Bilt Rewards: Earning Interest on Your Points Balance
If you’re a frequent traveler and participate in airline or hotel loyalty programs, you may have noticed a frustrating trend – the longer you hold on to your points or miles, the less valuable they become. This phenomenon is commonly referred to as “devaluation” or “award inflation.” Just like how the price of gas increases due to inflation, the cost of award travel also goes up over time. It’s similar to how your grandparents may reminisce about the days when a gallon of milk only cost a dollar, while now it costs much more.
However, there is a loyalty program that offers a unique solution to combat this devaluation. Bilt Rewards, a loyalty program for renters, pays its elite members “interest” on their unredeemed points balances. This innovative feature allows you to protect yourself from award inflation and potentially grow your points balance over time. Let’s take a closer look at how it works.
Earning Interest on Your Bilt Rewards Points Balance
To start earning interest on your Bilt Rewards points balance, you’ll need to achieve at least Silver status within the program. Once you reach this elite tier, Bilt will deposit points into your account every month. The number of points deposited is determined by your average daily points balance over the previous 30 days and the Federal Deposit Insurance Corporation (FDIC) national savings rate.
It’s important to note that the amount of interest earned may not be substantial. Even if you have an impressive 100,000 points in your Bilt account, you can expect to earn fewer than 100 points per month, given the current national savings rate. However, every point counts, and it’s better to earn something rather than nothing.
One of the advantages of Bilt Rewards is that the points transfer quickly to partner programs, often instantly. This means you can safely leave your points in your Bilt account until you’re ready to redeem them for travel. By doing so, you can benefit from the program’s partners, such as World of Hyatt and American Airlines AAdvantage, and potentially maximize the value of your points. Additionally, keeping your points in your Bilt account protects against any individual program (other than Bilt Rewards) devaluing its points.
How to Earn Silver Status with Bilt Rewards
To qualify for Silver status with Bilt Rewards, you’ll need to meet specific requirements. As of 2024, the program has changed its elite status program, and earning Silver status now requires accruing 50,000 qualifying points or spending $10,000 on qualifying purchases within a calendar year.
Qualifying spending for Bilt Rewards elite status includes:
1. Rent payments made through Bilt Pay
2. Purchases made with the Bilt Mastercard
3. Qualifying purchases made through Bilt’s partners
It’s important to note that while earning interest on your balance of Bilt points is a nice perk, it may not be the primary reason to strive for elite status. The interest earned is unlikely to be significant, so it’s essential to consider other benefits and rewards when evaluating the value of pursuing Silver status.
The Bottom Line
As the value of points and miles tends to decrease over time, it’s crucial to find ways to protect and grow your rewards balance. Bilt Rewards offers a unique solution by adding interest to your points balance every month if you achieve Silver status or higher. While the amount of interest earned may not be substantial, it’s a valuable addition in the world of points and miles where every point counts.
When it comes to loyalty programs, it’s always advisable to consider earning flexible rewards points that can be redeemed with various loyalty programs. This approach allows you to find the most value and flexibility in your redemptions. Bilt Rewards takes this concept further by adding interest to your points balance, giving you an extra edge in maximizing the value of your rewards.
It’s worth noting that the Bilt Mastercard is associated with the Bilt Rewards program. If you’re interested in the rates, fees, rewards, and benefits of the Bilt Mastercard, you can find more information on their website.
In conclusion, Bilt Rewards offers a unique opportunity for travelers to earn interest on their points balance and potentially protect against award inflation. While the interest earned may not be substantial, every point counts in the world of loyalty programs. By combining this feature with other benefits and rewards, you can make the most of your loyalty program participation and maximize the value of your points and miles.