Wells Fargo + BILT Rewards: Verge of Greatness or Disaster?
HTML-код
- Опубликовано: 4 июл 2024
- 💳 RJ's Picks: www.cardonomics.com/i/rjfinan... Click "Show More" to see Ad Disclosure.
Join this channel to get access to the most profitable community on the internet
/ @rjfinancial
/ runonthebank
www.profitablecontent.com
RJ's Gear: www.amazon.com/shop/rjfinancial
Chapters
0:00 Hey
0:36 BILT
2:26 Headlines
5:08 Problems
7:54 Opportunities
12:25 Fixes
15:33 Bye
Advertiser Disclosure: Some of the products that appear on this website are from companies from which RJ Financial will earn an affiliate commission or referral bonus. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Editorial Note:
Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Get in on the action here - www.profitablecontent.com
This is the most insightful video I’ve seen on the subject, good to hear from someone with a banking perspective. There has to be a massive inequality of weight in bargaining here in favor of WF, much as I am normally a fan of the WSJ, this feels like a negotiation tactic.
Appreciate that. It's easy to focus on the massive loss and make that video. I think there's opportunity here (without knowing the details) Agree that WF has some power in this situation. I don't think this will end badly either. Both seem to be doing well together, aside from this incident
Great info RJ 👍🏾
Definitely agree on the marketing their focus should be on the average folks that will carry a balance but want “something” for paying for their rent
Feel like they think they're marketing to the common folks. In reality this card is majorly popular in our corner of the net for all the reasons they don't want
I have active cash. Good all around card. The zero balance transfer and zero purchase interest for 15 months is sweet
Based RJ. Need a video on the Huntington Bank Business Voice SUBs. Ima hit that
I saw that. It's annoying because you have to go in branch. I try to do the nationwide offers for video. It is a solid offer, plus their biz bonus is also good.
Not a bad card. Too bad they’re in Ohio. Been once. No plans to travel there ever again.
Solid analysis
The biggest problem with Bilt is customer service. Wells Fargo can be reached by phone but bilt can't. So if you have an issue with your rent payment you can't reach a human being. I have had multiple issues and this is really frustrating.
Ah that is annoying. The chat or email only fintech trend needs to die off. Especially after they've had issues fairly recently.
Can't agree more, I was extremely confused initially about who to reach and the number given on the back of the card only gets you to a WF rep that can't help you with in-app Bilt issues. I've noticed recently that the Bilt Support team via email has been much slower lately when it comes to resolving issues (mainly me not receiving points). They definitely need to fix this interface badly and get real live reps in there.
👍
Do WF cards give you instant access upong approval of their cards via Apple Pay, Google Pay?
I don't remember. I don't think the Autograph did but that was almost a year ago
First! :) Saw it on my feed :)
Spirit award to you this afternoon
WF buys Bilt in 5 years.
Well their contract is longer than that.
@@benchoflemons398 I thought the contract was until 2029
Getting the full platform could be interesting.
Maybe if Bilt figure out Mortgages WF would buy. Maybe. Or can see a blackstone, blackrock buying also. But program is to costly run and with only rent.
@@RJFinancial I really doubt it’s possible, it’s pretty likely that Hyatt’s Chase contract doesn’t allow Hyatt to work with other banks.
The BILT card was next on my road map in a couple months, and then this news dropped. Do you think the product is still a good pick up?
I have the chase trifecta and WoH and looking for a long term strategy
Don't think this changes anything for the near future. Some aspects will have to change but I don't see that coming any time soon. If the card fits into your roadmap, I say go for it.
Pass,… I don’t like $0 AF cards. 😂🥂
Too rich for this channel sir...
@@RJFinancial I may need an intervention on premium travel cards,.. I wasn’t aware that you can stack up the Delta MQDs for each Amex Delta Platinum and Reserve cards totaling $10,000 MQDs (Gold Medallion status). I already have the two Reserves cards and I am one hair away (seriously considering) applying for the Delta Platinum Business card too to get me to $7,500 MQDs automatically every year. 😂
I would cut the rent rewards down to 0.5X, and have it earn up to 1.25X with BILT status.
That would make sense. Force people to use the card to earn the status/points. Likely kill off a lot of the non customers as well
Unpopular I know. but they should also add partner credits to offset program expense and encourage more swipes.
Wondering what if Bilt CC had a SUB for $100-$200, would it have attracted a mix of users that would have balanced WF's Bilt CC portfolio better?
It's possible. That and a cash back route may help. Plus affiliate deals at apartment complexes, places like that maybe.
Hey TJ Hope you’re have a great Sunday
Hopefully in the future
You able
To pay your mortgage with Bilt too
What you think.
I don't see it. I thought Rocket Mortgage card would try but even they passed. If you did it, the lender would likely have to retain the mortgage servicing rights when they sell the loan. Other services are going to have no interest in this. It also creates a risk that would likely need to get signed off on by the loan purchasers.
@@RJFinancial sorry RJ Mis type your name by mistake
My apologies.
I agree that WF is losing out on opportunities and missing some pieces with the BILT partnership. The major piece is not allowing mortgage payments with BILT. Just allowing rent is narrowing down potential acquisitions. They should allow it for customers who originate a loan through WF. It’s a win for both BILT and WF if they allowed the mortgage payment process. I’ll die on that hill on and no one convince me otherwise on that business strategy should be implemented.
In the short term, increasing the amount swipes required to 15 seems like the most feasible to the renegotiation. If they really wanted to spice things up, they’d add a second rent day on the 15th if you reached double the swipes. Then WF will get 30+ swipes incentivized. Those are not finite numbers but they (BILT/WF) can make this into so much more or allowing WF cards to go through the BILT ecosystem.
“As always” great video RJ
Mortgage payments are tough. WF would also have to retain the servicing rights to all the loans they sell. If they sell the loans and the service rights, the next servicer is never going to allow it. I also think they'd have to clear with with investors, not sure. If they can do it, it would be a game changer. What Rocket Mortgage should have done with their card.
@@RJFinancial I appreciate the response and insight. I’d say game changer is an appropriate use of term if they expanded mortgage payments. I’d see shareholders getting behind it if good guidance was presented at an earnings report. It is something I didn’t consider.
@@tacticoolalan368so your saying it’s not a good idea to have Bilt
Pay mortgage payments like they do with rent payment .ot would be nice if you could pay your mortgage payment but
You have a point if the bank switch then what
@@Anthonyjones-pq4ff I stated it would be a good idea for BILT allowing mortgage payments with WF loans. Then the card is not just targeting renters but homeowners as well.
@@RJFinancial the fix is make it for WF home loans only. At least in beginning, as a “low risk” test program.
Would give WF competitive advantage in home loan market also.
BILT to last a long time; who knows? The jury is still deciding.
I see what you did there
Hey RJ Financial , really nice video ! I was wondering if I could help you with more Quality Editing in your videos , make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth to grow your channel ! Pls let me know what do you think ?
No thanks
Hey RJ Financial , really nice video ! I was wondering if I could help you with more Quality Editing in your videos , make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth to grow your channel ! Pls let me know what do you think ?
No thanks