Bilt | Shutting Down Its Co-Branded Card with Evolve Bank and Trust; Reapply and Get 10,000 Points

About the amazing Bilt card

• Bilt | Rent Credit Card (Points Transfer to Airline Miles)

Bilt has announced that it will shut down the co-branded cards issued to its earliest group of cardholders (issued by Evolve Bank and Trust). Those cardholders must reapply for the Wells Fargo version of the card. If an existing Evolve Bank and Trust cardholder applies for this card by August 15, they will receive 10,000 points directly, whether or not they are approved (note: the new application will incur a Hard Pull).

• Application link

• Within the first 5 days after opening the card, all non-rent spending earns 5x, up to 50,000 points total (after transferring points, you can get at least 1.5 c/p in value, equivalent to a welcome bonus worth at least $750).

Our take: Wells Fargo has been losing money all along. My guess is that Bilt is preparing to go all-out milking Wells Fargo and then sell itself to another bank; the more cardholders it has, the easier it will be to sell. Hopefully to Chase.