Can the BILT Credit Card survive? (and why can't you pay rent with a credit card from other banks?)
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- Опубліковано 25 січ 2024
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Right now Bilt is the loss leader in the sector. They will need to bump up the required cc transactions per month to 15-20 for the users in order to stay above water. Gotta show that profitability quick before capital investments are dried up.
That’s a pain. Transactions points suck for other categories except 1st of month. Can’t convert to cash or other things.
Great content as always, thanks Adam!!!
Brilliant analysis
you have a misunderstanding of how bilt works. for the consumer (and bilt) to get around the credit card fee, you have to pay through their app. from there they give you a bank account & routing number, so when you pay, it's an ach transaction, not a credit card transaction. essentially, you are using their bank to pay your rent and they place that charge onto your card. but it's all seamless for the consumer.
but then they pay you points..
Bilt doesn't use the credit card to pay your rent. So you don't pay any extra fees. They assign you a routing number and an account number to use to pay your rent. So to your property, it seems as if you are paying by check. You have to link your card to your checking account. Once you pay your rent (mine is 1115.00), Bilt direct deducts the amount from your checking account.
Bilt can be used as Credit via Checking Acct. or under BILT PROTECT as Debit - Dope Card - fyi
@SouthernLife7772its still considered 1/5 charges if you use Bilt protect
I think it will survive it’s got time to improve more changes are likely coming to the Bilt card. If they add a grocery category even 2% it would be a solid addition, possibly paying your mortgage time will tell!
Great video Adam !
I would like to live at the place where the Landlord doesn't accept rent payments😀(0:44).
I also wonder about the sustainability of the Bilt program, I don't see how they would be profitable right now.
I imagine Bilt is also getting revenue from companies in the Bilt Alliance and maybe also ginning up some money via Bilt Dining. I imagine there’ll be an annual Fee card coming soon and if games keep getting paid a minimum spend requirement monthly for the Rent Points in place of Transactions. But can absolutely see Wells Fargo buying them out as well.
The points able to be used is constricted. This needs to change. Also I’m sacrificing other cards for other categories to make necessary transactions. Maybe adding car payment loans? I dunno.
Great recap, Adam. Do you have a preferred Visa (so I can use at Costco) to pair with a Bilt?
Sleeper... luv it
Yep
Wow, Research the subject before you speak on it. It is paid through a echeck so there are no fees to "eat"
Bilt is the best!!! 2X on major bills on rent day!!!
I have no clue how they have $0 annual fee right now but thank you for the free Hyatt and American Airlines points 😁
I think if they would take Mortgage payments that would be a big one for built card
Supposedly they are trying to do that next.
I was wondering today how they make money with this
Just canceled my Bilt card. Bilt has no live phone support, only wells fargo. So when there is a problem with your rent payment, which happens constantly, you can't reach a human being.
Hey, thanks for your feedback. Do you mind sharing more about your experience with rent payment trouble? If not np, your comment has helped double think using Bilt
@marlacarrera-raleigh5135 Once they double charged me and it took over a month to fix because they had no live phone support. On multiple occasions the check never arrived. It is completely unacceptable for them to not have live phone support.
@@Numba1hunna83 My apartment app is directly connected through the app. Never had an issue paying my rent on Rentcafe
My guess is that with Wall Street buying up so much property in the next few years, as long as Bilt can hold their ground, their payment systems and credit card portals will become easier to access. With that said, if a competitor arrives, I'm assuming they'll be another big bank with more cash to lose who will show up late in the game, copy their model and offer much better rewards. Also kinda assuming competitors are waiting for "recession" to pass before diving in
Are they really paying for fees when the credit card acts like a checking account even when not in the bilt system. My apartment is not in that system but it has an online portal and the bilt MC just give me a account/routing number. So I wonder how much fees they are actually paying.
Well, any transaction that goes through a credit card network will have some fees, even though Bilt is basically doing a workaround. But their fees are most likely less than the fees that would be charged to a regular merchant. (Though don't forget the cost of reward points, too.)
Maybe Bilt is betting on customers end up financing the rent payment on the card with interest.
If they can't survive then they'll be out of the game!
🤣
We need an equivalent card to pay mortgages
Supposedly Bilt is trying to move in that direction as well.
If my employer can pay all half million employees through ACH without charging us anything then ACH must be pretty cheap
Well, ACH is a little different than credit card processing.
@@ProudMoney but isn't that how Bilt processes most of the rent transactions?
They can survive