Bilt is shutting down the beta Bilt Mastercard and encouraging those existing cardholders to apply for the new version that is issued by Wells Fargo by offering 10,000 points. Normally when this happens existing cardholders are converted to the newer product but either Wells Fargo didn’t want to purchase the backbook from the previous issuer or the previous issuer didn’t want to sell it. Based on Wells Fargo’s reported losses on Bilt I’m not terribly surprised. The beta card will continue to work through 12/31/24.
Hat tip to pizza42bob
Looks like this offer ended early
There’s a significant cost associated with burning a hard pull and a 5/24 slot. 10k points doesn’t cut it.
We all need to file CFPB complaints. Their pissing match is impacting our credit history.
Tears!!! really you’re going to complain about credit history.. This has virtually no impact here… account will be closed… and you might open a new one… What is that -10 points ?
WF rejected me, so I am going to squeeze dickerrs nuts dry and milk every last drop of bilt until 12/31
Bilt already got paid for our original approvals and will now be getting paid again by WF for the second approval. They should be giving us 20K points, their entire share, instead of only half (10K). It’s the least they can do as compensation for our wasted time and credit report hit (new HP + 5/24 slot). I will not be reapplying if they don’t offer more and encourage others to follow suit.
Look all your bureaus and apply. 10k free
Who what BS I have a 21k limit now be worthless
They want to bankrupt Wells Fargo – if I was Wells I’d just call it a day and reject all apps
=lawsuits from both consumer side and Bilt
There’s already DPs on the subreddit of beta cardholders getting denied by WF lol. Bilt is a total cluster f.
So Evolve Bank is content that they are going to just get $0 for their customers?
What do you propose Evolve do if they are discontent?
I don’t think they’re content with $0, but if their only buyer doesn’t want the product, they can’t do anything
WF is happy to pay $200 per newly acquired Bilt customer, forecasting profits exceeding that from each customer relationship in the longer term. They don’t want to pay $200 to bulk add on a book of customers, with hardly any hassle in terms of customer service issues, etc.? And if not $200, they wouldn’t be willing to pay a fraction of the cost, like $150, $100, $50? Seems odd.
Considering Wells Fargo pays Bilt $200 per approval, you would think that WF and Evolve could come to some deal where WF pays $50 – $100 per Evolve member.
I wonder if Evolve gave members higher credit limits than what Wells Fargo would give members (I only got a $4K limit from WF), so maybe that was a deal breaker?
Who was the OG issuer?
Evolve Bank
On the app, mine says that it’s issued and administered by Wells Fargo. Is this post about something different?
Bilt moved from Evolve to WF. you applied after they moved to WF
this post is for earlier cardholders
Evolve Bank and Trust