Bye-bye Bilt Mastercard: Everything you need to know about the transition to Bilt 2.0 on Feb. 7

Last week, Bilt announced three new credit cards — the no-annual-fee Bilt Blue Card, the $95-annual-fee Bilt Obsidian Card and the $495-annual-fee Bilt Palladium Card — with new rewards, new perks and a new system of earning points on rent and mortgage payments. Unfortunately, the old Bilt Mastercard® (currently unavailable to new applicants) will sunset on Feb. 7, the same day the new cards go live.

Existing Bilt Mastercard cardholders have between now and Jan. 30 to preorder one of the Bilt 2.0 cards and benefit from a “seamless upgrade” that includes avoiding a hard credit inquiry and keeping their old card number. Existing Bilt Mastercards will continue to work through Feb. 6, but the transition after that gets a bit complicated. Here’s everything you need to know and do before Feb. 7.

An important reminder before we start: Your Bilt credit card is separate from your Bilt Rewards account. Regardless of whether you get a Bilt 2.0 card, you’ll keep your points, status and Bilt membership after the transition. You can still earn and redeem points without a Bilt credit card.  

The Bilt Mastercard will be deactivated on Feb. 7 for everyone. You can close your Bilt Mastercard before Feb.7 to avoid the transition altogether.

If you keep your Bilt Mastercard, what happens next depends on what choice you make by Jan. 30:

Option 1: Your Bilt Mastercard is replaced by the Wells Fargo Autograph

If you choose not to preorder a Bilt 2.0 card, your current Bilt Mastercard will be converted to a Wells Fargo Autograph® Card on Feb. 7. You’ll continue managing this account through Wells Fargo, not Bilt. Further, you’ll receive a new Autograph Card and a new card number, but this will essentially be the same credit account as your Bilt Mastercard. Your credit line and credit history won’t be impacted, and any remaining balance will be carried over.

After the account converts, you can contact Wells Fargo to close the Autograph card if you wish.

Option 2: You opt in to a Bilt 2.0 card by Jan. 30

If you preorder a Bilt 2.0 card by Jan. 30, Bilt promises a “seamless upgrade” from your old Bilt card to your new one. However, your Bilt Mastercard isn’t actually being converted into a 2.0 card.

Instead, you’re applying for and opening a new Bilt 2.0 card, which is a new credit account. When you select your new Bilt 2.0 card, you can choose to have Bilt work with Wells Fargo to automatically close your Bilt Mastercard account after Feb 6.  

Or, you can keep your Wells Fargo credit card account and let it automatically convert to a Wells Fargo Autograph card, as mentioned in option 1. When you preorder your Bilt 2.0 card, you can also request that your Bilt Mastercard balance be transferred to your 2.0 card shortly after Feb. 6.

If you apply for and choose your new 2.0 card by Jan. 30, you’ll get the following benefits:

• You’ll keep the same card number as your Bilt Mastercard
• Your digital wallets, like Google Pay and Apple Pay, will automatically update to your 2.0 card
• Applying for the 2.0 card will not result in a hard credit inquiry (but accepting the card will result in a new credit line)
• Your 2.0 card will arrive by Feb. 6

Existing cardholders who apply for a 2.0 card after Jan. 30 may not be eligible for the above benefits. Keep in mind that approval isn’t guaranteed, regardless of when you apply or whether you’re a Bilt Mastercard cardholder.

Outside of opting to close your Bilt Mastercard account, here are two possible paths you may take in the Bilt transition:

1. You apply for and open a new Bilt 2.0 card, which is a new credit line.
2. Your Bilt Mastercard converts to a Wells Fargo Autograph card, continuing the old credit line — which you can keep or cancel.

Here’s how that could affect your credit score:

• Credit inquiry: Bilt Mastercard cardholders who apply for a 2.0 card by Jan. 30 will undergo a soft inquiry, instead of the hard inquiry that’s typical of new card applications. A soft inquiry won’t affect your credit.
• New credit line: If you get a Bilt 2.0 card, you’ll be opening a new line of credit. This could reduce your average age of credit (which could negatively impact your score) but could also lower your credit utilization ratio by increasing your total credit limit (which could benefit your score).
• Closing your Bilt Mastercard: If you close your Bilt Mastercard account (before or after it converts to an Autograph card), you’ll lose that credit line. Closed credit cards stay on your credit report for up to 10 years, so your average age of credit history won’t be immediately affected. If your Bilt Mastercard represented a large percentage of your total credit limit across all your cards, closing this account could increase your utilization ratio, which could negatively affect your score.

Overall, how the transition to Bilt 2.0 could affect your credit depends on many factors that are hard to predict. But if your credit is currently good and you practice good habits — like paying your bills on time and keeping your utilization low — the effect is likely to be relatively minor and temporary. 

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