Cardholders can build their credit scores through the Bilt Mastercard. Credit: Alina Kuptsova from Pixabay.

Bilt Rewards, a renter loyalty programme launched in the US, has launched a new co-branded credit card with Mastercard.

The newly launched credit card, dubbed Bilt Mastercard, will allow renters across the US to pay rent without any fees and earn points on rent paid.

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Bilt Rewards, a Kairos company, said that users can also raise their credit history with timely payment and use earned points for other expenses.

The company will offer transaction fees waiver for both the cardholder and the property owner. It does not charge any annual fee too.

The credit card also allows rent payments at buildings that don’t accept credit cards by sending a check to the property owner.

Bilt Rewards CEO and founder Ankur Jain said: “Housing is the single largest expense for most Americans, and rent is one of the only expenses that you couldn’t earn points on without fees.

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“Together with Mastercard, we have created a product that turns renting into a path forward for this generation, enabling them to earn points, build their credit and even chart a path towards homeownership.”

Bilt said cardholders can build their credit scores through the Bilt Mastercard with every on-time rent payment.

Cardholders can also manage their Bilt Mastercard digitally using the Bilt Rewards App.

Mastercard digital partnerships executive VP Sherri Haymond said: “Bilt Rewards and Mastercard share a similar ethos in putting the consumer at the centre and offering innovative, relevant experiences and benefits that meet and exceed their growing needs and expectations.”

Earlier this week, Oman-based Alizz Islamic Bank launched a Shari’a compliant corporate credit cards in partnership with Mastercard.