NEW YORK—Fintech Kairos plans to introduce what it claims is the first-ever credit card that allows tenants to pay apartment rent with no fees, while earning points in the process.
The Bilt Rewards and the Bilt Mastercard will work in conjunction with more than two-million rental units in the United States, including AMLI Residential, AvalonBay Communities, Blackstone, Camden Property Trust, Cushman & Wakefield, Equity Residential, and many others, Complex reported.
The program will allow users to earn points through signing a lease, referring a tenant, and paying rent monthly. In return, the points can be used for air travel, fitness classes, art and home decor, and more.
“Housing is the single largest expense for the vast majority of Americans,” Bilt CEO and founder Ankur Jain stated. “And until today, rent has been the only major expense you couldn’t earn points on without fees. Over a renter’s lifetime, that’s thousands upon thousands of dollars that they’ve never been able to earn something back on. With the launch of the new Bilt Rewards program, renters will now be able to travel, shop, or even start thinking about purchasing a future home just by paying their rent.”
The card will be issued by Evolve Bank & Trust.