So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

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Clammypollack
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So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by Clammypollack »

I am in the process of opening a Vanguard account as I want to close out two retirement accounts with brokerage houses that are charging me far too much money to hold my IRAs. Besides that I have a Fidelity brokerage account for my stocks. I have read a number of good reviews here regarding the edge account and they would give me $900 to bring over some of that money I have sitting in those accounts . The Bank of America credit card seems to afford some nice benefits even though I don’t really need another credit card. I guess it could take the place of my Discover card. The only reason I would open the edge account is to take advantage of the $900 bonus and possibly to not have too much money sitting in any one investment house. Is it stupid to chase the $900 bonus? How is the edge account regarding buying Vanguard funds? Is the credit card really that good? Finally, do any of you worry about having more money with either Fidelity or Vanguard than they ensure you for?
Thanks so much for all the education you all have been giving me. That’s why I am moving my money to Vanguard and maybe to the edge account.

Here’s an update regarding the $900 bonus. I just got off the phone with a representative from Merrill Lynch edge and they are now offering no promotions whatsoever to bring new money to them. Oh well. It sounded good. I’ll stick with Fidelity and Vanguard
Last edited by Clammypollack on Tue Feb 16, 2021 2:44 pm, edited 1 time in total.
aristotelian
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by aristotelian »

I sent my Roth IRA over to Merrill Edge for the same reason. Can't beat the credit card rewards and nice bonus. I just opened a brokerage account this morning to nab $150 bonus for Preferred Rewards Client. https://www.merrilledge.com/offers/900offer
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (mostly about the card).
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snailderby
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by snailderby »

Clammypollack wrote: Mon Feb 15, 2021 2:06 pmHow is the edge account regarding buying Vanguard funds?
You can buy a variety of Vanguard ETFs commission-free at Merrill. That's very easy to do. Vanguard mutual funds, not so much.
Is the credit card really that good?
2.625% on base spend with the Premium Rewards or Travel Rewards card, 3.5% on groceries, and 5.25% on bonus categories with the Cash Rewards card is hard to beat. Is it worth the extra complexity for you? Only you can answer that. Also, note that there has been some speculation about whether Bank of America may be thinking about lowering or eliminating the Preferred Rewards credit card bonus. See https://www.doctorofcredit.com/survey-b ... -5-25-etc/ and viewtopic.php?p=5643665#p5643665.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by 02nz »

snailderby wrote: Mon Feb 15, 2021 2:42 pm 5.25% on bonus categories with the Cash Rewards card
To add a little more detail, the bonus categories are more useful/flexible than cards like the Chase Freedom. You can change it monthly, and there are some extremely useful ones like Online Shopping, covering a lot of my spend.
stilllurking
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by stilllurking »

I jumped on this bandwagon in mid 2019. Great combo of cash rewards cards, premium rewards and CMA to get us to Platinum honors. I was able to get a retention bonus on my CMA and just moved two Roth accounts last week for 2x $1000 bonuses in 6 months. What's not to like?
lairdb
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by lairdb »

Just piling on; got this card a few years ago. Already was with MerrillDirect and BofA from way back, so didn't have to move anything.

I don't want to become one of Those People with 27 cards and stickers on each for where to use it, and I've mostly gone away from accumulating points -- so I've narrowed it to three everyday cards (and a couple of 'sock drawer' cards for non-spend benefits.)

Every day, in wallet
- BofA Premium Rewards (2.875% 2.625% cash back everywhere)
- Chase Sapphire (effective 4.5+% back on travel)
- AmEx Blue Cash Preferred (6% cash back on groceries)

(and I don't carry it as such, but Amazon Prime Visa for 5% cash back on Amazon.)

YMMV, but that's my balance between complexity and rewards.


(Edit: corrected pct. on BofA.)
Last edited by lairdb on Mon Feb 15, 2021 6:49 pm, edited 1 time in total.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by Clever_Username »

Well, I wasn't considering it but maybe I should be. I have a BofA account anyway (I keep near minimum-to-not-be-charged balances in checking and savings) and their 1-2-3 rewards card (which is really 1.1/2.2/3.3 because rewards go to my BofA checking account). Seeing these higher numbers out there makes me wonder if I should reconsider and get something like that. I spend maybe $10k/year on my credit card (most of my non-mortgage expenses go there).
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by orthros »

lairdb wrote: Mon Feb 15, 2021 5:15 pm
Every day, in wallet
- BofA Premium Rewards (2.875% cash back everywhere)
- Chase Sapphire (effective 4.5+% back on travel)
- AmEx Blue Cash Preferred (6% cash back on groceries)

(and I don't carry it as such, but Amazon Prime Visa for 5% cash back on Amazon.)

YMMV, but that's my balance between complexity and rewards.
Remarkably similar to where I've landed. I eliminated Amazon 5% since I found out that BofA Cash Rewards online includes Amazon so mine is:

- BofA Premium Rewards (2.625% - I'd love to hear how you picked up an extra 1/4% since this is my daily spend)
- BofA Cash Rewards (5.25% on all online purchases)
- Amex Blue Cash Preferred (6% groceries)

3 cards gives me 90% of the benefits for 15% of the headaches.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by lairdb »

orthros wrote: Mon Feb 15, 2021 6:01 pm I'd love to hear how you picked up an extra 1/4% since this is my daily spend
Brain damage, sorry. Corrected.

orthros wrote: Mon Feb 15, 2021 6:01 pm 3 cards gives me 90% of the benefits for 15% of the headaches.
This. (For me, the Sapphire side benefits have been worth it, esp. primary car rental coverage, otherwise it might not make it.)

(Although I never considered having the BofA Cash Rewards as well. Seriously "all online purchases"? Amazon? Travel? Home Depot? Gift cards? Taxes?)
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by orthros »

lairdb wrote: Mon Feb 15, 2021 6:52 pm
orthros wrote: Mon Feb 15, 2021 6:01 pm I'd love to hear how you picked up an extra 1/4% since this is my daily spend
(Although I never considered having the BofA Cash Rewards as well. Seriously "all online purchases"? Amazon? Travel? Home Depot? Gift cards? Taxes?)
I'm still testing but Target.com, HomeDepot.com, Amazon? Yes to all. Gift cards? If ordered from an online store, it appears to be yes. Paypal and Square? Yes in most cases, although there are weird outliers.

FYI, 7-11 codes as groceries for me even when I'm buying gasoline so there's a 6% opportunity for you on fuel. Try it out and see if it's the same near you but I've tried it in Florida, Nevada and Ohio with success in all 3 areas so far.

EDIT: Works for Disney Plus, Newegg, DollarTree.com, Zenni Optical as well
Last edited by orthros on Mon Feb 15, 2021 7:18 pm, edited 1 time in total.
isira
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by isira »

lairdb wrote: Mon Feb 15, 2021 6:52 pm (Although I never considered having the BofA Cash Rewards as well. Seriously "all online purchases"? Amazon? Travel? Home Depot? Gift cards? Taxes?)
List of exclusions here https://www.bankofamerica.com/credit-ca ... y-choices/
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by orthros »

isira wrote: Mon Feb 15, 2021 7:16 pm
lairdb wrote: Mon Feb 15, 2021 6:52 pm (Although I never considered having the BofA Cash Rewards as well. Seriously "all online purchases"? Amazon? Travel? Home Depot? Gift cards? Taxes?)
List of exclusions here https://www.bankofamerica.com/credit-ca ... y-choices/
Too bad colleges are excluded... boy would I have a cash back opportunity there
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by lairdb »

orthros wrote: Mon Feb 15, 2021 7:14 pm
lairdb wrote: Mon Feb 15, 2021 6:52 pm (Although I never considered having the BofA Cash Rewards as well. Seriously "all online purchases"? Amazon? Travel? Home Depot? Gift cards? Taxes?)
I'm still testing but Target.com, HomeDepot.com, Amazon? Yes to all. Gift cards? If ordered from an online store, it appears to be yes. Paypal and Square? Yes in most cases, although there are weird outliers.
Oh, I see the problem: it's got a quarterly cap at $2,500. So, first $2,500 in-category earns (3%*175%=)5.25% and after that it's (1%*175%=)1.75%. So, compared to using a 2% card, it's 5.25%-2% = 3.25% more on $2,500 = $81.25 of benefit per quarter and then switch cards. Compared to Amazon's 5% card or the Preferred Rewards' 2.625%, that's even slimmer. Hmm.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by orthros »

I appreciate you pointing that out. I somehow had not seen that there is a $2,500 cap... that's pretty light.

Amazon's Chase 5% CB is unlimited so far as I know so I might just shift back there for my Amazon purchases since I spend...ummm... about $6,000 a year on Amazon.

So I guess I'm back to being a 4 card guy. C'est la vie.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by ZinCO »

The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by sailaway »

And you can get both MasterCard and Visa, as the cap is per card.

We use these cards for donations, Costco and gas, as well, so we have to watch the limits.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by orthros »

ZinCO wrote: Tue Feb 16, 2021 5:38 pm The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
True but I definitely spend more than $4K annually online so that complexifies things a skosh.

Why oh why can't I get have one credit card that pays me 5.25% on everything all the time???????????????????????? :)
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by student »

Clammypollack wrote: Mon Feb 15, 2021 2:06 pm I am in the process of opening a Vanguard account as I want to close out two retirement accounts with brokerage houses that are charging me far too much money to hold my IRAs. Besides that I have a Fidelity brokerage account for my stocks. I have read a number of good reviews here regarding the edge account and they would give me $900 to bring over some of that money I have sitting in those accounts . The Bank of America credit card seems to afford some nice benefits even though I don’t really need another credit card. I guess it could take the place of my Discover card. The only reason I would open the edge account is to take advantage of the $900 bonus and possibly to not have too much money sitting in any one investment house. Is it stupid to chase the $900 bonus? How is the edge account regarding buying Vanguard funds? Is the credit card really that good? Finally, do any of you worry about having more money with either Fidelity or Vanguard than they ensure you for?
Thanks so much for all the education you all have been giving me. That’s why I am moving my money to Vanguard and maybe to the edge account.

Here’s an update regarding the $900 bonus. I just got off the phone with a representative from Merrill Lynch edge and they are now offering no promotions whatsoever to bring new money to them. Oh well. It sounded good. I’ll stick with Fidelity and Vanguard
Maybe you need to call again.

https://www.merrilledge.com/offers/900offer

" Offer valid for new and existing individual Merrill IRAs or Cash Management Accounts (CMA) opened before April 15, 2021. Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder. Eligible Merrill IRAs limited to Rollover, Traditional, Roth and owner-only SEP IRA. The Merrill IRA or CMA may be a Merrill Edge Self-Directed account, Merrill Advisory Account, Merrill Guided Investing account or Merrill Guided Investing with an advisor account. You may be eligible for a different or better offer. Please contact us for more information."
stilllurking
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by stilllurking »

Or you can use this offer.

https://www.merrilledge.com/offers/me1000

An extra $100 but you have to stick around for an extra 3 months.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by investor997 »

Merrill is one of the few brokerages that was blocking buys of GME (GameStop) during the recent Reddit short squeeze craze. I didn't think it was that big of a deal since I had no interest in buying GME but just last week I was blocked from buying ARKF (ARK Fintech Innovation ETF) in my Roth IRA at Merrill. As to why, I was not able to get a satisfying answer. All I know is no such restriction was placed on me at Fidelity.

I don't like being told I'm not allowed to buy a stock or an ETF. I'm talking cash orders, not margin. For this reason, I'm in the process of winding down my relationship with BoA/ML, which is unfortunate because the Preferred Rewards program is otherwise pretty lucrative.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by Habbernator »

Not to pirate the post but the premium rewards makes the combo of the cash and travel rewards a great combo. Could someone explain why the preferred rewards card is being hailed over the travel rewards card on the forum? Penciling out my spending shoes less rewards due to the annual fee. Maybe carry two cash back (online shopping and travel) and the travel card for max benefit from BOA
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by stilllurking »

Habbernator wrote: Tue Feb 16, 2021 8:01 pm Not to pirate the post but the premium rewards makes the combo of the cash and travel rewards a great combo. Could someone explain why the preferred rewards card is being hailed over the travel rewards card on the forum? Penciling out my spending shoes less rewards due to the annual fee. Maybe carry two cash back (online shopping and travel) and the travel card for max benefit from BOA
Premium rewards has a better payout on dining and travel than travel rewards. You can do better on those two categories with a cash rewards card. Premium has no foreign transaction fee and includes trip interruption and trip cancellation insurance of you value that. The last time I checked the travel card, it had secondary car insurance only. Ironic that the "travel card" does not have travel insurance.

If you're spending more than $2700/a on a combo of only dining and travel, then you're better off with the premium as that already pays the annual fee. You also get an annual travel credit of $100 and a once in four year $100 credit for global entry or TSA pre check.

The travel rewards would be better at other categories since you get a flat 2.625% if you also have preferred rewards.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by euphonious »

orthros wrote: Tue Feb 16, 2021 5:59 pm
ZinCO wrote: Tue Feb 16, 2021 5:38 pm The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
True but I definitely spend more than $4K annually online so that complexifies things a skosh.

Why oh why can't I get have one credit card that pays me 5.25% on everything all the time???????????????????????? :)
That's the only reason I still have the Amazon Prime Rewards Visa. 5% cash back on Amazon purchases (which is the bulk of my online shopping) when I run out of cap space on my BofA card. Takes a little bit of monitoring and planning to avoid running out of space for non-Amazon purchases, but it's not difficult to do.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by pshonore »

investor997 wrote: Tue Feb 16, 2021 6:52 pm Merrill is one of the few brokerages that was blocking buys of GME (GameStop) during the recent Reddit short squeeze craze. I didn't think it was that big of a deal since I had no interest in buying GME but just last week I was blocked from buying ARKF (ARK Fintech Innovation ETF) in my Roth IRA at Merrill. As to why, I was not able to get a satisfying answer. All I know is no such restriction was placed on me at Fidelity.

I don't like being told I'm not allowed to buy a stock or an ETF. I'm talking cash orders, not margin. For this reason, I'm in the process of winding down my relationship with BoA/ML, which is unfortunate because the Preferred Rewards program is otherwise pretty lucrative.
I'm able to buy ARK ETFS in a Merrill Edge TIRA but cannot buy things like NTSX or PSLDX (which use "leverage").
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by cabfranc »

I have thought about doing this. I did a calculation using our current spending on the Fidelity 2% card. The 5.25% categories are attractive but not categories we spend a lot of money on. We do spend a lot of groceries, but the 3% on groceries is somewhat offset by the lower 1.75% on the other categories. I think based on $24K of annual spend it was like $100-150 more per year to use Cash Rewards. That may or may not be worth switching accounts.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by investor997 »

pshonore wrote: Wed Feb 17, 2021 8:35 amI'm able to buy ARK ETFS in a Merrill Edge TIRA but cannot buy things like NTSX or PSLDX (which use "leverage").
Try to buy a single share of ARKF. Set a limit price a little below the ask if you're worried it might actually go through. Betcha can't....
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by pshonore »

cabfranc wrote: Wed Feb 17, 2021 11:22 am I have thought about doing this. I did a calculation using our current spending on the Fidelity 2% card. The 5.25% categories are attractive but not categories we spend a lot of money on. We do spend a lot of groceries, but the 3% on groceries is somewhat offset by the lower 1.75% on the other categories. I think based on $24K of annual spend it was like $100-150 more per year to use Cash Rewards. That may or may not be worth switching accounts.
You can get an AMEX card that will give you 6% on all groceries. ($95 annual fee). Or the Amazon Rewards card will give you 5% on Amazon/Whole Foods purchases. Yes, I know WF prices are generally much higher.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by pshonore »

investor997 wrote: Wed Feb 17, 2021 11:33 am
pshonore wrote: Wed Feb 17, 2021 8:35 amI'm able to buy ARK ETFS in a Merrill Edge TIRA but cannot buy things like NTSX or PSLDX (which use "leverage").
Try to buy a single share of ARKF. Set a limit price a little below the ask if you're worried it might actually go through. Betcha can't....
You are correct. But buying ARKK, ARKG, ARKW and ARKQ is allowed. Must be something about Fintech.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by investor997 »

pshonore wrote: Wed Feb 17, 2021 11:50 am
investor997 wrote: Wed Feb 17, 2021 11:33 am Try to buy a single share of ARKF. Set a limit price a little below the ask if you're worried it might actually go through. Betcha can't....
You are correct. But buying ARKK, ARKG, ARKW and ARKQ is allowed. Must be something about Fintech.
That's the problem. I want to buy ARKF in my Roth IRA which is held at Merrill but they won't let me. My account doesn't have enough zeroes for them to care, so my best course of action is to move it to a brokerage without such restrictions. And as I posted earlier, ARKF isn't unique. They also blocked GME and a couple other "hot" stocks. Anyone opening an account at Merrill should keep this in mind. "We know what's best for you."
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by snailderby »

pshonore wrote: Wed Feb 17, 2021 8:35 am
investor997 wrote: Tue Feb 16, 2021 6:52 pm Merrill is one of the few brokerages that was blocking buys of GME (GameStop) during the recent Reddit short squeeze craze. I didn't think it was that big of a deal since I had no interest in buying GME but just last week I was blocked from buying ARKF (ARK Fintech Innovation ETF) in my Roth IRA at Merrill. As to why, I was not able to get a satisfying answer. All I know is no such restriction was placed on me at Fidelity.

I don't like being told I'm not allowed to buy a stock or an ETF. I'm talking cash orders, not margin. For this reason, I'm in the process of winding down my relationship with BoA/ML, which is unfortunate because the Preferred Rewards program is otherwise pretty lucrative.
I'm able to buy ARK ETFS in a Merrill Edge TIRA but cannot buy things like NTSX or PSLDX (which use "leverage").
The funny thing is I believe Merrill lets investors trade UST, which is also leveraged, but not NTSX, like you mentioned.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by FindingPaths »

snailderby wrote: Thu Feb 18, 2021 9:59 am The funny thing is I believe Merrill lets investors trade UST, which is also leveraged, but not NTSX, like you mentioned.
Just got off the phone with ME support for understanding their continued NTSX position. They said that it's 2 flags, they don't like active management and they don't like that NTSX does share lending. Those two are keeping it isolated, not the leveraging aspect.

As an aside I also inquired about AVDV & AVUV-- both of those just had a 1 year wait on the fund which expires around the 23rd. So I don't expect to buy them on their birthday they should** be available sometime in the near future.

I asked to file a formal complaint about NTSX that active management is part of ETFs future with other Avantis, Dimensional, and further WisdomTree funds coming online and that they had to reconcile this future with acceptable investor appetites.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by 28fe6 »

I just bought a fridge and confirmed lowes.com doesn't count as "online".

There's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.

Does anyone know a way to check when you have exceeded the$2500/quarter spending limit?
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by anon_investor »

28fe6 wrote: Wed Sep 15, 2021 3:00 pm I just bought a fridge and confirmed lowes.com doesn't count as "online".

There's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.
Do you know if lowes.com would have qualified as "home improvement"? That is another catagory.
28fe6 wrote: Wed Sep 15, 2021 3:00 pm Does anyone know a way to check when you have exceeded the$2500/quarter spending limit?
I couldn't find anything on the website or app. I have just been updating a spreadsheet.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by pshonore »

28fe6 wrote: Wed Sep 15, 2021 3:00 pm I just bought a fridge and confirmed lowes.com doesn't count as "online".

There's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.

Does anyone know a way to check when you have exceeded the$2500/quarter spending limit?
I think Lowes does count as "home improvement/furnishings" with others like HD,etc.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by spammagnet »

28fe6 wrote: Wed Sep 15, 2021 3:00 pm I just bought a fridge and confirmed lowes.com doesn't count as "online".

There's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.

Does anyone know a way to check when you have exceeded the$2500/quarter spending limit?
I use test transactions in small amounts before committing to large transactions. E.g., I bought a $10 grocery gift card online at Publix and confirmed that it's considered "online". I subsequently bought $500 worth of gift cards so I get 5+% on groceries. (Before buying I confirmed a shipping method other than USPS.)

Also, there's a list of categories excluded from being considered "online". It's buried somewhere in the terms.

As for tracking quarterly spending, you can view how much you've spent on each category in the current month, last calendar month, 3 months, and year. That's on the screen where you change your 3% category. It may not be exact, since the "last 3 months" can cross quarters, but it's useful.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by FedGuy »

28fe6 wrote: Wed Sep 15, 2021 3:00 pmThere's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.
If you log in to your BoA account, go to the relevant credit card page, and click on the "Rewards" tab, it will list each of your transactions on the card and show you the rewards you received on each. If you click on the "BONUS" link for each transaction, it will give you the breakdown showing the base bonus (1%), category bonus (2%), and, if you have Premium Rewards, the relationship bonus (25/50/75%).
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dodecahedron
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by dodecahedron »

spammagnet wrote: Wed Sep 15, 2021 5:00 pm
28fe6 wrote: Wed Sep 15, 2021 3:00 pm I just bought a fridge and confirmed lowes.com doesn't count as "online".

There's apparently no way to find out if a store is a certain category, either before a purchase or even on the statement. The only way is to call.

Does anyone know a way to check when you have exceeded the$2500/quarter spending limit?
I use test transactions in small amounts before committing to large transactions. E.g., I bought a $10 grocery gift card online at Publix and confirmed that it's considered "online". I subsequently bought $500 worth of gift cards so I get 5+% on groceries. (Before buying I confirmed a shipping method other than USPS.)

Also, there's a list of categories excluded from being considered "online". It's buried somewhere in the terms.

As for tracking quarterly spending, you can view how much you've spent on each category in the current month, last calendar month, 3 months, and year. That's on the screen where you change your 3% category. It may not be exact, since the "last 3 months" can cross quarters, but it's useful.
Hmm, Lowes.com counts as online for me.

A couple weeks ago, I bought a microwave oven from Lowes.com, using the website to arrange for convenient same-day curbside pickup at my local Lowes store (less than 2 miles away) and it was treated as an online purchase and I got 5.25% cash back on my BoA Cash Rewards card. (I just doublechecked my credit card account to be sure. The price including tax was $86.39 and the cashback bonus was $4.53.)

I was super-pleased with the convenience of the transaction, by the way. After getting a text that my order was ready (within about an hour of my placing the online order) I drove over to the store and just pulled into a designated curbside pickup space, called the phone number listed on the sign, and within a few minutes someone materialized with a shopping cart with my microwave oven, I flipped open my trunk, they put it in, emailed me the receipt for my records, and I drove away.

Not sure what the 28fe6's problem with the Lowes.com refrigerator purchase was.
28fe6
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by 28fe6 »

I didn't have a problem.... I called BOA to find out, and they looked at a previous transaction from lowes.com that I had delivered, and told me it was not online. So I used my other card set to home improvement. I actually never got charged for the fridge yet because it's backordered, so I can't check.
boogiehead
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by boogiehead »

FindingPaths wrote: Wed Sep 15, 2021 1:05 pm
snailderby wrote: Thu Feb 18, 2021 9:59 am The funny thing is I believe Merrill lets investors trade UST, which is also leveraged, but not NTSX, like you mentioned.
Just got off the phone with ME support for understanding their continued NTSX position. They said that it's 2 flags, they don't like active management and they don't like that NTSX does share lending. Those two are keeping it isolated, not the leveraging aspect.

As an aside I also inquired about AVDV & AVUV-- both of those just had a 1 year wait on the fund which expires around the 23rd. So I don't expect to buy them on their birthday they should** be available sometime in the near future.

I asked to file a formal complaint about NTSX that active management is part of ETFs future with other Avantis, Dimensional, and further WisdomTree funds coming online and that they had to reconcile this future with acceptable investor appetites.
Whoever that is setting up the policies for restricting certain securities for Merrill should be fired. About 9 months ago I tried to place an order for QQQM through their platform and got denied. I called and got transferred to speak with a securities specialist and they told me that they put a restriction on it since its a fairly new etf in which they deemed "high risk". I asked how a nasdaq index fund could be more riskier than a single stock such as Tesla and the guy didn't know what to say. Needless to say he apologized and told me that he'll provide the feedback to management.
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anon_investor
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by anon_investor »

boogiehead wrote: Fri Sep 17, 2021 9:42 pm
FindingPaths wrote: Wed Sep 15, 2021 1:05 pm
snailderby wrote: Thu Feb 18, 2021 9:59 am The funny thing is I believe Merrill lets investors trade UST, which is also leveraged, but not NTSX, like you mentioned.
Just got off the phone with ME support for understanding their continued NTSX position. They said that it's 2 flags, they don't like active management and they don't like that NTSX does share lending. Those two are keeping it isolated, not the leveraging aspect.

As an aside I also inquired about AVDV & AVUV-- both of those just had a 1 year wait on the fund which expires around the 23rd. So I don't expect to buy them on their birthday they should** be available sometime in the near future.

I asked to file a formal complaint about NTSX that active management is part of ETFs future with other Avantis, Dimensional, and further WisdomTree funds coming online and that they had to reconcile this future with acceptable investor appetites.
Whoever that is setting up the policies for restricting certain securities for Merrill should be fired. About 9 months ago I tried to place an order for QQQM through their platform and got denied. I called and got transferred to speak with a securities specialist and they told me that they put a restriction on it since its a fairly new etf in which they deemed "high risk". I asked how a nasdaq index fund could be more riskier than a single stock such as Tesla and the guy didn't know what to say. Needless to say he apologized and told me that he'll provide the feedback to management.
That is funny, you can definitely buy QQQM and NTSX at Vanguard, and they're pretty heavy handed about restricting "risky" ETFs.
bling
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by bling »

ZinCO wrote: Tue Feb 16, 2021 5:38 pm The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
for those who don't know, you can have more than one card. it's still annoying because you have to keep track of your spending on each card, but at least if you're a high spender you can still get the max rewards.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by anon_investor »

bling wrote: Sat Sep 18, 2021 7:27 am
ZinCO wrote: Tue Feb 16, 2021 5:38 pm The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
for those who don't know, you can have more than one card. it's still annoying because you have to keep track of your spending on each card, but at least if you're a high spender you can still get the max rewards.
I am planning on doing this (getting a second CCR) once I get Platinum Honors. Our largest monthly spend is at Costco, 3.5% CB at Costco sounds pretty nice.
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by boogiehead »

anon_investor wrote: Sat Sep 18, 2021 8:19 am
bling wrote: Sat Sep 18, 2021 7:27 am
ZinCO wrote: Tue Feb 16, 2021 5:38 pm The Cash Rewards is capped at $2500/quarter, which is $10k/year. So your $6k in Amazon purchasing will still fit. :mrgreen:
for those who don't know, you can have more than one card. it's still annoying because you have to keep track of your spending on each card, but at least if you're a high spender you can still get the max rewards.
I am planning on doing this (getting a second CCR) once I get Platinum Honors. Our largest monthly spend is at Costco, 3.5% CB at Costco sounds pretty nice.
You can maximize this even better by selecting "Online Category" as your bonus category and purchase costco gift cards at costco.com to use in store to get 5.25% CB as platinum honor :beer
28fe6
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Re: So you all have me considering opening a Merrill Lynch edge account along with the BoA preferred rewards card.

Post by 28fe6 »

To finally settle the Lowes.com question, I got charged for my fridge that I bought on Lowes.com.

I initially called BOA to ask whether I should use my "online" card or my "home improvement" card. They said Lowes.com doesn't count as "online", so I used my "home improvement/furniture" card. In agreement with what the BOA rep told me, the purchase in the BOA app shows as category "home improvement". The award amount for the purchase is exactly 5.25%.

There's also a field in the awards page for "online purchase?" which is marked "N", so I think that makes it unlikely that my "online" card would have returned 5.25%
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