Lyft and Bilt Rewards Partner to Offer Points on Ridesharing

Lyft users can now earn Bilt Rewards points on every rideshare, bike and scooter booking.

The two companies have teamed up to enable the users of the Lyft app to link these transactions to the Bilt Rewards loyalty program for renters, according to Lyft’s Wednesday (March 8) blog post.

“Partnering with Bilt Rewards gives us the opportunity to elevate the transportation experience for members by giving them a chance to earn additional points every time they complete a ride through the Lyft app,” Lyft Chief Business Officer Zach Greenberger said in the release. “Strategic partnerships like this give riders even more reasons to choose Lyft for their transportation needs, offering them the best value for their money and more ways to earn and maximize their rewards.”

PYMNTS research has found that rebates, loyalty programs and other rewards for making purchases are a vital part of retail advertising.

These incentives play a crucial role in helping players stand out above others in the intensely competitive world of online and in-person retail, according to the “Expanding Payments Choice Playbook,” a PYMNTS and Onbe collaboration.

With the new partnership, riders can earn points by linking their Bilt Rewards and Lyft accounts or by paying with their Bilt Mastercard. They can earn 2X points by linking the accounts, 3X points by using the Bilt Mastercard and 5X points by doing both, according to the press release.

The points can be redeemed with Bilt Rewards partners that include airlines, hotels, fitness classes and more, the release said.

“Bilt is focused on rewarding people on their biggest life expenses, like rent,” Bilt Rewards founder and CEO Ankur Jain said in the release. “Through our partnership with Lyft, we can now take transportation, another major everyday cost for our members, and turn that into a rewarding experience that gets members a step closer to booking their next vacation, workout class, or even putting a down payment on a home.”

Bilt Rewards saw its valuation grow fourfold to $1.5 billion following a $150 million equity funding round.

The company is processing $3 billion in rent payments a year, users of the Bilt Mastercard are spending at an annualized rate of $1.6 billion, and the company has more than half a million members.