Wall Street Journal sources say Wells Fargo doesn’t plan to renew its agreement with Bilt when the contract is up in 2029, but Wells Fargo and Bilt seem to have a different take.

Forbes Advisor reached out to Wells Fargo and a spokesperson shared that, “Co-brands are one modest piece of the company’s overall credit card business strategy, and the Bilt credit card is one component of that. While still small, the Bilt card offers an innovative and unique rewards platform that has allowed us to reach new and younger customers. As with all new card launches, it takes multiple years for the initial launch to pay off and while we are in the early stages of our partnership, we look forward to continuing to work together to deliver a great value for our customers and make sure it’s a win for both Bilt and Wells Fargo.”

With regard to the Wall Street Journal story, a Bilt spokesperson told Forbes Advisor, “This is an inaccurate representation of our strategic partnership with Wells Fargo. Following our co-brand card’s successful launch in 2022, we have been impressed by the early traction and growth, and we are committed to a long term partnership with Wells Fargo that benefits all parties, most importantly—our customers.”

Following the report, Bilt CEO Ankur Jain took to social media platform X (formerly Twitter), saying the Bilt partnership has resulted in Wells Fargo seeing:

  • 70% of Bilt cardholders being new customers to Wells Fargo
  • An average customer age of 31
  • An average customer FICO Score of 760

Jain also points out that Bilt Rewards is more than a credit card, with 85% of Bilt members using the rewards platform by linking their other non-Bilt cards from Visa, Mastercard and American Express to their Bilt accounts.

Wells Fargo could reap rewards by playing the long game. Banks budget large amounts of money to gain new customers, and the new customers Bilt is acquiring match a desirable demographic for issuers.

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Credit cards,

Last Update: June 25, 2024