BofA/Merrill Edge or Chase Sapphire Banking/CPC?

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rapatelrocky
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BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Fri Aug 31, 2018 5:16 pm

I have Wells Fargo Portfolio - w/ grandfathered 100 free trades from PMA on all but two accounts.

Was considering using either BofA w/ Merrill Edge at Platinum Honors level to get the cash back card benefits with free trades and $2.95 when not free, but also banking such as safety deposit box, or considering Chase Sapphire Banking/CPC (Chase Private Client) with the You Invest free trades.

Pluses/Minuses I see from each:

BofA/Merrill - Bonus for transfer, great credit card cash back w/ Platinum Honors. Most fees gone. Cons - Mutual Funds limited - no Vanguard NTF funds at all. Further away from home than others. Not too far at work but still further than Chase. Not sure if the local branches have available safety deposit box.

Chase - Unlimited trades w/ Sapphire or Chase Private Client. Most fees gone like WF and BofA/Merrill. Good NTF mutual funds options - including Vanguard. Better international fees elimination (CPC level). Close to home, very close at work. References on You Invest seem to indicate no transaction fees on mutual funds - but likely only on NTF funds. CPC can be provided to my son later on for his account. Cons - Sapphire less than Merrill Edge (75k vs 100k) but CPC much higher requirement of $250k. Credit card offers unappealing for me for now - not a big traveler and not likely to be.

Might consider doing both banks - just 3 banks may be a bit more than i'd like to deal with though. Will see.

Any comments on direct experience with both would be useful.. saw some indicators that BofA/Merrill sometimes can be a problem on some fees - would be useful to know if it really does do away with most fees like WF and Chase. Some comments on Chase CPC claimed no fees even on mutual funds - but if fund is NTF then no issue, but would be nice to know if it applies to most/all funds.

Note I have some Vanguard Admiral shares at WF from inherited IRA where TIAA-CREF managed it before that and had access to them. I can keep them and sell them but not buy them - though automated re-investment is fine. Wonder if Chase CPC allows access to Admiral shares out of curiousity - though Signal shares usually have same expense and are available at WF. Signal shares available at Chase under CPC? Assuming You Invest will allow same as self-directed brokerage did before.

Would look to roll over over 100k IRA from WF and most of TIAA-CREF 403b/401a (CREF funds). Could do both BofA/ME and Chase CPC through selective rollovers (multiple contracts at TIAA-CREF so some can go one place and others another place). I don't really trade - just enough to manage investments and cash options - just started moving cash to VMMXX to at least beat/match my online savings accounts at Capital One 360 and Discover Bank rates. Conservative portfolio, as max of 7 more years before retirement and may retire earlier than that.

Suggestions/comments?

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triceratop
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by triceratop » Fri Aug 31, 2018 6:34 pm

I use BofA/Merrill and would recommend it to others. I have never set foot in a BofA branch since opening my account, so I doubt that the physical proximity will be important. I don't see a compelling reason to use Chase. Plus BofA always seemed more evil so I enjoy being a non-paying customer of theirs more.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by LocusCoeruleus » Fri Aug 31, 2018 10:20 pm

CPC - Most VG admiral shares are available, at least they are on my taxable a/c. They display average tax cost basis not individual tax lots but they do keep track internally. Setting up periodic investment is manual. Funds can be wired to the brokerage, but i could only see ach pull from external a/c. Brokerage push pull is available via associated cpc checking. My flow is paycheck --> partial direct deposit to cpc checking --> auto (once setup) pull to brokerage & autobuy fund(s). Any changes to this flow or amount or funds requires a call in, no way to setup or modify autobuys online. etf/stocks are $24.95 unless you execute those in "you trade", but you trade is sdi and no admiral class shares, though money moves faster across you trade / cpc brokerage. Their backdoor roth ira requires paperwork and is not streamlined like vg. fwiw, paycheck shows up on day of deposit @cpc not day before like at fido. Chase has some great credit cards and a cpc relationship is no longer a free bypass for 5/24, but does seem to help.

wf pma grandfathered 100 free trades - similar to cpc above but just 100 trades /yr which is sufficient for most here. Same manual call in for autobuys, paper backdoor roth ira. Their cc's are great for free cell phone insurance.

boa - had them briefly. Agree with above, more evil. :)

kevdude
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by kevdude » Fri Aug 31, 2018 10:27 pm

W've banked with BofA for 25+ years and are pretty happy with them. We are at the highest level of service, so get treated quite well. We use the Preferred Rewards Visa for pretty much all transactions, and have benefitted greatly from their rewards/bonuses. We started using ME about a year ago and are also at their Premium Elite (something like that) level, which seems to give us a higher priority when calling in. Customer service is always top notch, fees are nil (at least for us) and the website is very easy to use, even going back and forth between BofA and ME.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Fri Aug 31, 2018 11:33 pm

So the WF 100 trades includes mutual funds - hence my no-cost on VMMXX - keeping those accounts continues to make sense.

The Chase "You Invest" also has no mutual fund fees - whether it is Sapphire Banking or CPC should not matter. But they list some fees on the "free" trades - but very small amounts.. "Sales are subject to a regulatory transaction fee of between $0.01 and $0.03 per $1,000 of principal." - not totally free but not bad. Might be only under certain circumstances?

Merrill Edge only covers stocks/ETFs unfortunately even with the BoA Preferred Rewards and tied checking.

WF and Chase make it easier - can use mutual fund if an equivalent ETF is not available in certain scenarios.
I don't do stocks directly - stopped that in 2000 time frame with internet bust.

I think I am talking myself into adding Chase. :-)

Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).

student
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by student » Sat Sep 01, 2018 5:54 am

I am satisfied with BoA/ME. I don't trade much so the main benefit for me is the credit card bonus. If you are interested in Vanguard mutual funds, I don't see the big deal since you can always buy the ETF versions, assuming you are only interested in the basic index funds. You should call ahead to see whether your local branches have small safe deposit box available.

mavi
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by mavi » Sat Sep 01, 2018 2:19 pm

rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Sat Sep 01, 2018 4:28 pm

mavi wrote:
Sat Sep 01, 2018 2:19 pm
rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).
Yes, that 2.625% would be useful - can use it for train to NYC for example - even after pre-tax funding, would have enough balance to use each month.
I can transfer one of the TIAA-CREF accounts to ME IRA, but getting the Platinum Honors status means waiting 3 months. As long as I have the IRA and at least some amount in the checking, no fees on interest checking? Since it would transfer over as cash, I'd have some initial fees to invest it - unless I find some NTF no-load funds that I like?

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by whodidntante » Sat Sep 01, 2018 4:31 pm

If Chase offers me enough money for a deposit bonus, I will join them. If they offer me enough money on an ongoing basis, I will ride their gravy train. I am a very happy BoA platinum honors client at the moment.

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by G-Force » Sun Sep 02, 2018 6:35 am

Last year I switched from Bank of America preferred rewards to Chase Private Client with the hope of being able to buy Vanguard Admiral shares in the self-directed brokerage accounts. Many on this board claimed they were able to do so. After my accounts transferred, I was disappointed to learn that I could not buy admiral shares thus negating my whole reasons for switching; I was/am able to buy the investor shares though. The website simply told me that Admiral shares were not available in my account. So in essence, I gave up free trading at Merrill Edge for $5/ETF trade commissions at Chase plus the ability to buy Vanguard investor shares.

Regardless, I stayed with them based on a statement that Jamie Dimon made about eventually offering free trades. That day has come so I'm reconsidering leaving Chase now that I have unlimited free trades and can buy Vanguard Investor Shares of most of their mutual funds. At this point, the only reason for me to switch back to Bank of America is the extra 0.625% cash back that I could get from their credit cards over my current Citi Double Cash. I'm not sure that it is worth it. Plus I would losing the ability to purchase Vanguard investor shares with $0 fee.

In other areas, I find the Chase Private Client and Bank of America preferred rewards similar in terms of service - always treated well in branch or over the phone. I like the Chase website better than Bank of America's and I prefer the fact that I can do banking and investing on the same website, and I don't have to switch between Bank of America and Merrill Edge. Chase Private Client has free wires if that is something that you would use, plus Arts and Culture card is nice if you live in a city where you can use it.

Of interest perhaps is also the ability to buy Fidelity mutual funds with $0 fee in Chase brokerage accounts, which may be especially of interest given their recent fee reductions of their index funds. Although you can currently buy the Fidelity Index funds, it's unclear what is going to happen when they collapse the share classes and only offer the Premium Institutional Class. Since only the investor class is available in Chase brokerage accounts, I can't say if they will continue to offer it after the share classes collapse. BTW, the current mutual funds that you can purchase at Chase are found here: http://chase.com/sdimutualfunds

I hope that helps you OP. In choosing between Bank of America Preferred Rewards and Chase Private Client, I think you need to think about what types of investments you prefer (Mutual Funds and ETFs [Chase] vs only ETFs [Merrill Edge]), the website interface, and how much the Preferred Rewards credit card bonuses matter to you. As you say, you could get all 3, but is the extra hassle worth an extra 0.625% in extra cash back? Only you can decide.

desiderium
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by desiderium » Sun Sep 02, 2018 8:27 am

BofA/ME works well for me.
I keep 100k parked in ME receiving bonus and platinum honors benefits. No reason to hassle with mutual funds at ME, am using ETFs and trading is free. They do track specific lots. I rarely trade and this works fine for me. As others have said, ME customer service is great.
B of A branches have no staff anymore, so can't really walk in to send a wire or get something notarized; there is a handy online interface to make an appointment. I only go in maybe twice a year.
Have free safe deposit box
Main benefit is 2.62% statement credit for travel rewards visa, which I use for most purchases

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by j0nnyg1984 » Sun Sep 02, 2018 12:31 pm

Why do you people care so much about having no access to vanguard mutual funds? Every fund that a boglehead should need is available in ETF form which has always been as cheap, ER-wise, as the admiral share would have been.

I've been extremely happy at BoA. Their offering is fantastic.

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by you » Sun Sep 02, 2018 2:15 pm

Another vote for BOA/ME. The credit card rewards for platinum customers are unbeatable. I keep $1 in the checking account. I just use it for investing, all banking is with Ally.

If you’d be willing to use ETFs instead of MFs BOA/ME becomes a no brainer.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Sun Sep 02, 2018 3:05 pm

Was just searching for info on cash sweep options at ME and saw other threads from the past reference BIF - but a big change coming in that area this week: https://advisorhub.com/merrill-to-shift ... from-cash/

So staying invested is ideal - but have to pay the fees on trades for at least 3 months until the rewards kick in. Not a huge deal since i invest instead of trade, but deal with fees for 3 months doesn't help - no MMF sweep doesn't help. But then the transfer offer - think it is $250 at $100k+ makes up for that I guess.

They don't make it easy.. would have to meet with them and discuss.. May first deal with Chase and handle this one later.

Wanted to thank everyone on the forum for their insights on various threads - great information. To be clear, all the banks/brokerages have issues. In this thread, those who haven't had issues post useful information on their experiences - so that helps. Easier for people to complain - silent majority (like me) browse and may not post unless there can be useful information.

Also - kudos to the board owner for the effort and work - I'll try to keep using the referral link for my Amazon access to help support the site. Hope others do the same.

investor997
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by investor997 » Sun Sep 02, 2018 4:00 pm

I'm at BofA and I have Platinum Honors status. I admit the cash back with their credit cards is pretty excellent but I'd consider a move to Chase. The Doctor of Credit website says there will likely be a new account bonus offered for Sapphire banking eventually and it'll probably be in the form of Ultimate Rewards points. If they offer upwards of 50K UR points to move over $75K, I'd definitely do it and get a Chase Sapphire Reserve credit card while I'm at it (which carries its own 50K sign-up bonus).

BofA recently frustrated me. I tried calling several local branches to see if they had any safe deposit boxes available and I determined that - at least where I live - it's impossible to get a human at a local branch on the phone. The system always rings, says nobody is available to answer and defaults to asking me to set up an appointment to come in. Doesn't matter what time of day I call. Umm, no.

gostars
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by gostars » Sun Sep 02, 2018 5:11 pm

rapatelrocky wrote:
Sun Sep 02, 2018 3:05 pm
Was just searching for info on cash sweep options at ME and saw other threads from the past reference BIF - but a big change coming in that area this week: https://advisorhub.com/merrill-to-shift ... from-cash/

So staying invested is ideal - but have to pay the fees on trades for at least 3 months until the rewards kick in. Not a huge deal since i invest instead of trade, but deal with fees for 3 months doesn't help - no MMF sweep doesn't help. But then the transfer offer - think it is $250 at $100k+ makes up for that I guess.

They don't make it easy.. would have to meet with them and discuss.. May first deal with Chase and handle this one later.

Wanted to thank everyone on the forum for their insights on various threads - great information. To be clear, all the banks/brokerages have issues. In this thread, those who haven't had issues post useful information on their experiences - so that helps. Easier for people to complain - silent majority (like me) browse and may not post unless there can be useful information.

Also - kudos to the board owner for the effort and work - I'll try to keep using the referral link for my Amazon access to help support the site. Hope others do the same.
Merrill Lynch is separate from Merrill Edge, so I'm not sure if the change you referenced applies. I can't find anything that explicitly lists Merrill Edge.

If I were you, I would wait to see if ME repeats the promo code for TradersEXPO Las Vegas that they've done the last couple years, typically available from mid-November until mid-December. Officially it's only for people who attended the show, but I have no idea how they would actually confirm that, and the code is readily available on all the blogs that track bonuses and has been used by countless people without issue. Also, some have apparently been successful in calling and asking for the same promotion to be added to their account even admitting they weren't at the show. All the bonus tiers go up, including the $250k+ going from $600 to $1000, and at least in 2017 it also included a bunch of free trades to be used within 90 days to take care of you until you qualified for Platinum Honors.

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by DrivingFun » Sun Sep 02, 2018 5:22 pm

mavi wrote:
Sat Sep 01, 2018 2:19 pm
rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).
Is all this hassle really worth it over something like the Alliant Visa? To me the answer is no.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Sun Sep 02, 2018 7:53 pm

DrivingFun wrote:
Sun Sep 02, 2018 5:22 pm
mavi wrote:
Sat Sep 01, 2018 2:19 pm
rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).
Is all this hassle really worth it over something like the Alliant Visa? To me the answer is no.
Not sure yet, but Visa cash rewards (Breast Cancer or WWF ones) are appealing with 5.25% on gas (up from 4% on Costco Visa), and 3.5% on groceries (vs 3% on Amex Blue Cash Everyday) after plat honors bonus helps, then that is separate from Travel rewards with 2.625% for everything else. Those are no-fee cards. Will wait to see if the ME asset transfer bonus goes back up - if they double again to $500, it can be worth it with the free trades and credit card rewards.

travellight
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by travellight » Sun Sep 02, 2018 11:22 pm

I like both cards. They also both provide free access to various cultural events around town such as museums.

ShadowRegent
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by ShadowRegent » Mon Sep 03, 2018 7:07 am

mavi wrote:
Sat Sep 01, 2018 2:19 pm
rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.

One other thing I'll point out about Merrill Edge is that if you use their CMA account, you can change your sweep fund to a money market fund and effectively get 1.45% yield checking account which isn't too bad. rapatelrocky pointed out that this is going away for ML clients, and I'd move checking away from Merrill Edge if it goes away there as well. The only other fully automated similar offering that I'm aware of is VanguardAdvantage, but it's not free until you're at Flagship but has a better rate. Fidelity's cash management accounts will automatically redeem purchased money funds to cover withdrawals, but I believe you need to put in the purchases.

Honestly, I think both BofA and Chase's offerings are compelling here. Slight edge to BofA based on the credit card rewards, but should 0.265% difference compared to a 2% card make your choice? Probably only as a tiebreaker. It probably comes down to whether mutual funds or slightly better credit card rewards are more important to you.

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by student » Mon Sep 03, 2018 7:20 am

ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.
I have the Chase Sapphire Reserve. If I give that up, I would get the Premium Rewards.
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
One other thing I'll point out about Merrill Edge is that if you use their CMA account, you can change your sweep fund to a money market fund and effectively get 1.45% yield checking account which isn't too bad.
How do you change that? I do not see how to accomplish this online.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Mon Sep 03, 2018 11:22 am

I'd be rolling over funds from a 403b/401a from TIAA-CREF, so the CMA account would not apply for an IRA scenario?
It would just be a cash balance until invested since rollover would be in cash since they are not normal funds.
Or is there a CMA tied to the IRA specifically that I can specify which money market fund to sweep into?
This is for Merrill Edge I am asking about.

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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by travellight » Mon Sep 03, 2018 11:50 am

ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
mavi wrote:
Sat Sep 01, 2018 2:19 pm
rapatelrocky wrote:
Fri Aug 31, 2018 11:33 pm
Not sure if I would go for BofA/ME - even with the bonus offers and credit card deals being more suitable for me there (using no annual fee cashback cards - not travel rewards cards).
The BofA Travel Rewards card is a great card, even if you don't travel much. You get 2.625% cash back in the form of statement credits (assuming you have at least $100k at Merrill Edge). You can redeem against any travel purchases you have made in the past year, and BofA has a very broad definition of what constitutes as travel (mass transit counts, I think museums and other entertainment also count).
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.

One other thing I'll point out about Merrill Edge is that if you use their CMA account, you can change your sweep fund to a money market fund and effectively get 1.45% yield checking account which isn't too bad. rapatelrocky pointed out that this is going away for ML clients, and I'd move checking away from Merrill Edge if it goes away there as well. The only other fully automated similar offering that I'm aware of is VanguardAdvantage, but it's not free until you're at Flagship but has a better rate. Fidelity's cash management accounts will automatically redeem purchased money funds to cover withdrawals, but I believe you need to put in the purchases.

Honestly, I think both BofA and Chase's offerings are compelling here. Slight edge to BofA based on the credit card rewards, but should 0.265% difference compared to a 2% card make your choice? Probably only as a tiebreaker. It probably comes down to whether mutual funds or slightly better credit card rewards are more important to you.
"I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge."

I thought this card had no AF. I just checked my account and it says no annual fee. Also, I didn't know about 3.5% on travel and dining. How do you use that? So any travel or dining booked with it gets 3.5% rewards?

travellight
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by travellight » Mon Sep 03, 2018 11:54 am

I looked it up and answered my own question about 3.5% on travel/dining and it is true. Here is info for anyone interested;

Step 4: Know what qualifies as travel and dining purchases
The Bank of America Premium Rewards Credit Card has a fairly generous definition of travel purchases. According to the terms and conditions, travel includes the following:

Travel includes: airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like. Purchases from some merchants that provide travel-related goods and services will not be eligible, like in-flight goods and services, duty-free airport Purchases, rentals of trailers, trucks, and other vehicles for the purpose of hauling.

On this card, “travel” includes purchases made at travel agencies, so transactions at OTAs such as Orbitz or Expedia should count. Also included under the definition of travel are taxis, buses and trains, so the costs of your daily commute should (in most cases) also qualify for the category bonus.

airport-fast-food-restaurants
The dining category on the Premium Rewards card includes fast food establishments as well as sit-down meals.
The definition of “dining” on the Premium Rewards Card is also relatively broad:

Dining includes Restaurants, including Fast Food, and Drinking Establishments, such as Bars or Taverns.

That means almost any purchases involving an eating or drinking establishment should count, whether its sit-down or take out service.

Step 5: Use the Bank of America Premium Rewards card
If you made it all the way to the Platinum Honors tier with $100,000 or more in deposits, congratulations! You’re now earning 3.5 points per dollar spent with the Premium Rewards card on all your travel and dining purchases. In fact, if you’re in that top tier, it’s potentially worth using the card everywhere since you’ll also get 2.625x on all other purchases. That’s tough to beat, especially when the points can be applied as a statement credit at 1 cent each, effectively getting you 2.625% cash back on all purchases.

ShadowRegent
Posts: 54
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by ShadowRegent » Mon Sep 03, 2018 4:55 pm

student wrote:
Mon Sep 03, 2018 7:20 am
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.
I have the Chase Sapphire Reserve. If I give that up, I would get the Premium Rewards.
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
One other thing I'll point out about Merrill Edge is that if you use their CMA account, you can change your sweep fund to a money market fund and effectively get 1.45% yield checking account which isn't too bad.
How do you change that? I do not see how to accomplish this online.
You can't do it online. You have to call and they can make the change-- it takes a few days. I called the main customer service number as the rep I worked with on a bonus incorrectly told me that I could not make the change. The account agreement specifically says you can use the BIF Money Fund or Treasury Fund as your primary money fund. Customer service had no problem at all making the change.

blackcat allie
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by blackcat allie » Mon Sep 03, 2018 4:56 pm

Has anyone started on with "Sapphire Banking" launched last week ?- it seems like a Semi-Private Client on a lower budget
https://www.doctorofcredit.com/chase-la ... gust-27th/

ShadowRegent
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by ShadowRegent » Mon Sep 03, 2018 5:02 pm

travellight wrote:
Mon Sep 03, 2018 11:50 am
I thought this card had no AF. I just checked my account and it says no annual fee. Also, I didn't know about 3.5% on travel and dining. How do you use that? So any travel or dining booked with it gets 3.5% rewards?
If you somehow got the Premium Rewards card with no fee that is a great deal. It is different from the travel rewards card mentioned earlier in this thread in case that wasn't clear.

student
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Joined: Fri Apr 03, 2015 6:58 am

Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by student » Mon Sep 03, 2018 5:13 pm

ShadowRegent wrote:
Mon Sep 03, 2018 4:55 pm
student wrote:
Mon Sep 03, 2018 7:20 am
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.
I have the Chase Sapphire Reserve. If I give that up, I would get the Premium Rewards.
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
One other thing I'll point out about Merrill Edge is that if you use their CMA account, you can change your sweep fund to a money market fund and effectively get 1.45% yield checking account which isn't too bad.
How do you change that? I do not see how to accomplish this online.
You can't do it online. You have to call and they can make the change-- it takes a few days. I called the main customer service number as the rep I worked with on a bonus incorrectly told me that I could not make the change. The account agreement specifically says you can use the BIF Money Fund or Treasury Fund as your primary money fund. Customer service had no problem at all making the change.
Thanks.

G-Force
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Location: Florida

Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by G-Force » Mon Sep 03, 2018 7:13 pm

j0nnyg1984 wrote:
Sun Sep 02, 2018 12:31 pm
Why do you people care so much about having no access to vanguard mutual funds? Every fund that a boglehead should need is available in ETF form which has always been as cheap, ER-wise, as the admiral share would have been.

I've been extremely happy at BoA. Their offering is fantastic.
Vanguard Money Markets and Intermediate Term Tax exempt mutual funds do not have an ETF equivalent. VTEB is close for the latter but not quite the same.

Also all Chase ACH transfers are free whereas BoA charges $3 for an outgoing ACH transfer. Small matter but important for some.

investor997
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by investor997 » Thu Sep 13, 2018 11:20 am

Starting next month, Chase will offer a 60K Ultimate Rewards point bonus for opening a Sapphire Banking account w/ $75K in cash and/or investments:

https://www.cnbc.com/2018/09/13/jpmorga ... count.html

This is starting to look interesting, especially if combined with a Sapphire credit card 50K Ultimate Rewards sign-on bonus.

arf30
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by arf30 » Thu Sep 13, 2018 11:59 am

I'm very interested in this topic - people seem to prefer BoA/ME, but I'm generally suspicous of BoA and their software seems clunky. I could also park an IRA at Chase to qualify for CPC, they seem to have a slicker website, but I'm not sure what their investing platform looks like.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Sat Sep 15, 2018 12:32 pm

Well, I started the Chase process last week for IRA transfers, and opened premier plus checking ($300 bonus - direct deposit required), $15k in savings account ($225 bonus), and CSP card w/ 50k points (after 4k spend) and 5K authorized user points. Hoping to get the 60k points bonus offer to upgrade to Sapphire banking in a few weeks. Later can upgrade to CPC.

Unfortunately no free safe deposit box available :-( But service was great - they did do well for the paperwork process as well.

Maybe later may deal with option for BofA/MerrillEdge their card cash back capability - but Chase services on the banking side and the investment options on the You Invest side are likely even better than my Wells Faro Portfolio Premier (with grace 100 trades/year on each legacy account). Better no-fee mutual fund options on Chase and WF when ETFs are not available. No fee wire transfers on Chase would also have some minor value for me, though WF is not bad since it has direct transfers for my international needs with low fees (ie they make it on conversion rate instead of an explicit fee). WF doesn't offer the free trades from 2011 - but is $2.95 so not really that bad and NTF mutual funds do exist - VMMXX is fully NTF for example. Chase branch in home town is not far from WF (both close by - short walking distance), but at my work in Brooklyn, NY, Chase branch is just 3 buildings away. BofA is a short car ride away at home town, but still not walking distance.

So far looks like Chase as the most complete capabilities for banking/investment for me - will see how things go. Hopefully WF will improve to compete. BofA is odd with the 3-month wait - just a little crazy. Was trying to figure out a strategy to open accounts without dealing with fees initially and still qualify for the platinum honors level. Customers shouldn't have to work for that - makes no sense. Yes, they want to make sure you will stick around, but getting started is painful that way.

Note there are complaints about all 3 banks - and I am sure many of them are real. Just hoping that does not happen to us - but as long as they are minor things it should be fine. :-)

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whodidntante
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by whodidntante » Sat Sep 15, 2018 12:50 pm

ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.
Ageed. It's the card I use the most when I'm not working on a spending bonus.

am
Posts: 2794
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by am » Sat Sep 15, 2018 12:56 pm

whodidntante wrote:
Sat Sep 15, 2018 12:50 pm
ShadowRegent wrote:
Mon Sep 03, 2018 7:07 am
I know that it has an annual fee, but the Premium Rewards card is such a great card. The annual fee is more than offset by the $100 travel credit, and then the points can be redeemed for anything at full value and not just travel. 2.625% on everything and 3.5% on travel and dining assuming $100k at BofA/Merrill Edge.
Ageed. It's the card I use the most when I'm not working on a spending bonus.
Chase sapphire reserve + chase freedom 5% categories + chase freedom unlimited is better for me. I really like the points for travel. The annual fee is really $150 (after 300 dollar credit). The trip cancellation insurance offsets the rest of the annual fee since we used to buy this separately. The 4.5% back on CSR for travel/dining is also valuable for us. We probably spend between 30-60k on travel and dining every year.

02nz
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by 02nz » Wed Sep 19, 2018 11:55 am

I've banked and have CC's with both and churned a few (ok maybe more than a few :D ) bonuses along the way. Chase is hands-down the better operation - nicer branches, consistently helpful staff in branch and on the phone, shorter wait times on the phone, IMO better website. The only disadvantage I can think of is that Chase only lets you schedule online bill payments if you already have the money in the account right now. BoA has no such requirement.
investor997 wrote:
Sun Sep 02, 2018 4:00 pm
The Doctor of Credit website says there will likely be a new account bonus offered for Sapphire banking eventually and it'll probably be in the form of Ultimate Rewards points.
That seems to confirmed now, 60K UR points: https://thepointsguy.com/news/chase-sap ... ing-bonus/
rapatelrocky wrote:
Fri Aug 31, 2018 5:16 pm
Chase - Unlimited trades w/ Sapphire or Chase Private Client. Most fees gone like WF and BofA/Merrill. Good NTF mutual funds options - including Vanguard.
Do we know if Vanguard funds count toward the $75K requirement to waive Sapphire Banking fees? It seems like they would but it's not totally clear from the wording on Chase's site: "Qualifying personal investments include prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify."

arf30
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by arf30 » Wed Sep 19, 2018 12:31 pm

Is a Sapphire branded card required to spend or cash out the UR points from this checking account bonus?

tj
Posts: 2240
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by tj » Wed Sep 19, 2018 12:39 pm

arf30 wrote:
Wed Sep 19, 2018 12:31 pm
Is a Sapphire branded card required to spend or cash out the UR points from this checking account bonus?

Well, yeah, because, a Sapphire branded card is required to receive the bonus in the first place.

rapatelrocky
Posts: 18
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Wed Sep 19, 2018 12:51 pm

02nz wrote:
Wed Sep 19, 2018 11:55 am
I've banked and have CC's with both and churned a few (ok maybe more than a few :D ) bonuses along the way. Chase is hands-down the better operation - nicer branches, consistently helpful staff in branch and on the phone, shorter wait times on the phone, IMO better website. The only disadvantage I can think of is that Chase only lets you schedule online bill payments if you already have the money in the account right now. BoA has no such requirement.

Thanks - useful information to know. WF I am not sure on bill pay scheduling. Never put in a payment that I didn't have much more in checking for.
Just opened checking/savings/CSP card Saturday - waiting on direct deposit, and transfer of more funds. IRAs transferred already without issues. :-)

investor997 wrote:
Sun Sep 02, 2018 4:00 pm
The Doctor of Credit website says there will likely be a new account bonus offered for Sapphire banking eventually and it'll probably be in the form of Ultimate Rewards points.
That seems to confirmed now, 60K UR points: https://thepointsguy.com/news/chase-sap ... ing-bonus/
rapatelrocky wrote:
Fri Aug 31, 2018 5:16 pm
Chase - Unlimited trades w/ Sapphire or Chase Private Client. Most fees gone like WF and BofA/Merrill. Good NTF mutual funds options - including Vanguard.
Do we know if Vanguard funds count toward the $75K requirement to waive Sapphire Banking fees? It seems like they would but it's not totally clear from the wording on Chase's site: "Qualifying personal investments include prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify."
Funds are funds - if type of account counts, whatever value it has counts. Hoping to get the Sapphire Banking upgrade bonus when they are offering it. Later (few months most likely) I would upgrade from Sapphire to CPC. But I already transferred the IRAs so hopefully it will still count since it is just new this week.

stanguy
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by stanguy » Wed Sep 19, 2018 3:38 pm

Does anyone here know if Chase YouInvest allows purchasing Tbills at auction?
Also, how do their secondary market prices for T-bills compare to Vanguard or other brokerages?

rapatelrocky
Posts: 18
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Wed Sep 19, 2018 4:56 pm

Note that Wellstrade lets me buy some Vanguard Admiral shares - had some in a transfer for an inherited IRA (with automatically re-invested dividends), but was able to put in an order for VBTLX for example. No fees on that just as with VMMXX. Not sure if the no fees are due to historical 100 free trades, Portfolio Premier/PMA, or just normally free on Wellstrade.

So there are some advantages on the Wells Fargo side. Of course many have ETF equivalents as well that can be used from Chase or Merrill Edge within "free trades" that you may have.

rapatelrocky
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Wed Sep 19, 2018 5:06 pm

stanguy wrote:
Wed Sep 19, 2018 3:38 pm
Does anyone here know if Chase YouInvest allows purchasing Tbills at auction?
Also, how do their secondary market prices for T-bills compare to Vanguard or other brokerages?
Not sure it is permitted or not but I have a Fixed Income tab hat lists CD, Corporate, Municipal, and Treasury.
Selecting the latter shows various t-bill options Here is some the text:


Please choose an asset type to begin

Search by CUSIP or issuer
Search by CUSIP or Description
Asset type ( Changing the asset type will clear the criteria )

CD

Corporate

Municipal

Treasury
Maturity date

mm/yyyy
opens calendar, choose maturity date month
Maturity date, from month month/yyyyFrom

mm/yyyy
opens calendar, choose maturity date month
Maturity date, to month month/yyyyTo
Yield to worst

ex. 95
Yield to worst, minimum amount, example 95
Minimum

ex. 100
Yield to worst, maximum amount, example 100
Maximum
Yield to maturity

ex. 95
Yield to maturity, minimum amount, example 95
Minimum

ex. 100
Yield to maturity, maximum amount, example 100
Maximum
Coupon

ex. 95
Coupon, minimum amount, example 95
Minimum

ex. 100
Coupon, maximum amount, example 100
Maximum
Price

ex. 95
Price, minimum amount, example 95
Minimum

ex. 100
Price, maximum amount, example 100
Maximum
Quantity

ex. 95
Quantity, minimum amount, example 95
Minimum

ex. 100
Quantity, maximum amount, example 100
Maximum
Type (default is all)

Select one or more items
See more

arf30
Posts: 326
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by arf30 » Wed Sep 19, 2018 5:16 pm

Having trouble finding screenshots of the You Invest interface - does the portfolio builder give you a shortcut to quickly buy a group of ETFs? It sounds similar to Fidelity's basket trading (which is kind of terrible).

rapatelrocky
Posts: 18
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by rapatelrocky » Wed Sep 19, 2018 5:24 pm

arf30 wrote:
Wed Sep 19, 2018 5:16 pm
Having trouble finding screenshots of the You Invest interface - does the portfolio builder give you a shortcut to quickly buy a group of ETFs? It sounds similar to Fidelity's basket trading (which is kind of terrible).
Unfortunately can't get to the screen yet - says I have less than 5k cash available - their system moved cash to a sweep account and says I have no cash for trading. :( I put in a secure message to find out why.. ( I had managed to put in a trade for VMMXX before that so the cash was not all sitting idle, but that should not impact the rest of the cash that remains after that).

stanguy
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by stanguy » Thu Sep 20, 2018 11:27 am

Thanks for that info. I guess since there is no mention of an "auction", they do not provide that.
This is similar to BofA/ME where secondary market Treasury's are available but not primary auctions.

rapatelrocky wrote:
Wed Sep 19, 2018 5:06 pm
stanguy wrote:
Wed Sep 19, 2018 3:38 pm
Does anyone here know if Chase YouInvest allows purchasing Tbills at auction?
Also, how do their secondary market prices for T-bills compare to Vanguard or other brokerages?
Not sure it is permitted or not but I have a Fixed Income tab hat lists CD, Corporate, Municipal, and Treasury.
Selecting the latter shows various t-bill options Here is some the text:


Please choose an asset type to begin

Search by CUSIP or issuer
Search by CUSIP or Description
Asset type ( Changing the asset type will clear the criteria )

CD

Corporate

Municipal

Treasury
Maturity date

mm/yyyy
opens calendar, choose maturity date month
Maturity date, from month month/yyyyFrom

mm/yyyy
opens calendar, choose maturity date month
Maturity date, to month month/yyyyTo
Yield to worst

ex. 95
Yield to worst, minimum amount, example 95
Minimum

ex. 100
Yield to worst, maximum amount, example 100
Maximum
Yield to maturity

ex. 95
Yield to maturity, minimum amount, example 95
Minimum

ex. 100
Yield to maturity, maximum amount, example 100
Maximum
Coupon

ex. 95
Coupon, minimum amount, example 95
Minimum

ex. 100
Coupon, maximum amount, example 100
Maximum
Price

ex. 95
Price, minimum amount, example 95
Minimum

ex. 100
Price, maximum amount, example 100
Maximum
Quantity

ex. 95
Quantity, minimum amount, example 95
Minimum

ex. 100
Quantity, maximum amount, example 100
Maximum
Type (default is all)

Select one or more items
See more

smalliebigs
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by smalliebigs » Wed Oct 17, 2018 8:55 pm

So, I keep seeing people mentioning the type of mutual funds/ETFs they see on the Chase You Invest platform. I'm an idiot, where's the link for that on the website? For the life of me I just can't find it anywhere.

arf30
Posts: 326
Joined: Sat Dec 28, 2013 11:55 am

Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by arf30 » Wed Oct 17, 2018 8:57 pm

Is You Invest the same as the CPC JP Morgan self directed account, or is it something new and more limited?

robertmcd
Posts: 246
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by robertmcd » Thu Oct 18, 2018 2:09 pm

tj wrote:
Wed Sep 19, 2018 12:39 pm
arf30 wrote:
Wed Sep 19, 2018 12:31 pm
Is a Sapphire branded card required to spend or cash out the UR points from this checking account bonus?

Well, yeah, because, a Sapphire branded card is required to receive the bonus in the first place.
A chase Freedom or Freedom Unlimited allows you to get the bonus as well, you just cant transfer to partners or get 1.25/1.5 cents/point thru the travel portal. I have a bunch of UR points from a freedom unlimited and freedom but I don't have a sapphire card, but will get a sapphire preferred once I am under 5/24 in december so I can transfer all my points to Southwest

robertmcd
Posts: 246
Joined: Tue Aug 09, 2016 9:06 am

Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by robertmcd » Thu Oct 18, 2018 2:15 pm

I would like to transfer 75K of VTI and VXUS to you invest, I have a lot of individual tax lots. Will you invest keep the specific ID and allow me to sell individual lots so I can tax loss harvest effectively?

tj
Posts: 2240
Joined: Thu Dec 24, 2009 12:10 am

Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by tj » Thu Oct 18, 2018 2:43 pm

robertmcd wrote:
Thu Oct 18, 2018 2:09 pm
tj wrote:
Wed Sep 19, 2018 12:39 pm
arf30 wrote:
Wed Sep 19, 2018 12:31 pm
Is a Sapphire branded card required to spend or cash out the UR points from this checking account bonus?

Well, yeah, because, a Sapphire branded card is required to receive the bonus in the first place.
A chase Freedom or Freedom Unlimited allows you to get the bonus as well, you just cant transfer to partners or get 1.25/1.5 cents/point thru the travel portal. I have a bunch of UR points from a freedom unlimited and freedom but I don't have a sapphire card, but will get a sapphire preferred once I am under 5/24 in december so I can transfer all my points to Southwest
I wasn't aware they opened it up to Freedom cardholders. Seems odd to call it Sapphire Banking if Freedom is eligible. :D

EnjoyIt
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Re: BofA/Merrill Edge or Chase Sapphire Banking/CPC?

Post by EnjoyIt » Thu Oct 18, 2018 3:16 pm

I am a Chase Private Client and hooked into their ecosystem. I have multiples of their credit cards since I live near a United hub and fly united often. The chase eco-system works very well for us.

Chase Sapphire Reserve card for all travel and restaurants plus lounge access. 3 points
Chase Ink for gas 2 points
Chase freedom revolving Categories wherever applicable 5 points
Chase freedom Unlimited for everything else 1.5 points.
Chase United for free luggage when we don't have status.

All points convert to United Miles worth about 2.5-3.5 cents per point flying Business Class overseas.

Since you don't travel then a guaranteed 2.65% cash back with ME is probably the easiest and best way to go.

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