NEW Bilt Cards FULL Details LEAKED

In this video, I'm going to show you what very likely will be the full details of the new built cards that are coming out in February. Now, these details will be released on January 14th, but thanks to Reddit, we have information that someone was able to obtain from code on Built's website, and it does sound believable. From this, we can see that Built is doing away with free rent and mortgage payments. And there is a different way that you need to use these cards in order to wave the 3% transaction fee that Built charges on rent and now mortgage which is starting this year. We'll explain all of that and more in this video. So stick around. Hey credit warriors, welcome to the show. My name is Ben Hedges aka the credit shu and on this channel I cover US credit cards, personal finance and luxury travel. If you like the sound of that, please subscribe. But let's get into it. So, if you don't know, Built is the very popular rewards program that has let you earn points on rent payments for several years now, and they are bringing in the same thing for mortgage payments in February this year. They also have a credit card which lets you pay rent with no fee. If you just pay rent through build using your own credit card from a different bank, it's going to be a 3% fee. But if you have their card, it is free. Now, they shut down applications to their credit card last year in preparation for the new Built 2.0 cards, which are coming out in February, and this is said to be a trifecta of three cards, as you're going to see in a moment. Now, that's basically the background on this whole story. Let's now get into these new leaks. So, first of all, we have some possible card art. Here is what was posted on Doctor of Credit. And this came from a doc reader who was also probably poking around on Built's website and found these images linked to in the code somewhere. This is for the so-called Obsidian card, which is their mid-level card, and that's going to be referenced in the full details in a moment. So, let's look at the details of all three cards. Now, here is the Reddit post, which was made by a user named Same Performance 9439, and it reads, "I found pretty much all of the details about the built 2.0 0 cards while digging through their website. The card details can be found in a JS N, which is a type of file that's used on websites on the built site. But summarizing the details below, my guess is that there's some catch about earning rent points such as a 3% transaction fee. But these are the multipliers and benefits on the cards. So, he is presuming that they're getting rid of free rent payments and free mortgage payments, and it's going to be a 3% fee. You're going to see why in just a moment. So, let's actually look at all of the benefits on each card. And just quickly, I want to mention that you are going to see a new thing called built cash, which is like a new parallel points currency that you earn alongside built points that you can only use to purchase certain things with built. And one of those things is waving the transaction fees on rental mortgage payments. All right, let's look at the details of the first card, the Built Blue card. Annual fee $0. Welcome bonus $100 in built cash. Rewards 4% built cash on everyday spend. So I assume that means everything else apart from rent or mortgage payments. One point per dollar on rent, mortgage, and everyday spend. Benefits, no foreign transaction fees, neighborhood benefits program. Use built cash to wave rent and mortgage transaction fees. So you can see that one is a pretty simple card. No annual fee and it just earns one built point on all categories. And in addition to that, 4% built cash on everything. So if you want to pay for rent or mortgage for free with the card and earn built points, you would need to spend 75% of the value of that mortgage or rent payment on your card. That is if the fee is still 3%, which I'm guessing it probably will be. So for example, if your mortgage payment was $1,000, 3% of that is $30. And in order to get $30 in built cash at 4% cash back, you'd need to spend $750. My personal mortgage payment on my house is $1,867. I know it's really cheap compared to some payments now. I got a 4.5% rate, but anyway, for me to get the 3% transaction fee paid for, which would be $561, I would have to spend $1,400.25 in other categories on the card each month in addition to my mortgage payment. Now, this is a lot more spending than their old requirement where you just had to make five non-ren transactions per month. Like, that literally could be five packs of gum at like a dollar each or something. Now, obviously, this is a worse deal for card holders than what they have now. Especially on the basic card since it's just one point per dollar on everything. So, depending on what other cards you have in your wallet, there could be some big opportunity costs there. Like if a lot of your non-ren non-mortgage spend is say dining and grocery and you have the annex gold card in your wallet that earns four points per dollar on those two categories, then you're exchanging that for one point per dollar. Big opportunity cost. But if you have a lot of spend that you could put on the card through things that would otherwise just earn you one point per dollar anyway, then that's not a problem. Like for me, I have car insurance, health insurance, etc. That's quite a lot of money each month. And I put that on cards and it only earns me one point per dollar. All right. Now, maybe there is a card that I could apply for that gets me more than one point per dollar, but personally, I haven't done that yet. Um, so I wouldn't really be losing out if I put that on the built card with my current setup. All right, let's now move on to the next built card and its rumored benefits. Oh, and guys, if you want to sign up for Built in preparation for this launch, do click the link and sign up for Built down below so that you have a Built account ready for when these cards launch. Okay? You'll also be able to get started by linking any card to the Built dining program and that gives you an extra three points per dollar at most of the restaurants in the program, which are many. So, if you use the MX Gold, for example, at a built restaurant, you get four points per dollar from your card and three points per dollar from built for a total of seven points per dollar. It's really actually a no-brainer. It doesn't cost you anything to do. Link is down below. Just don't forget to link a card so that you can actually start earning built points in that dining program after you sign up. All right, second card, the Built Obsidian card. The annual fee on this one is $95 and the welcome bonus is $200 worth of built cash. The rewards are 4% built cash on everyday spend, three points per dollar on dining or grocery. You can only choose one. Grocery is limited to 25,000 a year. Interesting. That's like the same limit as the American Express Gold card for grocery. Maybe that's kind of like a sweet spot there. Two points per dollar on travel, one point per dollar on rent and mortgage, and everyday spend. Benefits: $100 built travel hotel credit, $50 every six months, cellular telephone protection, and use built cash to wave rent and mortgage transaction fees. Now, this one is called Obsidian. It reminds me of the Obsidian Order from Star Trek Deep Space 9. Maybe they won't trace the request back to me. >> Who order? >> The Obsidian Order. >> And it's also the name of one of the Crypto.com cards. So, it's not a very original name for a credit card. Anyway, this one has a $95 annual fee, which makes it tier three in my five tier credit card ladder system. And this one looks a little better considering the requirement to do all that spending in order to earn back the 3% fee in the form of built cash that you will probably be charged to pay your rental mortgage. Well, now you can do that through spending in categories that earn up to three points back per dollar. So, it's not such a big opportunity cost for me. The welcome bonus as well of $200 in built cash would cover about 4 months worth of mortgage payments. The hotel credit also completely offsets the annual fee and puts you at $5 in profit as long as you're able to use it. All right, let's now move on to Built's new premium credit card. The Built Palladium card. The annual fee on this one is $495. The welcome bonus is $50,000 built points plus built gold status after $4,000 in spend in your first 3 months. And it seems there's also $300 worth of built cash thrown in with that bonus. The rewards are 4% built cash on everyday spend, two points per dollar on everyday spend, and one point per dollar on rent and mortgage payments. The benefits are $400 built travel hotel credit, $200 every six months, and $200 worth of built cash annually. You also get priority pass, and you can use built cash to wave the fee on rent and mortgages. Okay, so the name really isn't that original. All right, considering there used to be a JP Morgan Palladium card, which was an inviteonly card from JP Morgan Private Bank. You needed $10 million in assets to get invited. That card is now rebranded as the JP Morgan Reserve card. So, I guess the name Palladium was up for grabs. Now, this one is their high-end card, and it has some pretty cool benefits. There is a significant welcome bonus. So, 50,000 built points. That's worth $1,100 if you trust the points guys valuations for built points at 2.2 cents per point. Then on top of that, you also get $300 worth of built cash, which for me would cover six months of rent payments. Okay, the fees on six months of rents payments. And then on top of that, you get built gold status, which unlocks higher transfer bonuses every rent day, which is on the first of the month. You get that same 4% built cash on everything like the other cards. And on this one, they went the route of giving you two points per dollar on everything, similar to what Capital 1 does with the Venture X card. On top of that, we have the hotel credit for $400 per year and the $200 in built cash to cover a few more months worth of rent payments. So together that is $600 in value offsetting the $4.95 annual fee and putting you $105 in profit for the year and you get priority pass lounge access. So this does sound like a good card for people especially if you are in the market for a premium card anyway and you don't want the MX Platinum or Chase Sapphire Reserve coupon books. This built card just has two credits to keep track of. For me though, I will probably get the no annual fee card or the mid-tier card since I already have the MX Platinum as my one premium card. All right, I don't really recommend more than one premium card per person since you have to pay a lot in annual fees and you also have a lot of credits and stuff to keep track of these days, okay? Unless you have a special situation like you travel a ridiculous amount like several times a month or whatever. But for average people, I recommend one premium card per person. Mine is the MX Platinum. I do get value out of it. I love those Lululemon underwear that I wear now. I'm buying them every quarter. Do remember though that these are just leaks, okay? And there are a few versions of these cards hidden in the code of built site. The person who posted this believed that these are the most likely versions that he found since he kept seeing the names elsewhere in the code on the site. So, the other ones may have just been earlier iterations or placeholders or even dummy ones to trick people or whatever. But anyway, let me know what you think. If it does turn out like this, will you be happy? All right. Do you like these benefits? Leave your comments down below. And we don't have long now. It's going to be released on January 14th. That's when we'll know the official benefits. So, keep you posted and we'll obviously have a video out on that day as well. Also, if you want to join Built, do click the link down below in the description section of this video. You will need a Built account anyway if you want to apply for one of these cards in February. And you can use their dining program while you wait for an extra three points per dollar on your dining spend. Just don't forget to link your card. All right, guys. Please subscribe if you're new and we'll see you in the next video. Bye-bye.