Bilt, a company founded in 2021 with the aim of rewarding renters, announced on Wednesday that it is expanding its rewards program to include homeowners and introducing three new credit cards, alongside a proprietary rewards currency. The expansion, set to launch on February 7, will allow mortgage holders to earn points on their monthly payments, a move that signals the company's ambition to broaden its appeal beyond the rental market.

The company's initial success stemmed from offering rewards for rent payments, a concept that resonated with millions of renters in the United States, where renting is a common housing option, particularly among younger generations and in urban centers where homeownership is less accessible. This approach tapped into a previously underserved market, as traditional credit card rewards programs often focus on travel or retail spending.

The introduction of three new credit cards and a proprietary rewards currency adds complexity to the Bilt ecosystem. Experts note that navigating the intricacies of the program requires careful attention to detail. The company is also capping interest rates at 10 percent on new purchases for the first year, a strategy reminiscent of regulatory measures aimed at protecting consumers from excessive borrowing costs, a concern globally.

The expansion comes at a time when housing affordability is a pressing issue in many countries. In cities like London, Hong Kong, and Sydney, the cost of buying a home has risen dramatically in recent decades, making homeownership unattainable for many. While Bilt's program is currently focused on the U.S. market, the underlying concept of rewarding housing payments could potentially be adapted to other countries facing similar affordability challenges.

The company previewed the changes in recent weeks, generating buzz among its existing members and attracting attention from potential new users. The success of Bilt's expansion will depend on its ability to effectively communicate the value proposition of its new offerings and navigate the complexities of the rewards system.