Bilt BREAKS SIlENCE on New Bilt 2.0 Card Rumors

In the past couple of weeks, we have made a load of videos about the new built cards which are coming out on February 7th with details of them set to be released on January 14th. That's next Wednesday. Now, the videos that we have made were based on rumors, people finding info on built website code, and they definitely do contain truth, but we are not 100% certain which parts are true and which are just possible features of the new cards that are in the website code but were abandoned. Because the interest from bloggers and YouTubers was so great, Built has now come out with a video statement clarifying things, and we're going to go through it. Hey, credit warriors, welcome to the show. My name is Ben Hedges aka the credit shifu and on this channel I cover US credit cards, personal finance and luxury travel. If you like the sound of that, do subscribe. But let's get into it. So very quickly, Built is the very popular rewards program that lets you pay rent to any landlord with a credit card. They also bringing in mortgage payments this coming February. And they previously had their own credit card which lets you pay rent and in the future mortgages with no fee. But last year they closed that card to new applicants and they are bringing in three new built credit cards on February 7th. Let's now watch the video message from Richard Kerr, GM. I guess it means general manager at Built Travel. >> Wow, what an incredible amount of passion over the last 48 hours for Built Car 2.0. Now, usually it takes everyone a few weeks to get back into gear for the new year, but I'm impressed how quickly you all managed to find three to four of the draft concepts we keep lying around in the code. So notice how he says three to four of the draft concepts that we keep lying around in the code. So that clarifies that none of what has been reported so far is confirmed. And there may be actual card info for the new cards mixed in with stuff that's already been abandoned. In fact, they probably did that on purpose so that you wouldn't know which was true and which was false. >> I know there's a lot eagerness for the final details and I promise you we'll get the full picture next Wednesday with the official announcement. So yes, we will know everything next Wednesday. But he then goes on to do some damage control, clarifying some things that have been speculated on by many bloggers and YouTube channels. The first point, and I'll just paraphrase this one, it's that the rewards on the new cards will still be very lucrative. Okay, these cards are not going to be a downgrade at this. That's what they say, which some people may have thought that they were going to be a downgrade depending on which info you saw. Um, but it is the second thing he says that is really important and will come as a relief for many. >> Second, and let me be very clear, as a Built card holder, you will always be able to make your full rent or mortgage payment seamlessly through built and without a transaction fee. That is not changing. So, with the leaked info, US and many other online influencers did speculate that there would be a 3% transaction fee to pay rent or mortgages with the new cards and that you would have to pay for that using built cash, which is a new points currency or a new cashback style currency, which you will earn 4% of on all non-rengage spend. meaning that you have to use the card for 75% of your rental mortgage amount each month on other things in order to build up enough built cash to pay for it. Okay, if you believe that some of that information that has been leaked is true. Okay, that was the idea. So, it seems though that you will be able to pay your mortgage or rent with no fee, at least on one home per month. And I mentioned one home because of what he goes on to say next. >> What I can tell you is that with the card 2.0 no structure. The more you use the card, the more you can earn. That can mean earning the full 1x on rent plus new ways to earn across multiple homes or elsewhere in your neighborhood. Or if you use the card less, yes, you will earn less. >> You hear that? New ways to earn across multiple homes. So, my guess is that you will get one home for free. Okay? One mortgage or rental payment for free each month. And then if you own a second home or you own a rental property, you will be able to make a payment on that one for a 3% fee. Okay, that's just what I'm speculating. Okay, not confirmed, just what I'm speculating. But then I'll speculate further. I think that you will be able to cover that payment on that second home or some of that payment with built cash that you earn from the card. That's my guess, but take it with a grain of salt because I could still be wrong or partially wrong. But you don't have long to wait now because the full details will be released next Wednesday and Richard Kerr will be doing an AMA or ask me anything to explain it all. Now, if you're interested in the Built Rewards program, you can actually sign up with my link below. You can pay rent with any credit card for that 3% fee, although that can be great for welcome bonus spend when you need extra spending to meet a welcome bonus. You can also use their dining program which gives you an extra three points per dollar on restaurant spend. And you can link your racketin account as well. So you can earn built points using rakutin if you prefer built points to amx points. So do check it out in the links below and don't forget to link your card that you use for dining and link your racket account if you have it. Please subscribe to our channel if you're new and we'll see you next time. Bye-bye.