Nilson Report

THE CURRENT ISSUE: Issue 1218 | Apr 2022

FEATURED COMPANIES

Companies featured in this issue include:

Top U.S. Debit Card Issuers—Ranked by Purchase Volume in 2021

Top U.S. Debit Card Issuers–Purchase Transactions 2011-2021

Top 50 Debit Card Issuers in the U.S.

Top 50 Debit Card Issuers in the U.S.–Purchase Volume per Card

Market Shares of Debit Products Among Top 50 U.S. Issuers

Publicly Traded Companies in Payments

Top 50 Debit Card Issuers in the U.S.–Purchase Volume per Card

The 50 largest Visa and Mastercard debit card issuers are ranked in this issue based on purchase volume. The five largest issuers based on the annual spending per card they issue are shown here along with the average amount.

Arvest Bank
$14,592 purchase volume per card
FirstBank (Colo.)
$14,536 purchase volume per card
Golden 1 CU
$14,362 purchase volume per card
Prosperity Bank
$13,118 purchase volume per card
Regions Bank
$12,885 purchase volume per card

Full access to the Top 50 Debit Card Issuers in the U.S., Purchase Volume per Card, is available when you subscribe to the Nilson Report.

POSTED MAY 3, 2022 | PRINT

WELLS FARGO MASTERCARD WITH BILT REWARDS

Providing cardholders with rewards points based on rent payments they make is the biggest feature of the no-annual-fee Bilt Mastercard credit card issued by Wells Fargo. Rent payments can be made to any landlord in the U.S. If landlords don’t accept credit cards, payment will be made via the ACH or paper check. There are no fees for any rent payments.

Cardholders earn 2 Bilt points for every dollar spent on travel purchases and 3 points per dollar on dining. They earn 1 Bilt point for each dollar spent for rent payments (capped at 50,000 points a year) and all other purchases.

Bilt Rewards can be redeemed for air travel and hotel stays with 100 partners and for other types of goods and services. Unique to this card is that points can be redeemed as part of a down payment on a house.

Bilt Rewards, the partner of Wells Fargo and Mastercard on this product, is owned by Kairos HQ. Over the last year, the company has built a consortium of multifamily property complexes totaling 2.1 million rental units. The Bilt Mastercard credit card was tested with residents last year with Evolve B&T as the issuer. Wells Fargo, which replaces Evolve B&T, will promote the card nationwide.

Bilt Rewards says that Americans make $500 billion in rental payments annually but that almost none of those payments are tied to a card. The more than 43 million rental units in the U.S. are concentrated in urban areas and include sought-after high-income earners among millennial and Gen Z age consumers.  

After working with Mastercard to create the system needed to handle rent payments without charging any fees, Bilt Rewards succeeded in getting regulators Fannie Mae and the FHA to agree to the use of Bilt points as part of a down payment on a mortgage. This was a first. Bilt Rewards then solicited Wells Fargo to be the credit card issuer. 

Wells is the top bank provider of home mortgages in the U.S. and operates 5,700 branches nationwide. 

Cardholders that use the Bilt Rewards app to pay their rent can arrange for that payment to be pulled from their deposit account. The card’s line of credit is not accessed. They can also choose to use the card’s line of credit. Bilt points are earned both ways.

Interviewed for this article

Dan Dougherty is Executive VP and Head of Partnerships at Wells Fargo in Wilmington, Delaware, daniel.dougherty@wellsfargo.com, www.wellsfargo.com.

Ankur Jain is Chief Executive Officer at Bilt Rewards in New York, ankur@kairoshq.com, www.biltrewards.com.

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