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
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.
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