Thanks I read that entire thread as part of my diligence. Very helpful.international001 wrote: ↑Fri Feb 14, 2020 10:52 amThis is what I did as wellMikeG62 wrote: ↑Wed Feb 12, 2020 6:14 pmI’ve spent enough time looking at this and decided I am going to take the plunge too.fujiters wrote: ↑Tue Feb 11, 2020 1:58 pmNot cash. Assets. For example, I transferred $110k in ETF shares from my Roth IRA. Very easy. $375 bonus for transferring, and $500 bonus for getting the Premium Rewards card.
Spoke with rep’s from both Merrill and BofA to make sure I fully understood the process (and to confirm the checking account I have at BofA was a qualifying account - which it is). I plan to transfer just north of $200K (either MF or ETF shares transferred in-kind) from my rollover IRA at Fidelity to a new Rollover IRA with Merrill Edge. This will result in a $900 transfer bonus in 90-days (no immediate tax consequences either). I will subsequently open a BofA premium rewards CC, get the $500 bonus and eventually reap the 75% uplift in the cash back rate (once my average assets over the trailing 90 days crosses over the $100,000 threshold). Down the road I will probably move $100K of the assets back to Fidelity and leave at least $100K with Merrill to qualify for the Platinum Honors level.
My journey: viewtopic.php?f=1&t=276374
I also spoke with a BofA rep to make sure my existing checking account was a “qualifying account”. Then reconfirmed the same with a rep from ML. Also, verified that the MF I intent to transfer is a fund I can hold at ML (answer is yes, only wrinkle is there is a fee to purchase any additional shares in that fund at ML, although that fee does not apply to dividend reinvestment). I won’t be buying any additional shares at ML anyway.
My plan is told hold the $200K at ML long enough to satisfy the requirements for the $900 transfer bonus, after which I will transfer back $100K to Fidelity leaving at least $100K behind to satisfy the requirement to qualify for the platinum honors level kicker for the premium rewards VISA card (of course I will pick up the $500 bonus for charging $3,000 to that card in the first 90 days too). This will then become my general purpose CC (“sock drawing” my current Fidelity VISA 2% CB card). Average annual spend on that general purpose card has ranged from $65K-$70K over each of the last three years. So the 65bps pickup in CB is ~$440 per year. I will probably cover the $95 annual fee with the $100 travel credit (we fly enough that this should be easy - probably pay for a seat upgrade on one flight to trigger that credit).
Once I have completed the setup of the rollover IRA and transferred the funds I may open a brokerage account at ML-Edge and move another $200K (in-kind) from one of my ETF’ in my brokerage account at Fidelity. I’ll keep those funds there for 6 months and get the $900 bonus for that account. Once done, I will either move that money back to Fidelity or to another broker for a transfer bonus (depending on what is being offered at that time). It’s not as good as the Ally $1,000 for $100K we got in late 2018/early 2019, but also we are not tying up cash in a market rate account either. These are funds that are invested in an equity ETF and will stay invested in that equity ETF. So why not pick up the $900 for what feels like less than an hours worth of effort.