- 5 hours ago
NEW Bilt 2.0 Cards - HUGE Update (My Honest Thoughts)
In this video, I’m going over all of the new Bilt 2.0 Cards and updates to the Bilt Rewards ecosystem. These are just my initial thoughts, from both a positive and a
In this video, I’m going over all of the new Bilt 2.0 Cards and updates to the Bilt Rewards ecosystem. These are just my initial thoughts, from both a positive and a
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NewsTranscript
00:00ال ban practiced без بعد
00:02التقديم الزرل
00:03الزرم fliberal
00:06الانت petites
00:10الا مصرر
00:10و inicial
00:11الا
00:11ده
00:13أريد
00:14스튜디오
00:14و
00:15أنا
00:15أعجم
00:16الكاملب
00:16stab
00:18هناك
00:19حول
00:19أم
00:19إضاف
00:20так
00:20المؤتب
00:20المهم
00:21of
00:21غ resolved
00:23والزرع
00:24رس
00:25do
00:26الأ
00:26الم cần
00:27وب
00:29ذهب لعشي مثل هذه المتحاراتي .. اشبه أن تحقيق بيط 2.0؟
00:32وفي تحقيق بيط 1.0، من أن أريد قربي حالي
00:35أجد أن تحقيق بيط 1 ونحراب الوظف بيط 1 ونحراب الشركة
00:38جابت شبيت المستقرد، حيثن تحقيق بيط 1 ونحراب الموضوع
00:42والأكد على في تحقيق بيط 2.0 وإنما تحقيق بيط 1 ونحراب
00:46وأعطي أن تحقيق بيط 1.0 ونحراب أفل
00:50دعابي حمراً لذلك حقيق بحيث موجود وإنشاع الجديد
00:54وتصور الميز明ات عن هذا المساعدة من البعض في المقارنين بشكل شيء.
00:56هناك هناك ملايقات هناك جدهم من تشبكي على تصورة علبة بالتشعر بالشخص لغلبية
01:00برقيل في تقرر على بعض المنظمة والشعر بالشعر والشعر والشعرم والمتعار والشعر الميز明زيين.
01:05وإن أعتقد لقد في البعض هناك الأول من الأمر لأن ذلك ، هذه الأمر التي تحضيرó التهمية فهم صح لأحيما بانتشعر و تصورها.
01:12بالك Villت's biggest hurdle is really going to be overcoming that the complication
01:16that these numbers have for people who just might not be numbers oriented.
01:19So with some of that initial stuff out of the way here,
01:22let's go ahead and jump right into things by talking about these three new cards
01:25and what benefits what features they're going to have.
01:27But I will keep things pretty quick with that stuff
01:29because there's a ton of other articles and videos out there
01:32that you guys have probably already seen that walk through it.
01:33But then after that, we're really going to dive into some of my other opinions here
01:37both positive and negative as well as some other math
01:39أ ينتهي تمام قريبا ستحل ottكم م peligاراً 관�وى
01:42وكما أريد أنني أسألت في هذه الأحوار
01:44قليلاً افعد إلي أن يكون كل إن عام بيلك
01:46وإن أن نحصل إلى بيديو بحديات نظر
01:47ونحصل إلى قليلاً طريقاً في المنزل
01:49وآتي عامل طريقاً منذ جاتي
01:51المنزل ثمينيات مواياً عن الترابط
01:53حيث بان مرموع القر ابن في حصول
01:54إلتها السبوبة العمل لديفه
01:56والديفه الخارج الجديد
02:07the built palladium card their top tier option at $495 per year. Now jumping over to the points
02:13multipliers on these three cards I'm actually going to avoid that first line there under each
02:18one of these where it says up to 1x points on rent and mortgage and that's because personally
02:21after I've looked through this stuff and I've gone through the information I think earning points on
02:25rent and mortgage is something to be considered completely separately now and so we'll talk about
02:29that in just a minute. So for my initial thoughts here let's just ignore that earning points on
02:33housing stuff and just focus on these cards compared to the competition and see what their
02:37multipliers are and how they hold up in the marketplace. So for the no annual fee built blue
02:41card that's going to be 1x points on everyday spend. Obviously it doesn't sound that great on the
02:46surface since that's kind of the baseline for most credit cards nowadays just earning 1% or 1x point
02:51per dollar but where things really get interesting is when you go up to the $95 built obsidian card
02:55that's where you start to see some more valuable multipliers at 3x points on your choice of dining
03:00or grocery. So you get to choose between one of those categories and that's going to be 3x points
03:04on one of those things for up to $25k per year or at least for groceries it says right here up to $25k
03:10and spend per year earning 3x. On this card you can also earn 2x points on travel and 1x points on
03:16other everyday spend and then over on the built palladium card that higher top tier annual fee card
03:20at $495 per year it becomes a very powerful potential Venture X competitor earning 2x points per dollar
03:28on everyday spend. Now obviously with these premium cards that have an annual fee you do hope
03:32that there's some credits that can help to potentially offset at least some or all that fee
03:36so obviously with the no annual fee card there's just no annual credits there but then for the built
03:40obsidian card and the $95 annual fee you do get up to $100 in built travel hotel credits and that's
03:47going to be split up into twice per year a $50 statement credit so you have one of those $50 credits for
03:52the first half of the year and then another one for the second half of the year. However one thing I want
03:57to point out here that is kind of a negative in my opinion and it's not super clear unless you read
04:01the fine print is that that travel credit getting $50 in the first half of the year or $50 in the
04:06second half of the year those do have to be made with qualifying bookings and it says in the fine
04:10print here that you need to make hotel bookings that are two nights or longer through the built
04:14travel portal. So again will some people be able to get normal value from this credit and the answer
04:18is yes but at the same time it is kind of limiting and you do have to read the fine print there
04:23because it's not as easy to use as it might seem on the surface. And then moving over to the $495
04:28built palladium card there's going to be two annual benefits here you have to take note of so that is
04:32going to be $200 of built cash which we'll talk more about built cash in just a minute but that is
04:36going to be issued annually and what they also point out here is that up to $100 of built cash is what
04:42rolls over from one calendar year to the next so keep that in mind here as well. And then similar to the
04:47obsidian card there is going to be a $400 built travel hotel credit here as well applied twice per year
04:52so $200 first half of the year $200 second half of the year and again if you read the fine print
04:58you do have to make qualified eligible bookings here at a two night minimum so it's not as easy
05:03to use as some other credits out there on the market and you just have to take note of that.
05:07Now speaking of built cash let's go over that next year because that is going to be another massive
05:11change here in the whole built ecosystem. So what you'll see is that all three of these cards earn
05:154% built cash on purchases all purchases excluding rent and mortgage payments. Now this is where I think
05:22it's going to get confusing for the average person or beginners with this stuff because not
05:26only are you earning points on your spend with a built card you're also earning cash back in the
05:30form of built cash at this time. Now that cash back is not the same as like cash back you can deposit
05:36into your bank account but it should be somewhat close to a one-to-one ratio for exchanging that built
05:41cash for other things like for example redeeming for statement credits on on lift rides or for fitness
05:48classes or booking hotels through built travel. There's some other examples that built gave and
05:53there's going to be some other stuff in the near future that they're going to be allowing people
05:57to exchange their built cash for as well. But the one thing that built is also going to allow you to
06:01do with that built cash is essentially exchange it for unlocking points on your mortgage or rent and
06:07I'll explain this with some math that I have scribbled down on a piece of paper because again this is very
06:12unscripted here and I'll be more organized with an official video. But basically the number that you want to
06:16keep in mind here in terms of exchanging built cash for points on your rent or mortgage is that
06:21$30 of built cash is equal to unlocking 1,000 points on your rent or mortgage. Now I also wanted to
06:28quickly mention that there are going to finally be some welcome bonuses on these cards with really the
06:32top tier palladium card getting the best welcome offer. But on the built blue card with no annual fee
06:37you're getting $100 of built cash as a sign-up bonus. You just apply, get approved, and then you're going
06:42to get that. For the built obsidian card coming in at $95 per year, $200 of built cash when you
06:47apply and get approved. So again no spend attached to that and that's sort of an initial way to build
06:52up that built cash balance. And then over on the built palladium card, $495 card, you're going to get
06:57$300 of built cash when you apply and get approved along with the opportunity to get a 50,000 built
07:04point bonus plus gold status. So after you spend $4,000 on everyday purchases in the first three months,
07:11you're going to unlock those two things there as well. So this is the first true
07:15built welcome bonus we've seen for earning built points. Now in being here at this event and talking
07:20to people here at built, there does seem to be some confusion going around online as to who's
07:24actually eligible for these bonuses. So if you're converting from built 1.0 to built 2.0,
07:29does the language make it seem like it actually excludes you from getting this bonus? Maybe it does,
07:33but they made it very clear everyone is going to be eligible for this bonus. So me, like I said,
07:39I upgraded to the built palladium card. I'm going to be able to get 50,000 built points after 4k of
07:44spend in the first three months, as well as anybody out there who's a newcomer to the built program.
07:49Now, outside of all that stuff, there's some other features and additional benefits that I'm really
07:53going to have to dig into for more in-depth review of this stuff. But what you will see if you scroll
07:57down on their website is that each one of these cards has no foreign transaction fees, which is nice.
08:01Each one's also going to have a cellular wireless telephone protection benefits. That's kind of cool too.
08:06And there's some other travel protections with the built palladium card having the best
08:10protections and the best additional features. Again, there's a lot of stuff that I really have
08:14to dig into here. And this is just my initial thoughts. All right, so let's go ahead now and
08:17just close up my laptop. And I'm going to jump over to a desk view where I've written down some math
08:22with an example here of earning points using the built palladium card, 2x points per dollar on
08:28everything non-rent and non-mortgage, as well as 4% built cash on those transactions that you can then
08:34use to unlock points on your mortgage or rent payments. Because if you can understand how this
08:40math works, then you start to see why there are some people that do see some positives in getting
08:44a card like this. But you can also see why it's complicated and why people are frustrated.
08:49All right, now again, this is a very spontaneous video. So excuse my bad handwriting here. You can
08:53roast me in the comments. But if we said that our rent was $3,000, what built made clear at the event
08:58was that there are going to be no fees charged for that rent. So I think this is what people were
09:03seeing on Reddit was that if you started to charge rent or your mortgage through this stuff,
09:08you're automatically getting charged the 3% transaction fee. That's not the case. What they
09:13said is you could still run that rent or that mortgage through built. You just won't get the
09:19points unless you have spend on the built card earning built cash to then convert that built cash
09:25into actual points. And so we'll walk through this here. But so before basically,
09:29if your rent was $3,000, you would earn one X built point per dollar on that. So 3,000 points
09:34per month with no transaction fees, no questions asked as long as you made five transactions in
09:40a statement period. That's gone now under the old built program. So the new built program works like
09:45this. If your rent was $3,000, there's no fees paid upfront by you on that rent. However, if you want
09:53to earn up to 3,000 points, essentially up to one X back, you'll see that wording on built website
09:59up to one X on your rent and mortgage, you have to put spend on one of those three built cards to earn
10:04built cash to unlock up to one X points on that. So here's how it works. $3,000 of rent spend zero fees.
10:11Let's say you then put $1,500 of non rent spend, we're going to assume you have the top palladium card
10:17because that's where you're going to see myself and a lot of other people getting because we want a good
10:212X catchall card that transfers to Hyatt and transfers to Alaska because built points by far
10:27now, this is not even something that's really arguable. You ask anybody, built points are the
10:31most valuable. There's no questioning that. That has not changed. The transfer partners have not
10:34changed. So that's good. So $1,500 of non rent spend earning 2X points on the palladium card,
10:41that's going to be 3,000 built points. At the same time, you're going to get 4% built cash. So if you
10:46do 4% times $1,500 of spend, that's $60 in built cash per month. Again, this is just like each
10:53month could be different, but as a 2X catchall card, I think that's a pretty good estimation for
10:58what someone could spend on non rent spend. Again, you're going to unlock points on your rent or
11:04mortgage here. So the ratio is that $30 in built cash is equal to 1000 points. Now that ratio scales
11:12up and down. So you don't have to do, it's not incremental. So it's like you don't just get like
11:16every $30 is 1000 points. If you only have $15 of built cash, that would convert into 500 points. Or
11:23if you have $45 of built cash, that would convert into 1500 points. But so $30 of built cash is equal
11:30to 1000 points. That's the ratio to keep in mind. Because we earn $60 of built cash here, that is going
11:36to get us 2000 points. So $1,500 of non rent spend. Again, that earned us 3000 points initially
11:44at that 2X earning rate. Plus we're unlocking 2000 points on our rent because we can have up to 3000
11:53points on rents. We're unlocking 2000 points, not the full 3000, but 2000 points on that
11:58by taking our built cash and converting it into that 2000 points. So now from this $1,500 of non rent spend,
12:05you get 3000 points earned plus 2000 points unlocked. That's 5000 points in total. And if you
12:11do the math on that, again, this is where I said earlier in the video to disregard earning points
12:17on your mortgage or your rent, just think of that as a whole separate thing. Now, if we just pretend
12:21like, okay, that's gone, we're not earning points on rent or mortgage, we're unlocking extra points
12:27based on our non rent spend. So now 5000 points earned in total for only $1,500 of non rent spend,
12:34that works out to be 3.33 points per dollar. And that math holds true no matter what your non rent
12:40spend ends up being. So you're not penalized by not spending, essentially everybody's, everybody was
12:46worried online that, you know, you have to spend 75% of your rent or your mortgage expense on non rent
12:53spend in order to offset the fees, the transaction fees. That's not the case. If you come up short like
12:58this, and you don't have enough built cash to essentially, you know, pay off all the fees that
13:04would be associated with this rent payment, you'll unlock 2000 points here. But any excess rent will
13:10just be a normal bank transfer, like you're not going to get charged the transaction fee on that. So
13:16there's a few ways to kind of look at this. Again, you're not earning the same 1x point on all rent and
13:22all mortgage spend. But now it's going to be based on your non rent spent. So again, my initial impressions here
13:27are just that I think the old way of earning points on your rent with built is gone. That's in
13:32the past that used to make sense for anybody out there, you can easily recommend a no annual fee
13:36card that lets you unlock earning points on your largest expense. And those points are very valuable.
13:42But now in this new built 2.0 program, those points are still just as valuable. But the mechanism
13:48for earning those points is what gets complicated here. And I think that is again going to be a big
13:52hurdle for built to overcome moving forward. Now we're still in a period here where essentially we're
13:56transitioning over from built 1.0 to built 2.0. And so the card itself actually becomes active on
14:02February 7th. And up until then, up until January 30th, you can make your selections and get the new
14:07card shipped out to you or you can cancel your account. You can also choose what you want to do with
14:12your old Wells Fargo account if you want to keep that as a Wells Fargo autograph card or just close
14:16that account as well. But so I think over time here, we're going to see more and more just how built
14:21delivers this mechanism news to people inside the app. Like how are they going to explain
14:26for the average person how earning points on your mortgage or rent now works because there's
14:32multiple currencies. There's a points currency, a cashback currency, and that's cool. That cashback
14:36also gives you options. And I think that's something that people aren't talking that much about
14:40that could have some dollar for dollar value outside of exchanging that built cash for unlocking
14:47points on your rent or mortgage. Again, I said before, you could use that built cash potentially
14:51for other things. So I think that's going to be another factor that we have to see
14:55kind of at work here. Is built going to give us a lot of options for redeeming that built cash if we
14:59want to just ignore earning points on a rent or mortgage? And so to summarize here again,
15:05the program went from being a no-brainer program to a brainer program. That's not a bad thing for
15:10certain people who want to optimize. I think I'm actually going to get a lot of value out of the
15:15palladium card being my new catch-all card. But essentially what made built built and what got
15:20everybody excited about the stuff, earning points on rent with no transaction fees,
15:24no catches, no complications, anything like that, that's no longer here. And so we have to adapt.
15:30And that's kind of like everything in the credit card world. I've made videos about this before.
15:34I think a lot of people have credit card fatigue with all these updates and the complexity of things
15:38that people just want simplicity over anything else. And so obviously we've had a lot of changes in
15:43the credit card world over the past 12 months. We've seen Capital One Venture X lose its
15:49guest policies on lounge access. That's kind of like a minor, small little change there.
15:53Then we've seen the Amex Platinum maybe have a few more changes that people kind of expected. Some
15:57people were upset, some people not so much. Chase Sapphire Reserve had a bunch of changes. That was a
16:02dramatic re-imagining of that card. And so people were more upset about that. And now with this new
16:06built 2.0 program, I think that's why people are the most upset is just because it went from one
16:11thing to something completely different. Now it's very focused on your non-rent spend. Whereas
16:16before people were, you know, there's a whole joke. People would just put four bananas
16:19and their rent on that credit card to qualify for earning points on their rent. You can't do that
16:24anymore. That freebie is kind of gone. But like I said, I'm really just trying to show you both sides
16:30here, both the good and the bad. There's some potential value that's there. We're going to see
16:34how that plays out over time. We're going to see if built adjusts anything over time. So I know they're
16:38actively looking at what people are saying on Reddit and saying on YouTube and social media. So if there is
16:44any feedback, be sure to leave it down below. Comment on my videos, other videos, comment on
16:49Instagram, on Reddit. You know, they're looking through all this stuff. And so the feedback is
16:53very much appreciated. And it is nice having that open line of communication to built. So I do
16:58appreciate that. I do appreciate them inviting creators out so we can share what our audiences
17:03are saying with them. So let me know in the comment section down below what you think of these changes.
17:08Are you going to be getting rid of built? Are you going to be migrating over to one of those three cards
17:12with the blue obsidian or palladium card? And overall, do you see this as a net positive
17:17or a net negative thing? I'm really curious to hear your thoughts because there's a lot of stuff
17:21going on. Like I said, just my initial thoughts here, trying to give you both positives and the
17:24negatives and see it for both sides. That's what I always try to do here on this channel. So make
17:28sure to subscribe down below to see my full detailed review video of these new built cards. But as always,
17:33thanks so much for watching and I'll see you in the next one.
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