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A few months ago, LaQueshia Clemons and her husband were looking for ways to earn the most points on their credit cards. After poking around, they decided to give the Bilt Mastercard* a go.The Bilt Mastercard is a unique housing credit card, designed to help you earn rewards for paying rent. Later this year, according to aletter to memberson its website, Bilt will also offer points on mortgage payments. Another housing credit card, the recently launched Mesa Homeowners Visa Signature Preferred Credit Card*, also allows homeowners to earn credit card points for mortgage payments.Clemons, a 35-year-old financial therapist at Freedom Life Therapy based in Connecticut, now uses the Bilt card to pay monthly rent, electricity, cell phone, car insurance premiums and streaming subscriptions. She and her husband put about $2,500 a month on the Bilt card, collecting a bounty of reward points in the process. Since housing is the largest expenditure for most US families, using a credit card for big-ticket, ongoing spending like rent ormortgagepayments could make sense. But is using a housing credit card worth the risk? Let's take a closer look.Should you pay for housing with a credit card?Paying for anything with a credit card, including housing, could be worthwhile, but it always depends on your budget and spending patterns. If you're financially strapped due to a recent job loss or have outstanding medical bills, you don't want your housing expenses to accrue interest and put you further in the red.However, if you feel confident that you can use the card conscientiously -- meaning you can immediately cover the balance when it's due each month -- using a credit card can be a good way to rack up points. Clemons, for example, pays off her balance weekly. A portion of each paycheck goes straight toward credit card payments, and she never accrues interest. Because her cards are paid in full each month, she can earn points without getting hit with heavy APR charges or fees."I can build up enough points to take the money off my rent payment," she said. Though that may be just a few extra dollars each month, the extra money could be put toward something, like coffee on the way to work.Beau Wirick, a 38-year-old wealth adviser atMorton Wealth based in California, has been using the Bilt card to pay for his rent for the last few years."Getting points for rent is a game changer, so I recommend the Bilt card for that purpose," said Wirick. Wirick gets the best redemption value by transferring points and redeeming them through Bilt's travel partners, which can be used on flights, car rentals, hotels and activities.Why shouldn't you pay for housing with a credit card?The downside to paying for housing with a credit card is accumulating more debt if you don't have the money to cover your balance each month. It's often safer to pay for housing the traditional way, that is, by transferring funds via ACH from your bank account, writing a check or via a money order.It's also important to check with your landlord or property manager about fees. While the Bilt and Mesa cards don't have annual fees (and the Bilt card doesn't have transaction fees for rent payments), your landlord might impose a processing fee if you pay with a credit card.One way to avoid this with Bilt is to opt for BiltProtect, which allows you to pay rent and earn points without tapping into your credit line. With this feature, the funds are pulled directly from your linked bank account. If you choose not to use this feature, your rent will be charged directly to your Bilt Mastercard just like any other charge on your credit card.Do housing-specific credit cards have requirements?Credit cards that specialize in paying for your housing don't have unique requirements. To be eligible for the Bilt Mastercard, you must be at least 18 years of age and a resident of the US or its territories. There's technically no minimum credit score to get approved, but a good to excellent score (670 to 850) is recommended.To earn points on the Bilt card, you'll need to make at least five transactions each billing cycle. To ensure you never miss that threshold, try setting your Bilt card as the default method for ongoing expenses.For the Mesa card, anyone with an eligible device and access to the App Store and Google Play can join the waitlist directly, according to a company representative. Once you're invited to apply, you'll be required to provide additional information to make a credit decision on your application, similar to other unsecured consumer credit cards.What rewards come with Bilt and Mesa cards?Bilt MastercardBilt offers 1x points per dollar on rent, up to 100,000 points a year. To earn points, you'll need to use the card at least five times each monthly statement period. You can earn higher points when you spend on travel and restaurants. As a Bilt cardholder, you can scoop up special perks at partnering restaurants, fitness studios and rideshare apps.You can transfer points through Bilt's travel portal and rack up additional points when you book travel through the portal.Besides improving your credit score if you make on-time monthly payments, Bilt has an added feature that allows you to opt into reporting your rent payments to the three credit bureaus, which can also boost your score.Mesa Homeowners Visa Signature Preferred Credit CardCurrently, you'll need to get on a waitlist to sign up for the Mesa Visa card, which is available on the App Store and Google Play.The Mesa credit card has different rewards rates depending on your purchase: 1x points per dollar on your monthly mortgage payments; 2x points on everyday essentials (e.g., grocery, gas); 3x points on home-related transactions, like utilities, maintenance, decor, and home improvement projects; and 1x points on everything else.You can also take advantage of other perks, such as memberships to Sam's Club and credits with Mesa's branded partners, such as Thumbtack and Wag! Points earned can be redeemed toward a statement credit, gift cards, travel and mortgage payments.What protections are there with Bilt or Mesa?Sharing sensitive information with another party can always introduce risks, so it's important to keep your account information secure.The Bilt and Mesa credit cards come with standard zero liability protection to help ensure the safety of your sensitive personal and financial data from fraudulent activity. Because Bilt is a co-branded Mastercard with Wells Fargo, it comes with 24/7 ID theft protection."You'll want to make sure they have safeguards in place for transmitting your payment information to your landlord, property manager or mortgage company," said Jovan Johnson, a CFP and co-founder of Piece of Wealth Planning. "Look for other card features like fraud alerts or virtual card numbers, which can add an extra layer of protection."Are housing credit cards worth the risk? Every credit card has specific perks and bonuses, so it's a good idea to research the pros and cons before you apply. Bilt is more established and should be expanding its reach soon. Mesa is still fairly limited in its reach, so it's worth doing more research on the terms and conditions.Financial experts say that you should only use a credit card when you can afford to pay off your statement in full and avoid carrying a balance. Otherwise, it's easy to fall immediately into debt from high interest charges."Credit card programs are designed to incentivize you to spend more money, period," Wirick said. "As long as you can keep yourself from falling into bad habits, go for it."*All information about the Bilt Mastercard and Mesa Homeowners Visa Signature Preferred Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
