Bilt’s Mortgage Rewards Program: What Homeowners Need to Know

Your monthly mortgage payment is likely your biggest expense—and until now, it’s earned you nothing in return. That’s starting to change as fintech company Bilt expands into mortgage rewards, promising homeowners points for paying their loan. Tim Lucas and Craig Berry break down how Bilt’s mortgage rewards program works, what’s appealing about it, and why experts are urging caution before jumping in.

In this episode you’ll learn:

• How Bilt’s mortgage rewards work: Payments come directly from your checking account—no new debt, no transaction fees, and up to 1.25 points per dollar.
• Bilt’s credit card lineup: From a no-fee option to premium cards with annual fees up to $495 and elevated reward multipliers.
• The interest-rate catch: Introductory APRs around 10% can jump to 26.74%–34.74%, making balances expensive if not paid in full.
• Why The New York Times raised red flags: Concerns about infrastructure, rapid growth, and whether a young fintech can reliably handle mortgage payments.
• Complexity of the rewards program: Even personal finance experts for The New York Times struggled to understand the rewards system.
• Early adopter vs. wait-and-see: How to weigh missing out on rewards against the risks of experimenting with your mortgage payment.

Read the full article: https://www.mortgageresearch.com/articles/bilt-offers-rewards-paying-mortgage-how-it-works-what-to-watch-for/

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Welcome to the Mortgage Research Network Podcast. We bring you the latest mortgage and real estate news 3 times a week. The audio is AI generated, but content is fact-checked by me, Tim Lucas, editor of MortgageResearch.com and a former mortgage professional. And with me is Craig Berry, a mortgage originator with 25 years experience. Craig, here's something interesting - your monthly mortgage payment, probably your biggest expense, has been a missed opportunity for rewards all this time. However, that's about to change in a pretty big way.

Yeah, I just saw that Bilt, who started with rental rewards in 2021, is now expanding into mortgage payments and allowing homeowners to earn rewards for paying down their loan. How exactly does that work?

So they're operating as a payment platform for mortgages. The money comes straight out of your checking account, which means no debt accumulation and no scary interest rates. Plus, they're offering up to 1.25 points on these payments with zero transaction fees.

Hmm... let me think about those numbers. For someone with a $3,000 monthly mortgage, that could add up to some serious rewards over time.

Exactly right, and they're also offering a selection of reward-focused credit cards. You've got the premium Palladium card with a $495 annual fee that gives you double points on everything, along with some pretty hefty benefits, the mid-tier Obsidian at $95 with triple points on dining, and a no-fee Blue card for basics.

The big question is: how much are people going to be paying in interest with these cards?

Well, they're offering this attractive 10% introductory APR for the first year, but — and this is important — it jumps to between 26.74% and 34.74% after that.

Sounds like a good opportunity for some consumers, but you know what concerns me? I read that The New York Times found some pretty serious issues with this whole system.

That's actually a crucial point. The Times raised two major red flags. First, they're worried about Bilt's infrastructure handling rapid growth. They pointed to how even Citibank, with all their experience, had customers locked out of accounts for weeks with their new card launch.

Oh wow, that's actually pretty concerning when we're talking about mortgage payments.

Exactly. A missed credit card payment is one thing, but a late mortgage payment can wreck your credit score and mess up refinancing opportunities. And remember, Bilt has only been around since 2019 – they're basically a startup taking responsibility for some of people's most important financial transactions.

I heard the rewards system is incredibly complex too. Is that the other issue?

You know what's funny about that? The Times said their personal finance editor and money columnist spent several days just trying to figure out how the rewards work. When financial experts are scratching their heads, that's not exactly reassuring.

That reminds me of those early crypto products that tried to be too clever and ended up confusing everyone.

Well, Bilt seems aware of the complexity issue – their founder actually published a statement trying to explain it better. But here's the thing: the longer people wait to enroll, the more rewards they miss out on. It's this interesting tension between being an early adopter and playing it safe.

So what would you tell someone who's considering jumping into this?

I'd say take a measured approach. Watch how it develops over the next few months. Yes, you might miss some initial rewards, but consider this: we're talking about your mortgage payment. That's not something you want to experiment with.

It's really going to be interesting to see how this plays out in the broader financial technology landscape.

Absolutely, and here's my prediction: this is just the beginning. As more companies enter this space, we'll see more innovation in housing payment rewards. The real challenge will be balancing that innovation with security and reliability. After all, we're not just talking about points and cash back – we're talking about people's homes. That's about all the time we have for this topic, but we go into even more detail on the site. For more, search "bilt mortgage rewards" at Mortgage research.com. We'll see you next time on the Mortgage Research Network Podcast.