Major changes are afoot in the Bilt Rewards credit card universe, and they're arriving on a tight timeline. After years of exclusively offering a single co-branded card with Wells Fargo, Bilt is readying an all-new portfolio of three credit cards issued by Cardless-a dramatic pivot in how the company thinks about consumer credit.

The transition, planned to take place at the beginning of 2026, will bring about an introduction of several card tiers, new account management systems, and a complete exit from Wells Fargo as Bilt's issuing bank. Although much remains a secret, Bilt has now confirmed key dates and outlined how current cardholders will transition to what it has dubbed Bilt Card 2.0.

Here's a clear breakdown of what's changing, when it's happening, and what both current and future cardholders can expect.

The Bilt Credit Card Program Gets a Major Reset

Bilt first signaled its intent to revamp its credit card offerings in mid-2025, when it announced plans to move away from a single-card model and toward a multi-tier portfolio. That vision is now becoming reality.

Bilt is launching its new lineup of cards beginning February 7, 2026, and bids farewell to the longtime partnership with Wells Fargo. The new cards will be issued by Cardless, a fintech company associated with deploying co-branded credit card programs in record time.

For users who opt in early, the transition will be largely invisible, with Bilt placing a premium on continuity and minimum disruption.

What about the current Bilt cardholders?

Current Bilt Mastercard holders will not be forced to take immediate action, but they will have a short window in which to make a decision as part of facilitating an uninterrupted experience.

Here's how the transition will work:

• No Hard Credit Inquiry: Cardholders who decide to opt-in with Bilt Card 2.0 can make the transition with just a soft credit check.
• Same Card Number: These people will retain the current card number upon early transition.
• Digital Wallet Continuity: Apple Pay, Google Wallet, and other digital wallets will update automatically.
• Balance Transfers: Existing balances can be transferred into the new account issued by Cardless.
• No Loss of Points: All points and history of the Bilt Rewards account will be kept intact.

Current Wells Fargo–issued cards will continue to work until February 6, 2026. At that time, accounts will either convert to the new Cardless platform or shift into a different Wells Fargo product, depending on the cardholder’s choice.

Three New Cards, Three Different Price Points

Perhaps the most significant of the changes, however, is that Bilt has moved from a single no-annual-fee card to a three-card structure designed to appeal to different types of users.

The new lineup will consist of:

1. No Annual Fee Card

This will be an entry-level card, and it is expected to continue offering points on rent payments, the feature that originally made Bilt popular. Specific earning rules and limitations have not yet been fully disclosed, though.

2. Mid-Tier Card: $95 Annual Fee

This card is expected to offer increased earning rates, additional benefits, or bonus categories designed to justify the modest annual fee.

3. Premium Card: $495 Annual Fee

Its top tier will likely be geared toward frequent travelers and big spenders, but Bilt has not yet announced which premium perks-lounge access or travel credits, say-will be included.

Complete details for all three cards will be revealed on January 14, 2026 - the same day Bilt opens its card "pre-order" window.

Dates You Need to Know

Bilt is operating on a compressed rollout schedule, making it important for cardholders to be informed.

• November 5, 2025: Bilt Mastercard no longer open to new applicants
• January 14, 2026: Full card details revealed, and pre-orders open
• January 30, 2026: Deadline to select a new card to ensure a smooth transition.
• February 6, 2026: Last day Wells Fargo-issued cards work normally
• February 7th, 2026: Bilt Card 2.0 officially launches

Cardholders who choose by January 30 can be certain that their new card will arrive well in advance of the February transition date.

Why Bilt is leaving Wells Fargo

But behind the scenes, that shift reflects deeper financial realities. While Bilt has grown extraordinarily quickly and achieved a massive valuation, its credit card partnership with Wells Fargo has struggled to reach profitability, people familiar with the matter say.

The central problem was rent. The main Bilt selling point-rewards on rent, with no transaction fee-created minimal interchange revenue. Wells Fargo had initially estimated that the majority of card spending would fall outside rent payments, thereby defraying some of those costs.

In practice, the opposite happened.

• A majority of card spending was tied to rent.
• Non-rent purchase volume was less than expected
• Losses were reportedly reaching tens of millions of dollars per year.

Given those dynamics, it became increasingly clear that Wells Fargo was looking for an exit and that Bilt needed a partner who was willing to rethink the economics of the program.

Why this is a big win for Cardless

For Cardless, landing Bilt represents its most high-profile partnership to date. It has made a name for itself as a fintech that can launch co-branded cards in rapid time, but none of its previous agreements came close to matching Bilt's scale or visibility.

This deal instantly positions Cardless as one of the significant players in the co-branded credit card space. The challenge now will be sustainability.

The key to long-term success for Cardless will be in finding a balance between:

• Rent-based rewards
• Interchange revenues
• Premium Card Benefits
• Customer acquisition costs

How Cardless plans to do this is one of the biggest unanswered questions.

What It Means for Points and Rewards Enthusiasts

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For many users, Bilt's value proposition has always been straightforward: earn transferable points on rent without a fee. That feature alone made the card unique in the U.S. market.

What longtime users are concerned about is whether the new structure will:

• Add stricter spending requirements
• Cap rent rewards more aggressively
• Shift value toward the paid tiers
• Reduce overall earning potential

The earlier surveys conducted by Bilt suggested limited differentiation between card tiers, raising questions about how compelling the paid options will be ultimately.

Expectations are high until January 14, but speculation will continue.

Final Thoughts

Bilt is entering a new era with its Cardless-issued credit cards, marking the end of its Wells Fargo partnership and the beginning of a more complex, tiered product strategy. Early 2026 will be an inflection point for the program as three cards launch at once and the transition will move rapidly. While many details remain unknown, the changes reflect broader challenges in making rent-based rewards profitable at scale.

Whether Cardless can succeed where Wells Fargo struggled depends on how well the new cards will balance value, cost, and usability. For now, all eyes are on January 14, 2026, when Bilt finally shows what Bilt Card 2.0 truly looks like.