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A few months ago, Lakshia Clemons and her husband were looking for ways to earn the most points on their credit cards. After sticking with it, they decided to give the dresses away
MasterCard
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Bilt MasterCard is a unique housing credit card, designed to help you earn rewards for paying rent. Later this year, according to Message to members On its website, Bilt will also offer points on your mortgage payments. Another Housing Credit Card, MESA’s recently launched premium credit card, also allows Homeowners Credit Card Preferred* to earn credit card points for mortgage payments.
Clemons, a 35-year-old financial therapist in Cure life freedom In Connecticut, the bilt card is now used to pay monthly rent, electricity, cell phone, car insurance premiums and streaming subscriptions. She and her husband put about $2,500 a month on the Bilt Card, accumulating a bunch of rewards points in the process.
Since housing is the largest expense for most American families, using a credit card for big tickets, ongoing spending like rent or… Mortgage loan Payments can be reasonable. But is using a housing credit card worth the risk? Let’s take a closer look.
Should you pay for housing with a credit card?
Paying for anything with a credit card, including housing, can be worthwhile, but it always depends on your budget and spending patterns. If you’re financially strapped due to a recent job loss or have outstanding medical bills, you don’t want your housing expenses to pile up and put you even more in the red.
However, if you feel confident that you can use the card conscientiously — meaning you can cover the balance promptly when it’s due each month — using a credit card can be a good way to bump up your scores.
Clemons, for example, pays its balance weekly. A portion of each paycheck goes directly toward credit card payments, and interest never accrues. Because their cards are paid in full each month, they can earn points without being hit with heavy APR fees or fees.
“I can build up enough points to take money away from my rent payment,” she said. Although this may be just a few extra dollars each month, the extra money can be put toward something, like coffee on the way to work.
Beau Wirick, a 38-year-old wealth advisor in Morton fortune Based in California, he has been using the Bilt Card to pay for his rent for the past few years.
“Getting points for rent is a game-changer, so I recommend the Bilt Card for this,” Wreck said. Wirick gets the best redemption value by transferring and redeeming points through Bilt’s travel partners, which can be used on flights, car rentals, hotels, and activities.
Why you shouldn’t pay for housing with a credit card?
The downside of paying for housing with a credit card adds up more if you don’t have the money to cover your balance each month. It is often safer to pay for housing the traditional way, i.e. by transferring funds via ACH from your bank account, writing a check, or via money order.
It is also important to check with your landlord or property manager about the fees. Although the Bilt and MESA cards have no annual fees (and the Bilt Card does not have a transaction fee for rental payments), your landlord may charge a processing fee if you pay with a credit card.
One way to avoid this with bilt is to choose biltprotectallowing you to pay rent and earn points without tapping your line of credit. With this feature, funds are withdrawn directly from your linked bank account. If you choose not to use this feature, your rent will be charged directly to your Bilt MasterCard just like any other charges on your credit card.
Do home credit cards have requirements?
Credit cards that specialize in paying for your housing don’t have unique requirements. To be eligible for a Masterbilt, you must be at least 18 years old and a resident of the United States or its territories. Technically, there is no minimum credit score for approval, but a good to excellent score (670 to 850) is recommended.
To earn points on the Bilt Card, you’ll need to make at least five transactions per billing cycle. To make sure you never miss this threshold, try setting your Bilt Card as the default method for ongoing expenses.
For the MESA card, anyone with an eligible device and access to the App Store and Google Play can join the waitlist directly, according to a company representative. Once you are invited to apply, you will be asked to provide additional information to make a credit decision on your application, similar to other unsecured consumer credit cards.
What rewards come with Bilt and Mesa cards?
Belt MasterCard
Belt’s sacrifices 1x point per dollar on rentalup to 100,000 points per year. To earn points, you’ll need to use the card at least five times each monthly statement period. You earn higher points when you spend on travel and restaurants. As a bilt card holder, you can get special privileges at partnering restaurants, fitness studios and rideshare apps.
You can transfer points through Bilt Travel Portal Additional points are raised when booking travel through the portal.
Besides improving your credit score if you make on-time monthly payments, Bilt has an additional feature that lets you choose to report your rent payments to the three credit bureaus, which can also Boost your score.
Mesa Home Offa Visa Signature Previdred Card
Currently, you’ll need to get on a waiting list to sign up for the Visa Mesa card, which is available in the App Store and Google Play.
She has a MESA credit card Various rewards Rates depending on purchase: 1 x points per dollar on monthly mortgage payment; 2x points on daily essentials (e.g. groceries, gas); 3x points on home-related transactions, such as utilities, maintenance, decor, and home improvement; And 1x points on everything else.
You can also take advantage of other perks, like Sam’s Club membership and credits with Mesa brand partners, like Thumbtack and Wag! Points earned can be redeemed toward statement credit, gift cards, travel and mortgage payments.
What protection does Belt or Mesa have?
Sharing sensitive information with another party can always introduce risks, so it’s important to keep your account information safe.
BILT and MESA credit cards come with standard zero-sum protection to help ensure sensitive personal and financial data is safe from fraudulent activity. Since Bilt is a MasterCard partnered with Wells Fargo, it comes with 24/7 identity theft protection.
Jovan Johnson, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, co-founder of CFP, said And co-founder of CFP and co-founder of CFP and co-founder of CFP and co-founder of AND A piece of wealth planning. “Look for other card features like fraud alerts or virtual card numbers, which can add an extra layer of protection.”
Are residential credit cards worth the risks?
Each credit card has specific benefits and rewards, so it’s a good idea to research the pros and cons before applying. Bilt is more established and should expand its reach soon. Mesa is still somewhat limited in its reach, so it’s worth doing more research into the terms and conditions.
Financial experts say you should only use a credit card when you can afford to pay off your statement in full and avoid carrying a balance. Otherwise, it is easy to immediately fall into debt from high interest fees.
“Credit card programs are designed to motivate you to spend more money, period,” Wyrick said. “As long as you can keep yourself from falling into bad habits, go for it.”
*All information about Bilt MasterCard and Mesa Home Home MoSA CARDARATE CARDRATER TIGALERS has been independently collected by CNET and has not been reviewed by the source.
