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Written by: RJ
BILT Rewards has
Interesting read. Main take away is BILT would like us to know the business is more than the credit card. There’s also another mention of the feature to earn points on mortgage originations.
Credit card feed back
With guidance from industry legends Ken Chenault (former American Express CEO and Bilt Chairman) and Phillip Riese (former President of American Express Consumer Card), we are building towards Bilt Card 2.0. This next evolution of our card program would focus on tiered offerings that better serve different member needs while delivering enhanced value through new benefits on housing spend and our neighborhood network. We expect the Bilt card to remain the preferred payment option for 15-25% of our members, as we continue to innovate and enhance the card experience.
But more importantly, I’ve been reading and passing along your feedback and requests for the current Wells Fargo issued-and-operated Bilt card program. We know you want more premium offerings – and also ways to earn points on your mortgage payments. We also hear the challenges many of you have had with approval rates, credit line sizes, and the need for core tech features like authorized users, pay over time, and auto-pay integrations. Some of you have mentioned that your credit limits are too low to cover more than a month or two of rent, leaving little room to take full advantage of the card’s benefits – especially considering the average FICO for these members is above 750. We hear you loud and clear. These are all things that require support from our issuing bank partner, and we’re actively working on solutions.
Thoughts
Reads like BILT is ready to expand past the credit card. That was the attention grabber years ago to get up and running. Earning points on mortgage originations/purchases is one of the last areas credit cards haven’t cracked. With their model, you may not need a card. Interesting take to watch play out.
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Editorial Note:
Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.