rewrite this title Bilt Selects FIS Premium Payback to Make it Easier to Redeem Points – Finovate

Bilt is partnering with FIS to integrate Premium Payback, enabling members to instantly redeem loyalty points at checkout without additional apps or sign-ups.

Bilt Rewards members can now use points earned from rent, dining, rideshare, and travel purchases for immediate savings at participating merchants.

FIS’s Premium Payback network, which supports 7,000+ card loyalty programs, helps drive customer engagement by increasing point redemption and boosting cardholder spending.

Loyalty platform Bilt has selected payment, banking, and investment systems provider FIS to allow users to redeem their points directly at the point of purchase.

Bilt is using FIS’ Premium Payback solution, an engagement tool that connects participating issuers with participating merchants to allow point redemption directly at the point of purchase. By adding the ability to redeem their points at the moment of their transaction, users benefit from immediate savings. Premium Payback displays offers at checkout to provide cardholders with instant gratification on their point usage. It does not require users to sign up for new services, download a special app, or anything else that adds friction.

Bilt Rewards was founded in 2021 to offer a loyalty rewards program and credit card that allows renters to earn points when they pay their rent, building credit with every payment. With no annual fee, the Bilt Mastercard credit card also allows cardholders to earn points on select dining experiences, rideshare purchases, and travel purchases. These points can be redeemed for travel, fitness classes, home decor, and even a down payment on a future home.

Bilt anticipates that, with Premium Payback, customers will be able to see their money work more effectively and instantly.

“We are constantly looking for ways to give our members more ways to redeem their points,” said Bilt Chief Strategy Officer Brandt Smallwood. “FIS’ Premium Payback network will allow Bilt Members to redeem their Bilt Points to save on their purchases with some of their favorite merchants in their neighborhood.”

FIS’s Premium Payback solution has thousands of financial institutions representing more than 7,000 card loyalty programs enrolled in its ecosystem. Of the customers enrolled in Premium Payback, 50% redeemed points two-plus times in one year, and 36% increased their spending.

“The current economy is significantly increasing the demand for loyalty programs that maximize the utility of money, but inadequate technology can complicate the experience cardholders have when redeeming loyalty points, hindering the efficient movement of money,” said FIS Head of Products and Services for Loyalty Mladen Vladic. “Credit and debit cards continue to play a leading role in the payment experience as money moves between banks, consumers, businesses and beyond in a complex, never-ending cycle. In the fight for customer loyalty, every payment card program is a vital opportunity to seize competitive advantage and drive growth. We’re proud that FIS Premium Payback can help our clients—like Bilt—accomplish these goals.”

 Photo courtesy Suzy Hazelwood via Pexels

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