Originally Posted by
tth6133
Does Cardless really buy points from Bilt even if you put spend on the card in Bilt 2.0? I highly doubt it. Wells did in Bilt 1.0 but that deal was structured differently.
The mechanism is really academic, either:
1. Cardless is getting the swipe fees and buying the points from BILT at whatever rate; or,
2. Cardless is passing a (large) portion of the swipe fee through to BILT, which is used to fund points.
Either way, the meat in making the card economics work is the non-rent spend (and the BILT cash mechanism to earn points on rent is to make sure it's not a loss if there isn't much or any non-rent spend because then you don't have to award points on rent), and to make BILT grow, they want as much non-rent spend as possible.