https://www.wsj.com/finance/banking/wells-fargo-credit-card-rent-rewards-8e380852?mod=hp_lead_pos4
一些key take away
- 每批一张 Bilt 卡，WF会支付给Bilt 200刀
- rent payment，WF会支付0.8%给Bilt
- WF预估的non rent payment 比例和pay interest 比例过于乐观
- WF已经叫停了所有发行新cobranded card的计划（除了之前已经agreed的expedia联名卡），转而专注于发行自家的卡
- WF目前和bilt的合约到2029年，可能不会续约。
Bilt CEO强势回应
A) Wells Fargo went on the record with the WSJ stating: “There has been no conversation among decision makers to exit the BILT agreement. To suggest otherwise is false.”. The WSJ chose not to run this.
B) Bilt is a loyalty network driving spend between local residents and merchants. 85% of our members use Bilt’s platform with their other linked Amex/Visa/Maatercards. And while less than <15% of our members are Wells Fargo cobrand credit cardholders, we are excited and committed to our partnership with Wells. The Bilt Cobrand has resulted in:
-70% of Bilt cardholders being new customers to WF
-Average age of 31
-Average FICO of 760
These are highly valuable customers to any bank being acquired at a far lower cost. (banks often spend $1k-$2k on acquisition costs for premium, next gen customers - look at Chase Sapphire as an example).
And we are only 18 months into the cobrand partnership with lots of opportunity to drive even more everyday spend behavior. And are committed to making this a win-win together.
C) Bilt’s platform is much broader than our cobrand card. We work with all the major banks and networks to help drive spend on rent and at neighborhood merchants. And like Visa or Mastercard, merchants fund the loyalty rewards when Bilt drives spend from our residents (on any debit or credit card).
