Frequent Miler on the Air
Bilt is costing Wells Fargo dearly. Should you duck & run or double down? | Coffee Break Ep15 | 6-18-24
Jun 19, 2024
The podcast discusses the friction between Wells Fargo and Bilt, citing concerns over fraud and money laundering. They analyze the future of their relationship and the financial impact on Wells Fargo. The episode explores the sustainability of the loyalty program and assures listeners about the safety of their points.
19:55
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Quick takeaways
- Wells Fargo faces financial losses from Bilt partnership, signaling need for contract renegotiation.
- Bilt loyalty program raises concerns about funding model, profitability, and risk of money laundering.
Deep dives
Wells Fargo's Trouble with the BILT Loyalty Program
Wells Fargo is facing financial challenges due to its partnership with the BILT loyalty program. The article highlighted that Wells Fargo's losses from the built card are significant, amounting to around $10 million per month. The bank has informed BILT that it may not renew their contract beyond 2029 unless the financial terms are revised in its favor. Wells Fargo's decision to renegotiate the deal reflects concerns about the program's lack of profitability and the need for customer behavior changes.
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