U.S. Sen. Elizabeth Warren (D-Mass.) is demanding answers from Bilt Rewards over reports that customers experienced payment disruptions and account issues during the company’s transition between banking partners.
In a letter sent Wednesday to Bilt CEO Ankur Jain, Warren — the ranking member of the Senate banking committee — cited complaints from customers who said their rent and mortgage payments were delayed or rejected.
“Bilt users have reportedly made rent or mortgage payments that never reached their landlord or lender, were rejected or returned, or only were delivered after a significant delay,” Warren wrote.
Warren also noted that some consumers were unable to make payments on balances still held at Wells Fargo or had balances transferred to new cards without authorization.
The letter outlines mounting scrutiny over Bilt’s transition away from Wells Fargo, which began issuing Bilt’s credit card in 2022 under a partnership that had originally been expected to last through 2029.
Warren cited reports that the partnership soured after Wells Fargo allegedly lost as much as $10 million per month on the cards because many customers primarily used them to pay rent and collect rewards points rather than carry balances or make other purchases.
Wells Fargo ended the relationship early and deactivated its version of Bilt cards in February. It forced customers either to transition to Bilt Card 2.0, operated under new partners Cardless and Column, or move to Wells Fargo’s Autograph card. Warren said the transition coincided with a 1,300% spike in complaints submitted to the Consumer Financial Protection Bureau (CFPB) that month.
The senator cited several examples of customers who were allegedly harmed during the transition, including one renter whose payment was withdrawn and processed but never delivered to a landlord. Another customer’s mortgage payment reportedly failed to reach a servicer, while others experienced bounced or delayed rent payments.
Bilt: Concerns are ‘addressed and resolved’
A spokesperson for Bilt issued a statement in response to HousingWire‘s request for comment.
“Our members have been our priority since day one. While the transition to the Bilt Card 2.0 in February represents an even more exciting future that offers our membership richer rewards and greater flexibility, the transition also attracted unexpectedly high demand, and some of our members experienced gaps in service that are simply unacceptable to us,” the statement read.
“In response, we increased our customer service capabilities to address this and proactively communicated with any impacted members. All outstanding issues relating to the card transition in February have been addressed and resolved. Should any member ever have an issue we encourage them to contact Bilt, as we will do everything we can to make it right.”
Warren criticisms run deeper
Warren also questioned Bilt’s renewed relationship with Evolve Bank & Trust, which she said was linked to the collapse of fintech intermediary Synapse in 2024, when as much as $96 million in customer funds could not be accounted for.
The letter noted that Evolve was subject to a Federal Reserve enforcement action in 2024 over anti-money laundering and risk management deficiencies. The bank also confirmed a cyberattack that exposed customer data, including information tied to Bilt users.
Additionally, Warren raised concerns that Bilt 2.0’s payment structure could conflict with provisions of the Credit CARD Act of 2009. Under the updated system, rent and mortgage payments are reportedly withdrawn immediately from linked external accounts instead of being charged against a customer’s credit limit and repaid after a billing statement is issued.
Warren criticized Bilt’s customer service operations as well, saying the company’s use of an artificial intelligence chatbot made it difficult for consumers to access human representatives. The letter cited customer complaints describing long wait times and ineffective responses during the transition.
In the letter, Warren said the CFPB would typically oversee and investigate such complaints, but she argued that the Trump administration had weakened the agency by attempting to scale back its operations and staffing.
“Bilt has yet to provide a reasonable explanation for why its transition between bank partners caused such turmoil for its customers,” Warren wrote. “Further, Bilt has yet to clarify the extent to which customers’ rent payments were delayed, denied, or lost and how Bilt intends to rectify the situation for consumers.”
Warren requested that Bilt provide written responses by June 9, including detailed information about delayed or missing payments, chatbot usage, customer satisfaction data and the company’s compliance with federal credit card laws.
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