In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup with big-name backers including Blackstone and Mastercard. The co-branded card came with a rare perk: Users can pay for rent with it without incurring fees from their landlords while also earning rewards points. More than one million accounts were activated in the first 18 months, many by young adults. But Wells is losing as much as $10m every month on the program as savvy customers flock to the card.
| less than a minute read
Wells Fargo bet on a flashy rent credit card. It is costing the bank dearly
“As with all new card launches, it takes multiple years for the initial launch to pay off,” the spokeswoman said. “We look forward to continuing to work together to…make sure it’s a win for both Bilt and Wells Fargo.”
