Bilt Rewards partners with Rakuten to bring points for online shopping

Bilt, a loyalty program that offers perks on rent payments, has launched a partnership with Rakuten that allows members to earn points for shopping online across thousands of retailers.

Bilt, a New York-based startup that operates as a payment processor, rewards customers with points for paying their rent on time, purchasing a home and, soon, paying their mortgage. 

These points can be spent on travel — with more than 100 major airline and hotel partners — fitness classes, local neighborhood restaurants and even purchases at Walgreens. 

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Rakuten, meanwhile, offers cash-back savings across more than 3,500 retailers, like up to 4% cash back on Nordstrom purchases, 12% on Ulta Beauty and up to 10% on Hotels.com. 

Now Bilt’s more than 5 million members can use the Bilt app, or Rakuten’s app, site or browser extension – all of which are free to use – to earn Bilt points across Rakuten’s retailers.

“We’re thrilled to launch this partnership today, just as the holiday shopping season kicks into high gear,” said Bilt founder and CEO Ankur Jain.

“Starting right now, whether you’re furnishing your apartment, shopping for the holidays or checking items off your weekly to-do list, you’re earning points that can book you a flight to Tokyo, help to cover next month’s rent or unlock exclusive experiences.”

In the world of loyalty programs, Bilt’s points are seen as some of the most valuable, according to The Points Guy, a site that breaks down different savings programs.

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Each Bilt point is worth about 2.2 cents – while most other programs offer points worth just 1 cent, according to the site.

Starting Thursday, all Bilt members will earn a 1:1 conversion rate when shopping through Rakuten partners. That means $10 in Rakuten cash back will be worth 1,000 Bilt points. The company said it has not finalized what the conversion rate will be after the six-month period.

For a limited time, Bilt members who sign up for Rakuten through the Bilt app will earn 2,500 bonus points after their first purchase of $25 or more.

“If you’re leaving points on the table, it’s like throwing money away,” said Brian Kelly, founder of The Points Guy.

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Kelly – who helped advise Bilt on the new program – called it a “no-brainer,” adding that people who already use their own cash-back credit cards can easily earn double or triple the rewards.

Customers already earn points when they use a cash-back credit card – from Chase, AmEx or any other bank – to shop online. 

Now they can earn Bilt points on top for extra rewards by shopping across Rakuten’s site, he explained.

“When you click through Bilt, Rakuten, it takes you directly to the retailer’s website, so it’s not like you have to buy it through some weird site,” he added.

Amit Patel, CEO of Rakuten Rewards, called it a “win-win for smart shoppers everywhere.”

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The new partnership comes just in time for Rakuten’s holiday event taking place through Nov. 10. It offers extra cash back – or Bilt points – each day on a different vendor. 

Shoppers will see huge discounts on Adidas, for example, on Nov. 10, the company said.