Bilt Rewards Hits $10.75 Billion Valuation, Leaving Wells Fargo For 3 New Cardless Cards Coming In February

Bilt Rewards confirmed their new valuation of over $10 billion – specifically $10.75 billion – based on a $250 million fundraising round meant to fuel expansion beyond apartment rent and into homeownership.

And they also shared big news: that they will be leaving Wells Fargo for Cardless. They had promised a ‘2.0 version’ of their co-brand credit card, and it was clear the value proposition would be tweaked considering the way that the economics weren’t working for their issuer, Wells Fargo (one of their early investors – who has made out very well on that side).

We now learn that there will be (3) cards, and that current Wells cardmembers will move to the Cardless product, in February. The cards will be at 3 different price points:

  • No annual fee, as today
  • $95
  • $495

Bilt’s Chairman is former American Express Chairman Ken Chennault. American Express is an investor in Cardless. It’ll be interesting to see whether the move includes running payments on the American Express network.

My Bilt card only just transitioned from Evolve Bank to Wells Fargo, since I applied very early on before the Wells co-brand launched. It’ll be interesting to see what the new value proposition looks like. I wonder whether I should keep my current card and allow it to transition, or cancel first so that I apply fresh (with any new incentives) for the card that I want. Bilt traditionally hasn’t been big on initial card bonuses.

However it’s unclear how easy the upgrade path might be to a $95 or $495 card if those are attractive. On the other hand, Cardless no longer has a one card per lifetime rule. I expect they’ll build in the ability for cardmembers to choose the product that’s right for them in some fashion. As I understand it, Cardless rules are broadly:

  • 60 days between card approvals
  • Must wait 45 days after being declined for a card
  • Can only have one card per brand (you wouldn’t be allowed both a no annual fee and $95 fee card with Bilt)
  • You can only have one of a specific card (you can’t have two of the same Bilt cards)

Cardless already issues several interesting rewards cards, like TAP Air Portugal, Avianca LifeMiles, and Qatar Airways Privilege Club. The especially like the benefits of the Qatar card which comes with status that gets you lounge access – and even business class Flagship lounge access – when traveling on American Airlines domestic flights and the Avianca card which has some great award discounts.

And here’s a bit of trivia for you, by the way. The President of Cardless was once an intern at The Points Guy.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Comments

  1. Got the email today, too. 3 card products, $0AF, $95AF, $495AF, switching from Wells to Cardless, all by February 2026, but no further details. Earn ‘em and burn ‘em, folks!

  2. I’d pay $495 for the current card. I get way more than that in value just from paying rent.

  3. @E. Jack Youlater — Woah! That’s a bit… ‘premature.’ Like, let’s at least see what they give us for that AF first. A little ‘foreplay’ would be nice, is all I’m sayin’. Don’t neglect the… credits or whatever they include to entice us to upgrade to the premium card, ya know.

  4. They don’t need to give me anything for that AF. My rent is $5k which means I earn 60k points a year which is at least $600. $600 is more than $495.

  5. Cardless has long had the weakest tech. foundation. They instituted a one-card-per-lifetime rule for the frst few years of their operation. The clients (TAP, Avianca, Qatar, etc.) did not know that millions of their credit-worthy customers were being turned down for their branded credit card until I told them.

    They have been forced to upgrade their backend to abolish that, but they are still deficient. For example, when they demand ID for approval if the address on a DL and the delivery address on a utility bill differ, they turn the application down without asking for clarification! Even though the utility bill clearly shows the service address is the same as the DL address.

    Quite why BILT would switch tov them is a mystery, and something they wil likely regret. The price must be bargain basement.

  6. @E. Jack Youlater — I’m in a similar boat on rent (NYC), but the opportunity cost of the no-fee card, earning $600-worth points, vs. paying $495, basic math, $105 take-home value. While still ‘ahead,’ it’d be nice to actually ‘get something’ for that large fee, which I’m confident Ankur will announce. Any speculation on what the new ‘benefits’ might be? Also, were you using @Erect as a name before?

  7. “Wells Fargo (one of their early investors – who has made out very well on that side).”

    Totally wrong. They lost a lot of money.

  8. After reading the email, I’m gonna stay away from these charlatans. “a comprehensive platform that transforms how people experience their home and neighborhood”. Really? Clowns.

  9. From what little I’ve seen it really doesn’t look like there’s any compelling reason for me to move into the upper tier cards. If they offered top tier Bilt status with the $500 card I’d look into it as the free helicopter ride every year would be really cool and better transfer bonuses would make financial sense.

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