Payment cards company CompoSecure announced Thursday (Dec. 9) that it is teaming up with rental rewards startup Bilt to launch the first rental rewards Mastercard, helping the country’s over 109 million renters accumulate points to use for a down payment on a home.
The Bilt Mastercard is the first to be granted regulatory approval to offer people a chance to redeem points toward down payments on home mortgages and promote homeownership to the $500 billion a year rental market.
All U.S. renters can earn points by paying their rent through the Bilt Mastercard with no fees, per the press release.
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“The industry has always seen our premium cards as aspirational, so this card is an ideal fit for renters aiming to become homeowners with the help of the Bilt Mastercard,” Jon Wilk, president and CEO of CompoSecure, said in the announcement.
Bilt’s loyalty program is also extended to residents of properties within the Bilt Rewards Alliance, including Blackstone, Camden Property Trust, Equity Residential, The Moinian Group, Morgan Properties, Veritas Investments and more.
Read more: Perks And Rewards Push Debit Card Usage, Loyalty Higher
Bilt Mastercard holders can pay their rent through the Bilt app, even if their rental properties don’t accept credit card payments. Payments made via the app will trigger a check sent to the landlord on the cardholder’s behalf.
For contactless purchases, the Bilt Mastercard will use CompoSecure’s metal dual-interface construction that facilitates contactless purchases.
The release notes that Bilt teamed with CompoSecure for this card program because of CompoSecure’s ability to bring a top-notch experience program to scale with speed.
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