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Elizabeth Warren is demanding answers from Bilt Rewards after reports that customers experienced payment failures, delayed transactions, and account issues during the company’s transition to new banking partners. In a letter sent to Bilt CEO Ankur Jain, Warren raised concerns about mounting customer complaints tied to the rollout of Bilt Card 2.0 and the company’s move away from its previous banking relationship with Wells Fargo.
The Massachusetts senator said some customers reported rent and mortgage payments that were withdrawn from their accounts but never reached landlords or loan servicers while others experienced rejected or significantly delayed payments. Additional complaints cited difficulties making payments on balances still held by Wells Fargo and reports that balances were transferred to new accounts without customer authorization.
The senator also pointed to what she described as a sharp increase in consumer complaints during the transition period. According to the letter, complaints submitted to the Consumer Financial Protection Bureau reportedly surged after Wells Fargo ended its partnership with Bilt earlier than originally planned. Warren questioned Bilt’s decision to work with Evolve Bank & Trust, noting the bank’s involvement in the fallout from the collapse of fintech intermediary Synapse in 2024, which left nearly $100 million in customer funds unaccounted for. She also referenced a Federal Reserve enforcement action involving Evolve related to risk management and anti-money laundering controls.
The letter further raises concerns about Bilt’s updated payment structure. Under Bilt Card 2.0, rent and mortgage payments are reportedly withdrawn immediately from linked bank accounts rather than being processed through a traditional credit card billing cycle. Warren questioned whether this model complies with provisions of the Credit CARD Act of 2009.
Customer service practices also came under scrutiny. Warren criticized Bilt’s reliance on artificial intelligence-powered customer support tools, saying some users struggled to reach human representatives while attempting to resolve payment issues. The senator’s letter notes that many consumers reported long wait times and difficulty obtaining assistance during the transition, particularly when dealing with missing or delayed rent payments.
The scrutiny comes at a critical time for Bilt, which has grown rapidly by offering rewards points on rent payments (a feature that helped differentiate the company from traditional credit card programs). However, that same model reportedly contributed to financial challenges for Wells Fargo, which allegedly lost significant sums servicing the portfolio before ending the partnership.
Anthony’s Take: Warren has requested detailed responses from Bilt regarding the payment disruptions, customer complaints, banking relationships, and compliance practices as lawmakers continue examining the impact of fintech partnerships on consumers. I’m not sure what will come of this, but I can say that it has not been a great experience as a Bilt Palladium cardholder. Bilt was great, but the new program is confusing, not as rewarding, and making me question whether I should keep the card.
(Featured Image Credit: Bilt.)
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Advertiser & Editorial Disclosure: The Bulkhead Seat earns an affiliate commission for anyone approved through the links above This compensation may impact how and where links appear on this site. We work to provide the best publicly available offers to our readers. We frequently update them, but this site does not include all available offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.
