Bilt has announced several updates this week. This includes the introduction of three new credit cards in collaboration with Cardless — the no-annual-fee Bilt Blue Card, the $95 annual fee Bilt Obsidian Card, and the $495 Bilt Palladium Card (the premium card appears to be the best choice, in my view). It also features a significant revamp of rewards for rent and mortgages, which have mixed outcomes.
The fact is that acquiring rewards for rent through Bilt has become increasingly complex and expensive (considering the opportunity cost of spending), so in this article, I’d like to discuss what may be the most intriguing alternative for earning rewards for rent with Bilt — that is earning Alaska Atmos Rewards points for paying rent at a favorable cost. How does this function, and is it worthwhile?
Bilt Rewards & Alaska Atmos Rewards partnership essentials
For some context, Alaska Atmos Rewards is a 1:1 transfer partner of Bilt Rewards. This represents a great way to utilize those points, considering the value of Atmos Rewards points. Additionally, Atmos Rewards does not associate with any other significant transferable points program, other than Bilt.
There’s another interesting element to this, which likely became more appealing with the forthcoming Bilt updates we’re observing.
Bilt allows you to pay rent using third-party credit cards for a 3% fee. Generally, that isn’t worth it. However, due to the exclusive partnership between the two brands, holders of the Atmos™ Rewards Ascent Visa Signature® credit card and Atmos™ Rewards Summit Visa Infinite® Credit Card can earn points for paying their rent at an attractive rate:
– These cards provide 3x Atmos Rewards points for rent payments made through Bilt, on up to $50,000 of annual spending (after which you earn 1x points)
– The way this operates is that you link your Atmos Rewards card to your Bilt account, following which Bilt processes the rent payment, and in return, you receive points
– As previously mentioned, the drawback is that Bilt imposes a 3% fee for third-party credit card transactions, which applies in this case as well
– To be comprehensive, I want to clarify that while Bilt will soon allow members to redeem Bilt Cash to cover mortgage payments with no fees on Bilt credit cards, this will not be included in this partnership, so it remains possible to earn 3x points on rent with these cards, but not on mortgages (and Bilt Cash cannot be used to offset the fees when utilizing Atmos credit cards)
Earn Atmos Rewards points for paying rent with an eligible card
In isolation, acquiring 3x Atmos Rewards points for paying rent at a 3% fee with the Atmos Rewards Ascent Card or Atmos Rewards Summit Card is an excellent deal, akin to purchasing Atmos Rewards points for one cent each. That’s outstanding.
Of course, one must evaluate this against the opportunity cost of earning Bilt points for rent rewards. Bilt is becoming significantly more intricate, so it’s not as simple a comparison as it previously was. Individuals will likely belong to one of two groups with these changes:
– If you possess a Bilt credit card and would have sufficient Bilt Cash to cover the rent fees, then it boils down to whether you prefer earning 1x Bilt points with no fee, or 3x Atmos Rewards points with a 3% fee; if you valued the points currencies equivalently, it would be like obtaining Atmos Rewards points for 1.5 cents each
– If you don’t have a Bilt credit card and/or wouldn’t have enough Bilt Cash to offset the rent fees, then it hinges on whether you’re inclined to pay 1.0 cents per Atmos Rewards point, which appears to be quite a favorable deal
Bilt & Alaska Atmos Rewards boast a beneficial collaboration
Is earning Atmos Rewards points for rent worthwhile?
I believe there’s considerable merit in paying the 3% fee for rent using the Atmos Rewards Summit Credit Card, while earning 3x points. There is significant potential with Atmos Rewards beyond the points accrued, given the perks for spending on the Atmos Rewards Summit Card:
So let’s assume, hypothetically, that you spend $50,000 annually on rent (which is more than what most typically spend, but I aim to keep the figures straightforward). You would incur $1,500 in fees, and you’d accumulate 150,000 Atmos Rewards points, 25,000 Atmos Rewards status points, and you’d be over 80% towards the Global Companion Award.
If the option to earn points on rent could influence your ability to achieve a 100,000-point Global Companion Award or gain elite status, I believe there is significant value in pursuing that approach.