Details
Written by: RJ
The Wall Street Journal has a new post noting the financials between Wells Fargo and BILT Rewards.
According to former employee:
- Wells Fargo could be losing ~$10M per month in this deal that started in 2022.
- Projections were made based on customer carrying a balance. These haven’t played out as expected
- Wells Fargo has paused bringing on new cobranded partners
- BILT contract runs through 2029, Wells Fargo does not plan to renew unless the terms are redone to favor the bank
Response via Twitter from BILT CEO
![icon-profitable-content Profitable Content icon](https://www.profitablecontent.com/wp-content/uploads/2022/11/icon-profitable-content.png)
Thoughts
Interesting read. BILT has been targeted at people who would be reading this blog post. Not surprising the customer balance projections were off. I do think there’s potential to make this work for Wells Fargo. Perhaps in having common points currency between Wells cards and BILT. The card itself would likely need a refresh, as most people only use it for rent. While making the minimum required transactions to keep their earning status.