Deadline Extended for Bilt Mastercard Transition

Unsure about your next steps? Bilt has pushed back the deadline to February 1st, previously set for January 30th. This means you now have until February 1st to switch from your old cards to the new options in the Bilt 2.0 lineup. There’s quite a bit to digest regarding the new Bilt 2.0 card, which includes a tiered points system for earning rewards on rent or mortgage payments, as well as a fresh rewards currency. But don’t stress—you don’t need to grasp every detail right away.

Let’s go over some crucial choices you should make by tomorrow and what could happen if you choose not to act.

Deadline Reminder: Choose Your New Bilt Card

Existing Bilt cardholders can transition their old cards to one of the three new Bilt 2.0 options until February 1st at 11:59 PM PT. This transition is made possible through Cardless, which means you can choose a new card and retain your current card number without it impacting your credit report. Plus, your Apple Pay and Google Pay will be updated automatically with your new Bilt Card details, with an option to transfer balances from your old card.

If you miss the February 1st deadline, your existing Bilt Mastercard will automatically convert to a Wells Fargo Autograph® Card, which has no annual fee. However, be mindful that this conversion won’t grant you a welcome bonus.

You also have the option to terminate your Bilt/Wells Fargo account altogether, which would end your Bilt Card membership. If you go this route, you can still keep your existing points and participate in the Bilt Rewards program without having a Bilt card.

Starting February 7th, the Bilt Card 2.0 and the converted Autograph cards will be available for use.

Choosing the Right Card for You

Bilt has rolled out three new card options. Each one allows for earning points on rent or mortgage payments, but the number of points gained varies based on your spending and which of the two options for home rewards you decide to structure: Bilt Cash or a tiered system.

The good news is that the Bilt 2.0 card won’t be activated until February 7th, so you have a little time to make that decision. Once you do choose, you can still switch between options each month if you like.

And if you feel a bit overwhelmed at the time, it’s totally acceptable to not use your Bilt card for rent or mortgage payments initially while still reaping benefits from whichever card you select. Built Rewards points are valued at 2.2 cents each, which is pretty competitive compared to other loyalty currencies. Whether it’s earning 2 points per dollar at Palladium, 3 points per dollar at Obsidian (capped at $25,000 annually, then 1 point per dollar), or 1 point per dollar at Blue, you’ll have plenty of options for transferring points to major airline and hotel partners.

*Up to $100 of Bilt Cash earned can roll over to the next year.

Should You Keep Your Wells Fargo Account Open?

If you prefer, you can maintain your Wells Fargo account even if you switch to Bilt 2.0. This way, you can receive the Wells Fargo Autograph Card with the same rates and fees as your current Bilt Mastercard.

True, you won’t get a welcome offer with Autograph, but this route keeps your credit report clean. Personally, I think I’ll keep my account. The Autograph allows access to a useful list of transfer partners, like British Airways and Air France. Plus, you don’t need to worry about a minimum transfer amount—you can shift just 1 point if you need to top off your balance for a booking.

Final Thoughts

If you want a smooth transition to Bilt 2.0, you must pick one of the three new card options by February 1st. No matter which strategy you utilize for your home payments, carrying a Bilt card will help you access valuable points more easily.