Rent rewards startup Bilt is facing mounting scrutiny and a wave of customer complaints alleging issues with delayed and fraudulent payments, frozen accounts, and unresponsive customer service, prompting a consumer advocacy group to call for federal intervention.
The complaints, widely shared on social media platforms like Reddit, began escalating in recent weeks following Bilt’s transition to a recent card issuer and bank sponsor. Cardholders report problems ranging from duplicate rent payments and bounced checks to unauthorized transactions and difficulties accessing account statements. Some users claim balances were transferred without permission, while others report being denied access to previously available rewards programs.
A spokesperson for Bilt acknowledged the issues in a statement, attributing them to unexpectedly high demand following the launch of “Bilt 2.0.” The company stated it has increased customer service capacity and aims to resolve all outstanding issues within the next week. Yet, many users report lengthy delays in receiving responses from customer support, with some waiting over two weeks for assistance.
The escalating problems have drawn the attention of Protect Borrowers, a consumer advocacy group that has formally requested the Consumer Financial Protection Bureau (CFPB) to investigate Bilt and bring the company under its supervision. In a letter to the CFPB’s acting Director, Russ Vought, the group argued that Bilt’s actions pose a risk to consumers and potentially violate consumer protection laws, including the CARD Act and the Truth in Lending Act. The letter alleges potential unfair, deceptive, and abusive practices (UDAAP).
Protect Borrowers specifically highlighted concerns about the handling of rent and mortgage payments in the new “Bilt 2.0” system, as well as reports of a hidden 0.2% foreign transaction fee despite the card being marketed as having no such fee. Bilt founder and CEO Ankur Jain reportedly confirmed the foreign transaction fee issue in an email to a cardholder, stating the company was reviewing the matter with its card partners.
The situation at Bilt comes as other fintech companies are also navigating regulatory scrutiny and challenges related to rapid growth and complex financial products. Revolut and Upstart recently filed applications for national bank charters with the Office of the Comptroller of the Currency (OCC) and deposit insurance applications with the FDIC, signaling a desire for greater regulatory control and operational efficiency. Upstart specifically cited the potential to reduce costs and streamline partnerships with banks and credit funds as a key driver for seeking a charter.
Meanwhile, state-level debates continue regarding the Depository Institutions Deregulation and Monetary Control Act (DIDMCA), with Oregon recently passing legislation that could allow it to enforce its own usury caps on loans made by out-of-state banks. This follows a recent court decision in Colorado that challenged the traditional interpretation of DIDMCA, potentially leading to increased legal battles and uncertainty in the lending landscape.
As of March 15, 2026, Bilt has not provided a detailed accounting of the number of customers affected by the reported issues, and the CFPB has not publicly announced whether it will initiate an investigation. The company maintains It’s working to resolve the problems and restore service to all cardholders.
