The Bilt Mastercard is a card that allows users to earn cashback on rent payments, among other categories. The WSJ recently reported that this cashback was actually being bankrolled by Wells Fargo, who is reportedly losing tens of millions of dollars per month. Bilt’s contract with Wells Fargo ends in 2029.

This market resolves NO if the Bilt Mastercard either 1) ceases to exist 2) significantly changes their core business model (for example stops offering rent payments) or 3) significantly alters their services such that a significant portion of their users leave (for example charging a $1k annual fee). I’m also open to hearing other arguments as to why the market may need to resolve NO. Otherwise resolves YES.

I will not trade on this market.