Bilt phases out legacy credit cards; users must reapply for Wells Fargo product

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Bilt phases out legacy credit cards; users must reapply for Wells Fargo product

Research

Gary Leff Chief Financial Officer | View from the Wing

By Sky Industry News

Jul 11, 2024

I first obtained the Bilt Rewards Mastercard in November 2021. Initially, the program partnered with another bank before transitioning to Wells Fargo in March 2022. Wells Fargo did not acquire the existing portfolio of cardholders at that time. The limited profitability from early adopters may have influenced this decision.

Over the past 27 months, new Bilt credit cards have been issued exclusively by Wells Fargo. The legacy cards are scheduled to be phased out by December 31, requiring current holders to apply for a new Wells Fargo product if they wish to continue using a Bilt card.

This application option is available through the Bilt app and includes a pre-filled application form. Applicants receive 10,000 points regardless of approval status if they apply by August 31.

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I proceeded with my application despite potential impacts on Chase’s 5/24 limits due to several reasons:

- Maintaining my engagement with Bilt: The program offers superior transfer partners and bonuses.

- Accessing tap-to-pay functionality: A feature previously unavailable with my legacy card.

- Earning an additional 10,000 points: With prospects of future transfer bonuses.

Upon submission, I was immediately awarded 10,000 points and received instant approval from Wells Fargo with a $50,000 credit limit.

Bilt remains one of the most dynamic loyalty programs currently available due to its frequent introduction of new features and partnerships. I am pleased that they opted to retain me as a co-brand cardmember.

The legacy cards will remain functional until December 31, after which they will be deactivated by their issuer. One drawback is that autopay for the new Wells Fargo card requires setting up a separate account rather than managing it within the app.

There is no obligation for legacy cardholders to apply for a new Wells Fargo card; the old cards remain operational through year-end, and numerous earning opportunities exist within the Bilt ecosystem outside of co-branded products.

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