Bored to Tiers: banking perks don’t seem worth it

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eosin
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Bored to Tiers: banking perks don’t seem worth it

Post by eosin »

I have checking/savings accounts at several banks. I’m considering consolidating our cash assets at a high yield savings account such as Ally, Marcus, etc.

The accounts I would move money out of are all at major banks with multiple membership “tiers.”

The banks give different names to these tiers such as Platinum, Priority, Elite, etc. I can’t say I see much benefit to maintaining a balance high enough to qualify for the higher tiers. Customer service is equally blah, interest rates unappealing, and benefits small.

Do any of you have a bank where there are significant benefits to having higher balances on deposit? What benefits do you like and why? :?:
Last edited by eosin on Sun Jul 12, 2020 8:56 am, edited 1 time in total.
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geerhardusvos
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Re: Bored to Tiers

Post by geerhardusvos »

eosin wrote: Sat Jul 11, 2020 10:45 pm I have checking/savings accounts at several banks. I’m considering consolidating our cash assets at a high yield savings account such as Ally, Marcus, etc.

The accounts I would move money out of are all at major banks with multiple membership “tiers.”

The banks give different names to these tiers such as Platinum, Priority, Elite, etc. I can’t say I see much benefit to maintaining a balance high enough to qualify for the higher tiers. Customer service is equally blah, interest rates unappealing, and benefits small.

Do any of you have a bank where there are significant benefits to having higher balances on deposit? What benefits do you like and why? :?:
BofA has this tiering. They just think I’m poor becuase I just have paychecks deposited there never have more than ~$5k at a time. I keep it bc I have a couple credit cards with them and like the atm and brick and mortar options. All other cash is in a HYSA somewhere else. The only thing I miss is getting free checks, because we had above $20,000 (or whatever it was) in there back in the day, but thankfully got 10 free books before we moved to lower tier. Hardly use checks anymore now, so whatever!
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djheini
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Re: Bored to Tiers

Post by djheini »

+1 for Bank of America Preferred Rewards. If you get their highest tier ($100k combined between your BoA accounts and Merrill Edge accounts), you get a handful of benefits but the sweet one is a 75% bonus on credit card rewards. So if you have enough parked in Vanguard ETFs in Merrill Edge to qualify for
* 5.25% cash back on a category of your choice + 3.5% on grocery/warehouse stores (with the no annual fee cash rewards card)
* 2.625% back on everything else (either the travel rewards card - no annual fee but have to redeem the rewards for travel, or the premium rewards card - lets you cash out the rewards but has a $95 annual fee, though it also adds 3.5% earning rates on travel + dining, and a $100 annual airline fee rebate so can net out if you fly enough)
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celia
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Re: Bored to Tiers

Post by celia »

We have a higher-than-average balance at our local bank which qualifies us for a free safe deposit box. (It's not automatic, but the branch manager has to re-approve it every 5 years or so when we ask.) Therefore, it is nice for it to be close to where we live.

We used to get free notary signatures there, but now CA has put a state-mandated fee on each signature that is notarized. So for that, we now go to the Auto Club, where it is only $10.
stan1
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Re: Bored to Tiers

Post by stan1 »

Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
livesoft
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Re: Bored to Tiers

Post by livesoft »

Wells Fargo is a major bank that has given me no fees for anything for decades. Free mutual fund, ETF, and stock trades for instance. Free checks. Free overseas ATMs with great exchange rates. I am unconcerned about the interest rates paid on their savings accounts because I do not use a savings account and prefer to just invest my money.
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Outer Marker
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Re: Bored to Tiers

Post by Outer Marker »

Bank of America Platinum Honors with cash back Visa has served me well. The extra .75% cash back bonus, plus elected bonus spending category for home furnishings has been great setting up the new house. They also refund all out-of-network ATM changes, which helps as I travel a lot, including international. Everything gets refunded.

You're supposed to maintain $50,000, but I've fallen below that many times and they never kick me out of the tier. Given what little interest is being paid on cash, the bonus money on Visa purchase is likely a better rate.
student
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by student »

Like others have said, BoA Platinum Rewards is good. I have used their free notary service, free money orders and I have a free safe deposit box.
inverter
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Re: Bored to Tiers

Post by inverter »

livesoft wrote: Sun Jul 12, 2020 8:53 am Wells Fargo is a major bank that has given me no fees for anything for decades. Free mutual fund, ETF, and stock trades for instance. Free checks. Free overseas ATMs with great exchange rates. I am unconcerned about the interest rates paid on their savings accounts because I do not use a savings account and prefer to just invest my money.
I bet you’ve got dozens and dozens of accounts “for free”! :D
livesoft
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Re: Bored to Tiers

Post by livesoft »

inverter wrote: Sun Jul 12, 2020 9:42 am
livesoft wrote: Sun Jul 12, 2020 8:53 am Wells Fargo is a major bank that has given me no fees for anything for decades. Free mutual fund, ETF, and stock trades for instance. Free checks. Free overseas ATMs with great exchange rates. I am unconcerned about the interest rates paid on their savings accounts because I do not use a savings account and prefer to just invest my money.
I bet you’ve got dozens and dozens of accounts “for free”! :D
OK, I'll bet that I don't and never have. Where do I collect?
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inverter
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Re: Bored to Tiers

Post by inverter »

livesoft wrote: Sun Jul 12, 2020 9:48 am
inverter wrote: Sun Jul 12, 2020 9:42 am
livesoft wrote: Sun Jul 12, 2020 8:53 am Wells Fargo is a major bank that has given me no fees for anything for decades. Free mutual fund, ETF, and stock trades for instance. Free checks. Free overseas ATMs with great exchange rates. I am unconcerned about the interest rates paid on their savings accounts because I do not use a savings account and prefer to just invest my money.
I bet you’ve got dozens and dozens of accounts “for free”! :D
OK, I'll bet that I don't and never have. Where do I collect?
Wells Fargo class action. https://www.nbcnews.com/news/all/wells- ... l-n1140541
HawkeyePierce
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by HawkeyePierce »

The only banking perk I could see moving lots of assets over is a mortgage discount. The BofA rewards aren't bad if you prefer cash back on credit spending.

Otherwise, Schwab gives me everything I care about fee-free without needing to jump through any hoops.
02nz
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by 02nz »

BoA's Preferred Rewards program is the only worthwhile "elite" program, IMHO. There's essentially no opportunity cost to keeping the money there, since you can meet that requirement with investments (free ETF trades) held at Merrill Edge, even IRAs. ME even offers its own bonuses for bringing money in (with a higher bonus for Preferred Rewards members); I've gotten a couple thousand for just moving in some Vanguard ETFs. :moneybag
Outer Marker wrote: Sun Jul 12, 2020 8:56 am Bank of America Platinum Honors with cash back Visa has served me well. The extra .75% cash back bonus, plus elected bonus spending category for home furnishings has been great setting up the new house. They also refund all out-of-network ATM changes, which helps as I travel a lot, including international. Everything gets refunded.

You're supposed to maintain $50,000, but I've fallen below that many times and they never kick me out of the tier. Given what little interest is being paid on cash, the bonus money on Visa purchase is likely a better rate.
It's an extra 75% on what you normally earn, so in many cases it comes out to be a lot more than 0.75%. For example, the Cash Rewards card has selectable 3% cash back categories (online shopping seems to be a popular choice), which becomes 5.25% for Platinum Honors members. You can even get multiple Cash Rewards cards under the same SSN.

The threshold for Platinum Honors is $100K not $50K (which gets you Platinum, with a 50% credit card rewards bonus), and as noted above you can meet that with investments held at Merrill Edge.
JackoC
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Re: Bored to Tiers

Post by JackoC »

djheini wrote: Sat Jul 11, 2020 11:08 pm +1 for Bank of America Preferred Rewards. If you get their highest tier ($100k combined between your BoA accounts and Merrill Edge accounts), you get a handful of benefits but the sweet one is a 75% bonus on credit card rewards. So if you have enough parked in Vanguard ETFs in Merrill Edge to qualify for
* 5.25% cash back on a category of your choice + 3.5% on grocery/warehouse stores (with the no annual fee cash rewards card)
* 2.625% back on everything else (either the travel rewards card - no annual fee but have to redeem the rewards for travel, or the premium rewards card - lets you cash out the rewards but has a $95 annual fee, though it also adds 3.5% earning rates on travel + dining, and a $100 annual airline fee rebate so can net out if you fly enough)
Yeah I'm not aware of any other 'tier' system by a bank anywhere near as attractive as BOA's in terms of keeping an ongoing relationship. The extra credit card cash back combo of Preferred Reward and multiple Cash Reward CC"s at 'Platinum Honors' level is $1k+/yr for us over and above what we'd earn on no annual fee 2% back CC as previously. And we got ~$2k in opening bonuses to set it up (a couple of Merrill accounts and the various credit cards). Plus there are small but non-negligible banking services benefits, like no minimum balance now on the checking account, so I can keep the 0% interest BOA checking acct close to zero balance and have a significant balance only in my main checking acct at a local bank that pays 1.25%.

The key to BOA's system is the combination of generous CC benefits and 'tier' requirement that doesn't require putting money on deposit with them at crappy rates, which is the basic flaw in tiered benefits at most banks. In BOA/Merrill case you just park the requisite balance of ETF's at Merrill to reach Platinum and ongoing cost is same as if they were sitting at Vanguard, nothing.

A marketing gimmick that's going to go away eventually? I guess so depending how long 'eventually' is, but again you get paid to set it up so it's pretty much no-lose IMO as long as it does last.

Other bank 'tier' systems can work for getting a bigger account opening bonus, in the game of opening then soon closing bank accounts just to get opening bonuses. But I'm not aware of any others worth keeping open for the 'tier' benefits on an ongoing basis.
JonnyB
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Re: Bored to Tiers

Post by JonnyB »

inverter wrote: Sun Jul 12, 2020 9:51 am Wells Fargo class action. https://www.nbcnews.com/news/all/wells- ... l-n1140541
I think it goes: "I love all the free stuff I get from my bank paid for by the money they steal from dumb people not as clever as me."

Some people have standards.
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dodecahedron
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Re: Bored to Tiers

Post by dodecahedron »

stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
I agree BoA is the best deal around. Kudos to tfb for getting this deal on my radar screen via his posts on this forum and on his blog The Finance Buff back in fall 2014.

I got $2,000 in bonuses just for moving Vanguard ETFs to Merrill Edge in the first place and ever since then have gotten thousands more in credit card bonuses that have only gotten better and better in the past six years due to new cards and new and better benefit rules on old cards.

That was six years ago. I have no clue why they do this or how long it is going to last, but I am happy to hang in there while it does. (I was already a longtime BoA customer before these crazy deals started. BoA just happened to buy the regional bank which had the brick and mortar branch most convenient to my home when we moved here 30 years ago.
Customer service has remained good throughout.)

I maintain relatively low balances in my BoA checking. I use Ally and Navy Fed for online savings and CDs. But BoA does give me a free safe deposit box, free checks, and reimburses all ATM fees, so I am quite content to keep my checking at BoA.
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dodecahedron
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Re: Bored to Tiers

Post by dodecahedron »

JackoC wrote: Sun Jul 12, 2020 12:30 pm A marketing gimmick that's going to go away eventually? I guess so depending how long 'eventually' is, but again you get paid to set it up so it's pretty much no-lose IMO as long as it does last.
Yes, I agree it can´t last forever. But so far, ¨eventually¨ has been at least six years, with the terms of the deal actually improving during that time.
02nz
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by 02nz »

Since this is mainly an investing forum that sometimes also helps people with the miles/points/cashback "game," I found this blog post interesting, as the author found Bogleheads and the 3-fund portfolio coming from the miles/points hobby. There's a discussion of BoA Preferred Rewards as well.

https://frequentmiler.boardingarea.com/ ... dit-cards/
scophreak
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Re: Bored to Tiers

Post by scophreak »

JonnyB wrote: Sun Jul 12, 2020 12:56 pm
inverter wrote: Sun Jul 12, 2020 9:51 am Wells Fargo class action. https://www.nbcnews.com/news/all/wells- ... l-n1140541
I think it goes: "I love all the free stuff I get from my bank paid for by the money they steal from dumb people not as clever as me."

Some people have standards.
Couldn't this exact argument be made when talking about credit card rewards? The typical BH usage is to charge items, collect (and maximize the rewards), and pay off the statement balance monthly. These rewards are subsidized by those that don't use credit in the same way, and pay monthly interest and late charges.
JonnyB
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Re: Bored to Tiers

Post by JonnyB »

scophreak wrote: Tue Jul 14, 2020 10:40 am
JonnyB wrote: Sun Jul 12, 2020 12:56 pm
inverter wrote: Sun Jul 12, 2020 9:51 am Wells Fargo class action. https://www.nbcnews.com/news/all/wells- ... l-n1140541
I think it goes: "I love all the free stuff I get from my bank paid for by the money they steal from dumb people not as clever as me."

Some people have standards.
Couldn't this exact argument be made when talking about credit card rewards? The typical BH usage is to charge items, collect (and maximize the rewards), and pay off the statement balance monthly. These rewards are subsidized by those that don't use credit in the same way, and pay monthly interest and late charges.
Yes, it can.
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batpot
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Re: Bored to Tiers

Post by batpot »

stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
Indeed.
Same goes for credit card rewards. In fact I think BofA's top tier perk for their credit card earning 2.65% is the best perk they offer.
Every other bank perk I've seen is beaten by credit unions, or online mortgage brokers (not counting transfer bonuses).

Haven't pulled the trigger on BofA because I think I can do better using Citi Thank You points...for airline miles.
We'll see how long this pandemic goes before I change my mind.

You can also do better than BofA by churning the Alliant card with your spouse annually...more work involved, though.
wootwoot
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Re: Bored to Tiers

Post by wootwoot »

batpot wrote: Tue Jul 14, 2020 12:30 pm
stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
Indeed.
Same goes for credit card rewards. In fact I think BofA's top tier perk for their credit card earning 2.65% is the best perk they offer.
Every other bank perk I've seen is beaten by credit unions, or online mortgage brokers (not counting transfer bonuses).

Haven't pulled the trigger on BofA because I think I can do better using Citi Thank You points...for airline miles.
We'll see how long this pandemic goes before I change my mind.

You can also do better than BofA by churning the Alliant card with your spouse annually...more work involved, though.
Which Alliant card returns more than 5.25%? I haven't seen anyone beat the 5.25% online category that BofA has.
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batpot
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Re: Bored to Tiers

Post by batpot »

wootwoot wrote: Tue Jul 14, 2020 12:49 pm
batpot wrote: Tue Jul 14, 2020 12:30 pm
stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
Indeed.
Same goes for credit card rewards. In fact I think BofA's top tier perk for their credit card earning 2.65% is the best perk they offer.
Every other bank perk I've seen is beaten by credit unions, or online mortgage brokers (not counting transfer bonuses).

Haven't pulled the trigger on BofA because I think I can do better using Citi Thank You points...for airline miles.
We'll see how long this pandemic goes before I change my mind.

You can also do better than BofA by churning the Alliant card with your spouse annually...more work involved, though.
Which Alliant card returns more than 5.25%? I haven't seen anyone beat the 5.25% online category that BofA has.
I don't know if you're being willfully obtuse, but that is for a single category, and only for $833/mo.
wootwoot
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Re: Bored to Tiers

Post by wootwoot »

batpot wrote: Tue Jul 14, 2020 1:05 pm
wootwoot wrote: Tue Jul 14, 2020 12:49 pm
batpot wrote: Tue Jul 14, 2020 12:30 pm
stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time. It's not a lifetime guarantee of free perks. You can take advantage of it while it lasts but I would not expect it to last forever. If it goes away and there's a better offer somewhere else you can move your money.
Indeed.
Same goes for credit card rewards. In fact I think BofA's top tier perk for their credit card earning 2.65% is the best perk they offer.
Every other bank perk I've seen is beaten by credit unions, or online mortgage brokers (not counting transfer bonuses).

Haven't pulled the trigger on BofA because I think I can do better using Citi Thank You points...for airline miles.
We'll see how long this pandemic goes before I change my mind.

You can also do better than BofA by churning the Alliant card with your spouse annually...more work involved, though.
Which Alliant card returns more than 5.25%? I haven't seen anyone beat the 5.25% online category that BofA has.
I don't know if you're being willfully obtuse, but that is for a single category, and only for $833/mo.
Read this and you'll learn just how powerful the online spending category can be: https://frugalprofessor.com/best-credit ... 9-edition/
w1337
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by w1337 »

It really depends what you need from banking. I'm not always proud to admit but I've grown to value the Chase Private Client (CPC) checking product. While Chase isn't always competitive with modern financial products such as "high yield" online savings accounts (I use Ally) or Solo 401ks, they are very well targeting HNWI who want modern features in more traditional banking products.

I don't pay fees for anything including the accounts themselves (business too), wires, ATM (including foreign) withdrawals, and have higher limits for everything (QuickPay transfers, mobile deposit, ATM withdrawals). This is off of the top of my head, they have other features as well.

While holding a high balance in cash for a fee-free checking account would be foolish, linked accounts count. You Invest is a modern online only self directed brokerage account with no trading fees. You can have YouInvest IRA accounts. Oh, and if you don't like the CPC balance requirements, Chase Sapphire checking has most of the same features but with lower requirements.

If you can't stomach Chase, Charles Schwab is one of the best checking products that has some similar features but no balance requirements. I still have that account because I used it for foreign ATM withdrawals before the CPC account.

As far as credit card rewards, I concentrate in Chase Ultimate Rewards but American Express Membership Rewards are also worth considering. I travel a lot. Their high multiples combined with strategic use with transfer partners gets a higher return than pure cash rewards. For others, a cash back rewards strategy would look different. This is independent of my checking relationships and would be a topic in itself.
UpperNwGuy
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by UpperNwGuy »

I don't use banks, just credit unions. I don't need perks, just a decent no-fee checking account and either a high yield savings account or competitive certificates of deposit. Banking tiers remind me too much of airline loyalty programs with their elite status levels.
w1337
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by w1337 »

UpperNwGuy wrote: Tue Jul 14, 2020 9:55 pm I don't use banks, just credit unions. I don't need perks, just a decent no-fee checking account and either a high yield savings account or competitive certificates of deposit. Banking tiers remind me too much of airline loyalty programs with their elite status levels.
While popular, well run, and rarely a bad choice they're not always the best choice. Credit unions often can't compete with mainstream banking when the customer is their ideal customer with prime credit.
JackoC
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Re: Bored to Tiers

Post by JackoC »

batpot wrote: Tue Jul 14, 2020 1:05 pm
wootwoot wrote: Tue Jul 14, 2020 12:49 pm
batpot wrote: Tue Jul 14, 2020 12:30 pm
stan1 wrote: Sun Jul 12, 2020 8:43 am Bank of America Preferred Rewards is the best I"m aware of, but keep in mind it is a marketing gimmick to attract assets so it could change at any time.
Indeed.
Same goes for credit card rewards. In fact I think BofA's top tier perk for their credit card earning 2.65% is the best perk they offer.
Every other bank perk I've seen is beaten by credit unions, or online mortgage brokers (not counting transfer bonuses).

Haven't pulled the trigger on BofA because I think I can do better using Citi Thank You points...for airline miles.
We'll see how long this pandemic goes before I change my mind.
You can also do better than BofA by churning the Alliant card with your spouse annually...more work involved, though.
Which Alliant card returns more than 5.25%? I haven't seen anyone beat the 5.25% online category that BofA has.
I don't know if you're being willfully obtuse, but that is for a single category, and only for $833/mo.
Maybe in the link other poster gave, but that assumes one Cash Rewards card. BOA doesn't care if you have more than one, nor if you use more than one for the same 5.25% category within a quarter or even at the same time, and you can switch categories once per month per card. We have three CR's, our spending level is far above national avg, likewise seems well above BH avg for those who disclose it anyway, but we seldom use up $7,500 in a quarter, though we often use more than one card under 'online shopping'. And we could always get another one. Other posters have mentioned having 4 CR's, so the limit if any is more.

You didn't specify about Alliant but by quick Google I saw a 2.5% on everything card with $0 introductory fee but $99 after. Maybe that's not the one you mean, and I'd always like to find a better card. But that's not even as good as BOA Preferred Rewards, unlimited 2.625% everything, 3.5% travel, $95 annual offsettable by $100 airline incidentals credit. Then the BOA CR cards earn more on top of that in the special 5.25% categories plus 3.5% on grocery up to $2,500 per quarter spend *per card*.

AFAIK BOA can't be beat right now for CC cash back at fairly high spending levels and assuming Platinum Honors via parking assets at Merrill. Airline/hotel point systems are a different discussion.
Tallis
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Re: Bored to Tiers

Post by Tallis »

JackoC wrote: Wed Jul 15, 2020 9:49 am Maybe in the link other poster gave, but that assumes one Cash Rewards card. BOA doesn't care if you have more than one, nor if you use more than one for the same 5.25% category within a quarter or even at the same time, and you can switch categories once per month per card. We have three CR's, our spending level is far above national avg, likewise seems well above BH avg for those who disclose it anyway, but we seldom use up $7,500 in a quarter, though we often use more than one card under 'online shopping'. And we could always get another one. Other posters have mentioned having 4 CR's, so the limit if any is more.
Sadly, Bank of America does care how many Cash Rewards cards you have. You are now limited to applying for one Cash Rewards card every 24 months. https://www.bankofamerica.com/credit-ca ... cale=en_US This limits the effectiveness of the 5.25% category. This isn't true. Mrs. Tallis got rejected for applying for Cash Rewards cards last December after receiving one in November, but was just approved for another today. :sharebeer

Apparently some people do care about the various status tiers. I called BOA this week about a scheduled credit card payment that didn't go through. Th person I talked to couldn't explain why they had canceled the payment, but she reversed the late fee and canceled the accrued interest, while thanking me for my Preferred Platinum status at least 5 times. It sounded weird and unnatural to me, but some people must like it.
Last edited by Tallis on Thu Jul 16, 2020 9:47 am, edited 2 times in total.
Laundry_Service
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by Laundry_Service »

Is it possible to have two of the Premium Rewards credit cards as a single person? I currently have one and use it for business expenses but would be glad to have the same one for personal use.
rascott
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by rascott »

Also a BOA platinum client. The combo of rewards on the credit cards pays for our annual winter week at the beach each year.

That's "worth it" to me.
dachshunddad
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by dachshunddad »

I switched from a larger bank to a smaller regional/state bank. Great customer service and more personal interaction. Banker has taken out to dinner several times and occasionally lets us use the box at pro sports events or concerts. I don’t get any good credit card perks but I need a brick and mortar and smaller banks seem to be more attentive.
02nz
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Re: Bored to Tiers: banking perks don’t seem worth it

Post by 02nz »

dachshunddad wrote: Wed Jul 15, 2020 9:11 pm I switched from a larger bank to a smaller regional/state bank. Great customer service and more personal interaction. Banker has taken out to dinner several times and occasionally lets us use the box at pro sports events or concerts. I don’t get any good credit card perks but I need a brick and mortar and smaller banks seem to be more attentive.
Maybe you need to do the math on what being taken out to dinner by the banker is really costing you. (I'd pay not to be taken out to dinner by my banker, but maybe that's just me!)
dachshunddad
Posts: 166
Joined: Mon Sep 03, 2018 8:22 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by dachshunddad »

02nz wrote: Wed Jul 15, 2020 9:16 pm
dachshunddad wrote: Wed Jul 15, 2020 9:11 pm I switched from a larger bank to a smaller regional/state bank. Great customer service and more personal interaction. Banker has taken out to dinner several times and occasionally lets us use the box at pro sports events or concerts. I don’t get any good credit card perks but I need a brick and mortar and smaller banks seem to be more attentive.
Maybe you need to do the math on what being taken out to dinner by the banker is really costing you. (I'd pay not to be taken out to dinner by my banker, but maybe that's just me!)
Haha, good point! Most of the stuff they make money on I’d have to pay anyway (i.e. mortgage/refi). They definitely get their money in the end!
JackoC
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Joined: Sun Aug 12, 2018 11:14 am

Re: Bored to Tiers

Post by JackoC »

Tallis wrote: Wed Jul 15, 2020 2:30 pm
JackoC wrote: Wed Jul 15, 2020 9:49 am Maybe in the link other poster gave, but that assumes one Cash Rewards card. BOA doesn't care if you have more than one, nor if you use more than one for the same 5.25% category within a quarter or even at the same time, and you can switch categories once per month per card. We have three CR's, our spending level is far above national avg, likewise seems well above BH avg for those who disclose it anyway, but we seldom use up $7,500 in a quarter, though we often use more than one card under 'online shopping'. And we could always get another one. Other posters have mentioned having 4 CR's, so the limit if any is more.
Sadly, Bank of America does care how many Cash Rewards cards you have. You are now limited to applying for one Cash Rewards card every 24 months. https://www.bankofamerica.com/credit-ca ... cale=en_US This limits the effectiveness of the 5.25% category.
The only related line I see in that link is:
"This card may not be available to you if you currently have or have had the card in the preceding 24 month period."
That doesn't seem clear it refers to *any type* of CR card, or the particular one being described (among MC, Visa, different 'affinity' cards etc).

And there was article about this on doctor of credit in early 2019, so some kind of 24 month limit seems to date back that far:
https://www.doctorofcredit.com/bank-of- ... s%2C%20etc)&text=Bank%20of%20America%20now%20added,in%20the%20last%2024%20months.
However, I applied for two *different* CR cards (Mastercard and WWF Visa) a couple of months apart, after that article was written, and both were approved.

It no longer matters directly to me if a tighter limit has since been placed on getting *different type* CR cards within 24 months since I already have what I need. But for people looking to start up the BOA system I think this needs clarification.
PaunchyPirate
Posts: 255
Joined: Sun Nov 30, 2014 7:58 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by PaunchyPirate »

I keep enough in my local brick and mortar PNC bank checking/savings account to ensure I have free checking and a safety deposit box and to act as my first level of emergency fund. It's my quick access cash via ATM. It earns virtually no interest these days. Other than that, I now use Ally for my larger savings account (my second level emergency fund and short-term (1 year or so) spending needs.)
atdharris
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Joined: Wed Jan 02, 2019 3:18 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by atdharris »

As others have said, Bank of America Preferred rewards are great. I consolidated all my accounts aside from my 401k and cash savings there. At a minimum, I'm getting 2.65% back on my credit cards (up to 5.25%) and nearly all fees waived. The only negative is they pay no interest on cash balances.
Tallis
Posts: 85
Joined: Tue Mar 29, 2016 7:23 pm

Re: Bored to Tiers

Post by Tallis »

JackoC wrote: Thu Jul 16, 2020 7:57 am The only related line I see in that link is:
"This card may not be available to you if you currently have or have had the card in the preceding 24 month period."
That doesn't seem clear it refers to *any type* of CR card, or the particular one being described (among MC, Visa, different 'affinity' cards etc).

And there was article about this on doctor of credit in early 2019, so some kind of 24 month limit seems to date back that far:
https://www.doctorofcredit.com/bank-of- ... s%2C%20etc)&text=Bank%20of%20America%20now%20added,in%20the%20last%2024%20months.
However, I applied for two *different* CR cards (Mastercard and WWF Visa) a couple of months apart, after that article was written, and both were approved.

It no longer matters directly to me if a tighter limit has since been placed on getting *different type* CR cards within 24 months since I already have what I need. But for people looking to start up the BOA system I think this needs clarification.
Huh, what do you know, I was wrong. Mrs. Tallis applied for and was approved for the Premium Rewards and a Cash Rewards card last November. When she applied for a differently branded Cash Rewards card, she was rejected because BOA thought she had enough of their credit cards (or something like that). That struck me as an odd reason, as opposed to the usual you had our card before or you have applied for too many cards, and I thought I had found the answer.

But today I thought to have her try applying again, to show that the 24-month rule was still in effect. As it happens, we have our credit report freezes temporarily lifted so that we could get the Chase $500 checking + savings account bonus.

This time she was approved. More of our spending will get a 5.25% rebate, we get another $200 bonus, and I am set straight. Thank you, JackoC, you've made my day!
VCC
Posts: 91
Joined: Thu Nov 21, 2019 4:19 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by VCC »

B of A has a 2/3/4 rule. No more than 2 new cards in 2 months, no more than 3 in 12 months, no more than 4 in 24 months. Right now, there are 6 variations of the Cash Rewards card. I've been getting the online shopping bonus paying my mortgage & HELOC through Plastiq.
camper1
Posts: 87
Joined: Wed Jan 01, 2014 12:39 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by camper1 »

Does the B of A Cash Rewards card offer purchase protection similar to the Chase Rewards card? I have twice utilized it with Chase to extend the warrant protection on products and find it a very useful perk. I looked online and could find no mention of it, so I'm assuming not.
UpperNwGuy
Posts: 4120
Joined: Sun Oct 08, 2017 7:16 pm

Re: Bored to Tiers: banking perks don’t seem worth it

Post by UpperNwGuy »

w1337 wrote: Tue Jul 14, 2020 10:13 pm
UpperNwGuy wrote: Tue Jul 14, 2020 9:55 pm I don't use banks, just credit unions. I don't need perks, just a decent no-fee checking account and either a high yield savings account or competitive certificates of deposit. Banking tiers remind me too much of airline loyalty programs with their elite status levels.
While popular, well run, and rarely a bad choice they're not always the best choice. Credit unions often can't compete with mainstream banking when the customer is their ideal customer with prime credit.
If you are saying that mainstream banks take care of their ideal customers, then all you're saying is that people with high net worth get special treatment at the banks. I don't have high net worth, so mainstream banks treat me like the ordinary customer that I am. I'm proud to be ordinary. Credit unions were designed for people like me.
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