The Bilt World Elite Mastercard® Credit Card burst onto the scene in 2021 with a game-changing offer: the chance to earn rewards on rent payments without the burden of hefty processing fees. This innovative approach quickly found its niche in a market teeming with renters—the U.S. alone boasted over 43 million rented units in 2023, as reported by the U.S. Census Bureau. However, its very success has thrown a curveball to its issuer, Wells Fargo. The Wall Street Journal notes that the card, while popular, has come with unexpected financial losses, partly due to its high usage and the unconventional way people are engaging with it.
Despite these challenges, fintech companies have taken inspiration from Bilt’s model. They’re exploring how to apply this concept of earning rewards on substantial recurring expenses—categories typically off-limits for credit card payments. These ventures are eyeing innovative avenues such as tuition fees, mortgages, auto loans, and even international money transfers as their playgrounds.
But attempting to replicate Bilt’s winning formula isn’t as simple as it seems. Some aspiring players have yet to officially launch, while others have already bowed out of the race. According to Brian Riley, a co-head of payments at Javelin Strategy and Research, any fintech model’s success hinges on more than just being a brilliant concept. It demands solid funding, a robust infrastructure, and the discipline to see it through.
Several credit card companies are making strides to carve out their niche. Even if you’re not a renter, you still likely have significant monthly expenses. Wouldn’t it be rewarding to get something in return for all that spending? That’s what these new credit card players, hoping to mirror Bilt’s success, aim to offer. Here’s a snapshot of some exciting contenders:
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Mesa Homeowners Card: Unveiled in November 2024 by fintech Mesa and Celtic Bank, this card allows homeowners to earn rewards on mortgage payments, just like Bilt does for rent. The card also grants points for other home-related purchases and opened for applications in early 2025 after a waitlist period.
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Fasten Rewards Visa Credit Card: Opened for waitlist in early 2025, this card offers rewards on eligible auto loans, leases, or insurance payments. Issued by Celtic Bank in collaboration with Highnote and Fasten Rewards, it’s yet another attempt to expand credit rewards into everyday large expenses.
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Nibbles Credit Card: For pet owners burdened with monthly pet-related expenses, this card launched in January 2025 with Lead Bank. It provides rewards on purchases like vet bills and grooming services and even offers pet insurance to sweeten the deal.
- Pomelo Card: Designed for international money transfers, this card, introduced by fintech Pomelo and Coastal Community Bank, offers rewards on sending money to the Philippines, bypassing transfer fees—a notable innovation for U.S. newcomers since early 2025.
Despite these promising initiatives, not every idea progresses beyond the concept stage. A card aimed at rewarding tuition payments faltered before hitting the market, emphasizing the volatile nature of these ventures.
The path to success for these niche cards isn’t straightforward. Many share similar beginnings, typically involving a waitlist to gauge interest without overshooting demand, as Riley explains. Moreover, products often evolve significantly from initial waitlist versions to what ultimately hits the market, as companies refine strategies to secure profitability. Bilt itself has undergone tweaks, such as adjusting its bonus reward offerings during promotions, proving that adaptation is crucial.
Cards like Mesa might expand their offerings over time, potentially adding features such as travel transfer partners, much like Bilt, to broaden their appeal beyond specific niches. Stephanie McKnight, a Bilt cardholder and content creator, exemplifies the potential value of such enhancements, noting how rent rewards can fund travel adventures.
But there’s a fine line between value and viability. As seen with the short-lived Rise Tuition Card, drastic shifts in a card’s value proposition can lead to its demise rather than its success. The 2025 demise of this card, once set to offer tuition rewards but later morphing into a standard student starter card, highlights the importance of maintaining the original appeal.
The success of these cards also heavily depends on finding the right banking partners. Fintechs provide the innovative edge, but banks manage the crucial underwriting process, deciding who gets approved. Ideally, these partnerships are mutually beneficial, aligning visions from grand concepts to operational details. For Bilt, Wells Fargo brought the might and resources necessary to scale the idea swiftly while gaining access to a fresh base of young consumers.
Whether smaller issuers behind cards like Mesa, Nibbles, and Pomelo can replicate such success remains an open question. They face hurdles in scaling their offerings and reaping similar financial rewards as Bilt. Still, as Riley suggests, while not every bank can navigate these waters, those like Wells Fargo that embark on this journey can remain deeply invested for as long as the advantages persist.
