Wells Fargo & Bilt's Partnership Struggles with Revenue Projections
Wells Fargo paid Bilt $200 for every card approved, but their revenue driver projections were inaccurate. The reality is that only around 15% to 25% of dollars charged to the card carry over from month to month, generating interest charges instead of interchange-fee revenue as expected. Wells Fargo pays Bilt 0.8% on each rent transaction and doesn't earn interchange fees on these transactions. The partnership is currently renegotiating the contract, but it's unlikely to generate as much revenue as expected due to its popularity among savvy points and miles communities.
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