Latest news with #Cardless
Yahoo
30-07-2025
- Business
- Yahoo
Bilt's new cards expand options
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Bilt Technologies, which provides credit cards aimed at rent payments, will revamp its offering next year with its new issuing partner Cardless, pivoting away from its ties to Wells Fargo. Bilt plans to have three cards with Cardless, starting in February, including two new cards with annual fees, as it expands from a single no-fee card, according to a press release earlier this month. The company has sought to build a business offering renters a way to earn loyalty points on their monthly rent payments to landlords. Spokespeople for the companies declined to discuss how the new cards' terms or rewards will differ from the Bilt Rewards card Wells Fargo has issued since 2022. The company has promised more details this fall. The Wells Fargo card, tied to the Mastercard network, touts an ability to earn reward points on rental payments without a transaction fee. Bilt will move card holders from Wells to Cardless in February 2026, according to the July 10 release. Apartment dwellers typically have not paid their monthly rents with credit or debit cards because of the interchange costs landlords would assume, or pass along to tenants, by accepting card payments. The interchange fee terms under the Bilt-Wells agreement meant the bank relied more on non-rent spending for interchange revenue. New York-based Bilt and Wells Fargo found that some cardholders were using the card for their rent and for small charges, like a coffee, to meet a requirement of posting at least five transactions per payment period to earn rewards. Wells Fargo lost as much as $10 million per month on its Bilt card because of such user behaviors, the Wall Street Journal reported in June 2024, citing people familiar with the matter. The bank had predicted that about 65% of spending on the Bilt card would be nonrent, but it turned out that only about 35% of card volumes were for charges not associated with rent, according to the Journal report. Because of the financial losses, San Francisco-based Wells Fargo decided to quit its Bilt partnership three years before the 2029 end date, the Journal reported July 10, citing people familiar with the matter. A Wells Fargo spokesperson declined to comment via email. A Bilt spokesperson said the company declined to comment beyond the July 10 press release that detailed the new cards with Cardless and its latest capital raise. San Francisco-based Cardless, a startup that issues cards for companies including Alibaba Group, Qatar Airways and Simon Property Group, also declined to comment. In effect, Bilt's card offered point rewards coupled with a 30-day free loan, or float, on rent payments for people who did not carry a card balance, reducing income for Wells, said David Robertson, publisher of the Nilson Report, a research publication on the card and payments industry. 'If you're not getting enough people who are revolvers to subsidize the portfolio of the people who are just transactors, you're in trouble, especially on a card that doesn't have the (annual) fee,' Robertson said Wednesday in an interview, adding 'I can't imagine why (Wells Fargo) made the deal to begin with.' Bilt will need to 'tailor the card more to people who use it more broadly and revolve balances to address the revenue shortfall that Wells experienced,' TD Cowen analyst Moshe Orenbuch wrote in a July 23 email. 'We assume that the new manager of the program will design the products to attract consumers that would be more profitable,' he said. Bilt must become its customers' default card and earn top-of-wallet use status if the company and its partners want to generate a successful financial return, Robertson said. Bilt, which is valued at $10.75 billion based on a $250 million capital raise this month, said in the July 10 press release that its revenue will top $1 billion by the first quarter of 2026. The company says its payment platform includes 25% of U.S. apartment buildings and 40,000 merchants. Bilt's '2.0' revamp with Cardless represents the company's foray into a fleet of three tiered card brands. A no-fee card will remain, joined by two cards with annual fees of $95 and $495, respectively. The company is also expanding from rental to mortgage payments, student housing and condominium HOA fees. 'You have to make the rewards component so compelling that it justifies the $495,' Robertson said. 'Maybe the answer to that as a card issuer is in co-partnerships, not cobranding. What kind of deals can you give the cardholder as an incentive for spending that also provide additional value? That might not simply be the bonus points, it might be discounts for you-name-it.' The Bilt-Cardless cards enter a landscape of consumer credit cards in which American Express, Citibank and JPMorgan Chase have all recently announced fee and benefit changes to their premium rewards cards. 'You have Chase and AmEx … raising their annual fees, but also doubling down again in that very competitive world of trying to find out what's the most compelling value proposition to generate spending,' Robertson said. One benefit Bilt might realize, he said, is that banks have raised premium card fees to near $800 annually, 'so $495 doesn't look so bad.' Bilt has 22 travel partners for points redemptions, including 17 airlines and five hotel chains. The points can also be redeemed for gift cards at retailers or to pay for Lyft rides. Former American Express CEO Ken Chenault joined Bilt as board chairman in January 2024, when General Catalyst, the venture capital firm where he serves as chairman, helped to raise $200 million for Bilt. Roger Goodell, the National Football League commissioner, also joined Bilt's board last year. Wells Fargo and Mastercard were among Bilt investors when the company announced a $60 million capital raise in September 2021, along with more than a dozen real estate companies. Recommended Reading JPMorgan, Amex flash new cards
Forbes
17-07-2025
- Business
- Forbes
Bilt Revamps Rewards Program: Earn Points On Mortgages Starting Next Year
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Some things are too good to be true, but believe us when we tell you there's a no-annual-fee credit card (rates & fees) you can use to earn rewards on a significant expense: housing. Bilt, the loyalty program behind the Bilt World Elite Mastercard® (rates & fees) that lets you earn points on rent when you use the card five times each statement period, up to 100,000 points in a calendar year, is expanding its rewards system to include mortgage payments. The visionary company recently raised $250 million from investors, bringing its valuation to $10.75 billion. As Bilt transitions out of its partnership with Wells Fargo, the current issuer of the Bilt World Elite Mastercard®, the company plans to revamp its card offerings come February 2026, introducing a $95 and $495 annual fee option. N/A Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Bilt is revamping its business model by expanding its credit card offerings through a new partnership with Cardless. This involves introducing two paid card tiers, one with a $95 annual fee and another with a $495 fee, alongside the current no-annual-fee option (rates & fees). Bilt plans to share more details about these offerings and how it will transition current cardholders from Wells Fargo to the new platform in early fall. Currently, the card is already extremely lucrative. Cardholders can redeem Bilt points for rent payments, a statement credit, for travel through Bilt's portal at 1.25 cents per point, fitness classes and more, or transfer their points to Bilt's hotel and airline partners. Bilt also offers the option to use toward a down payment on a home at a redemption rate of 1.5 cents per point. Bilt rewards are also easy to accumulate. Bilt World Elite Mastercard® cardholders earn 1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company) and 1 point per dollar on other purchases. The card must be used at least 5 times each statement period to earn points. Bilt members who do not hold the Bilt World Elite Mastercard® still earn 1 point per dollar on flights and 2 points per dollar on hotel bookings made in the Bilt Travel Portal. In April, Bilt sweetened the deal with a new redemption option: student loan payments. Bilt members can redeem their rewards to pay eligible student loan servicers, including Sallie Mae, Nelnet, MOHELA, Aidvantage and Navient, with more servicers expected to join the program. When redeemed for student loans, Bilt points are worth a cent each, meaning 1,000 Bilt points equals a $10 loan payment. The redemption option allows users a way to pay off their student loans using rewards they earn on a major monthly expense: their rent. With plenty of redemption options and opportunities to earn points at no annual fee (rates & fees), it's worth mentioning an aspect of the Bilt World Elite Mastercard® that requires attention. Members must use their card five times each statement period to earn points from that period. Rent payments do not contribute to this transaction minimum, and there's a cap of 100,000 points earned on rent in a calendar year. While this is easily achievable by making the card your dedicated payment option for your morning coffee, it is still something to keep track of. Read more: Bilt Rewards: The Complete Program Guide With some significant changes quickly approaching, Bilt says the company expects to generate $1 billion in revenue by the end of the first quarter of 2026. A press statement attributed the company's 'rapid growth' to achievements like the projected processing of over $100 billion annually in housing spend by the end of 2025, as well as partnerships with over 70% of the nation's top 100 property managers. The company is doubling down on its mission to allow users to earn points across all housing categories. In addition to rent, the changes to Bilt's card portfolio coming February 2026 will allow cardholders to earn points on mortgage payments, student housing, Homeowner Association (HOA) fees and purchases with 'neighborhood commerce' partners. Existing Bilt cardholders: Current terms remain unchanged. Come February 2026, cards transition to Cardless, ushering in new tiers and expanded mortgage rewards. Current terms remain unchanged. Come February 2026, cards transition to Cardless, ushering in new tiers and expanded mortgage rewards. Homeowners and aspiring buyers: Soon, mortgage payments will earn Bilt points, pioneering the first rewards system of its kind. Soon, mortgage payments will earn Bilt points, pioneering the first rewards system of its kind. Broader rewards ecosystem: The expansion covers points earnings on condos, HOA fees and student housing, while continuing the available benefit of using rewards points toward student loans. As Bilt transitions towards a more ambitious rewards system, it's notable that the company is making moves to float a more sustainable business model, backed by generous funding. Whether the new model succeeds in engaging users will depend on the offerings of the new card tiers. Consumers will have to wait until the fall for the rollout of the new program and until February 2026 to take advantage of all Bilt 2.0 has in store.
Yahoo
12-07-2025
- Business
- Yahoo
Points-on-rent startup Bilt announces new rewards credit cards with Cardless and a $250 million funding round
Rewards startup Bilt, which made its name by offering renters the opportunity to earn points on rental payments, is building itself a lofty valuation—and introducing a handful of new cards to boot. It's not just Bitcoin: Altcoin XRP's price is also rising. Here's a possible reason why Slurpee Day 2025: How to get your free frozen treat at 7-Eleven, Speedway, and Stripes today What is fractional leadership, and why is it booming now? The company announced on Thursday that it has raised $250 million in new funding, bringing its total valuation to $10.75 billion, more than twice its valuation from roughly a year ago. It's also introducing Bilt Card 2.0, an upgraded credit card offering that will launch in February of next year and is being developed in partnership with Cardless—which also had a hand in launching the American Express Coinbase card earlier this year. In a blog post, Bilt said that its Card 2.0 will have three different options: a no-fee option and two premium levels with $95 and $495 annual fees. The announcement is a sign that Wells Fargo and Bilt are ending their partnership on the Bilt Rewards Mastercard earlier than expected. The partnership had been slated to run until 2029. That card originally launched to the public in March 2022 with a novel points-on-rent reward, and it quickly took off among points and miles enthusiasts. Within 18 months, it had activated 1 million accounts. The Wall Street Journal has reported Wells Fargo was losing money on the deal, raising questions about the card's sustainability. Both Wells Fargo and Bilt declined to comment about the specifics of the partnership when contacted by Fast Company. New York-based Bilt has built a $1 billion-a-year business on the strength of its rewards program, as Fast Company reported in an in-depth feature in June, and most of its revenue now comes from its partnerships with property managers. The company processes rent payments for property managers and offers their tenants access to its expanding loyalty program, which now includes some 40,000 merchants. Bilt's CEO Ankur Jain outlined his larger strategy to Fast Company, saying that he imagined the credit card occupying a relatively modest place in his company's overall plans. 'It's not our core business,' he said. 'Our job is to provide the best rewards ecosystem, the best commerce platform, the best [customer] acquisition, the best brand, so that our partners can create a great card product around it.' According to Jain, only 15% of Bilt's rewards program members are cardholders. As for how things will work with Bilt Card 2.0? We'll need to wait until next year to find out. At that time, 'current cardholders will be seamlessly moved from Wells Fargo to our new card platform,' according to Bilt's blog post. In the meantime, Bilt's leadership is exuding confidence. 'Bilt represents the convergence of America's largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved,' said Bilt chairman and former American Express CEO Ken Chenault, in a statement. 'What we're building goes beyond the four walls of your apartment; we're connecting you with your entire neighborhood and making every aspect of where you live more rewarding.' This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
10-07-2025
- Business
- Fast Company
Points-on-rent startup Bilt announces new rewards credit cards with Cardless and a $250 million funding round
Rewards startup Bilt, which made its name by offering renters the opportunity to earn points on rental payments, is building itself a lofty valuation—and introducing a handful of new cards to boot. The company announced on Thursday that it has raised $250 million in new funding, bringing its total valuation to $10.75 billion, more than twice its valuation from roughly a year ago. It's also introducing Bilt Card 2.0, an upgraded credit card offering that will launch in February of next year and is being developed in partnership with Cardless—which also had a hand in launching the American Express Coinbase card earlier this year. In a blog post, Bilt said that its Card 2.0 will have three different options: A no-fee option and two premium levels with $95 and $495 annual fees. The announcement is a sign that Wells Fargo and Bilt are ending their partnership on the Bilt Rewards Mastercard earlier than expected. The partnership had been slated to run until 2029. That card originally launched to the public in March 2022 with a novel points-on-rent reward and quickly took off among points and miles enthusiasts. Within 18 months, it had activated 1 million accounts. The Wall Street Journal has reported Wells Fargo was losing money on the deal, raising questions about the card's sustainability. Both Wells Fargo and Bilt declined to comment bout the specifics of the partnership when contacted by Fast Company. New York-based Bilt has built a $1 billion-a-year business on the strength of its rewards program, as Fast Company reported in June, and most of its revenue now comes from its partnerships with property managers. The company processes rent payments for property managers and offers their tenants access to its expanding loyalty program, which now includes some 40,000 merchants. Jain told Fast Company that he imagined the credit card occupying a relatively modest place in his company's overall strategy. 'It's not our core business,' he said. 'Our job is to provide the best rewards ecosystem, the best commerce platform, the best [customer] acquisition, the best brand, so that our partners can create a great card product around it.' According to Jain, only 15% of Bilt's rewards program members are cardholders. As for how things will work with Bilt Card 2.0? We'll need to wait until next year to find out. At that time, 'current cardholders will be seamlessly moved from Wells Fargo to our new card platform,' according to Bilt's blog post. In the meantime, Bilt's leadership is exuding confidence. 'Bilt represents the convergence of America's largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved,' said Bilt chairman and former American Express CEO Ken Chenault, in a statement. 'What we're building goes beyond the four walls of your apartment; we're connecting you with your entire neighborhood and making every aspect of where you live more rewarding.'
CNET
14-06-2025
- Business
- CNET
This New Coinbase Card Lets You Earn Up to 4% Back in Bitcoin. Here's How It Works
If you've been wanting a card that can fund your crypto portfolio, the latest credit card from Coinbase and Cardless might be the answer. The Coinbase One card offers up to 4% back in bitcoin for your purchases. However, the reward rate is based on how many assets you're holding with Coinbase and details aren't yet disclosed on the card's website. We've reached out to Coinbase for clarification and will update the story if we hear back. "Partnering with Cardless has let us build a deeply customized and secure card product that aligns with our mission to increase economic freedom and makes it easy for people to earn rewards with the power to grow," Max Branzburg, Coinbase's head of consumer and business products, said in a statement. The card is currently waitlisted with a planned fall rollout. You'll need to be a Coinbase One member to qualify, which will cost $49.99 annually when it becomes available "soon." Before you sign up for the waitlist, there's one important caveat you'll need to keep in mind before you redeem your rewards. What does the Coinbase One Card bring to the table? The new Coinbase card will offer up to 4% back in bitcoin on your purchases, depending on how many assets you're holding with Coinbase. Those assets could simply be USD or USDC, so you won't necessarily need to invest heavily in crypto right away to reach the higher bitcoin-back rate. It's not clear whether you'll need to have $10,000 in assets to reach that 4% rate or $1,000, but it does look like the card starts at 2% back in bitcoin, which is a decent rate for a no-annual-fee card. But with a $50 annual fee required to maintain a Coinbase One membership, you can find a free comparable cash-back rate. Because it will also be an American Express card, it'll come with a number of shopping and travel protections, including retail protection, extended warranty protection, lost luggage insurance and trip cancellation/trip interruption insurance, among others. It's also a stainless steel card, if you're into that type of thing. You can sign up for the waitlist here. How do crypto rewards differ from cash back? When you earn rewards in crypto for making purchases, they'll be added to your Coinbase wallet. How much your bitcoin is worth will also fluctuate, whereas cash back is always worth 1 cent per percent. Another difference is what happens when you realize gains. If you cash out the bitcoin you earned, you'll need to report it and pay taxes on it. When you use your cash back, for example, as a statement credit, you don't need to report it when tax season comes around. If that sounds too risky to you, I'd recommend you stick with a traditional cash-back card that fits your spending habits. For example, the Wells Fargo Active Cash® Card* is a good, flat-rate, no annual fee rewards card that provides cash back for every purchase. Or, if you're looking for a higher rewards rate for specific purchases, consider the Blue Cash Preferred® Card from American Express. *All information about the Wells Fargo Active Cash Card has been collected independently by CNET and has not been reviewed by the issuer.
