Bilt is Breaking Up With Wells Fargo, Launching Two New Credit Cards

Bilt is officially ending its partnership with Wells Fargo … and launching two new credit cards early next year.

In a new update shared on Thursday, the company behind the popular Bilt Mastercard® confirmed that it’s developing two brand-new travel credit cards set to launch in February 2026 — one with a $95 annual fee, and another with a $495 annual fee.

These new cards will join the existing no-annual-fee Bilt Mastercard, which isn’t going anywhere. Together, this upcoming three-card lineup is part of what Bilt is calling “Bilt Card 2.0”: a major move that will give users more choice, more benefits, and potentially more rewards on everyday spending, rent, and even homeownership. Bilt teased these upcoming changes earlier this year by surveying existing Bilt members on what these new cards could look like.

“We received incredible feedback from tens of thousands of our Members about what they wanted from their Bilt Card experience going forward,” the company said in a statement. “Based on that feedback, we have been developing new cards that deliver the depth and breadth of product experience you all have asked for.”

The new cards will be issued through Cardless, a fintech platform known for launching the Coinbase and Qatar Airways credit cards, among others. Bilt says existing cardmembers will be “seamlessly moved” to the new platform early next year. 

It’s a significant departure from the legacy partnership with Wells Fargo — and a sign that Bilt is looking to take full control of its rewards ecosystem. Last summer, the Wall Street Journal reported that the Wells Fargo partnership with Bilt was “costing the bank dearly,” as it was reported that the bank was losing around $10 million per month on the Bilt partnership. 

A Sneak Peek at What’s Coming

While full details are still under wraps, Bilt has teased some major changes that are coming soon.

• Two new cards with $95 and $495 annual fees, each offering different tiers of benefits. We outlined details of what these cards could look like earlier this year.
• Earning points on mortgage payments (not just rent). Bilt announced an expansion into mortgages through direct partnerships with mortgage servicers, stating that United Wholesale Mortgage has invested $100 million into this funding round as part of a strategic partnership. Bilt says more details on this partnership and earning points on mortgages will be announced this fall. Still, it’s safe to say that earning Bilt points on mortgage payments will be limited to specific lenders, though Bilt says they “will continue to expand with other mortgage servicers in the industry.”

Don’t have a Bilt account? You can sign up and create one for free. 

Bilt’s $10 Billion Valuation

All of this comes alongside another big headline: Bilt just announced a $250 million funding round that brings its valuation to $10.75 billion. That puts Bilt in the same stratosphere as other fintech heavyweights, signaling that the company is betting big on becoming a long-term player in the travel and rewards space.

Bilt Rewards already has one of the most compelling points programs, with 1:1 transfers to top partners like Hyatt, United, and Air Canada. Plus, you can pay rent with no additional fees and earn points in the process.

Now, it’s expanding that vision — with a multi-tier card lineup, and a broader push to reward renters and homeowners alike.

Bottom Line

Bilt is making big moves: It’s officially parting ways with Wells Fargo and launching two new travel credit cards in early 2026.

With a new $95 and $495 card joining the existing no-annual-fee Bilt Mastercard, Bilt is building a full lineup of travel rewards cards — and even teasing the ability to earn points on mortgage payments, not just rent. The company is also shifting to a new card issuer, Cardless, and says the transition for existing cardholders will be seamless.