How to Redeem Your Bilt Points Toward Buying a Home - Step-by-Step Guide

Did you know that you can redeem your Bilt Points toward the purchase of the home? Well in this video, I’ll be walking you through the process of requesting this option based on my personal experience.
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In just a few days, my wife and I are expected to close on our first house. Ahead of this, I had the chance to cash in the points I’ve earned on my Bilt Mastercard and apply them toward our closing costs. So, how does this process work and is it worth it? Let’s take a step-by-step look at this lesser-discussed Bilt Points option.
Before we get into the how-to, let’s briefly discuss the value of Bilt points and where this homebuying option fits.
Like many rewards currencies, the value of Bilt Point varies by how you redeem them. On the low end, points can be cashed in for a statement credit at a paltry value of 0.55¢ each, meaning that 100,000 points would yield $550. Slightly better, the points can also be used on Amazon at a value of 0.7¢ each, so 100,000 points would be $700. A much better option is the Bilt Travel portal, where points can be redeemed for 1.25¢ each toward bookings. Using our 100,000 point example, that’s $1,250 in travel. Alternatively, Bilt has a number of travel transfer partners offering 1:1 conversions. While this option can result in majorly lucrative redemptions, it’s hard to put a firm value on it due to a laundry list of factors.
However, another redemption option is the ability to redeem point toward a down payment or closing costs as part of the homebuying process. In this case, Bilt Point are assessed at a value at 1.5¢ each. So, if you have 100,000 points, that’s $1,500 toward your home purchase. With that out of the way, let’s dive into how to request this redemption.
To get started with the process of redeeming Bilt Point toward a home purchase, I’ve found that the best place to start in the Bilt FAQ page. On there, you’ll be able to find a link to the form you’ll need to complete in order to make your request.
So, here’s the form - and it’s pretty simple. You’ll start with entering your name and the e-mail address your Bilt account is associated with.
Next, you’ll need to provide some sort of proof that you are indeed buying a home. Specifically, they list documents such as a sales contract, loan estimate, or closing disclosure. Personally, I sent a loan estimate originally but just for context, here’s what a closing disclosure looks like. Whatever you choose, you can just upload that to the form pretty easily. If you don’t have any of these documents available, Bilt does say that you can contact them and hopefully you’ll be able to find a solution together.
Assuming you do have an eligible document to upload, the next step is to select whether you want to cash in all of your points or specify a certain number. I didn’t have a ton to begin with so I elected to do all of mine, but when you select the other opinion, you’ll be able to enter exactly how many points you want to use.
After that, you’re all set to submit your application and Bilt says it can take up to 5 business days to hear back. However, in my case, I think it was actually the very next day that I received this email, which looks like a check and essentially is. As you can see, my 39,752 Bilt Point resulted in a payout of $596.28.
With this check you do have a couple of options. One is that you can print the check and use mobile deposit or whatever else to deposit it into an account. Alternatively, you can use direct deposit to transfer your funds. In this case, you can link your destination account using Plaid or if that doesn’t work for your institution, you can manually confirm the account by entering the account and routing number. Personally, I used the Plaid option and my transfer arrived within a couple of business days.
As for what this looks like on Bilt’s end after, you can see that I no longer have any points and, if you look at the point history, it shows as a manual points adjustment. Funny enough, it looks like something must have gone a bit wrong because there are actually two withdrawals and one reapplication of the points but it evened out.
Overall, I was pretty impressed with how easy this process was - at least once I found the form in the first place. Prior to this., I couldn’t quite figure out how to proceed with the redemption using the app as it sends you to an article and that article suggests emailing someone - so I think just heading to the FAQ and the form is easier.
#bilt #homebuying #FioneyMoney
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[@ahnonamos]

Congratulations on your new home!

[@zhuiguangliu5860]

Short and straight to the point on everything - thank you!