BoA Premium Rewards status

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kiwi123
Posts: 138
Joined: Sun Dec 02, 2012 7:37 pm

Re: BoA Premium Rewards status

Post by kiwi123 »

SlowMovingInvestor wrote: Wed Aug 19, 2020 8:25 pm I'm currently a Platinum Honors Preferred Rewards BoA customer (I have 100K+ in a Merrill Edge account).

I want to move part of the Merrill Edge funds to another broker, so I'll have less than 100K there. From what I've read

1) BoA looks at last 3 months average balance once a year (in my case it's October), then they decide your status.
2) You can improve your status at any time in the year by moving more $$ in, and hitting the average balance limit
3) But if you pull $$ out of BoA, they don't downgrade you till the next year, when the eval you (in my case next October).

Is that correct ? This would allow me to wait and pull money out of Merrill Edge after October
I transferred funds out of Merril in March/April and dropped below the Platinum Honors level. Shortly after i received an email from them that said due to Covid they were suspending any downgrades for the rest of the year (or at least a significant period of time - cant remember the exact period).
tj
Posts: 3336
Joined: Thu Dec 24, 2009 12:10 am

Re: BoA Premium Rewards status

Post by tj »

crefwatch wrote: Thu Aug 20, 2020 10:26 am I'm not interested in another brokerage account. It has seemed to me that Premium Rewards is primarily a tool to produce an (at least) annual summons. The physical meting with an employee, is nominally to change some status bit on a savings or money market account, in order to maintain the absolutely highest level of benefits. Having been to one of these, I found it a time-consuming sales presentation to upsell and open brokerage accounts and other things I don't want. Right now, bank interest rates are so low that a 15% bonus (of, say, 0.01%) isn't much of a reward for the tedious meeting.
That's a bizarre opinion. I've only communicated with Merrill Edge employees via e-mail, and that was to get a transfer fee reimbursed.


There's literally no meeting. I've never talked to anyone at Bank of America other than the time a landlord gave me my security deposit back in cash and I deposited it in a branch.
Watts
Posts: 86
Joined: Sun Jan 05, 2014 10:04 am
Location: Texas

Re: BoA Premium Rewards status

Post by Watts »

crefwatch wrote: Thu Aug 20, 2020 10:26 am I'm not interested in another brokerage account. It has seemed to me that Premium Rewards is primarily a tool to produce an (at least) annual summons. The physical meting with an employee, is nominally to change some status bit on a savings or money market account, in order to maintain the absolutely highest level of benefits. Having been to one of these, I found it a time-consuming sales presentation to upsell and open brokerage accounts and other things I don't want. Right now, bank interest rates are so low that a 15% bonus (of, say, 0.01%) isn't much of a reward for the tedious meeting.
I’ve never had any meeting, in person or via the telephone, with anyone at Bank of America or Merrill edge. There is no such thing as an ‘annual summons.’ There is an electronic, automatic check to verify eligibility, but that’s it.
Topic Author
SlowMovingInvestor
Posts: 1824
Joined: Sun Sep 11, 2016 11:27 am

Re: BoA Premium Rewards status

Post by SlowMovingInvestor »

Hyperchicken wrote: Thu Aug 20, 2020 10:39 am
SobeCane wrote: Thu Aug 20, 2020 10:15 am How do you determine the month they check eligibility? In the OP’s case, it was October but I’ve been platinum honors for 5 years or so and don’t remember which month I initially received it.
That is the month when you signed up for the Preferred Rewards program. If you don't remember it - look for "member since" under your Preferred Rewards icon on your online banking page.

That then becomes the month when your "annual review" happens - this is what BofA calls it - this is simply a too fanciful term for simply saying that this is the only month when a decision can be made to downgrade your Preferred Rewards tier. And you get 3 months of grace period after that - so like others said, you can have up to 15 months free ride after your balance dropped below your current tier requirements.
I see 'Enrolled Since'. I presume that's the same ? Actually the date there is around 3 months after I joined the program, but I think I got Platinum Honors at that time because of the 3 month average requirement (although I recollect I had moved 200K+ to ME, so I would have expected to reach the balance requirement earlier.
GreendaleCC
Posts: 78
Joined: Sun Dec 22, 2019 3:24 am

Re: BoA Premium Rewards status

Post by GreendaleCC »

student wrote: Wed Aug 19, 2020 8:52 pm
RocketShipTech wrote: Wed Aug 19, 2020 8:39 pm
cabfranc wrote: Wed Aug 19, 2020 8:38 pm This is correct. We had $100K+ in a BoA Money Market account earning near 0 interest and moved it to a HYSA. Our Platinum Honors status lasted for 12 months from the date the balance dropped, during which time they send us frequent emails reminding us to bring the balance up or we would lose our status. After 12 months we dropped to Gold level ($20K).

You didn't ask but I don't really think Preferred Rewards is worth it. Even with the credit card rewards, the opportunity cost of earning 0 interest is greater. Sure, you could keep the money in Merrill Edge in ETFs, but we prefer Fidelity or Vanguard. The other benefits are not particularly exciting--like free non-BoA ATM withdrawals. Most are benefits other banks give you without requiring you to lock up $100K earning no interest.
You can buy Fidelity or Vanguard ETFs in Merrill Edge for free. There’s literally no opportunity cost.
+1.
+2
Hyperchicken
Posts: 377
Joined: Mon Mar 02, 2020 5:33 pm

Re: BoA Premium Rewards status

Post by Hyperchicken »

SlowMovingInvestor wrote: Thu Aug 20, 2020 9:42 pm I see 'Enrolled Since'. I presume that's the same ? Actually the date there is around 3 months after I joined the program, but I think I got Platinum Honors at that time because of the 3 month average requirement (although I recollect I had moved 200K+ to ME, so I would have expected to reach the balance requirement earlier.
You are right - it is "Enrolled since". I was typing off my memory, and now I checked what my online banking page actually says.

I don't remember if the month displayed there is when I enrolled into the program, or when I actually got the status - but that month is the one when I have my annual review, so what you see on your page must be it. As long as you get through that month, you get 15 more months at your present tier no matter the balance in your account(s).
crefwatch
Posts: 662
Joined: Sun Apr 15, 2007 1:07 pm
Location: New Jersey, USA

Re: BoA Premium Rewards status

Post by crefwatch »

Here's an example of what I mean by meeting with an employee: Online FAQ:
-
Some benefits are automatic, and some require you to change your account type or open a new account. For example, you’ll need:
A Bank of America Advantage Savings account to receive the savings interest rate booster
An eligible Bank of America® credit card, such as Cash Rewards, Travel Rewards or Premium Rewards® card, to receive the credit card rewards bonus
You can meet with a specialist to convert your existing savings account to a Bank of America Advantage Savings account or to open a new credit card account that’s eligible for the rewards bonus.
-
But right now, I don't need to meet with them to raise my interest rate from 0.01% to 0.05%. Vanguard Federal MM currently yields double that microscopic number.
MAJIC9
Posts: 22
Joined: Sun Jul 22, 2018 1:04 pm

Re: BoA Premium Rewards status

Post by MAJIC9 »

crefwatch wrote: Fri Aug 21, 2020 7:51 am Here's an example of what I mean by meeting with an employee: Online FAQ:
-
Some benefits are automatic, and some require you to change your account type or open a new account. For example, you’ll need:
A Bank of America Advantage Savings account to receive the savings interest rate booster
An eligible Bank of America® credit card, such as Cash Rewards, Travel Rewards or Premium Rewards® card, to receive the credit card rewards bonus
You can meet with a specialist to convert your existing savings account to a Bank of America Advantage Savings account or to open a new credit card account that’s eligible for the rewards bonus.
-
But right now, I don't need to meet with them to raise my interest rate from 0.01% to 0.05%. Vanguard Federal MM currently yields double that microscopic number.

you don't need to meet with anyone - you can open accounts online.. This "meet with a specialist" is for those who aren't sure where to click on BofA's website.. But you're right that their savings account, even with a booster, isn't exactly worth it..
spammagnet
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Joined: Wed Apr 27, 2016 9:42 pm

Re: BoA Premium Rewards status

Post by spammagnet »

spammagnet wrote: Thu Aug 20, 2020 11:31 am
jjbiv wrote: Thu Aug 20, 2020 10:32 amLog in to BoA and go to Bill Pay, Manage Accounts, Other Pay From Accounts, Add a Pay From account you own at another institution. Enter the requested account details and click Add Account. You will need to wait for the test deposits to be made to your newly added account and verify the deposit amounts with BoA. Then you can use the account to set up automatic ebill payments for your BoA credit cards.
Thanks for those specific instructions. I'm waiting to verify the deposits.
For some reason, BA rejects the test deposit information I entered. I'm absolutely certain I entered the amounts correctly. Now I have to send a voided check on paper, which is annoying, but I can at least add my external account.

Small detail for the process: you must start in your checking account to be able to see the "other pay from accounts" tab in Billpay. If you happen to be in your credit card account when you go to billpay, the presentation is different.
cowbman
Posts: 206
Joined: Sat Jan 14, 2017 2:10 pm

Re: BoA Premium Rewards status

Post by cowbman »

Shorty wrote: Wed Aug 19, 2020 9:07 pm
dodecahedron wrote: Wed Aug 19, 2020 9:02 pm
Shorty wrote: Wed Aug 19, 2020 8:54 pm "Online" & "gas" are great categories.
I agree ¨Online¨ is a great category, but ¨gas¨? I hardly buy any gas (especially these COVID days). Is there something else that gets counted as ¨gas¨ category that is not obvious?
True. I don't think BofA needs to try too hard with COVID - it's a $0/yr card (AMEX/Chase on the other hand..). Frugal Professor has several blog posts optimizing. He goes nuts, even buying gift cards online for Costco, etc.

https://frugalprofessor.com/another-boa ... ency-post/
Unless you working towards a SUB, I don't think there's a higher cash back/points at Costco other than the Cash Rewards online.
SS Rambo
Posts: 170
Joined: Wed Jan 29, 2020 10:55 am

Re: BoA Premium Rewards status

Post by SS Rambo »

MAJIC9 wrote: Fri Aug 21, 2020 8:47 am
crefwatch wrote: Fri Aug 21, 2020 7:51 am Here's an example of what I mean by meeting with an employee: Online FAQ:
-
Some benefits are automatic, and some require you to change your account type or open a new account. For example, you’ll need:
A Bank of America Advantage Savings account to receive the savings interest rate booster
An eligible Bank of America® credit card, such as Cash Rewards, Travel Rewards or Premium Rewards® card, to receive the credit card rewards bonus
You can meet with a specialist to convert your existing savings account to a Bank of America Advantage Savings account or to open a new credit card account that’s eligible for the rewards bonus.
-
But right now, I don't need to meet with them to raise my interest rate from 0.01% to 0.05%. Vanguard Federal MM currently yields double that microscopic number.

you don't need to meet with anyone - you can open accounts online.. This "meet with a specialist" is for those who aren't sure where to click on BofA's website.. But you're right that their savings account, even with a booster, isn't exactly worth it..
Yeah I don’t even have a BoA savings account and I get the premium benefits. Seems to be saying “if you want the savings account boost, you must have a savings account”.
sycamore
Posts: 1219
Joined: Tue May 08, 2018 12:06 pm

Re: BoA Premium Rewards status

Post by sycamore »

SS Rambo wrote: Thu Aug 27, 2020 8:07 am
MAJIC9 wrote: Fri Aug 21, 2020 8:47 am
crefwatch wrote: Fri Aug 21, 2020 7:51 am Here's an example of what I mean by meeting with an employee: Online FAQ:
-
Some benefits are automatic, and some require you to change your account type or open a new account. For example, you’ll need:
A Bank of America Advantage Savings account to receive the savings interest rate booster
An eligible Bank of America® credit card, such as Cash Rewards, Travel Rewards or Premium Rewards® card, to receive the credit card rewards bonus
You can meet with a specialist to convert your existing savings account to a Bank of America Advantage Savings account or to open a new credit card account that’s eligible for the rewards bonus.
-
But right now, I don't need to meet with them to raise my interest rate from 0.01% to 0.05%. Vanguard Federal MM currently yields double that microscopic number.

you don't need to meet with anyone - you can open accounts online.. This "meet with a specialist" is for those who aren't sure where to click on BofA's website.. But you're right that their savings account, even with a booster, isn't exactly worth it..
Yeah I don’t even have a BoA savings account and I get the premium benefits. Seems to be saying “if you want the savings account boost, you must have a savings account”.
Ditto for me: no savings account; I get the premium benefits; I haven't had to "meet" with anyone (either virtually or at a branch).
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