Blayne said:
@SophiaMartinez
Don’t you have to make payments from your bank account with Bilt?
The Bilt credit card comes with account/routing numbers you can use for rent. Your landlord or apartment might think it’s a bank payment, but it actually goes onto your Bilt credit card bill. This helps you avoid credit card fees, but you still earn points. I hope that clarifies things.
@SophiaMartinez
Yes, but someone mentioned that if you keep charging your credit card to the limit because of rent, they don’t appreciate that at Wells Fargo.
Blayne said:
@SophiaMartinez
Yes, but someone mentioned that if you keep charging your credit card to the limit because of rent, they don’t appreciate that at Wells Fargo.
Bilt has a feature that lets you pay rent immediately. It was made for people with lower credit limits. So if you have a $1k limit but your rent is $2k, you can use this feature and the $2k comes out of your bank account instead, keeping your credit card bill lower. You’ll still earn points this way.
@SophiaMartinez
So it works like a debit card?
I think Discover also has a debit card that gives 1% cash back on purchases up to $3000 a month.
Kelby said:
@SophiaMartinez
So it works like a debit card?
I think Discover also has a debit card that gives 1% cash back on purchases up to $3000 a month.
Except it’s ACH, not debit. Most portals still have percentage fees for debit cards.
My charge for debit is 2.5%, while ACH is free. Credit cards are 3.5%.
@Elinaah
So if it’s ACH, what’s in it for Bilt to offer cash back? Or are they just taking a loss here hoping you’ll use the card elsewhere too? Like a loss leader situation.
Kelby said:
@Elinaah
So if it’s ACH, what’s in it for Bilt to offer cash back? Or are they just taking a loss here hoping you’ll use the card elsewhere too? Like a loss leader situation.
More specifically, Wells Fargo is taking the hit hoping people will use the card more and recoup it through interchange fees and interest. That’s why they have minimum purchase requirements each month.
I just paid my property tax 
I’m confused about this insight. It just seems like basic logic.
Steele said:
I’m confused about this insight. It just seems like basic logic.
Some cards don’t allow cash back on taxes, mortgages, and similar items. This data point is helpful.
Steele said:
I’m confused about this insight. It just seems like basic logic.
4% is indeed greater than 2.95%.
Clearly, the person who posted this didn’t know that before.
Steele said:
I’m confused about this insight. It just seems like basic logic.
Not a revelation, just a data point. As I said, I hadn’t seen anyone mention using this card for rent. I wasn’t sure they would honor the 4%, but it looks like they will.
Bilt is likely still a better option in that case. Bilt points are worth at least 1.25 cents per point when redeeming through Bilt travel. Plus, you get even better value when transferring to Hyatt or some airline partners.
I was surprised to learn that my HOA dues qualify for both online purchases on the BoA CCR and travel with the PRE.
Awesome! If you look up the forum, there are many data points from people saying this works for payments that have credit card fees.
Good to know, thanks for sharing!
I’m waiting on sub accounts for IRA rollovers similar to RH and Webull over the last few months. Seriously considering a US Bank self-directed IRA, although I’m not a fan of the fees, like the $90 closing fee.
When I spoke to a rep, they said if I have 100k in the IRA, they would waive the fees. It might also work for a cash back card later, but 100 free trades a year feels quite lacking. I guess it will be set and forget for now. I wonder when they will scale back the perks on the 4% card too.
@Darian
Unless you don’t have a significant amount (and you need 100k just for the 4%), that matching option is worth more than the 1% difference in the credit card. Even the bare minimum at 100k would throw away 3k in matching. Plus, there’s another 3% for all contributions on top of that. It’s not for me because US Bank doesn’t come close to RH’s matching. RH has the best IRA around, no debate.
I could also use that money to get much bigger sign-up bonuses from other banks (Chase had a $900 bonus for opening accounts last year). With RH and other banks (plus getting higher interest instead of the low interest with US Bank), it’s not worth it for me. I already get 3%-5% cash back on every purchase card and I don’t have $100k laying around just to get a 1% difference that would require hundreds of thousands of dollars spent to make up. We’re talking about needing to spend over a million to make up that difference.
Do take all this into account for yourself, but for me, I only open accounts if I’m getting $600 or more for the privilege, or usually a lot less than that, so moving over that much cash doesn’t feel appealing since it likely won’t make up the opportunity costs.
@ace
Same here. I like to churn and burn. The 4% is nice, but the extra fees are a turnoff. I’ll keep an eye on SoFi, Webull, and RH when the bonus promotions return.
Enjoy that twenty bucks!