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Bilt Rewards announced huge changes to its program in a recent update from CEO Ankur Jain. For over a year, there has been much written about Bilt's relationship with its card issuer Wells Fargo, and now we know that Bilt will be switching to Cardless in early 2026. The Bilt Mastercard® (Rates & Fees) cardholders will see their existing cards transitioned from Wells Fargo at that time.
Bilt will also launch a new version of the card at the same time — as well as $95 and $495 annual fee versions. Let's dig into all the announced news.
Bilt Rewards Announces Huge Changes for 2026
The update from CEO Ankur Jain announced an investment of $250 million in the Bilt platform, valuing the program at $10.75 billion. One of the new investors in the company is United Wholesale Mortgage — which invested a total of $100 million in this round of funding.
This is big news for those waiting for Bilt to launch a program that rewards Bilt Points for mortgages. Bilt will be partnering directly with mortgage servicers, with more details to be announced this fall.
In addition to mortgages, Bilt is highlighting the ability to earn Bilt Points on student housing payments, with a partnership with Blackstone's American Campus Communities, as well as condos and HOAs with Douglas Elliman, Century Management, and more.
Bilt Card 2.0
The most exciting changes come to existing cardholders of The Bilt Mastercard®. Bilt will launch a new version of its existing card with Cardless, as well as a $95 annual fee and $495 annual fee version to expand reach for new cardholders.
The new card launches in February 2026. Existing cardholders won't see any changes before then. When February rolls around, Bilt ensures that existing cardholders “will be seamlessly moved” over to the new platform powered by Cardless.
We previously wrote about Bilt's transparent solicitation for feedback on various new card options, so we know a direction where Bilt is going. With the premium credit card market as popular as ever, this feels like a natural expansion for the Bilt Rewards brand. While Wells Fargo was an early investor in the Bilt platform, it appears from this announcement that their partnership won't continue as a card issuer after February 2026.
Bilt doubles down on neighborhood rewards
In the last few years, we've seen Bilt launch big partnerships with Walgreens, new neighborhood retailer Bilt Points redemptions, and expand Lyft redemption options. Bilt's existing AI concierge has connected Bilt Rewards members with neighborhood merchants, and Bilt is aiming to further grow its brand throughout communities in the U.S. Bilt wants its membership to feel like a neighborhood club, and they will announce further enhancements to this aspect of the program “in the coming months.”
Our Take
Bilt is planning to revamp its original no-fee credit card as well as launch two new card products. That's huge news for the growing Bilt loyalty program.
Potentially even bigger news is a big investment in earning points on mortgages for existing homeowners. Launching a program in this area could potentially bring in millions of new Bilt Rewards members, but we'll have to wait until more details on this program are announced in the coming months.
Plus, expanding ways to earn and use points in your community, presumably rewarding Bilt status holders even more, is exciting as well.
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