Bilt Rewards’ Elite Status Program: How It Works

Link: Apply for the no annual fee Bilt Mastercard®

I’ve written extensively about the Bilt Mastercard® (review), which is an innovative and rewarding credit card. The greatest selling point of the card is that you can earn points for paying your rent (and anecdotally your HOA as well). Best of all, the points are quite valuable, which is also why this is a card that I applied for.

In this post I wanted to focus on Bilt’s elite status program, especially as some major changes were made to this as of 2024. Bilt elite status offers some unique perks, like paying you interest on your points balance, plus access to better promotions. Let’s take a look at how that works.

How to earn Bilt elite status

Bilt has four membership tiers — Blue, Silver, Gold, and Platinum. New as of 2024, you can qualify for Bilt elite status in one of two ways:

• Based on qualifying points, which would include all the Bilt points that you earn, regardless of the method
• Based on spending, whereby you can fast track your way to elite status with all eligible non-rent spending, including Bilt Mastercard spending, spending on SoulCycle classes booked in the Bilt app, spending on Lyft rideshares when Bilt is set as your rewards partner, and spending in the Bilt Travel Portal

Just to be crystal clear, with the latter method, earning status is literally based on the cumulative spending via all these means, rather than the number of points earned.

So, what are the elite requirements for 2024?

• You can earn Bilt Silver status with 50,000 qualifying points or $10,000 of eligible spending
• You can earn Bilt Gold status with 125,000 qualifying points or $25,000 of eligible spending
• You can earn Bilt Platinum status with 200,000 qualifying points or $50,000 of eligible spending

I also want to acknowledge that this new method of qualification is very different than the system we saw up until 2023, and for most people, status is harder to earn than before. Prior to this, status was earned exclusively based on how many points you racked up, regardless of the method. The requirements were (but no longer are) as follows:

• Bilt Silver status could be earned by accruing 25,000 points
• Bilt Gold status could be earned by accruing 50,000 points
• Bilt Platinum status could be earned by accruing 100,000 points

How long is status valid for?

• If status is earned between January 1 and June 30 of a particular year, it expires on January 31 of the following year
• If status is earned between July 1 and December 31 of a particular year, it remains active for the rest of the year, plus the entire following year

It’s not a big deal, but I’m not sure I get the logic of status validity. Those who earn 100,000 points early in the year won’t have status valid as long as those who earn it later in the year. In the elite status world, I’d get that in the context of a status match or challenge, but not in the context of outright qualifying for status.

The benefits of Bilt elite status

So, what are the perks of having elite status with Bilt? Below is a chart comparing the tiers, and then I’ll talk more about each perk below. Note that Bilt says we should expect more perks to be announced later in 2024, so I’ll of course update this when those are added.

I’ll be ranking the perks roughly in the order that I personally value them, though admittedly we’re all looking for different things.

Access to better Rent Day promotions

Ironically the best perk of elite status is something that isn’t even published. On the first day of every month, Bilt has a Rent Day promotion. In addition to earning up to double points on purchases, there’s also an additional promotion each month.

Bilt Rent Day promotions are often differentiated based on elite status. For example, for the January 2024 Rent Day promotion, there was a transfer bonus to three programs.

Blue member received a 75% bonus, Silver members received a 100% bonus, Gold members received a 125% bonus, and Platinum members received a 150% bonus. If we continue to see such huge differentiation between the tiers, then going for Bilt elite status could prove to be a big motivator.

Earn interest on your points balance

Bilt has a unique feature that you won’t find with any other points loyalty program. Silver, Gold, and Platinum members earn interest on their points, giving them an incentive to keep their points. Every month, members will be paid interest in the form of additional points based on their average daily points balance for the previous 30-day period. The rate is based on the FDIC published national saving rates, which are published here.

Let me just say that while I love the idea of this, don’t get too excited. The FDIC savings rates don’t offer competitive interest to what’s out there in the market otherwise (like with Bask Bank). For example, when your balance is in the tens of thousands of points, you can expect to maybe get a couple of dozen points monthly.

I very much appreciate the concept of this, and I won’t say no to free points, but this isn’t a reason to maintain your points balance.

Complimentary Bilt Collection gift

Upon reaching Platinum status, Bilt members can receive a gift from Bilt Collection, featuring a curated assortment of home decor and art. The exact gift will differ based on the person, but expect it to be something along the lines of a coffee table book.

Bonus points on new lease or lease renewals

Bilt Silver, Gold, and Platinum members can receive bonus points on new leases or renewals. Specifically, Bilt will deposit up to 50% bonus points on top of points issued by landlords to members when they live at Bilt Rewards Alliance properties.

Bilt home ownership concierge

Bilt Gold and Platinum members who redeem Bilt points toward a down payment on a home purchase can use a dedicated concierge to walk them through the home buying process step-by-step. Maybe that’s something that some people value, though it is pretty niche, if you ask me.

Bottom line

Bilt has a unique elite status program for those with the Bilt Mastercard. Status is based on how many points you rack up in a calendar year. I love the idea of a credit card with elite status based on how many points you earn, since it gives you an incentive to spend more on the card.

While the published benefits of Bilt status aren’t life-changing, this has proven to be increasingly valuable. In particular, the better Rent Day promotions for elite members has been a game-changer, and in particular the larger transfer bonuses. Furthermore, it’s kind of cool to receive interest on your points balance (even if it’s not much), plus a gift when you reach Platinum status.

Bilt has changed how elite status is earned as of 2024, though has also promised new perks. Let’s see how that evolves.

If you have elite status with Bilt, what has your experience been like?