Finance-tech company Kairos has announced the first-ever credit card that allows tenants to pay apartment rent with no fees, while earning points in the process.
The company shared the news of Bilt Rewards and the Bilt Mastercard on Tuesday, both of which will work in conjunction with over 2 million rental units in the U.S., including AMLI Residential, AvalonBay Communities, Blackstone, Camden Property Trust, Cushman & Wakefield, Equity Residential, and many others. The program will allow users to earn points through signing a lease, referring a tenant, and paying rent monthly.
“Housing is the single largest expense for the vast majority of Americans,” Bilt CEO and founder Ankur Jain stated in a press release. “And until today, rent has been the only major expense you couldn’t earn points on without fees. Over a renter’s lifetime, that’s thousands upon thousands of dollars that they’ve never been able to earn something back on. With the launch of the new Bilt Rewards program, renters will now be able to travel, shop, or even start thinking about purchasing a future home just by paying their rent.”
The card itself, according to the release, is a “first-of-its-kind co-brand credit card that not only enables renters to pay rent and earn points with no fees, but also meets the digital needs and expectations of today’s consumers.” The card, which will be issued by Evolve Bank & Trust, allows users to rent at “any apartment or rental unit in the U.S with no fee.”