Wells Fargo, Bilt Rewards, and Mastercard to issue a new credit card

The co-branded credit card allows members to pay rent and earn points with no transaction fees at any rental property in the US. Through this new partnership, renters across the country will now be able to earn rewards that can be redeemed towards travel around the world, access to fitness classes, and credit towards a down payment on a home.

Until now, the Bilt Mastercard has been available by invitation-only. With Wells Fargo as the official issuer of the Bilt Mastercard, the programme will now enable qualified renters nationwide to its credit offering. Wells’ company officials stated that rent is the single largest expense for the vast majority of Americans, yet it’s never been a tool that helps consumers enter the housing market.

As the new issuer of the Bilt Mastercard, Wells Fargo can now help renters with the card take their biggest expense and turn it into a rewarding experience, including helping them build a path to homeownership. The company, which serves 1 in 3 US households, will work in partnership with Bilt Rewards to market the card to its customer-base and the next generation of renters, according to the press release.

The Bilt Mastercard also features World Elite Mastercard benefits, which includes access to offers with select merchants, security features such as Mastercard ID Theft Protection, Zero Liability, and Price Protection. Developed by Mastercard exclusively for Bilt Mastercard cardholders, BiltProtect ensures that renters aren’t using up their credit line to finance rent by pulling funds directly from their linked bank account with each rent charge.