Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
I keep $0 in the checking account and use it to auto-redeem my cash rewards every month then move those cash rewards back to my credit card as a bill pay.
- BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards
While I concur it is convenient and it is what I do, when I go to redeem the cash back on my cards, my ME taxable CMA is available as a destination.
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes. You don't even need $100k. Gold level is enough for them to waive fees on up to 4 checking/saving accounts.anon_investor wrote: ↑Fri Jul 23, 2021 8:02 pmDo they wait the monthly fee on the checking for having $100k in a ME account?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/
Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...
Advantage Relationship seems like the best one?
Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...
Advantage Relationship seems like the best one?
Re: Bank of America/Merrill Edge - Preferred Rewards
Yeah, I have Advantage Relationship because it's "the best" and like you mentioned, there is no monthly fee with Preferred Rewards anyways. I keep $25 in the checking account.Marseille07 wrote: ↑Sat Jul 24, 2021 12:48 am Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/
Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...
Advantage Relationship seems like the best one?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks. I'll probably open Relationship too then. Still waiting for the travel card; it's approved but still in transit and I don't know my credit line yet.GoPackGo wrote: ↑Sat Jul 24, 2021 12:58 amYeah, I have Advantage Relationship because it's "the best" and like you mentioned, there is no monthly fee with Preferred Rewards anyways. I keep $25 in the checking account.Marseille07 wrote: ↑Sat Jul 24, 2021 12:48 am Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/
Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...
Advantage Relationship seems like the best one?
Re: Bank of America/Merrill Edge - Preferred Rewards
Correct, No low balance fees on the checking account when there is 100k+ on ME account.anon_investor wrote: ↑Fri Jul 23, 2021 8:02 pmDo they wait the monthly fee on the checking for having $100k in a ME account?
Re: Bank of America/Merrill Edge - Preferred Rewards
i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
Re: Bank of America/Merrill Edge - Preferred Rewards
I've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
Real Knowledge Comes Only From Experience
Re: Bank of America/Merrill Edge - Preferred Rewards
it seems to be hit or miss. even in my linked thread, some got auto-upgraded and others didn't. since i was such an early adopter of the program (merrill edge was just launched at the time), maybe i got assigned a rep while newer accounts didn't. memory is imperfect, but i can't rule out getting an upsell call even before i met the $100k balance.MikeG62 wrote: ↑Sat Jul 24, 2021 8:28 amI've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
Re: Bank of America/Merrill Edge - Preferred Rewards
As far as I know, the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. https://i.imgur.com/t6wUnJc.png is a summary from several years ago when free trades were still a specific benefit.bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
- BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards
I don’t get the calls, but I also have Do Not Solicit on my customer profile. So I don’t know if I would get the calls if didn’t have DNS on.bling wrote: ↑Sat Jul 24, 2021 8:32 amit seems to be hit or miss. even in my linked thread, some got auto-upgraded and others didn't. since i was such an early adopter of the program (merrill edge was just launched at the time), maybe i got assigned a rep while newer accounts didn't. memory is imperfect, but i can't rule out getting an upsell call even before i met the $100k balance.MikeG62 wrote: ↑Sat Jul 24, 2021 8:28 amI've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
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Re: Bank of America/Merrill Edge - Preferred Rewards
Whoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
I don't even understand how you *lose* benefits by having more money with them.
Re: Bank of America/Merrill Edge - Preferred Rewards
I've had over $250k with ME for quite a few years and have never lost benefits or had any issues.
Re: Bank of America/Merrill Edge - Preferred Rewards
We never got "upgraded." I also don't think we get calls, but then DH never answers his phone, so who knows.Marseille07 wrote: ↑Sat Jul 24, 2021 12:46 pmWhoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
I don't even understand how you *lose* benefits by having more money with them.
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Re: Bank of America/Merrill Edge - Preferred Rewards
If I just want to fly low and want to collect 1.5% on the Travel Rewards card, I just need a credit card account and view my statement online & pay, correct? I don't need to open a checking / ME for using the rewards and what not?
Given the uncertainty surrounding the Wealth Management program, I might start off small and figure out as I go.
Given the uncertainty surrounding the Wealth Management program, I might start off small and figure out as I go.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I have three accounts all over 250k and there has been no conversion or upsell.
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Re: Bank of America/Merrill Edge - Preferred Rewards
It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
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Re: Bank of America/Merrill Edge - Preferred Rewards
It no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.Marseille07 wrote: ↑Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call meBrandonBogle wrote: ↑Sat Jul 24, 2021 2:12 pmIt no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.Marseille07 wrote: ↑Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Every bank, brokerage, and credit card company I interact with I had them add it. Makes life easier as I don’t want them calling me. I’ll reach out if I want something.Marseille07 wrote: ↑Sat Jul 24, 2021 2:14 pmThank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call meBrandonBogle wrote: ↑Sat Jul 24, 2021 2:12 pmIt no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.Marseille07 wrote: ↑Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Re: Bank of America/Merrill Edge - Preferred Rewards
Is this a setting you can update online, or do you have to call them to activate that setting?BrandonBogle wrote: ↑Sat Jul 24, 2021 2:16 pmEvery bank, brokerage, and credit card company I interact with I had them add it. Makes life easier as I don’t want them calling me. I’ll reach out if I want something.Marseille07 wrote: ↑Sat Jul 24, 2021 2:14 pmThank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call meBrandonBogle wrote: ↑Sat Jul 24, 2021 2:12 pmIt no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.Marseille07 wrote: ↑Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.
I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Re: Bank of America/Merrill Edge - Preferred Rewards
As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.Marseille07 wrote: ↑Sat Jul 24, 2021 12:46 pmWhoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...bling wrote: ↑Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.
one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
I don't even understand how you *lose* benefits by having more money with them.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.student wrote: ↑Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
If my credit line turned out to be low then all bets are off.
Re: Bank of America/Merrill Edge - Preferred Rewards
If you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.Marseille07 wrote: ↑Sat Jul 24, 2021 3:44 pmI see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.student wrote: ↑Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
If my credit line turned out to be low then all bets are off.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I see. Yeah one good thing about BofA is that there are branches everywhere, including where I live. I learned this the hard way when I was with Citibank 1000 miles away and they demanded that I show up in person...student wrote: ↑Sat Jul 24, 2021 3:53 pmIf you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.Marseille07 wrote: ↑Sat Jul 24, 2021 3:44 pmI see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.student wrote: ↑Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
If my credit line turned out to be low then all bets are off.
A poster mentioned upthread there is some "do not solicit" option we can ask for as well.
Re: Bank of America/Merrill Edge - Preferred Rewards
BofA isn't quite everywhere. There are no BofA or Citibank branches in Wisconsin for example. For each the nearest to me is outside the Chicago area.Marseille07 wrote: ↑Sat Jul 24, 2021 3:56 pmI see. Yeah one good thing about BofA is that there are branches everywhere, including where I live. I learned this the hard way when I was with Citibank 1000 miles away and they demanded that I show up in person...student wrote: ↑Sat Jul 24, 2021 3:53 pmIf you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.Marseille07 wrote: ↑Sat Jul 24, 2021 3:44 pmI see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.student wrote: ↑Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
If my credit line turned out to be low then all bets are off.
A poster mentioned upthread there is some "do not solicit" option we can ask for as well.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.
Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.
As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.
As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
Re: Bank of America/Merrill Edge - Preferred Rewards
Sure, the branch can cancel your card. They also can likely update your address.Marseille07 wrote: ↑Tue Jul 27, 2021 10:42 pm I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.
Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.
As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you. I might just cancel it. I'm already outraged that when I select "add mailing address," they come back with "The address you confirmed is recognized as a Commercial Mail Receiving Agency (CMRA) by the USPS and cannot be used for your profile information. You can go back and enter a valid physical address (non CMRA) for your Primary Residence Address." (notice I'm trying to add a mailing address, not Primary Residence - but because they force me to select the card account, which replaces the address, I see this message).tj wrote: ↑Tue Jul 27, 2021 10:46 pmSure, the branch can cancel your card. They also can likely update your address.Marseille07 wrote: ↑Tue Jul 27, 2021 10:42 pm I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.
Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.
As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
The help message on addresses say "You can add additional addresses to your profile and we will deliver all future statements and correspondence for a specific account to those addresses based on your settings. Additional addresses can be a PO Box."
I'm just shaking my head that I run into nonsense like this from the get go. Adding a mailing address should not be difficult...
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Re: Bank of America/Merrill Edge - Preferred Rewards
I called the number at the back of the card and they've done some magic to straighten out my address situation. They say it might take 24 hours to get the changes reflected. I am holding onto the card for another day. Crisis averted.
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Re: Bank of America/Merrill Edge - Preferred Rewards
My address issues are somewhat fixed. The customer support person manually added my mailing address and fixed up the format of addresses in a way I wasn't able to because of the restrictions placed by the site.
Now I have a Primary residence address, not associated with any account, and an "Address 2" address (I asked to add a mailing address) associated with my card account.
My CL is low but at this point it's good enough to get started with the Travel Rewards card. I need to spend $1000 in 90 days to get 25000 bonus points.
Now I have a Primary residence address, not associated with any account, and an "Address 2" address (I asked to add a mailing address) associated with my card account.
My CL is low but at this point it's good enough to get started with the Travel Rewards card. I need to spend $1000 in 90 days to get 25000 bonus points.
Last edited by Marseille07 on Wed Jul 28, 2021 5:27 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards
On a related note, wanted to just share my recent experiences getting enrolled in this program.
My oldest credit card was aquired by BoA some years ago, I stopped using it because BoA nerfed the reward down to 1% (was formerly a 2% rewards card from Schwab)…however they recently sent me an offer to switch my existing useless BoA card to the “Unlimited Cash Rewards card”: it’s a 1.5% base cashback card which can then be amplified 75% to 2.625% via plat honors tier rewards status as I have seen others mention here before, better than the 2% citi card I have been using. Just wanted to share incase others have old/nerfed BoA cards they were holding on to, you may also have the opportunity to upgrade the existing card into something useful. This upgrade doesn’t require a credit check or an application process, it’s the same credit card account
I also had an unused Merril account, so I’ve just transfered funds into that to meet the balance requirement. I spoke with a customer service agent and they said BoA will test to see if your average aggregate balance meets the requirement for a tier increase every month (fair enough), but they will only remove you from the program if you don’t meet the average aggregate balance requirement each month for 1 year , which seems overly generous, is that right?
My oldest credit card was aquired by BoA some years ago, I stopped using it because BoA nerfed the reward down to 1% (was formerly a 2% rewards card from Schwab)…however they recently sent me an offer to switch my existing useless BoA card to the “Unlimited Cash Rewards card”: it’s a 1.5% base cashback card which can then be amplified 75% to 2.625% via plat honors tier rewards status as I have seen others mention here before, better than the 2% citi card I have been using. Just wanted to share incase others have old/nerfed BoA cards they were holding on to, you may also have the opportunity to upgrade the existing card into something useful. This upgrade doesn’t require a credit check or an application process, it’s the same credit card account
I also had an unused Merril account, so I’ve just transfered funds into that to meet the balance requirement. I spoke with a customer service agent and they said BoA will test to see if your average aggregate balance meets the requirement for a tier increase every month (fair enough), but they will only remove you from the program if you don’t meet the average aggregate balance requirement each month for 1 year , which seems overly generous, is that right?
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Re: Bank of America/Merrill Edge - Preferred Rewards
This is correct and is well known. If you time it right you could have 15 months before you lose your status. https://www.doctorofcredit.com/bank-of- ... purchases/flyingcows wrote: ↑Wed Jul 28, 2021 4:14 pm I also had an unused Merril account, so I’ve just transfered funds into that to meet the balance requirement. I spoke with a customer service agent and they said BoA will test to see if your average aggregate balance meets the requirement for a tier increase every month (fair enough), but they will only remove you from the program if you don’t meet the average aggregate balance requirement each month for 1 year , which seems overly generous, is that right?
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Re: Bank of America/Merrill Edge - Preferred Rewards
A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
Re: Bank of America/Merrill Edge - Preferred Rewards
No, CMA = cash management account. That's their standard brokerage account.Marseille07 wrote: ↑Wed Jul 28, 2021 9:06 pm A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you! I'm reassured what's supposed to happen happened02nz wrote: ↑Wed Jul 28, 2021 9:11 pmNo, CMA = cash management account. That's their standard brokerage account.Marseille07 wrote: ↑Wed Jul 28, 2021 9:06 pm A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
Little I knew they took some time to create my account too, I was trying user/pass combo to no avail (they hadn't created the account) and got locked out lol.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I'm planning to park some VOO shares in ME and call it a day. With checking + Travel Rewards card, I should be able to enroll in the Preferred Rewards program Platinum Honors
Well, turned out I want to reduce the # of shares to transfer...but they don't let me cancel unless I provide a free-format document indicating I want to cancel it, signed & dated. Just whoa...I think I'll let the transfer stand and then transfer back some shares
Well, turned out I want to reduce the # of shares to transfer...but they don't let me cancel unless I provide a free-format document indicating I want to cancel it, signed & dated. Just whoa...I think I'll let the transfer stand and then transfer back some shares
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Re: Bank of America/Merrill Edge - Preferred Rewards
Congrats!Marseille07 wrote: ↑Wed Jul 28, 2021 11:14 pm I'm planning to park some VOO shares in ME and call it a day. With checking + Travel Rewards card, I should be able to enroll in the Preferred Rewards program Platinum Honors
Well, turned out I want to reduce the # of shares to transfer...but they don't let me cancel unless I provide a free-format document indicating I want to cancel it, signed & dated. Just whoa...I think I'll let the transfer stand and then transfer back some shares
Now just wait and watch the rewards roll in
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks. 2.62% anywhere is just too good to pass up
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Re: Bank of America/Merrill Edge - Preferred Rewards
They didn't honor my free-form letter to cancel my VOO transfer (I wanted to modify the # of shares but they don't let me modify, the only option was to cancel). Oh well, not the end of the world I guess...
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Re: Bank of America/Merrill Edge - Preferred Rewards
As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
Re: Bank of America/Merrill Edge - Preferred Rewards
I'm new to this thread, what's Advantage Relationship and Advantage Plus?Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
Re: Bank of America/Merrill Edge - Preferred Rewards
https://www.bankofamerica.com/deposits/ ... e-banking/island wrote: ↑Thu Jul 29, 2021 4:12 pmI'm new to this thread, what's Advantage Relationship and Advantage Plus?Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks tjtj wrote: ↑Thu Jul 29, 2021 4:18 pmhttps://www.bankofamerica.com/deposits/ ... e-banking/island wrote: ↑Thu Jul 29, 2021 4:12 pmI'm new to this thread, what's Advantage Relationship and Advantage Plus?Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
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Re: Bank of America/Merrill Edge - Preferred Rewards
My checking account is labeled Adv Plus Banking.Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
Re: Bank of America/Merrill Edge - Preferred Rewards
Mine is Adv SafeBalance Bankingplaceholder wrote: ↑Thu Jul 29, 2021 6:22 pmMy checking account is labeled Adv Plus Banking.Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Can we change the account type after opening? Also, any repercussions if we leave the account at $0, provided I'm a Platinum Honors customer?tj wrote: ↑Thu Jul 29, 2021 6:23 pmMine is Adv SafeBalance Bankingplaceholder wrote: ↑Thu Jul 29, 2021 6:22 pmMy checking account is labeled Adv Plus Banking.Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
Re: Bank of America/Merrill Edge - Preferred Rewards
My understanding is you can change the account type after opening. I would suggest leaving >= $10 there so it is not $0.Marseille07 wrote: ↑Thu Jul 29, 2021 6:40 pmCan we change the account type after opening? Also, any repercussions if we leave the account at $0, provided I'm a Platinum Honors customer?tj wrote: ↑Thu Jul 29, 2021 6:23 pmMine is Adv SafeBalance Bankingplaceholder wrote: ↑Thu Jul 29, 2021 6:22 pmMy checking account is labeled Adv Plus Banking.Marseille07 wrote: ↑Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
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Re: Bank of America/Merrill Edge - Preferred Rewards
FWIW, I have $0 in my safe balance 99.9% of the time unless I'm redeeming rewards to it and then pay a bill or Zelle the money to Ally.