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OVER for the Bilt Card?! Losing $10 MILLION a Month
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- čas přidán 18. 08. 2024
- #bilt #creditcard
Is it over for the Bilt Mastercard? A recent WSJ article indicates that Wells Fargo is losing $10M a month in this partnership...that's what we'll explore in today's video.
0:00 Intro
0:53 Card Overview
6:24 Is it Over?
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Update: Apologies folks it should be 3x dining, 2x travel and on rent days it doubles to 6x dining, 4x travel.
TLDR he is not worried. Bro is a professional yapper.
Of course he’s not gonna say his worried so he can push his affiliate link
Appreciate the feedback!
He gotta pay bills it’s ok
I stayed for the whole video and it was informative
Rapper? What's a yapper?
@@EffySalcedo yapper: someone who talks too much
It is 3X on dining and 2X for travel
And BILT's definition of travel for points is very limited. Still a great card.
Thank you for catching that!
I got the 5X for 5 days and put a bunch of wedding purchases, like the caterer, venue, photographer, and planner on the card. Worth more to me than any sign on bonus I’ve gotten for any other card so far.
I think cards like these that largely benefit consumers don't last long because banks lose money on them
Isn't true for every credit card though? And they make money back through transaction fees and such?
@@amtra1778maybe I’m understanding incorrectly, but I think Mastercard makes all the profit from the transaction, not the banks
Yes and no, I think if the bank has other products to cross sell/up sell the benefits will generally stick around. I'm looking at the Sapphire Reserve as an example. Although at some time the annual fee did increase
Every credit card has an acquisition cost for the issuer. I believe Chase lost $200+ million the first year or so that they released the sapphire reserve
Personally I'd be happy with paying an annual fee for a card like this but I don't rent so I think I'll go with the sapphire preferred or reserved
They’re losing money cuz most people are not using the card outside of rent.
All they got to do is increase the 1x on everything else to 2x on everything else making it a good everyday catch-all card so people will want to use it more and problem solved.
Im going to say no its not over before I hear the video
It was not, in fact, over!
you're right!
Who “hears” videos 😂
hey john you messed up, its 3x for dining and 2x for travel, not the other way around!
Thanks for catching that, can't believe I fat fingered that!
You gotta stop with the weird clickbait titles. Just makes me not take you serious and not want to click on your videos anymore.
appreciate the feedback! it's a interesting balance between delivering everyday credit cards news that speaks to a select audience and reaching a wider audience that might also be interested. But noted for future videos
Charge a $95 AF and increase the base multiplier to 2X.
I can dream.
Maybe a 1.5 they could do
@@ab3040 actually yes that's more likely. $95 AF, 3X dining, 2X travel, 1.5X everything else, that would be a solid every day card for most people and would increase the user swipes that WF would want.
the 95 AF fee would be interesting, given the value it provided at $0 I bet they would throw in some pretty sweet credits to boot
Isn't that just the Chase freedom flex in terms of multipliers, tho ig you have transfer partners/can earn rewards on rent @@soapa4279
I mean even if rent was only 1000 a month that’ll cover an annual fee of $120. So they wouldn’t have to change the card at all to cover the annual fee. My thought to fix the issue is only give rewards if you spend X amount on non rent purchases instead of the swipe rule. Maybe that with an upgrade path
Just got the card a week ago. I’ll ride it out until 29’ and see what the outcome is.
Just received my card this week! Got it because of your countless recommendations to get it. I have the 5x pts for 5 days right now, however it excludes rent payments.
lucky!! I wish I got that
@@johnsfinancetips Thinking about buying a TV right now to take advantage of that bonus. I think I´m on my last day of the 5. You think that’s a good idea?
Long as you can pay it off in a month, I'd say go for it. Been doing that for months and have yet to pay any interest in this card.
If I were you I’d ask your friends or family if they have any large payments they plan to pay. You can pay it with your card and get them to give you the cash. 5x on anything can be really amazing if you have the cash to cover large purchases
4:45 Orlando airport code is MCO not ORD. ORD is Chicago.
Thank you catching that!! I just confirmed that LAX to MCO booking using AS miles is still 12.5K base for economy. So the points are accurate.
John I appreciate your content but please don’t clickbait us like this if you really respect us. You always say you want to be respectful of our time but then you use the title, thumbnail, and intro to bait us into watching way more than necessary to figure out what the takeaway is.
And please know I say this with great appreciation for your videos and insights. You’ve taught me a lot- that’s why I think it’s important I share that feedback with you.
I know it’s not technically for mortgages but it’s so tempting to get it for that since I’ve heard a lot of people do, but risky, getting it shut down or something happening to the loan
Wait what? People use it for mortgage?
when people have to do stuff like pumping gas 5 times or buying amazon gift cards instead of using the card, people don't actually like using the card.
We are getting smarter and they hate it I have never carried a balance on this card and it helps split my rent payment between 2 weeks. It’s also a great card to transfer your points to American Airlines.
Love that! BTW American is no longer a transfer partner but Alaska is!
And Alaska Air!
@@johnsfinancetipshowever, you can transfer your points to Marriott. Then from Marriott to American airlines. Take slightly longer but you still get the benefit!
Got the card last week and got the 5x in 5 days bonus!
A friend of mine used my referral link to get the card. He had a $10,000 tour planned, and I suggested he wait to pay the tour company until he saw if he would get the 5x bonus points. He did and turned his trip into 50,000 points on his first transaction. That paid for his business class overseas flight. Sweet.
I love this story!! Your friend played the game to a TEEE!!
I got this card in 2023 and I’m finally using in towards my rent in 2024 and this card is a tank! I don’t see this card going anywhere, I see evolving
if this gives 1x on rent, how's that different from paying rent with an AMEX, is the same rate 1x... are these points more valuable? or its value is because of no anual fee?
Because the 1x on rent is fee free like an ach payment. Or technically you can make your rent payment via ach and get 1x basically.
The difference is no fees for paying rent. With the no af as well.
Generally if you put in a credit card as a payment method there’s going to be a processing fee, maybe 3% of the charge. BILT will give you an app with an account # and routing number that you put in for your rent that will code it as an ACH and avoid that fee. So if you pay with an Amex and your rent is $1000, you would get 1k points but also be charged an extra $30. If you pay with the BILT info, you get the points with no credit card process fee
the other comments summed it up perfectly. Bilt found a way to cover the cost to swipe a card for rent
And I tend to find that bilt points are more valuable than other cards and their points. Not sure the exact calculations to be completely accurate, but with bilt points, you use 80 cents on the dollar per point while with others you use 1 dollar per point. Call it you only pay 80% of a full ticket price for flights for instance compared to chase or Amex where you pay the full price of a ticket in their points. Also, I tend to find the flights either slightly less, or close to 20% less through the bilt app compared to other financial institutions and their points. Someone can fact check me on this, but it seems about right to me. I truly hope this card does not go away for a long while. I only got it in February and it makes it FAR easier to travel than any other method I've used thus far.
John, please correct the misspelling of "dining" in your video. It detracts from your image. Thanks.
Thank you for catching that!
One year in almost and I've never paid a fee. Do my min 5 charges through auto top up on amazon and misc bills I wouldn't normally get 2x points or more on.
I got the 5x for the first 5 days i had the card back in February. Received a text and email letting me know the day i received the card. I accumulated close to 15k points using it to pay on medical bills, regular bills, grocery, everything... only $6k away from being a gold status member. Should have it prior to November. It's a nice card for travel for sure.
Just got my card today! And I got the 5x for 5 days bonus. Excited to use it for the next 5(+) years
26k bilt pts for a family of four but only a ONE WAY flight to Disney, aka 52k pts for round trip, bc who buys a one way flight… and 52k pts will need to be amassed over a ton of time since there are no SUB. Makes everything sound so good but i guess that’s CZcamsr content.
I’ve seen a few people talk about how they average 40k points per year on rent alone, so that’s still enough for flights to and from Disney every year and a quarter🤷🏼♂️
When I received my card in 2021 I got an offer for double points for the first 5 days
lucky! I got nada : (
They’ll probably just reduce the multipliers on points and transfers. I don’t think it’s rent they lose money, all the other things offered in Bilt.
Great video in terms of content. But “It’s Over” as a title… really? No need to sensationalize and mislead what the actual video is about. Just give the plain facts and stay genuine. Misleading clickbait titles make me not want to trust the content or watch it at all. Just my feedback as a longtime viewer.
can you do a video on bilt and the alaska airlines transfer bonus for july rent day please and see if its worth it. i want to transfer all my points over to alaska but was wondering if it will have an expiration date
what is the most bang for the buck with the points you receive??
The big problem with Bilt is their credit limit, Their Credit Limit is about on average 5-7 times less than Chase, also for spending on rent, there are few room left for everyday spending, which banks can be profited on, not mentioning more likely of carrying a balance.
Yeah the limit is pretty low, after rent I have about $500 left on the credit line which I use for utilities like electricity and phone which helps with the use 5 times for points rule they have.
$95 annual fee would likely kick-in in 2025 to offset losses. Great review as always, thanks John
But you have to use the card 5 times before you get points
Note to self: take advantage of for consumer cards
that's the game!
Should I cancel my Hyatt credit card?
Can we talk about evolve bank (the bank that Bilt uses as an intermediary so we can earn point for rent) just got a massive clients data stolen.
So does rent cover mortgage?
They should increase the number of times you have to use this card per month. Maybe from 5 to 15.
I just got this card yesterday, hope it sticks around
I got the 5X promo for 5 days
I got the card last October I did get the 5x
Nice, thanks for the info!
I've loved the card so far!
They’re going to try to renegotiate terms with WF before they decide to end the card
Agreed, it'll be interesting to see how that ultimately impacts us
You scared me, I thought they were going to make it an annual fee card😅
Here for it!!
To answer the question. It is, in fact, not over.
And I hope it never ends...I'm wondering who went to the WSJ with the story though. The $10M/month loss is pretty wild
I just got these card yesterday
Is there a single credit card CZcamsr that isn’t a shill for Bilt?
You know the reason Bilt is struggling isn’t smart money millennials. It’s savvy credit card users that rent and throw 4 other small transactions in the card.
Congrats!! Enjoy that card
The more money i earn the less i waste.
Hey John , I have send you the email you haven't replied yet ?
Whats dinning
Old heads... dude... and I even liked this video.
haha I'm included in that too!! Give me back my SPG!!
Doesn’t matter to me. If I’m still renting in 5 years, I’m just gonna off myself 😂 jking but you know what I mean
“It’s over” but I know there is a contract to 2029. Not even going to watch this click bait. Thumbs down.