Bilt Cardholder Account Closure

Bilt Rewards is one of the newest kids on the block in terms of transferrable currencies. They have made waves adding unique partners at lightning quick speed, and offering outsized transfer bonuses, in just a short few years. One interesting quirk of the program was that they had two different card issuers over a very short period of time. Normally, when a brand switches providers (like Bilt did from Evolve Bank and Trust to Wells Fargo) the cardholders get moved over naturally. That is only if the new issuing bank wants to buy the old bank's catalogue. It appears this was not the case when Wells Fargo took the reigns, so Bilt just continued on with two card issuers. That is until now. Anyone who holds a card from Evolve Bank and Trust should have received a Bilt cardholder account closure email. Let's take a look at the details and then share some thoughts on how to handle this.

Notice Of Bilt Credit Card Account Closure

Here is what the email from Bilt says for longtime cardholders:

As an early adopter of Bilt, you have the original beta Bilt Mastercard®, issued by Evolve Bank & Trust. As the program has grown, we’ve launched a new and improved Bilt World Elite Mastercard, issued by Wells Fargo, N.A.To ensure the best experience for our Members, the time has come to retire the original beta Bilt Mastercard and offer a transition opportunity to apply for the Bilt World Elite Mastercard.

To continue earning 1X points on rent without the transaction fee1*, up to 100,000 bonus points each calendar year, and access new features including tap-to-pay and pay balance with points, apply and get approved for the Bilt World Elite Mastercard issued by Wells Fargo. *Use the card 5 times each statement period to earn points

Next steps for your beta Bilt Mastercard

• On 12/31/2024, Bilt will be retiring your Bilt Mastercard issued by Evolve Bank and Trust (beta card), and you will no longer be able to use it.
• You will remain responsible for paying any outstanding balances on your beta card by your scheduled due date.
• You will still have access to pay and manage your beta card in the Wallet tab of your Bilt account.

What if I don’t get the Wells Fargo Bilt Mastercard?

You’re still a Bilt Member, so you can continue earning rewards and benefits on rent and in the neighborhood at local restaurants, fitness studios, on rideshare, and more – with any debit or credit card linked to your Bilt account.

Limited Time Offer For People Affected

So that is the bad news. Your account will be closed and you will no longer be able to use your Bilt Mastercard when it is closed on 12/31/24. Bilt is offering you a small mea culpa for this change. It is as follows:

Plus, apply (for the Wells Fargo card) before 8/15/2024 and we’ll add 10,000 bonus points to your account just for applying (regardless of approval).

Here are the terms for the offer:

This offer is valid from 12:00 am ET on July 11, 2024 to 11:59 pm PT on August 15, 2024. Through this specific offer, Bilt members can receive 10,000 bonus Bilt Points when they apply for the Bilt Mastercard. In order to qualify for this offer, you must successfully submit an application to Wells Fargo from the account targeted. New accounts created, even if by the same user, will not be eligible for this offer. Members can receive this bonus up to one (1) time, regardless of how many applications are submitted. Bonus points will be deposited to your rewards account within ten (10) days of application submission. Your Rewards program account must be open and in good standing to receive the bonus and Bilt may revoke these bonus points if we believe, in our sole discretion, that you are engaged in fraud, misuse or abuse of this offer, the Bilt Rewards program or the Bilt Mastercard terms and conditions.

Should You Apply?

I can't remember ever seeing anything like this with a card transition. Usually the new bank will take on the cardholder or the old bank will product change you into another one of their cards. I can't remember an all out closure happening.

Luckily, this should only affect a small amount of cardholders, since the majority got on board after the change to Wells Fargo. That doesn't help anyone caught up in this though.

You have to now ask yourself if it is worth another hard pull etc. If you are under 5/24, and still have Chase cards you are interested in (like that new 120K offer!), then this is a bit more difficult. You have to look at what you already have, what you still need to get and how many slots you have available. You also have to be honest with yourself about how much you value the use of your Bilt Rewards card.

If over 5/24, and no plan to get back under soon, then go for it. They are giving you 10,000 points just for the hard pull. Although, I have to imagine they told Wells Fargo to give a green light on most people for this.

Bilt Cardholder Account Closure: ToP Thoughts

These Bilt cardholder account closure emails caught even me by surprise. It was never something I expected to cover. I can understand not wanting to have just a small part of your base with another vendor. But, it is still a kick in the teeth to the OG cardholders that gave the program their first members.

At least they aren't leaving you completely high and dry. The 10,000 points should be worth around $150 – $200 to most people. That at least gives you some value for the hard pull. The downside is it will count against your 5/24 count. You have to decide if it makes sense for you or not at this point.

If you have any questions about the Bilt Cardholder account closure, or what you should do, be sure to let us know over in the ToP Facebook Group.