Bilt Revamps Credit Card Offering with New Issuing Partner Cardless, Ditches Wells Fargo Ties

Bilt Technologies is revamping its credit card offering in partnership with Cardless, starting with three new cards in February 2026. The company is pivoting away from its Wells Fargo partnership, which resulted in significant financial losses due to cardholders using the card for small charges to meet the reward requirements. The new cards will have annual fees and expanded rewards options, with more details to be announced this fall.

Bilt Technologies is set to revamp its credit card offering in partnership with Cardless, marking a significant shift from its previous collaboration with Wells Fargo. The new partnership will introduce three new cards starting in February 2026, including two with annual fees, expanding from Bilt's current no-fee card [1].

The decision to pivot away from Wells Fargo comes after the bank reported significant financial losses on the Bilt card. Wells Fargo had predicted that about 65% of spending on the Bilt card would be non-rent, but it turned out that only about 35% of card volumes were for charges not associated with rent [1]. This discrepancy led to financial losses, with Wells Fargo losing as much as $10 million per month on the card [1].

The new cards with Cardless will aim to address these issues by tailoring the card more to users who use it more broadly and revolve balances to address the revenue shortfall experienced by Wells Fargo [1]. The new cards will include a no-fee option, along with two cards with annual fees of $95 and $495, respectively [1].

Bilt is also expanding its payment platform to include mortgage payments, student housing, and condominium HOA fees, in addition to its current focus on rent payments [1]. The company is valued at $10.75 billion based on a $250 million capital raise this month and aims to generate $1 billion in revenue by the first quarter of 2026 [1].

The new partnership with Cardless is part of Bilt's broader strategy to become its customers' default card and earn top-of-wallet use status, generating a successful financial return [1]. The company's 22 travel partners for points redemptions, including 17 airlines and five hotel chains, will also be available for the new cards [1].

More details about the new cards, including their terms and rewards, are expected to be announced this fall [1]. The partnership with Cardless represents Bilt's foray into a fleet of three tiered card brands, aiming to compete in the competitive landscape of consumer credit cards [1].

References:
[1] https://www.paymentsdive.com/news/bilts-new-cards-seek-to-fix-past-faults-rewards-credit-cards-travel-hotels-airlines/756103/