More Info on Bilt Card 2.0 And New Mortgage Info

Bilt Readies for Transition to Cardless Credit Cards in 3 Flavors

The first thing we learned today is that Bilt has stopped accepting applications for the v1.1 version of the Bilt card (I’m calling the OG version issued directly by Bill 1.0 and the Wells Fargo v1.1 since it was really the same card, but issued by Wells). 

This is in anticipation of the launch of the new set of 3 Bilt credit cards at varying annual fee and benefit tiers which we now know will officially launch on February 7th, although we are still in the dark on what each card will offer.

What’s cool is that when the cards move over to Cardless, existing Bilt credit card holders will NOT have to go through full underwriting again like when the transition to Wells Fargo occurred a couple of years ago. You will simply choose the card you want and they will do just a soft pull on your credit before issuing the card. Your card number will stay the same (I really don’t know how they are pulling that off!) and your digital wallets will update. No autopay changes will be necessary. I assume that also means that scheduled rent payments will continue to just work although we’d certainly hear if that is not the case in plenty of time.

Also interesting is that if you do not close your Wells Fargo card after your Bilt account “moves” to Cardless is that you’ll wind up with a new card number and a Wells Fargo Autograph card.

NOTE: while the transition will not result in a hard inquiry on your credit, it will be a “new account” so that will affect your 5/24. I think that will be more than a fair trade all-in-all but good to know about in advance for your card planning strategy.

Bilt Points for Mortgage Payments

The biggest tease in the email from Bilt is this:

“Earn points on mortgages – In addition to points on rent, your new Bilt Card 2.0 will let you earn points on eligible mortgage payments, regardless of who your mortgage is from.”

You’ll recall with the big mortgage announcement, it really looks like phase one of mortgage payment acceptance to earn points would be limited to mortgages from Bilt’s newest investor, United Wholesale Mortgage (UWM).

This statement clearly suggests otherwise! And yet, aside from being able to get a bit more excited that February could potentially be the start of making any mortgage payments via Bilt (just like we do with rent!), we have no further details…

Thoughts?

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