Bilt shifts to subscription revenue

This change means Bilt is turning its card from a bank funded growth hack into a more normal consumer finance business with clearer unit economics. Under Wells Fargo, Bilt was paid on rent volume even when cardholders mostly used the product for rent. With Card 2.0, Bilt gets paid more directly through annual fees and through everyday card purchases like dining, travel, and shopping, which carry standard card interchange and better cross sell potential into mortgage and merchant offers.

• The old model depended on a subsidy that was unusually generous. Wells Fargo paid Bilt 0.8% of rent volume and $200 per new cardholder, but that partnership ended on February 6, 2026. The new lineup launched the next day with $0, $95, and $495 annual fee tiers through Column N.A. on Cardless.
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• The practical effect is that Bilt now needs members to do more than route rent. Paid tiers create revenue on day one, and richer rewards on mortgage and neighborhood spend push usage into categories where card economics are stronger than rent alone. That is a better fit for a rewards business than depending on a bank to underwrite housing payments at a loss.
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• Venmo broadens the funnel without requiring every housing payment user to become a Bilt cardholder. PayPal said the partnership will let people pay rent and mortgage through Venmo starting in early 2026, while also connecting Venmo to Bilt's merchant network. That supports payment volume and merchant monetization even if card adoption is more selective under the new fee structure.
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Going forward, Bilt is likely to look less like a single rent rewards card and more like a housing centered payments and membership network. The winners in that model will be the companies that can bundle housing payments, neighborhood commerce, and premium card benefits into one habit, then monetize the full wallet, not just the rent check.