Wells Fargo unveils credit card that rewards rent payments

Wells Fargo says its new credit card is the first to let the nation's 109 million renters pay their landlords each month while earning points and miles.

Wells is partnering with Bilt Rewards on a Mastercard that can be used to make payments on any rental property in the U.S. without incurring transaction fees, the San Francisco-based lender said on Monday. Buildings that don't accept credit card or digital payments will be sent a check after the cardholder uses their Bilt app to pay their rent.

Bilt is a loyalty program for renters started last year by a group of large property managers and owners including Blackstone and Camden, Cushman & Wakefield, which oversee more than 2 million apartment units. Rent payments using the card would come from a linked bank account.