Do you earn the reward of paying rent and mortgage with a credit card? Yes, please
A few months ago, Raquesia Clemons and her husband were looking for the most points on their credit card. After plunging in, they decided to give a Build
Mastercard
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Bilt MasterCard is a unique residential credit card and is designed to help you get paid to pay rent. Later this year, according to a Letters to members On its website, Bilt also offers points regarding mortgage payments. Another residential credit card, the recently launched MESA Homeowner Visa® SignaturePreferred Credit Card*, also allows homeowners to earn credit card points to pay their mortgage.
Clemons, 35-year-old financial therapist Freedom Life Therapy Currently based in Connecticut, you use your BILT card to pay monthly rent, electricity, mobile phone, car insurance and streaming subscriptions. She and her husband put about $2,500 a month in their built cards, collecting reward points prizes in the process.
Housing is the biggest spending for most US families, so you can use high credit cards to continue spending like rent, or mortgage Payment makes sense. But is using a residential credit card worth the risk? Let’s take a closer look.
Do I need to pay for the home with a credit card?
It may be worth paying for something you have a credit card, including a home, but it always depends on your budget and spending pattern. If you are financially tied down by recent unemployment, or have unpaid medical expenses, you don’t want your housing expenses to earn interest and turn it even red.
However, if you are confident you can use your card with a reasonable price — this means you can cover your balance as soon as the monthly deadline comes. Using a credit card is a great way to earn points.
Clemons, for example, balances her every week. A portion of each salary is directed directly towards credit card payments, and she never earns interest. Her card is paid in full each month, so she can earn points without being hit with severe APR fees or fees.
“You can build enough points to remove money from rent payments,” she said. It could only be a few dollars a month, but you could put extra money on something like coffee on your way to work.
Bowyrick, 38-year-old wealth advisor Morton’s wealth Based in California, I have been using my BILT card to pay my rent for the past few years.
“Getting rental points is a game changer, so I recommend a Bilt card for that purpose,” Wirick says. Wirick receives the highest redemption value by transferring points through Bilt’s travel partners, which can be used in flights, car rentals, hotels and activities.
Why shouldn’t you pay for a home with a credit card?
The downside of paying homes with a credit card is that if you don’t have the money to cover your balance each month, you’ll accumulate more debt. It is often safer by traditional methods: transferring funds from a bank account via ACH, writing checks, or transferring funds via postal money order.
It is also important to check with your landlord or property manager about the fees. Although BILT and MESA cards do not have an annual fee (BILT cards do not have a rental transaction fee), landlords may charge a processing fee if they are paid with a credit card.
One way to avoid this in a built-in is to choose Biltprotectyou can pay rent and earn points without tapping on the credit line. This feature allows funds to be withdrawn directly from linked bank accounts. If you choose not to use this feature, your rent will be billed directly to your Bilt MasterCard, just like any other credit card fee.
Are there any requirements for home-specific credit cards?
Credit cards specializing in home payments do not have their own requirements. To qualify for a Bilt MasterCard, you must be at least 18 years of age and be a resident of the United States or its territory. Technically, there is no minimum credit score approved, but a good score (670-850) is recommended.
To earn points on your BILT card, you must create at least five transactions per billing cycle. To avoid missing that threshold, try setting your BILT card as the default method for ongoing expenses.
For MESA cards, according to company representatives, anyone with eligible devices and access to the App Store and Google Play can join WaitList directly. Once invited to apply, you will need to provide additional information about your application, just like any other unsecured consumer credit card.
What rewards do Bilt and Mesa cards come with?
Bilt MasterCard
Built’s sacrifice 1x per dollar rentup to 100,000 points per year. To earn points, you must use your card at least five times per month’s statement period. You can earn more points when you spend on travel or restaurants. As a built-card holder, you can scoop up special perks at Partner Sing Restaurant, Fitness Studios and the ride-sharing app.
You can pass through the points Bilt’s Travel Portal Earn additional points when booking a Portal.
In addition to improving your credit score when making monthly payments, Bilt has an additional feature that allows you to choose to report rent payments to three credit departments. Please increase your score.
MESA Homeowner Visa Signature Priority Credit Card
You will need to visit WaitList to sign up for a MESA Visa card that is currently available on the App Store and Google Play.
Available on MESA credit cards Various rewards Prices based on purchase: 1x per dollar of monthly mortgage payments. Double points on everyday essentials (for example, groceries, gas); 3x points on household-related transactions, such as utilities, maintenance, decoration, and housing improvement projects. And 1x points on everything else.
You can also take advantage of other perks, such as Sam’s membership in the club and credits with Mesa brand partners such as Thumbtack and Wag. Points earned will be redeemed for statement credits, gift cards, travel and mortgage payments.
What protection does Built or Mesa have?
It is important to keep your account information safe, as sharing confidential information with other parties can introduce risks at any time.
BILT and MESA credit cards come with standard zero liability protection to ensure the safety of sensitive personal and financial data from fraudulent activities. Bilt is a co-branded Mastercard with Wells Fargo, and comes with 24/7 ID theft protection.
“You need to make sure you have a safeguard to send your payment information to your landlord, property manager or mortgage company,” said Jovan Johnson, CFP and co-founder. Planning of Wealth. “Look for other card features, such as fraud alerts and virtual card numbers. This adds an additional layer of protection.”
Are residential credit cards worth the risk?
All credit cards have certain perks and bonuses, so we recommend that you research the pros and cons before applying. Bilt is more established and needs to expand its reach soon. MESA is still limited to what’s out of reach, so it’s worth researching further on the terms of use.
Financial experts say you should only use your credit card if you can afford to fully repay the statement and avoid balancing it. Otherwise, it’s easy to fall into debt immediately from a high fee.
“Credit card programs are designed to encourage people to spend more money,” Wirick says. “Go for it as long as you can to prevent it from falling into bad habits.”
*All information regarding Bilt MasterCard and MESA Homeowner Visa Signature Preferred Credit Cards is collected independently by CNET and not reviewed by the issuer.