience with new Bilt MC.

WF Bilt MC received 5 days ago, current balance (partially pending) = $12,770 ($12,500 estimated tax payments + $250 accompanying “convenience” fees + $20 three small grocery/gas charges).

Current Bilt Rewards balance = 63,370 (12,500 base points + 12,500 x 4 bonus points from introductory 5 day offer + 250 + 20 base points from fees/grocery/gas charges + 600 from linking 6 programs, not necessarily in that exact order).

Thanks again to all those who provided such valuable information about Bilt Rewards and Bilt MC. 60K points transferred to an airline is approximately a biz class award to the UK or Europe or (an excellent example for me) almost 2 free nights at Grand Hyatt Vail in the middle of ski season at $700 - $1100 each. For me it almost makes up for no recent AmEx NLL offers.

I transferred my initial horde into Hyatt for a stay that was quasi speculative, but that was coincidental, not becuase I've given particular thought to the program risk. I value the card mostly for bonused categories that can be transferred into AA and HY points, so, ultimately, I have no real issue parking points in either of those programs.

It’s a “fintech” probably burning through VC money so I’m fully expecting some devaluation in the future… the question will be whether notice will be given.

Take a look at the trajectory of Cardless, and to a lesser extent comparison wise, Petal, in the fintech card space.

They give people the ability to finance rent. And potentially make a lot of money on those finance charges. Seems like a big money-making possibility to me.

When I started, I transferred to Hyatt anytime I had over 1,000 points. But now that I've seen some of the possible transfer bonuses, I'm letting my points sit. But there is definitely a risk.

Good point, I overlooked the (likely large) number of people who carry significant credit card debt, which is so different from those of us fortunate enough to be able to pay all balances in full (and thus MS and churn SUBs to the extent possible).

That was my plan, which I’m now reevaluating (particularly for my quasi-SUB Bilt points) after reading your comment and researching this reply.

Thanks for the heads up. I found the quotes below which might be of interest to those who have now been following Bilt. Agreed, still working on determining the relative level of that risk.