It looks as though my monthly Bilt Mastercard update is coming a bit early this time. Although we’ll need to wait a few more days to see what the company has up its sleeve for September’s Rent Day, the platform has added a much-requested (including by me in my review) feature. Unfortunately, while it is certainly an option, it’s definitely not the best.
Recently, Bilt announced that Bilt Mastercard customers would now be able to redeem their earned points for statement credits. Yes, this may sound like a pretty basic feature but it’s one the card had been missing. Previously, while customers could cash in points toward future rent payments specifically, there wasn’t a way to cover other, non-rent purchases.
In the app, users can navigate to the Wallet tab and should see the statement credit option in between their Outstanding Balance and Last Statement Balance. After tapping the green-colored box, they’ll be able to enter how many points they’d like to use and what the value of that redemption will be. Then, you’ll just need to swipe to redeem.
Speaking of value, that’s where the problem with this new feature comes in. Like the rent payment option before it, the statement credit redemption values Bilt Rewards points at a pretty paltry 0.55¢ each. Put another way, if you were to only redeem your points in this matter, you’d effectively only be earning 1.65% back on dining, 1.1% back on select travel, and 0.55% back on other purchases (including rent) with the card.
So if this statement credit option isn’t very good, what’s a better way to use your Bilt points? Well, starting with an easy one, customers can redeem points at a value of 1.25¢ each via the Bilt Travel portal. In this case, you’re getting more than twice the value while still enjoying a ton of flexibility. Meanwhile, those willing to do some research and navigate the world of points and miles may see even greater value in moving their points to one of Bilt’s numerous transfer partners.
Overall, it is nice to now have this generic statement credit option available lest you find yourself in a pinch and want to quickly save some money. However, if you don’t have to use this feature, I’d recommend you don’t. To me, this is still a downside to a card that I still love otherwise. But, for those who are strictly looking for cashback and are interested in travel, the Bilt Mastercard may be one to skip for now.
Click for more info on Bilt Rewards and Benefits and Rates and Fees.