"What's next for Bilt" email

Just received an email from Bilt where every mention plans for "Bilt 2.0" wonder if they're going to nerf the existing card seeing as WF has been losing money on it

What's Next for the Bilt Mastercard While our card program represents about 15% of our member base, you've helped make it one of the fastest-growing cobrand programs in the market. Winning The Points Guy's Readers Choice award multiple years in a row speaks to how much value our members find in the program.

With guidance from industry legends Ken Chenault (former American Express CEO and Bilt Chairman) and Phillip Riese (former President of American Express Consumer Card), we are building towards Bilt Card 2.0. This next evolution of our card program would focus on tiered offerings that better serve different member needs while delivering enhanced value through new benefits on housing spend and our neighborhood network. We expect the Bilt card to remain the preferred payment option for 15-25% of our members, as we continue to innovate and enhance the card experience.

But more importantly, I've been reading and passing along your feedback and requests for the current Wells Fargo issued-and-operated Bilt card program. We know you want more premium offerings - and also ways to earn points on your mortgage payments. We also hear the challenges many of you have had with approval rates, credit line sizes, and the need for core tech features like authorized users, pay over time, and auto-pay integrations. Some of you have mentioned that your credit limits are too low to cover more than a month or two of rent, leaving little room to take full advantage of the card’s benefits – especially considering the average FICO for these members is above 750. We hear you loud and clear. These are all things that require support from our issuing bank partner, and we're actively working on solutions.

Looking Ahead 2025 is shaping up to be our biggest year yet. From expanding into mortgage payments to growing Neighborhood Benefits, evolving our card program to creating new tools for renters and homeowners, we’re just getting started on our mission to make housing more rewarding for everyone.

Thank you for being part of the Bilt family and for trusting us to make your housing journey more rewarding. Your feedback drives everything we do, and we’re excited to share more updates soon.

Sincerely,

Ankur Jain Founder & CEO, Bilt Rewards