WELLS FARGO BET ON A FLASHY RENT CREDIT CARD. IT IS COSTING THE BANK DEARLY

Summary from the TLDR newsletter

Wells Fargo launched a credit card with Bilt Technologies in 2022. The card allows users to pay for rent without incurring fees from their landlords while also earning rewards points. Wells is reportedly losing as much as $10 million every month on the program. The bank has told Bilt that it doesn't intend to renew the contract, which is scheduled to end in 2029.