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Old Jun 16, 2024, 6:51 am
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You may be able to read the article here, without a Wall Street Journal subscription:

Wells is losing as much as $10 million every month on the program as savvy customers flock to the card, according to current and former employees. Executives made internal projections on key revenue drivers, such as the likelihood that cardholders would carry balances, that turned out to be inaccurate.... The financial losses triggered a renegotiation of the program that has been under way for months. Wells has told Bilt that it doesn’t intend to renew the contract, which is scheduled to end in 2029, unless economics are changed in its favor....A Bilt spokesman said that The Wall Street Journal’s reporting “is an inaccurate representation” of the partnership and that the company is “committed to a long term partnership with Wells Fargo that benefits all parties.”
The article includes details of the assumptions that Wells Fargo made and the actual results. It also mentions other banks which passed on the opportunity to issue the Bilt card, which suggests that Bilt would have difficulty moving the card to another issuer.

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