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Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly.
Wells Fargo's co-branded credit card partnership with fintech startup Bilt Technologies is causing the bank to lose up as much as $10 million monthly, according to a WSJ report. The bank agreed to a co-branded program with the fintech startup that most other big banks -- including JPMorgan Chase -- ...
Wells Fargo's co-branded credit card partnership with fintech startup Bilt Technologies is causing the bank to lose up as much as $10 million monthly, according to a WSJ report. From the report: There is a reason why credit cards hadn't gained traction in the rent sector until Bilt came along. Most landlords didn't accept them because they refuse to pay card fees that get pocketed by the banks issuing them and often run between 2% and 3%.
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