The Bilt Card 2.0 is finally here, and it's time for cardholders to take note! With the transition plan unveiled, cardholders have some important decisions to make before the January 14th deadline.
The End of a Long Wait:
We've been eagerly anticipating the Bilt Card 2.0 for over a year, and the wait is almost over. On February 7th, the new cards will be launched, and the details will be unveiled on January 14th. But here's the catch: there will be three different cards to choose from, and existing cardmembers will have to make their choice on that date.
Transitioning Away from Wells Fargo:
The transition from Wells Fargo to Cardless has been in the works for a while, and we already knew some details. Cardless will take over the Bilt card starting February, offering three new card options to existing cardholders. The good news? Cardholders can make their choice without a hard credit pull.
Annual Fee Options:
The new cards will come with three annual fee structures: no annual fee, a $95 fee, or a premium $495 option. This gives cardholders flexibility, but the choice may not be easy.
Seamless Transition for Card Numbers:
Cardholders can breathe a sigh of relief as their card numbers will remain the same. This means no hassle of updating auto-billing information, and digital wallets will automatically update with the new card details. Both Apple Pay and Google Pay will seamlessly refresh, ensuring a smooth transition.
Earning Points for Mortgage Payments:
One of the most exciting features is that all three new cards will earn points for mortgage payments, regardless of the mortgage provider. This is a unique offering that sets Bilt apart.
Wells Fargo Card Options:
For existing Wells Fargo cardholders, the transition is a bit more complex. You can choose to close your Wells Fargo card or request a new Wells Fargo Autograph Card with a different card number. Balances can be kept with Wells or transferred to the new card.
The January 30th Deadline:
Here's where it gets interesting. Current cardmembers have until January 30th to select their new card to ensure a seamless upgrade. This includes keeping the same card number, automatic updates to digital wallets, no credit inquiry, and timely card delivery by February 6th. But if you miss this deadline, you'll automatically transition to the Wells Fargo Autograph.
Transferring Balances and Closing Accounts:
Choosing a new card allows you to transfer account balances shortly after February 6th and even close your old Wells Fargo account if desired. These options provide flexibility but require timely decision-making.
A Smooth Transition:
The Bilt app will make this transition as smooth as possible. It's rare to see such an easy change in issuer, especially with product choices involved. However, some may argue that making the change automatic would have been better, as opting in might result in a significant loss of cardmembers.
The Wells Fargo Autograph Journey Debate:
On the Wells Fargo side, the inability to opt into the Autograph Journey card is a point of contention. With its impressive rewards structure, including 5x on hotels, 4x on airlines, and 3x on restaurants, it's a desirable option. But product changes to Autograph Journey are not allowed, leaving some cardholders disappointed. And with the new Bilt card potentially taking up a Chase 5/24 slot, it's a tricky decision for those who value their Chase status.
The Premium Card Dilemma:
The $495 fee card might offer enticing features, but for those who already have multiple Priority Pass memberships, it may not be worth it. The value proposition needs to be compelling to justify the premium price tag. Will Bilt deliver on this promise?
As we approach the January 14th date, cardholders should stay informed and make their choices wisely. The Bilt Card 2.0 transition is a significant event, and understanding the rules and deadlines is crucial. What do you think of the new Bilt Card options? Are you excited about the changes or do you have concerns? Share your thoughts below!
