Bank of America/Merrill Edge - Preferred Rewards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Lastrun
Posts: 326
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Leesbro63 wrote: Tue Sep 22, 2020 3:16 pm
I get those calls and generally let them go to voicemail. They might call again but after I ignore them a few times they stop. Sometimes I'll email the "advisor du jour" (they come and go quickly) and let him know I got his call and I'm fine and will contact him if needed.
I talked to an ME guy at a BofA branch once. A couple of points I picked up.

If you go in to the branch with something complicated, they send you into the ME guy to sniff out money on the move (estates, medallions, etc.) instead of the regular bank people. This is not a bad thing since the ME reps are likely better trained and a bit more sophisticated than the rank and file teller folk.

The ME folks work in a branch or call center until they amass enough clients (book) and then they graduate to Merrill Lynch. He did not tell me AUM or number of clients required, but it is a fair model.

But neither he, or the call center folks, ever pushed--just more if there is anything they could help with or if I had anything to transfer in for a bonus. So soft sell.
likashing
Posts: 183
Joined: Tue Mar 06, 2007 7:58 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by likashing »

How many cash rewards cards (or other bonus eligible reward cards) do you have with BoA? Can you keep applying for and have multiple cash reward cards so you have much more than the $2500 quarterly limit?
stilllurking
Posts: 151
Joined: Mon Jun 16, 2014 10:44 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

I don't know about a hard limit but I only have two. One was a direct application and one was a product change. This is in addition to the premium rewards card I have.

Your partner could do the same and double or triple up on a specific category depending on your monthly spend.

I use one of my cards as a rotating one in case there's a need for larger spend in home improvement or travel during a month that I haven't made a category change on.
somekevinguy
Posts: 161
Joined: Mon Jan 16, 2017 9:23 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by somekevinguy »

likashing wrote: Wed Sep 23, 2020 4:29 pm How many cash rewards cards (or other bonus eligible reward cards) do you have with BoA? Can you keep applying for and have multiple cash reward cards so you have much more than the $2500 quarterly limit?
yes- we have 6 between my wife and me- there's the wildlife one, susan komen one, MLB one, regular cash rewards, a freedom/eagle one- so yes, you can have much more than the 2500 quarterly limit (we use most of ours for online, save one for gas/costco, and one that is flexible.
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

There are 5 variations of the Cash Reward card. Between spouses that's potentially 10 cards with $100,000 bonus spend a year. There are indirect ways to use these cards to pay for mortgage, Fed taxes, day to day spend & get the bonus.
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
MikeG62
Posts: 3130
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Real Knowledge Comes Only From Experience
sycamore
Posts: 1231
Joined: Tue May 08, 2018 12:06 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
+1

Also, OP you may want to start a new thread for this question as the best answer depends on your particular situation. Mostly it comes down to your Asset Allocation and what you want to do with the money. You said 30k is for an emergency fund; what do you intend the 50k for?

If it's for your retirement or other long-term retirement goal, invest the money per your AA.
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

sycamore wrote: Thu Sep 24, 2020 7:36 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
+1

Also, OP you may want to start a new thread for this question as the best answer depends on your particular situation. Mostly it comes down to your Asset Allocation and what you want to do with the money. You said 30k is for an emergency fund; what do you intend the 50k for?

If it's for your retirement or other long-term retirement goal, invest the money per your AA.
Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
snailderby
Posts: 1216
Joined: Thu Jul 26, 2018 11:30 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by snailderby »

Rocky77 wrote: Thu Sep 24, 2020 8:26 am Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
Rocky, I've read several of your threads, one on you and your spouse's 401(k)s, one on HSAs, and one on BoA/Merrill. You may want to consider using one megathread to ask for advice so we have a complete picture of your finances and can answer your questions more holistically. You may get better advice that way. There is actually a template for asking portfolio questions on this forum that you can use if you find that helpful. In any event, welcome to this forum, and hope you find it helpful!
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

snailderby wrote: Thu Sep 24, 2020 8:46 am
Rocky77 wrote: Thu Sep 24, 2020 8:26 am Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
Rocky, I've read several of your threads, one on you and your spouse's 401(k)s, one on HSAs, and one on BoA/Merrill. You may want to consider using one megathread to ask for advice so we have a complete picture of your finances and can answer your questions more holistically. You may get better advice that way. There is actually a template for asking portfolio questions on this forum that you can use if you find that helpful. In any event, welcome to this forum, and hope you find it helpful!
Thanks. Yes I will put up a new thread about the overall scenario of our finances. I will keep the questions in this thread limited to the credit card/ BOA / ME part. Thanks again.
MikeG62
Posts: 3130
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Rocky77 wrote: Thu Sep 24, 2020 8:23 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
I have their Premium Rewards CC which functions differently from the card you are looking at. With the PR card, I get 2.625% cash back on every purchase (3.5% on travel and dining). The PR card carries a $95 annual fee.

To your question, I suppose you could download your monthly activity to excel and track your spend quite easily that way. You can also use the Spending and Budgeting tab on the BofA site (within the credit card account) to see what you have spent and on what. Note that I go the download to excel route so not all that familiar with the reporting on the BofA website.
Real Knowledge Comes Only From Experience
BashDash
Posts: 778
Joined: Mon Nov 28, 2016 12:31 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BashDash »

A previous poster mentioned paying the mortgage. Can this poster elaborate? I'm interested unless it is just for reaching the initial spend. How does the math work?
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
dstac
Posts: 85
Joined: Sun Jun 02, 2013 5:12 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dstac »

likashing wrote: Mon Sep 21, 2020 10:42 pm I qualify for Platinum through my IRA at ME. I have a 5.25% cashback cards and my spouse has another cashback card, but my spouse does not qualify for Platinum.

If we change my spouse's credit card to be a "joint" card, will it become another 5.25% cashback card?

It is probably more straight forward for me to get another card from BoA. Just wondering though.
Side note, you can hold multiple 5.25% back cards as an individual. This could allow you to have another one that is "your spouse's."
Leesbro63
Posts: 6788
Joined: Mon Nov 08, 2010 4:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
Leesbro63
Posts: 6788
Joined: Mon Nov 08, 2010 4:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
So how much do you save by jumping thru those hoops?
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

About 2.5%
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

MikeG62 wrote: Thu Sep 24, 2020 9:03 am
Rocky77 wrote: Thu Sep 24, 2020 8:23 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
I have their Premium Rewards CC which functions differently from the card you are looking at. With the PR card, I get 2.625% cash back on every purchase (3.5% on travel and dining). The PR card carries a $95 annual fee.

To your question, I suppose you could download your monthly activity to excel and track your spend quite easily that way. You can also use the Spending and Budgeting tab on the BofA site (within the credit card account) to see what you have spent and on what. Note that I go the download to excel route so not all that familiar with the reporting on the BofA website.
Thanks for the info. I like to use the app on the phone or the ipad. Is there anyone who uses the app and can guide me as to how to track the 2500$ limit every quarter on the app? The quarters I am guessing are Jan- Apr, May-Aug and Sept- Dec?
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

Thanks for the info. I like to use the app on the phone or the ipad. Is there anyone who uses the app and can guide me as to how to track the 2500$ limit every quarter on the app? The quarters I am guessing are Jan- Apr, May-Aug and Sept- Dec?
[/quote]

There are 4 quarters, Jan-March, April to June, etc. There's a rewards tab on the app where you can keep track of bonus purchases.
presto987
Posts: 150
Joined: Sun Aug 30, 2020 10:58 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by presto987 »

VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
That is great - how did you get the Mastercard? I thought they only did Visas.
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

I asked to be issued the MasterCard version.
SpaethCo
Posts: 239
Joined: Thu Jan 14, 2016 12:58 am
Location: Minneapolis

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SpaethCo »

VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
hap_ca
Posts: 54
Joined: Sat Jun 09, 2018 3:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
User avatar
BrandonBogle
Posts: 3297
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

VCC wrote: Thu Sep 24, 2020 11:20 am I asked to be issued the MasterCard version.
Or in my case, I product changed a decades old MBNA Star Trek MasterCard to a Cash Rewards card. Yes, I don’t get the signup bonus that way, but it was a sock-drawered card anyway, so now it is available for extra room in the bonus categories.
Rocky77
Posts: 28
Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
User avatar
BrandonBogle
Posts: 3297
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Rocky77 wrote: Thu Sep 24, 2020 12:24 pm
hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
The terms and conditions that come with the card outline the quarters. The BofA app lets me see my spending, by category, for current month, last month, last three months, last 12 months. I would expect the website does the same. Also, your statements outline your spending details.
hap_ca
Posts: 54
Joined: Sat Jun 09, 2018 3:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

BrandonBogle wrote: Thu Sep 24, 2020 12:27 pm
Rocky77 wrote: Thu Sep 24, 2020 12:24 pm
hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
The terms and conditions that come with the card outline the quarters. The BofA app lets me see my spending, by category, for current month, last month, last three months, last 12 months. I would expect the website does the same. Also, your statements outline your spending details.
Good suggestion about checking the information that came with the card. It mentions calendar quarters and the next one starts October 1st. Based on this it sounds like the purchase I made that posted today should count towards the current quarter and I should be eligible for $2500 of bonus spend for the next quarter that starts on October 1st. The statement due date should not matter
User avatar
BrandonBogle
Posts: 3297
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

hap_ca wrote: Thu Sep 24, 2020 12:41 pm Good suggestion about checking the information that came with the card. It mentions calendar quarters and the next one starts October 1st. Based on this it sounds like the purchase I made that posted today should count towards the current quarter and I should be eligible for $2500 of bonus spend for the next quarter that starts on October 1st. The statement due date should not matter
That is correct. Similarly, if you change categories today, October 1st would be when you can change categories again, not your statement date.
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

SpaethCo wrote: Thu Sep 24, 2020 11:27 am
VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
You can use a different card each month. Use 1 card for Jan, Apr, Jul, Oct. 2nd card used for Feb, May, Aug, Nov. 3rd card Mar, Jun, Sep, Dec.
Leesbro63
Posts: 6788
Joined: Mon Nov 08, 2010 4:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 1:13 pm
SpaethCo wrote: Thu Sep 24, 2020 11:27 am
VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
You can use a different card each month. Use 1 card for Jan, Apr, Jul, Oct. 2nd card used for Feb, May, Aug, Nov. 3rd card Mar, Jun, Sep, Dec.
I'll jump thru hoops for brokerage and credit card rewards, but this sounds like too much for too little.
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
tj
Posts: 3414
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
User avatar
BrandonBogle
Posts: 3297
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
tj
Posts: 3414
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

BrandonBogle wrote: Thu Sep 24, 2020 7:14 pm
tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
But how is that relevant? If your bills are sent jointly, it doesn't matter whose card you use.
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

B of A has a 2/3/4 rule that won't let someone order multiple cards at the same time. It would take over a year to get 3 cards, so if you wanted to use 3 cards to pay the mortgage or HELOC & another card or 2 for gas/groceries you could use your spouse's card(s) for that.
User avatar
BrandonBogle
Posts: 3297
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tj wrote: Thu Sep 24, 2020 7:16 pm
BrandonBogle wrote: Thu Sep 24, 2020 7:14 pm
tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
But how is that relevant? If your bills are sent jointly, it doesn't matter whose card you use.
And let's say a husband and wife are having problems and planning for divorce. Would it not be an "issue" if one spouse is the other's credit card without authorization? I know it sounds esoteric, but there are valid uses for one spouse to be an authorized user of another's that has nothing to do with increasing the available spending room for bonus categories.
Post Reply