Will I have two credit cards or just one?

I want some clarification. If I apply and accept the BIlt 2.0 card, I can essentially have two card? The new Bilt card and Wells Fargo card? Personally I see value in both. But what confused me is the terms and conditions when I was going to accept the card. This is what it said.

By accepting, you agree to have any transactions from your existing Wells Fargo Bilt Mastercard that are pending but not yet settled be assigned to your new Bilt Card account, regardless of when the initial transaction occurred.

These transactions will be subject to your new Bilt Card account's terms, including rates and fees. Your new Bilt Card account may have a higher APR than your existing Wells Fargo Bilt Mastercard.

Does this mean I'll only have the Bilt 2.0 card? And not the Wells Fargo card?