Last week, Bilt announced three new credit cards — the no-annual-fee Bilt Blue Card, the $95-annual-fee Bilt Obsidian Card and the $495-annual-fee Bilt Palladium Card — with new rewards, new perks and a new system of earning points on rent and mortgage payments. Unfortunately, the old Bilt Mastercard® (currently unavailable to new applicants) will sunset on Feb. 7, the same day the new cards go live.
Existing Bilt Mastercard cardholders have between now and Jan. 30 to preorder one of the Bilt 2.0 cards and benefit from a “seamless upgrade” that includes avoiding a hard credit inquiry and keeping their old card number. Existing Bilt Mastercards will continue to work through Feb. 6, but the transition after that gets a bit complicated. Here’s everything you need to know and do before Feb. 7.
Bilt 2.0 transition: Timeline and what to know
What is going to happen to my Bilt card?
An important reminder before we start: Your Bilt credit card is separate from your Bilt Rewards account. Regardless of whether you get a Bilt 2.0 card, you’ll keep your points, status and Bilt membership after the transition. You can still earn and redeem points without a Bilt credit card.
The Bilt Mastercard will be deactivated on Feb. 7 for everyone. You can close your Bilt Mastercard before Feb.7 to avoid the transition altogether.
If you keep your Bilt Mastercard, what happens next depends on what choice you make by Jan. 30:
Option 1: Your Bilt Mastercard is replaced by the Wells Fargo Autograph
If you choose not to preorder a Bilt 2.0 card, your current Bilt Mastercard will be converted to a Wells Fargo Autograph® Card on Feb. 7. You’ll continue managing this account through Wells Fargo, not Bilt. Further, you’ll receive a new Autograph Card and a new card number, but this will essentially be the same credit account as your Bilt Mastercard. Your credit line and credit history won’t be impacted, and any remaining balance will be carried over.
After the account converts, you can contact Wells Fargo to close the Autograph card if you wish.
The Wells Fargo Autograph® Card offers generous bonus spending categories and lets you transfer points to airline and hotel partners, which is rare for a credit card with no annual fee.
- Access to all of the Wells Fargo transfer partners including Flying Blue (Air France/KLM) and Virgin Red
- No annual fee
- Excellent bonus spending categories
- Intro-APR for purchases
- No travel credits or other valuable travel perks
- Lacks key travel protections such as trip delay reimbursement and trip cancellation/interruption coverage
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months – that’s a $200 cash redemption value.
- Earn unlimited 3X points on the things that really add up – like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.
- $0 annual fee.
- 0% intro APR for 12 months from account opening on purchases. 18.49%, 24.49%, or 28.49% variable APR thereafter.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Redeem your rewards points for travel, gift cards, or statement credits. Or shop at millions of online stores and redeem your rewards when you check out with PayPal.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Balance transfer fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign transaction fee
Option 2: You opt in to a Bilt 2.0 card by Jan. 30
If you preorder a Bilt 2.0 card by Jan. 30, Bilt promises a “seamless upgrade” from your old Bilt card to your new one. However, your Bilt Mastercard isn’t actually being converted into a 2.0 card.
Instead, you’re applying for and opening a new Bilt 2.0 card, which is a new credit account. When you select your new Bilt 2.0 card, you can choose to have Bilt work with Wells Fargo to automatically close your Bilt Mastercard account after Feb 6.
If you apply for and choose your new 2.0 card by Jan. 30, you’ll get the following benefits:
- You’ll keep the same card number as your Bilt Mastercard
- Your digital wallets, like Google Pay and Apple Pay, will automatically update to your 2.0 card
- Applying for the 2.0 card will not result in a hard credit inquiry (but accepting the card will result in a new credit line)
- Your 2.0 card will arrive by Feb. 6
Existing cardholders who apply for a 2.0 card after Jan. 30 may not be eligible for the above benefits. Keep in mind that approval isn’t guaranteed, regardless of when you apply or whether you’re a Bilt Mastercard cardholder.
Overview of the transition timeline
Overview of the Bilt transition timeline
| Date | What happens |
| Jan. 14 | ● Details for new Bilt 2.0 cards (Bilt Blue, Bilt Obsidian and Bilt Palladium) announced ● Bilt 2.0 card preorder applications open |
| Jan. 30 | ● Last day for Bilt Mastercard cardholders to apply for a 2.0 card and enjoy “seamless transition” benefits ● Last day for Bilt 1.0 cardholders who’ve already applied for a 2.0 card to change their card selection (by contacting Cardless customer service) |
| Feb. 3 | ● Last day to use Bilt Mastercard for rent payments with BiltProtect on |
| Feb. 6 | ● Last day to use Bilt Mastercard for purchases and rent payments without Bilt Protect ● Last day to make payments toward Bilt Mastercard through Bilt ● Day Bilt 2.0 card is guaranteed to arrive if you qualified for the “seamless transition” |
| Feb. 7 | ● Bilt Mastercard stops working ● Bilt 2.0 card starts working for purchases and rent/mortgage payments ● Bilt Mastercard accounts automatically convert to Wells Fargo Mastercard (unless you opted to have the account automatically cancelled); all payments and account management done through Wells Fargo going forward |
How does the Bilt transition affect your credit history?
Outside of opting to close your Bilt Mastercard account, here are two possible paths you may take in the Bilt transition:
- You apply for and open a new Bilt 2.0 card, which is a new credit line.
- Your Bilt Mastercard converts to a Wells Fargo Autograph card, continuing the old credit line — which you can keep or cancel.
Here’s how that could affect your credit score:
- Credit inquiry: Bilt Mastercard cardholders who apply for a 2.0 card by Jan. 30 will undergo a soft inquiry, instead of the hard inquiry that’s typical of new card applications. A soft inquiry won’t affect your credit.
- New credit line: If you get a Bilt 2.0 card, you’ll be opening a new line of credit. This could reduce your average age of credit (which could negatively impact your score) but could also lower your credit utilization ratio by increasing your total credit limit (which could benefit your score).
- Closing your Bilt Mastercard: If you close your Bilt Mastercard account (before or after it converts to an Autograph card), you’ll lose that credit line. Closed credit cards stay on your credit report for up to 10 years, so your average age of credit history won’t be immediately affected. If your Bilt Mastercard represented a large percentage of your total credit limit across all your cards, closing this account could increase your utilization ratio, which could negatively affect your score.
Overall, how the transition to Bilt 2.0 could affect your credit depends on many factors that are hard to predict. But if your credit is currently good and you practice good habits — like paying your bills on time and keeping your utilization low — the effect is likely to be relatively minor and temporary.
FAQs
Does the Bilt 2.0 card count toward Chase 5/24?
Yes, regardless of whether you have a Bilt Mastercard, opening a Bilt 2.0 card will be considered a new credit line under Chase’s 5/24 rule. (The unofficial 5/24 rule may prevent you from being approved for certain Chase cards if you’ve opened more than five cards from any issuer in the past 24 months.)
Can Bilt Mastercard cardmembers get a Bilt 2.0 welcome bonus?
Yes, Bilt staff confirmed on Reddit that anyone who’s approved for a Bilt 2.0 card is eligible for a welcome bonus, even if they’ve previously held the Bilt Mastercard. However, the Bilt 2.0 cards have a “once per lifetime” bonus restriction in their terms, meaning you won’t be able to get a second Bilt 2.0 card bonus if you’ve previously gotten a 2.0 card bonus.
Can I have more than one Bilt 2.0 card?
No, each member can only have one Bilt card at one time, according to Bilt. You can only choose one out of the three options: Blue, Obsidian or Palladium.
Who is the issuer of the Bilt 2.0 cards?
The Bilt 2.0 cards are serviced by Cardless, Inc. and issued by Column N.A., Member FDIC. The original Bilt Mastercard (soon to be discontinued) was issued by Wells Fargo.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
