Bank teams with loyalty program Bilt to let people rack up points, miles and other benefits for paying the rent.
Wells Fargo says its new credit card is the first to let the nation's 109 million renters pay their landlords each month while earning points and miles.
Wells is partnering with Bilt Rewards on a Mastercard that can be used to make payments on any rental property in the U.S. without incurring transaction fees, the San Francisco-based lender said on Monday. Buildings that don't accept credit card or digital payments will be sent a check after the cardholder uses their Bilt app to pay their rent.
Bilt is a loyalty program for renters started last year by a group of large property managers and owners including Blackstone and Camden, Cushman & Wakefield, which oversee more than 2 million apartment units. Rent payments using the card would come from a linked bank account."It's a no-fee card that lets anybody pay their rent without transaction fees, so that's significant," Ted Rossman of CreditCards.com told CBS MoneyWatch.
"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," Dan Dougherty, Wells' executive vice president, head of partnerships and branch cards, said in a statement. The card makes sense for people spending $3,000 or $4,000 a month on rent, as it could generate as much as $750 a year for a future home down payment, Rossman said."Rent being the key differentiator — dining and travel, that you can do with other cards," he said.
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