The Best One Yet
BONUS 💰 “The Money Pod” — Our Best Money stories from 2024
Dec 27, 2024
Explore Wells Fargo's miscalculated credit card for rent payments and how savvy millennials turned the tables. Discover the surprising side hustle of an Olympic gold medalist balancing investment banking and athletics. Dive into Larry Fink's insights on retirement planning for DINKs and the urgent need for millennials to reassess their financial futures. Unpack the magic of compounding interest and its impact on long-term investments, all while enjoying a lighthearted take on family dynamics during holiday gatherings.
22:00
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Quick takeaways
- Wells Fargo's credit card for rent payments became exceedingly popular with millennials, leading to unexpected financial losses for the bank due to high redemption costs.
- Olympic athlete Justin Best exemplifies the rise of side hustles among athletes, highlighting the need for financial support and job opportunities during their training periods.
Deep dives
Wells Fargo's Rent Credit Card Miscalculation
Wells Fargo launched a credit card in collaboration with the startup Bilt, aimed at allowing customers to pay their rent. This innovative card became incredibly popular, attracting over a million accounts in its first year. However, the bank underestimated the savvy nature of millennial users, who used the card primarily for rent payments and amassed substantial points, with some couples racking up enough to fund vacations to Europe. As a result, Wells Fargo is currently losing $10 million per month due to the unexpected high costs associated with redeeming these points, leading to a significant financial setback.
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