Latest news with #creditcard
Forbes
3 hours ago
- 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.
Telegraph
10 hours ago
- Telegraph
Why it pays to choose the right travel insurance
We don't always plan for the worst when we're thinking about our dream holiday – after all, nobody wants to consider things going wrong when they could be daydreaming about kicking back poolside in the blazing hot sun. But any perfect trip can quickly turn into a costly ordeal if the right insurance isn't in place. While many rely on a Global Health Insurance Card (GHIC) or the travel perks offered by credit cards, these solutions can be inadequate when something goes wrong, whether that's before you travel or while you're away on your trip. And it's not just overseas trips that benefit from travel insurance – even UK holidays can be disrupted by illness, lost possessions or cancellations. Post Office travel insurance won't leave you hanging. It offers three different levels of cover with a range of benefits that suit your travel needs, such as no upper age limit on single-trip policies, consideration of all medical conditions, 24/7 GP access while abroad* and kids under 18 going free, subject to there being no pre-existing medical conditions. Don't let your cover fall short Relying solely on a GHIC or credit card insurance can potentially leave you dangerously exposed when you're overseas. The GHIC, for example, provides access to state-provided healthcare in EU countries but does not cover private healthcare costs or medical repatriation to the UK. These are expenses that can quickly escalate into thousands of pounds. GHIC is only valid in certain European countries and offers no protection for trip cancellations, lost luggage or travel delays. With credit card travel insurance, meanwhile, claim limits can be low, excess limits can be high, add-ons may be limited, exclusions can be common – such as medical conditions or age – and some adventurous activities might not even be covered at all. Plus, the cover may only cover the policy holder, not the whole family. A more inclusive approach to travel insurance It can be difficult and disheartening for older travellers and those with health conditions to find suitable insurance. Many providers impose strict age limits or exclude pre-existing conditions, leaving people unprotected or facing hefty premiums. Post Office takes a more inclusive approach. Its travel insurance has no upper age limit for single-trip cover and all medical conditions are considered on application. This means that whether you're a student or a retiree you can explore the world with confidence knowing you're protected. With Post Office Travel Insurance you just complete a medical screening online or by phone, declaring any pre-existing conditions and prescribed medication. Post Office aims to provide cover wherever possible, and if a condition is too complicated they'll help you find a provider that's right for you. This can be ideal if you've been previously excluded from travel insurance. 24/7 GP access abroad* as standard Falling ill in a foreign country can be worrying, especially if you're trying to navigate unfamiliar healthcare systems or language barriers. Medical Assistance Plus is included as standard in every policy. This will give you 24-hour access to an online GP with in-person or video consultation in your own language as an option, which is free of charge, with no excess to pay. Prescriptions can be issued and sent to the nearest pharmacy to suit you, all of which can be claimed back, with no excess to pay. Always make sure that you fully disclose all medical conditions on any questionnaires before you travel to ensure that your cover remains valid for the duration of your trip, otherwise you could face unexpected charges should you fall ill. The kids are all right The cost of taking your entire family abroad can quickly escalate (and that's before you've spent a week's wages on ice cream). Travelling as a family can be expensive, but Post Office travel insurance allows children under 18 who have no pre-existing medical conditions to go free on family policies, making comprehensive cover more accessible and affordable. This means everyone can be protected against medical emergencies as well as lost backpacks containing beloved teddies. Peace of mind for the whole journey Post Office travel insurance offers cover beyond medical emergencies. All policies include protection for trip cancellation or curtailment, lost or stolen belongings (including baggage, money and passports), legal protection, personal liability and personal accident. There are also optional add-ons available for an additional premium such as gadget cover and trip disruption, which covers natural disasters, airport disruption and similar major events. If you travel frequently there are convenient annual multi-trip policies. Travel is about freedom, discovery and making memories. But it's also about being prepared for the unexpected. Wherever your journey takes you, travel with the confidence that comes from knowing you're in safe hands with Post Office travel insurance. Visit your local Post Office branch or go to and get holiday ready now. *Medical Assistance Plus is not available for trips taken in the UK, only for international travel. The service allows up to three separate medical events per person listed on the policy, and up to three appointments per event. All appointment charges are covered by your travel insurance policy. You will not need to pay any excess fees for this service. You may need to pay for your prescription upfront and claim on your return home.
Daily Mail
19 hours ago
- Business
- Daily Mail
Why Gen Z Aussies want this boomer staple gone: 'Financially dangerous'
A Gen Z Aussie has revealed why she ditched her credit card, like many others in her generation, claiming she became buried under too much debt. Queensland woman Nat, 24, said she had made the switch to buy now, pay later (BNPL) services as they don't have high interest rates like credit cards. Afterpay revealed earlier this year and that 84 per cent of Aussies deemed credit cards 'financially dangerous' with their use in decline since 2018. There were about 12.1million credit cards as of March last year with a national debt accruing interest of $20.1 billion. Nat said she had accrued thousands of dollars in debt after she got a credit card to pay for a laptop that she could use at university. 'It was really scary because it had massive amounts of fees, and I was so nervous about not paying it on time and ruining my chances of being able to buy a house,' she told 'I just found that it kept accruing interest and I was trying to pay it off, but it felt like a massive weight on my shoulders and it wasn't pleasant. 'I saw the amount of interest I had to pay and thought, "Actually, no".' After that experience she decided to ditch the credit card and sign up to Afterpay. Nat said she didn't understand why people had credit cards which come with annual fees and high interest charges if they're not paid off. She recalled how an ex-boyfriend used a credit card to live beyond his means and could only cover the interest and couldn't get his balance down. 'I think it was about $7,000. It was terrifying,' she said. Nat now prefers the lower risks involved with BNPL options. BNPL services allow people to split their purchase into smaller, interest-free instalments, often paid bi-weekly. Services may charge late fees, while credit cards offer more flexibility and potential rewards, but can also accrue high interest if balances aren't paid off on time. Credit cards allow shoppers to pay for multiple transactions through a revolving line of credit with variable interest rates. They are more flexible, which can lead to unpredictable statement balances and out-of-control debt. 'Our January 2025 survey found that nearly one in three Australians (32 per cent) have an Afterpay account, with Gen Z (45 per cent) and millennials (41 per cent) leading the charge,' Mozo's personal finance expert Rachel Wastell said. Many Aussies online didn't agree with Gen Z however, and preferred to use a credit card, which offers benefits BNPL doesn't. 'I've had a credit card for 30 years with a 40-days interest-free period and I've never been charged interest,' one said. 'Credit cards are for emergencies and to be paid off on the last day of the month.' 'Get yourself a really decent credit card that gives you rewards and as long as you pay your card off each month, put everything you buy onto that credit card then use the cashback app and attach your credit card and get paid even more. Every year I get back around $2,000 in rewards, another said. Graham Cooke, head of consumer research at Finder, said Afterpay was a 'great way to spread a purchase over time'. 'While there is no interest, there are late fees,' he said.
Yahoo
a day ago
- Business
- Yahoo
Can a merchant store my credit card details without permission?
Key takeaways Storing your credit card information makes it easier for merchants to facilitate future and recurring transactions. For data security or consumer privacy purposes, however, you may not want merchants to retain your credit card details. State laws, card industry security standards, FTC guidance and other regulations all influence how and when merchants are allowed to store your card details. If you shop frequently at particular merchants with your top credit cards, you might find that allowing them to store your card information can streamline your transactions at checkout. And if you have recurring charges — like those for streaming or subscriptions — allowing for the storing of your card details helps merchants to automatically bill you each month without asking for your card information each time. That's well and good — especially when you've consented to storing your data. But can a retailer store your credit card details without permission? Can companies keep your credit card details on file without permission? The short answer is no. While there is no rule that governs how or when issuers can store your card information, many states have laws on the books to deal with credit card fraud, which fall under the umbrella of financial transaction card fraud. Laws like one passed in Georgia explicitly bar merchants from using your card without your permission or authorization. This means companies can only keep your credit card details on file and use it for transactions with your consent. Security standards for merchants The type of credit card information that merchants are allowed to store after consent is given is dictated by the Payment Care Industry Security Standards Council (PCI SSC), an organization founded the by credit card issuers and networks American Express, Discover, JCB International, Mastercard and Visa. The PCI SSC sets security standards for merchants that transmit, process or store payment card account information and provides best practices that merchants are required to comply with. Its purpose, as noted on page 8 of its Quick Reference Guide, is to 'encourage and enhance payment account data security and facilitate the broad adoption of consistent data security measures globally.' Some of its best practices for storing and transmitting card data include: Pin transaction security Software security Point-to-point encryption Mobile security standards Compliance with the PCI Data Security Standard (PCI DSS) requires merchants to limit storing and retaining customer names, card account numbers and expiration dates only for the time required for business or legal purposes. And it explicitly frowns on merchants storing, for example, a card verification value (CVV) or personal identification number (PIN). By following these standards after you've given consent to store or use your credit card information, merchants protect your privacy and can help combat identity theft and fraud. You can opt out of automatic online card storing As you shop online, you've likely received a prompt from the site asking if you would like to save your card information to make it easier to shop in the future. It's one way for merchants to lure you back for future purchases. However, you shouldn't need to allow the retailer to store your card information to continue your purchase. Rather, most retailers allow you to check out as a guest, completing the transaction without allowing the site to retain your card details. If that isn't an option, a workaround is to provide your card information to complete the transaction and then edit your payment options after it's complete to remove that information. Learn more: Is it safe to give an app my credit card information? Federal Trade Commission weighs in The Federal Trade Commission (FTC) agrees that merchants shouldn't collect information they don't need, further advising that, if a merchant does collect card information, it's in their interest to hold on to it only as long as there is a real business need to do so. This means that, while a retailer needs your card information to process a transaction, it shouldn't store it if the merchant doesn't anticipate future transactions. And once a business decides that it must store your card details, the FTC requires it to safeguard this sensitive information adequately, including from employees that don't have any business with your information. The bottom line Merchants will typically ask you for permission before storing your card information to avoid running afoul of laws, and it's common for online sites to ask to store your information to facilitate future transactions or to enable recurring charges. But if there's no legitimate business need, stringent industry data storage laws advise there's no incentive for a merchant to store your card information.
RNZ News
a day ago
- Business
- RNZ News
ComCom cuts transaction fees
money economy about 1 hour ago The Commerce Commission has confirmed it will reduce how much banks can charge to process credit card payments, which it says will save Kiwi businesses $90 million a year. The Interchange fee makes up about 60 per cent of the total fee a business has to pay to accept credit card and contactless payments. The Commission says those fees cost businesses around $1 billion a year, which is often passed onto their customers through surcharges and higher product costs. It has not made a decision yet on regulating those surcharges - with Commission chair John Small saying this will be the next step. An initial pricing cap on interchange fees for some domestic transactions on the Mastercard and Visa credit and debit networks came into force in November 2022, which is estimated to have saved businesses $160 million a year.
