Wells Fargo and Bilt have refuted claims that their co-branded credit card partnership is facing difficulties. The two companies launched a card in 2022 that allows users to pay rent while earning reward points. A June 16 report by The Wall Street Journal suggested Wells Fargo could be losing up to $10 million monthly on the program and has halted bids on new co-branded card projects. However, both companies dismissed these assertions, with Wells Fargo stating there have been no discussions to end the Bilt agreement. Bilt CEO Ankur Jain reinforced the commitment to their partnership on Twitter.
This news arises as co-branded credit cards face challenges, with general-purpose cards dominating the market. Nonetheless, co-branded cards remain popular among older and high-income consumers.
Source: PYMNTS
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