Bilt Rewards Program Changes Stir User Concern

- The partnership with Wells Fargo, which previously issued the Bilt Mastercard, is ending reportedly due to significant financial losses for the bank, estimated at as much as $10 million per month. Existing cardholders who don't opt into the new program will have their accounts automatically converted to a Wells Fargo Autograph Visa in February 2026. - Bilt is shifting from a single, no-annual-fee credit card to a new three-card lineup under "Bilt 2.0," which will include a no-fee card, a mid-tier card with a $95 annual fee, and a premium version for $495. - The new cards will not be issued by a single major bank but through a multi-company arrangement involving Cardless for servicing, Column N.A. as the official bank and lender, and Fidem Financial providing the capital. - A new, more complex rewards structure was introduced with the "Bilt 2.0" rollout, including a second currency called "Bilt Cash." The initial launch caused such significant user confusion that Bilt's CEO, Ankur Jain, publicly acknowledged the issues and quickly introduced an alternative, parallel earning system for users to choose from. - A new partnership with Venmo and PayPal is set to launch in early 2026, allowing members to make housing payments directly through those apps. However, support documentation indicates using these payment providers to earn points on rent is an option exclusively for Bilt cardholders. - Unlike the previous arrangement, opting into one of the new Bilt 2.0 cards will be reported as a new account on a user's credit report. This could impact the credit scores of existing members by lowering their average age of accounts. - As part of the program's expansion, Bilt has announced that beginning February 7, 2026, members will be able to earn points on mortgage payments, not just rent.