Interesting. Again, not arguing it doesn't happen. I'm saying it isn't in the credit reporting companies interest (or issuers really) to allow this, and therefore isn't nearly as common as requiring a hard pull (particularly in the case of an approval).

Did they specify in the terms that there would be no inquiry?

It was prequalified offer. You can usually get Comenity store cards without hard pull by adding some stuff into you cart and start checking out, then the offer will appear, and you can apply without hard pull.

That's really up to the issuer. Apple Card, there is no hard pull to see if you're approved, but there is a hard pull on accepting the offer.
Amex after the first card doesn't hard pull on accepting an approved offer. And as mentioned downthread, Comenity does preapproved offers for store cards that don't result in any hard pull at all, even if accepting an approved offer of credit.

What you are describing (transitioning the history of the tradeline) is impossible without WF having transferred the portfolio to Cardless. When a portfolio transition occurs, to the credit reporting agency, it's the same tradeline - even if the issuer and account number change (as happened with the Costco TrueEarnings Amex to the Citi Costco Visa). Issuers cannot just "invent" history on a new tradeline that didn't originate on that tradeline. That would be fraud (unlike not submitting HPs for attempts to seek credit, which is a "best practice" but not technically requried although frowned upon).

In this case, BILT/Cardless either could not or chose not to buy the portfolio off WF. WF has sole discretion on what product to transition cardholders to. The Autograph may not be the favorite card of every former BILT cardholder, but after burning $100M+ a year for several years, Wells is just trying to get any positive out of it.

I've been critical of the sustainability of BILT's business model for a while (basically hey, enjoy the free rent rewards ride while it lasts, but it isn't going to), and I think BILT 2.0 is going to represent a substantial nerf (else why not be trumpeting the rewards structure of the new cards already...), but in the case of the transition I think BILT handled it as well as they possibly could:

• I doubt BILT or Cardless have anywhere near enough money to make WF want to do a portfolio transfer.
• If point #1 is true, BILT ultimately has zero control over what product WF chooses to transfer BILT 1.0 cardholders to.
• WF is allowing BILT to transition the BIN range to BILT 2.0 to make users who continue with BILT 2.0 have as seamless as an experience as possible (from a recurring billing/saved stored card number perspective continuity) and has even said digital wallets will automatically update (never seen that with an issuer change before!)
• No hard inquiry (BILT would have everything they need from account review soft pulls to inform underwriting decisions for Cardless).
• BILT 2.0 cards appearing as a new tradeline for 5/24 is unavoidable given that BILT could not (either by Wells' refusal or pricetag) afford to buy the existing portfolio.

That being said, will the 2.0 cards be compelling enough to want to transition to? Time will tell.

I know - that is why I led with "I know functionally why they are doing it this way". I was just musing that buying the book and doing it the other way would have been many's preference. I actually prefer it the way it is because I kind of wanted an Autograph card but not enough to burn an inquiry and new tradeline for.

I agree that the stated plan (if you assume the most positive outcome for things that are still unclear) is as favorable for the consumer as possible. Let's see how the execution goes because we've seen this movie before (from BILT itself!)

I'm with you that I think this whole program is going to experience a USB Smartly level nerf..

Excellent summary and insight, thank you.

Has anyone tried to use the Wells Fargo offers using this card? I had offers for 10 % cashback on a hotel and 10 % cashback on an airline ticket. Neither posted - I've called in but am still waiting on any credit to post.

I don't even see them offered for the Bilt card in my WF account online; I do see them on my Autograph Journey however. Should be safe to assume the Bilt card does not participate in Wells Fargo offers.

I wouldn't have been shocked if the Bilt card doesn't participate, but the Bilt card is the only Wells Fargo account I have (and have ever had), so I wouldn't think I'd get any offers on my well fargo website if they weren't eligible on that card. Also, when I called in, the rep didn't mention anything about the card being ineligible when they took the "missing credit" report for research.

Do you have a debit card?

No. I have no Wells Fargo account other than the Bilt credit card.

None of cobranded cards get WF offers.

And now, two days after I transferred a few hundred k miles to British, a BA devaluation:

Thanks Ankur! Hope you profited here!

Not to be that guy, but you play speculative transfer games, you win speculative transfer prizes

.....
How is that Bilt's fault exactly?