The story of Bilt Rewards is a fascinating one. Despite industry rumors swirling that Bilt, a new financial technology startup company that aims to help tenants convert rent payments into reward points, is under financial difficulties from Wells Fargo, there is far more to the initial headlines than one might initially be able to observe.
The concept behind Bilt is extremely innovative, offering tenants the opportunity to convert what is a traditional expense into loyalty points that can be converted into airline award miles. This novel idea leverages pre-existing airline loyalty programs into a new kind of loyalty program that allows most Americans to gain value from what is traditionally their biggest expense.
While as ingenious as it may seem, Bilt Rewards has undoubtedly faced no shortage of uphill headwinds in its pursuit of the rent-based loyalty program that exists today. Let’s take a deeper look at Bilt, where it came from, and how it has overcome many of the challenges it faces.
A founder with a unique vision
According to Forbes, the company’s founder, Ankur Jain, has no shortage of unique visions. Having formerly launched multiple successful tech startups, this Forbes 30-Under-30 alum launched Bilt Rewards in New York City, with a vision to change the nature of rental payments forever.
Currently, credit card companies charge high fees for rental payments, and that is in the case that your landlord even accepts them. Now, customers have the opportunity to capitalize on Bilt’s offering to earn loyalty points on their rent with no additional fees.
Upon speaking with the company’s Chief Communications Officer, Sean Walsh, it was very clear that Bilt is, at its core, a rent payment service that allows passengers to transform their payments into loyalty points that can be converted into airline miles or used to directly book travel. Once Bilt had established this successful rent payment program, one which had numerous members under the age of 30, they looked to expand their product portfolio.
It was at this point that the company partnered with Wells Fargo to offer a consumer credit card, one which would allow customers access to the Bilt Rewards network through the convenience of a credit card. By investing in this new credit card, the bank gains access to a large, young customer base, and also allows it to build up its first major partnership with any loyalty program in years.
So what is the future view?
Bilt Rewards aims to expand on everything it has built so far, with more partnerships continuing to be made. In August, the company launched its latest partnership with the reward network of pharmacy Walgreens, as reported by FOX. In a conversation with Simple Flying, Sean had the following words to share:
“Our goal in five years is to open up as many partnerships as possible. We want people to be able to earn rewards as often as they can.”
Photo: Bilt Rewards
With airline loyalty programs becoming such an increasingly important part of the American financial landscape, Bilt has continued to capitalize on its position to serve as one of the few ways to earn rewards on rent. As is always the case with innovative ideas, someone will likely have a better one at some point. Therefore, we will simply have to wait and see what innovations Bilt pushes forward to stay ahead of the competition and maintain its loyal customer base.