Quick Tips
I’m Getting Another Credit Card — But I Didn’t Apply for One
Well, it looks like I’m getting another credit card. Yet, in this case, it’s not because I sought one out. Instead, one of my cards is essentially splitting into two (like rewards card mitosis, if you will). Let me explain.
Just last week, Bilt revealed new details about its move to Bilt 2.0, including a brief timeline of events. Something I missed in the excitement of this announcement, however, was the fact that Cardless was not purchasing Wells Fargo’s backbook of Bilt Mastercard customers. That means that, when I opt for a new Bilt card, I’ll actually be opening a new line of credit (although Bilt did state that there will be no hard credit inquiry for existing cardholders). Meanwhile, since Wells still owns me as a customer, they’ll be converting my current Bilt card into the Autograph card.
So what does the Autograph card offer? It actually has a pretty good rewards line-up. The card earned 3x at restaurants, 3x on gas, 3x on transit, 3x on streaming services, 3x on phone plans, and 3x on travel.
As for how that fits in my credit card strategy, the dining and streaming match my Capital One Savor, while the travel and transit categories are currently covered by my Amex Green Card. That said, since my Green card carries a $150 annual fee, it probably makes sense to just part with that and make the Autograph my new go-to for generic travel. Lastly, the phone plans category is interesting, although I think my wife pays our bill from her bank account in order to keep an autopay discount, so it’s likely moot.
Setting aside the whole “Bilt 2.0” aspect of this move, how would I feel if Bilt were being discontinued and I got the Autograph instead? Honestly, it’s an upgrade in some ways. After all, 3x on travel is an upgrade from Bilt’s 2x, 3x matches Bilt on dining, and the other categories are all bonus. Of course, the big missing option is rent — but I don’t rent anymore anyway!
Another plus for me is that the Autograph card’s 3x categories actually translate to 3% cashback whereas Bilt has a poor exchange rate if you’re redeeming points for cash. However, there are Bilt redemption options that do provide extra value, such as the 1.25¢ per point you get from using the Bilt Travel portal or the sweet spots you can find with transfer partners and Bilt’s famous Rent Day transfer bonuses. So, while this change may work for me, it wouldn’t be as advantageous for others.
All things considered, this forced product change really isn’t so bad — and stands head and shoulders above the time my beloved Uber Visa turned into the Barclays View card. Still, it’s a strange situation and one I didn’t really consider in the lead up to Bilt 2.0. So, much to my wife’s chagrin, I guess I’ll be adding another card to my wallet after all.
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