Bank of America/Merrill Edge - Preferred Rewards

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MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 » Thu Mar 26, 2020 8:54 am

Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
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SS Rambo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SS Rambo » Thu Mar 26, 2020 10:11 am

MikeG62 wrote:
Thu Mar 26, 2020 8:54 am
Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.

MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 » Thu Mar 26, 2020 10:54 am

SS Rambo wrote:
Thu Mar 26, 2020 10:11 am
MikeG62 wrote:
Thu Mar 26, 2020 8:54 am
Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.
That’s interesting since I suppose you could use the gift card to pay for airfare, which I don’t think would meet the definition of airline incidentals under their T&C’s. In fact, just read their brochure and it specifically excludes gift card purchases too :-). I suppose it all comes down to how the airline codes the charge.
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SS Rambo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SS Rambo » Thu Mar 26, 2020 10:58 am

MikeG62 wrote:
Thu Mar 26, 2020 10:54 am
SS Rambo wrote:
Thu Mar 26, 2020 10:11 am
MikeG62 wrote:
Thu Mar 26, 2020 8:54 am
Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.
That’s interesting since I suppose you could use the gift card to pay for airfare, which I don’t think would meet the definition of airline incidentals under their T&C’s. In fact, just read their brochure and it specifically excludes gift card purchases too :-). I suppose it all comes down to how the airline codes the charge.
Yes, Nerdwallet and some other sites track which airlines code gift cards as incidentals for the purpose of BoA rewards. You could check there for the latest information.

vm81
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vm81 » Thu Apr 02, 2020 8:14 am

FrugalProfessor wrote:
Wed Mar 25, 2020 7:20 pm
charis23 wrote:
Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote:
Wed Mar 04, 2020 12:30 pm
vm81 wrote:
Wed Mar 04, 2020 11:52 am
MisterBill wrote:
Wed Mar 04, 2020 11:38 am

It counts as both. Just as Uber and Lyft count as both travel and online. For Costco, you can buy gift cards online and use them in the store to get the 5.25%.

For Cash Rewards, be sure to apply for different types of cards. They have an MLB card that is a Mastercard, Susan B.Komen Visa, WWF Visa and the regular CR Visa. I would give it some time between applying for the different cards.
Thats exactly what I was thinking - if costco.com counts as online shopping for 3% category - then I can just buy $2500 gift each quarter and be done with that card. Then can open another card or two for other categories. Is $200 bonus for account opening best it has ever had?
I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?

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FrugalProfessor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor » Thu Apr 02, 2020 8:57 am

vm81 wrote:
Thu Apr 02, 2020 8:14 am
FrugalProfessor wrote:
Wed Mar 25, 2020 7:20 pm
charis23 wrote:
Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote:
Wed Mar 04, 2020 12:30 pm
vm81 wrote:
Wed Mar 04, 2020 11:52 am


Thats exactly what I was thinking - if costco.com counts as online shopping for 3% category - then I can just buy $2500 gift each quarter and be done with that card. Then can open another card or two for other categories. Is $200 bonus for account opening best it has ever had?
I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?
It's by calendar date. 4/1 is the starr of a new quarter. Unused 5.25% space is not carried forward. Use it or lose it.
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vm81
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vm81 » Thu Apr 02, 2020 9:01 am

FrugalProfessor wrote:
Thu Apr 02, 2020 8:57 am
vm81 wrote:
Thu Apr 02, 2020 8:14 am
FrugalProfessor wrote:
Wed Mar 25, 2020 7:20 pm
charis23 wrote:
Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote:
Wed Mar 04, 2020 12:30 pm


I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?
It's by calendar date. 4/1 is the starr of a new quarter. Unused 5.25% space is not carried forward. Use it or lose it.
That I definitely understand. My concern is if transaction date is 3/31 but post date is 4/1 - I just wanted to make sure I understood how the program worked.

Any ideas about how returns are handled?

addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe » Thu Apr 02, 2020 11:25 am

BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.

confusedinvestor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by confusedinvestor » Thu Apr 02, 2020 1:32 pm

Thanks.

Is Wealth Management status gets less Credit Card cash back benefits vs Platinum Honors ?

I thought it was same, if not better ?
addicoe wrote:
Thu Apr 02, 2020 11:25 am
BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.

cowbman
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cowbman » Thu Apr 02, 2020 1:38 pm

addicoe wrote:
Thu Apr 02, 2020 11:25 am
BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
Wealth Management means you have at least 250k.

student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student » Thu Apr 02, 2020 1:51 pm

addicoe wrote:
Thu Apr 02, 2020 11:25 am
BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
You may be interested in viewtopic.php?t=218460

Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb » Thu Apr 02, 2020 3:27 pm

cowbman wrote:
Thu Apr 02, 2020 1:38 pm
Wealth Management means you have at least 250k.
I have significantly more than $250K at Merrill and I'm still in the preferred rewards program. I think what might have happened is that the OP was for some reason switched from the self-directed Edge account to some kind of advisor-guided service.

cowbman
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cowbman » Sat Apr 04, 2020 5:57 pm

Eno Deb wrote:
Thu Apr 02, 2020 3:27 pm
cowbman wrote:
Thu Apr 02, 2020 1:38 pm
Wealth Management means you have at least 250k.
I have significantly more than $250K at Merrill and I'm still in the preferred rewards program. I think what might have happened is that the OP was for some reason switched from the self-directed Edge account to some kind of advisor-guided service.
It's my understanding they automatically switch some people, but not everyone. I haven't heard or seen anything that seems to indicate who or why they switch.

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