Bank of America/Merrill Edge - Preferred Rewards

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

Post by tj »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?
I don't see how there's any difference at all between those options. Transfer to checking and pay your bill,use other excess cash to invest. Use it to invest in ME, use other cash to pay your bill.
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FrugalProfessor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?

It's cash. Do what you want with it.

I redeem as cash to my boa checking account then pull this cash to my vanguard brokerage account to invest.
Last edited by FrugalProfessor on Wed Oct 13, 2021 8:58 am, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?
It's just cash. Do with it whatever your IPS says you're supposed to do with cash. My IPS says I collect extra cash in my Fidelity brokerage until the 15th of the month and then buy VTI with it.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?
Money is fungible. Once the cash back is earned and redeemed it is your money to do what you wish.

Personally, I have been transfering it to ME to buy ITOT. I wish ME offered fractional share purchases.
DonFifer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by DonFifer »

I have my cash back rewards going straight into my ME Brokerage Account.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

DonFifer wrote: Fri Oct 08, 2021 9:44 pm I have my cash back rewards going straight into my ME Brokerage Account.
Alternatively, having them go to your BoA checking account is a good way to generate activity in the checking account to keep it from being closed etc., as people have mentioned earlier in this thread I believe.

I let my cash-back go to my BoA checking account and then ACH pull the amount from Fidelity.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Although I had it set to notify via email, they didn't notify anything. Checked just now and voila: https://imgur.com/Jmgyf49
Since you recently enrolled, your Preferred Rewards benefit summary will be available in the coming weeks. Check back soon. You’ll like what we have in store for you.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j9j »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?
That is exactly what I do with the rewards balance.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

How your balance is calculated
This number reflects the three-month combined average daily balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a period of three calendar months. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.
I can confirm that I enrolled in 2 months instead of 3 because I carried extra balance above 100K, which put my average above 100K after 2 months.

Basically 150K+ would do because 150K * 2/3 = 100K.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Fri Oct 08, 2021 11:10 pm
How your balance is calculated
This number reflects the three-month combined average daily balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a period of three calendar months. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.
I can confirm that I enrolled in 2 months instead of 3 because I carried extra balance above 100K, which put my average above 100K after 2 months.

Basically 150K+ would do because 150K * 2/3 = 100K.
Wouldn't that mean that someone that put $100k should qualify for Preferred Rewards Gold status after only 30 days?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Fri Oct 08, 2021 11:19 pm
Marseille07 wrote: Fri Oct 08, 2021 11:10 pm
How your balance is calculated
This number reflects the three-month combined average daily balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a period of three calendar months. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.
I can confirm that I enrolled in 2 months instead of 3 because I carried extra balance above 100K, which put my average above 100K after 2 months.

Basically 150K+ would do because 150K * 2/3 = 100K.
Wouldn't that mean that someone that put $100k should qualify for Preferred Rewards Gold status after only 30 days?
I'm not sure...I was checking weekly and didn't get invited for Gold. I only accept Platinum Honors!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

anon_investor wrote: Fri Oct 08, 2021 11:19 pm
Marseille07 wrote: Fri Oct 08, 2021 11:10 pm
How your balance is calculated
This number reflects the three-month combined average daily balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a period of three calendar months. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.
I can confirm that I enrolled in 2 months instead of 3 because I carried extra balance above 100K, which put my average above 100K after 2 months.

Basically 150K+ would do because 150K * 2/3 = 100K.
Wouldn't that mean that someone that put $100k should qualify for Preferred Rewards Gold status after only 30 days?
Everything I have read has said you have to be in 3 months. Personally I just got platinum and my monthly average was $98k and would have easily gotten gold last month had I been able to do it sooner than 3 months, will have platinum honors next month.

The disappointing thing I didn’t know about is after you qualify it takes up to 30 days for you to actually see increased rewards. That’s a bit disappointing.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

aj44 wrote: Fri Oct 08, 2021 11:45 pm Everything I have read has said you have to be in 3 months. Personally I just got platinum and my monthly average was $98k and would have easily gotten gold last month had I been able to do it sooner than 3 months, will have platinum honors next month.

The disappointing thing I didn’t know about is after you qualify it takes up to 30 days for you to actually see increased rewards. That’s a bit disappointing.
I'm just sharing what happened to me. My average balance is above 100K+ after two months (they show the amount they calculated) and I'm enrolled in PH. I funded ME early August, it's definitely 2 months for me not 3.

Some pages back, I remember another poster also saying 2 months.
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

Marseille07 wrote: Fri Oct 08, 2021 11:54 pm
aj44 wrote: Fri Oct 08, 2021 11:45 pm Everything I have read has said you have to be in 3 months. Personally I just got platinum and my monthly average was $98k and would have easily gotten gold last month had I been able to do it sooner than 3 months, will have platinum honors next month.

The disappointing thing I didn’t know about is after you qualify it takes up to 30 days for you to actually see increased rewards. That’s a bit disappointing.
I'm just sharing what happened to me. My average balance is above 100K+ after two months (they show the amount they calculated) and I'm enrolled in PH. I funded ME early August, it's definitely 2 months for me not 3.

Some pages back, I remember another poster also saying 2 months.
Ugh, surprised at their inconsistency. I should have transferred a bit more over to start with. At least will have honors before Nov 12 in case they grandfather folks in with their potential changes.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

bandoba wrote: Fri Oct 08, 2021 7:43 pm What's the best way to use cash back earned on PR or Custom Cash reward cards? Move to checking and use for payment/withdraw/invest in ME or anything else?
It's just cash. Do with it whatever you normally do with extra cash. They will deposit it only a BA checking account. We transfer it to our main (non-BA) account and just spend it. It substitutes for money that I would otherwise have to withdraw from my IRA for living expenses, and pay taxes on.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

aj44 wrote: Fri Oct 08, 2021 11:58 pm Ugh, surprised at their inconsistency. I should have transferred a bit more over to start with. At least will have honors before Nov 12 in case they grandfather folks in with their potential changes.
Even though I'm "enrolled," looks like I start receiving the benefit next month:
Enrolled since November 2021
Your qualifying three-month average daily balance is: $XXX How is this calculated? layer
Welcome to Preferred Rewards

Since you recently enrolled, your Preferred Rewards benefit summary will be available in the coming weeks. Check back soon. You’ll like what we have in store for you.
Very lousy program, but we already knew they're low tech.
bandoba
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

Thanks for all the replies re best way to use cash back. It was poor choice of words and my real question was whether we have to just use it as cash or there is way to buy discounted gift cards like some other credit cards e.g. Discover offers. Looks like cash is the way to go!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

bfhu wrote: Fri Oct 01, 2021 5:58 pm
Marseille07 wrote: Fri Oct 01, 2021 5:50 pm
bfhu wrote: Fri Oct 01, 2021 5:48 pm As a BofA Platinum Honor member, I just found out that I have to pay $3 ACH fee, when I need to initial an ACH transfer to external bank via Bank of America. So disappointed with BofA. I am going to move some of my assets from BofA/ML to Chase. Will maintain the minimum 100K level for Platinum Honor level. But I am very disappointed with BofA.

With Chase,
I will get ATM withdrawal without any fees worldwide. Free outgoing wire transfer. And no-commission for purchasing mutual funds. I will keep my BofA Platinum Honor level to keep my 75% cash back bonus . But that's it.
You might want to hold off until Nov 12th then, when they will announce new reward tiers. It's possible some tiers won't have this nonsensical $3 charge on outgoing ACHs.
I just Googled and found this. If so, that won't help me. I don't have over 1mm with BofA.

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier.
Are there any changes for folks who have been platinum honors level for a while?

Seems this only affects those who were at a higher level than PH. Is that correct?
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Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

MikeG62 wrote: Sat Oct 09, 2021 4:21 pm Are there any changes for folks who have been platinum honors level for a while?

Seems this only affects those who were at a higher level than PH. Is that correct?
That is the way I read it, the $250K-$999K folks. See here. https://www.bogleheads.org/forum/viewt ... 6#p6217366

But we will see.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

MikeG62 wrote: Sat Oct 09, 2021 4:21 pm
Are there any changes for folks who have been platinum honors level for a while?

Seems this only affects those who were at a higher level than PH. Is that correct?
Nobody knows what they will be announcing about existing tiers in November. I happened to be in a BofA branch on Friday and asked one of the reps if he had heard anything, and he said that he had not.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Oct 10, 2021 1:06 am
MikeG62 wrote: Sat Oct 09, 2021 4:21 pm
Are there any changes for folks who have been platinum honors level for a while?

Seems this only affects those who were at a higher level than PH. Is that correct?
Nobody knows what they will be announcing about existing tiers in November. I happened to be in a BofA branch on Friday and asked one of the reps if he had heard anything, and he said that he had not.
My hopes is in this competitive market for customers that PH is not slashed.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Sun Oct 10, 2021 4:40 am My hopes is in this competitive market for customers that PH is not slashed.
Given that they offer so much more than anyone else does for a fairly low deposit amount, I am not be as optimistic as you are.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Oct 10, 2021 12:58 pm
anon_investor wrote: Sun Oct 10, 2021 4:40 am My hopes is in this competitive market for customers that PH is not slashed.
Given that they offer so much more than anyone else does for a fairly low deposit amount, I am not be as optimistic as you are.
Given that their credit cards are not competitive at all without the cash back boost, I am hopeful. CCR for PH gives 5.25% for eligible categories, where as plenty of other issuers have 5% for their category cards and don't require $100k or any money even. So 3% would not be competitive at all.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Sun Oct 10, 2021 1:05 pm Given that their credit cards are not competitive at all without the cash back boost, I am hopeful. CCR for PH gives 5.25% for eligible categories, where as plenty of other issuers have 5% for their category cards and don't require $100k or any money even. So 3% would not be competitive at all.
Their bank accounts aren't very attractive either, even with Preferred Rewards, but I don't see them changing those. What we think is not competitive is not what the normal person thinks. Look at how many people use Discover for 1% purchases.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Mon Oct 11, 2021 9:29 pm
anon_investor wrote: Sun Oct 10, 2021 1:05 pm Given that their credit cards are not competitive at all without the cash back boost, I am hopeful. CCR for PH gives 5.25% for eligible categories, where as plenty of other issuers have 5% for their category cards and don't require $100k or any money even. So 3% would not be competitive at all.
Their bank accounts aren't very attractive either, even with Preferred Rewards, but I don't see them changing those. What we think is not competitive is not what the normal person thinks. Look at how many people use Discover for 1% purchases.
Yeah, their bank accounts are terrible. Free checks, but they want you to pay $2.33 for a checkbook cover. :shock: Their savings account is so bad I didn't open one. If they get rid of PH, I will probably keep just enough at ME to keep the free checking and downgrade my PR to another CCR, and just use the 3% CB for online shopping and hardware stores.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by pshonore »

I've had a BOA checking acct for probably 30 years. I have never paid a checking account fee and have not kept a balance. But I have had a direct deposit all that time. First the paycheck, then the pension check/SS, etc. ATMs galore although I miss the older ones with a card that dispensed cash and took deposits. I have not used one in in a couple of years.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

pshonore wrote: Tue Oct 12, 2021 7:55 am… I miss the older ones with a card that dispensed cash and took deposits. …
Is that not how they work now?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Tue Oct 12, 2021 8:28 am
pshonore wrote: Tue Oct 12, 2021 7:55 am… I miss the older ones with a card that dispensed cash and took deposits. …
Is that not how they work now?
That is how they work at my BoA branch, and you tap your debit card, so no chance of the ATM machine eating your card like the olden days or a bad guy stealing your card info with a skimmer.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Tue Oct 12, 2021 9:37 am
spammagnet wrote: Tue Oct 12, 2021 8:28 am
pshonore wrote: Tue Oct 12, 2021 7:55 am… I miss the older ones with a card that dispensed cash and took deposits. …
Is that not how they work now?
That is how they work at my BoA branch, and you tap your debit card, so no chance of the ATM machine eating your card like the olden days or a bad guy stealing your card info with a skimmer.
Not all of them allow deposits though, so perhaps that is what pshonore was referring to.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

MisterBill wrote: Sun Oct 10, 2021 12:58 pm Given that they offer so much more than anyone else does for a fairly low deposit amount, I am not be as optimistic as you are.
It's a low deposit amount for folks on here, but not for the average consumer. I suspect that BofA's survey results have indicated that it can choose to either keep the rewards and the relationship with wealthier folks, or cut the former and lose the latter. Of course, it's possible that those relationships turned out to be poor leads for selling high-touch Merrill services, so they may want to alienate folks like us (or me, at least).
MisterBill wrote: Mon Oct 11, 2021 9:29 pm Their bank accounts aren't very attractive either, even with Preferred Rewards, but I don't see them changing those. What we think is not competitive is not what the normal person thinks. Look at how many people use Discover for 1% purchases.
True. Back in the before times, I always laughed when I saw a coworker pull out an Amex Plat to pay their happy hour tab.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Tue Oct 12, 2021 10:54 am If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
What does Chase Private Client offer?

I sure hope they don't slash PH, I just got my 3rd BoA card and if they stick to the 90 days of $100k rule, I should get PH in Nov/Dec. But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. If they raise the qualifying amount for PH to $200k I am okay with that.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

anon_investor wrote: Tue Oct 12, 2021 12:20 pm
atdharris wrote: Tue Oct 12, 2021 10:54 am If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
What does Chase Private Client offer?

I sure hope they don't slash PH, I just got my 3rd BoA card and if they stick to the 90 days of $100k rule, I should get PH in Nov/Dec. But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. If they raise the qualifying amount for PH to $200k I am okay with that.
I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.

I worry about losing the CC boosters more than most because no other bank offers a perk like that. If it's offered at all, it's a 10% booster, not a 75% one.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Tue Oct 12, 2021 1:21 pm
anon_investor wrote: Tue Oct 12, 2021 12:20 pm
atdharris wrote: Tue Oct 12, 2021 10:54 am If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
What does Chase Private Client offer?

I sure hope they don't slash PH, I just got my 3rd BoA card and if they stick to the 90 days of $100k rule, I should get PH in Nov/Dec. But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. If they raise the qualifying amount for PH to $200k I am okay with that.
I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.

I worry about losing the CC boosters more than most because no other bank offers a perk like that. If it's offered at all, it's a 10% booster, not a 75% one.
I am only trying to get PH for the cash back booster. If they get rid of that, I will just move my ETFs from Merrill Edge to a broker that will pay me a bonus. I might even close my Merrille Edge and Bank of America accounts, and just keep the two CCR and either cancel the PR or downgrade to a free card. Bank of America's CC offerings are not good with the PH cash back boost.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

anon_investor wrote: Tue Oct 12, 2021 1:27 pm
atdharris wrote: Tue Oct 12, 2021 1:21 pm
anon_investor wrote: Tue Oct 12, 2021 12:20 pm
atdharris wrote: Tue Oct 12, 2021 10:54 am If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
What does Chase Private Client offer?

I sure hope they don't slash PH, I just got my 3rd BoA card and if they stick to the 90 days of $100k rule, I should get PH in Nov/Dec. But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. If they raise the qualifying amount for PH to $200k I am okay with that.
I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.

I worry about losing the CC boosters more than most because no other bank offers a perk like that. If it's offered at all, it's a 10% booster, not a 75% one.
I am only trying to get PH for the cash back booster. If they get rid of that, I will just move my ETFs from Merrill Edge to a broker that will pay me a bonus. I might even close my Merrille Edge and Bank of America accounts, and just keep the two CCR and either cancel the PR or downgrade to a free card. Bank of America's CC offerings are not good with the PH cash back boost.
I wouldn't see any reason to stay at BofA over someone like Chase if they drop the PH cc boosters. I can earn the same amount of points with Chase credit cards as I would BofA w/o the booster and Chase points can even be used for transferring to hotels and airlines. It wouldn't make a ton of sense for anyone with over $250,000 in assets to stay in PH
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

atdharris wrote: Tue Oct 12, 2021 1:21 pm I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.
When I looked at Chase Private Client and Sapphire Banking, it seemed like the benefits were the same as what you can get at Fidelity or Schwab without holding your assets hostage. It would be interesting if the program boosted rewards on Chase cards by 50%.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

drk wrote: Tue Oct 12, 2021 1:48 pm
atdharris wrote: Tue Oct 12, 2021 1:21 pm I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.
When I looked at Chase Private Client and Sapphire Banking, it seemed like the benefits were the same as what you can get at Fidelity or Schwab without holding your assets hostage. It would be interesting if the program boosted rewards on Chase cards by 50%.
Schwab would also be a good choice I'm sure. I think they offer most of what BofA offers in PH aside from cc boosters... basically, if BofA gets rid of those boosters, there will be nothing to set them apart from Schwab, Chase Private client, etc. Except Chase may charge a fee on your investments and force you to an advisor (which is what Merrill Lynch does now), which would be a dealbreaker for me.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Tue Oct 12, 2021 1:41 pm
anon_investor wrote: Tue Oct 12, 2021 1:27 pm
atdharris wrote: Tue Oct 12, 2021 1:21 pm
anon_investor wrote: Tue Oct 12, 2021 12:20 pm
atdharris wrote: Tue Oct 12, 2021 10:54 am If BofA does slash PH benefits or eliminates the credit card bonuses, I will probably move to Chase Private Client or something like that, although I am unsure how their customer service stacks up. I know BofA has issues, but at the PH level, I've always gotten someone US based when I need something.
What does Chase Private Client offer?

I sure hope they don't slash PH, I just got my 3rd BoA card and if they stick to the 90 days of $100k rule, I should get PH in Nov/Dec. But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. If they raise the qualifying amount for PH to $200k I am okay with that.
I am not entirely familiar. I know they offer worldwide ATM fees and free wire transfers, which PH doesn't offer. I think many of the other benefits are the same aside from credit card boosters. It says there is a dedicated line to a banker, but I am unsure if they will charge a fee or if I can self-manage my accounts.

I worry about losing the CC boosters more than most because no other bank offers a perk like that. If it's offered at all, it's a 10% booster, not a 75% one.
I am only trying to get PH for the cash back booster. If they get rid of that, I will just move my ETFs from Merrill Edge to a broker that will pay me a bonus. I might even close my Merrille Edge and Bank of America accounts, and just keep the two CCR and either cancel the PR or downgrade to a free card. Bank of America's CC offerings are not good with the PH cash back boost.
I wouldn't see any reason to stay at BofA over someone like Chase if they drop the PH cc boosters. I can earn the same amount of points with Chase credit cards as I would BofA w/o the booster and Chase points can even be used for transferring to hotels and airlines. It wouldn't make a ton of sense for anyone with over $250,000 in assets to stay in PH
If the PH CC boosters go away, I might keep the 2x CCR cards, since 3% cash back on online shopping and home improvement/furnishings would be useful for me even without the boost, but the rest of my BoA/ME relationship stuff would probably go away. I would just move my $100k+ of ETFs to another broker for a bonus.

Again my hope/expection is that the PH CC boosters will not go away, BoA might reduce the boost % or increase the qualifying asset level.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Tue Oct 12, 2021 12:20 pm... But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. ...
$100K+ gets you $500 @ E-Trade after 60 days. You have to leave it there 6 months. Unlike *itibank, the process is very easy.
pshonore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by pshonore »

spammagnet wrote: Tue Oct 12, 2021 2:46 pm
anon_investor wrote: Tue Oct 12, 2021 12:20 pm... But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. ...
$100K+ gets you $500 @ E-Trade after 60 days. You have to leave it there 6 months. Unlike *itibank, the process is very easy.
Looks like 100K gets you $300 at Etrade with their latest BONUS21 offer (although 200K will get you $600)
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

pshonore wrote: Tue Oct 12, 2021 3:20 pm
spammagnet wrote: Tue Oct 12, 2021 2:46 pm
anon_investor wrote: Tue Oct 12, 2021 12:20 pm... But my backup plan would be to transfer my $100k+ to another broker to snag a bonus. ...
$100K+ gets you $500 @ E-Trade after 60 days. You have to leave it there 6 months. Unlike *itibank, the process is very easy.
Looks like 100K gets you $300 at Etrade with their latest BONUS21 offer (although 200K will get you $600)
We shall see, if PH does not get cut, then I am not really looking to shuffle my money around. But I am sure I can find a nice home to park my $100k of Vanguard ETFs if PH gets slashed. Does Etrade charge any fees if you later try to transfer out ETFs or close out the account? I see ME charges $49.95 to close out an account but no charge for a partial transfer. Schwab charges a fee for partial transfers and to close out the account.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

More rumors

This matches the $1.0 million plus thoughts.

https://www.doctorofcredit.com/rumor-ba ... rds-elite/
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Tue Oct 12, 2021 5:53 pm More rumors

This matches the $1.0 million plus thoughts.

https://www.doctorofcredit.com/rumor-ba ... rds-elite/
BoA "Platinum Rewards Elite" credit card?
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

Lastrun wrote: Tue Oct 12, 2021 5:53 pm More rumors

This matches the $1.0 million plus thoughts.

https://www.doctorofcredit.com/rumor-ba ... rds-elite/

Source of the doctor of credit article:

https://www.reddit.com/r/CreditCards/co ... ame=iossmf


OP of that Reddit post claims to work for ML and doesn’t know but is hesitant to think existing rewards are nerfed.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

aj44 wrote: Tue Oct 12, 2021 10:10 pm OP of that Reddit post claims to work for ML and doesn’t know but is hesitant to think existing rewards are nerfed.
Phew, party goes on!
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

aj44 wrote: Tue Oct 12, 2021 10:10 pm OP of that Reddit post claims to work for ML and doesn’t know but is hesitant to think existing rewards are nerfed.
I don't think that captures the OP's reply:
Q: Do you think they're going to nerf the credit card multipliers for the current tiers? I feel like getting 5.25% back isn't sustainable for them.
OP: I’ve been thinking that and telling clients the same for a while now that the ‘overnight rate’ is practically zero.
This just seems like speculation on the OP's part (e.g., rewards are primarily tied to transaction fees, not Fed policy), so I wouldn't use their take as an indication either way.
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

drk wrote: Thu Oct 14, 2021 11:49 am
aj44 wrote: Tue Oct 12, 2021 10:10 pm OP of that Reddit post claims to work for ML and doesn’t know but is hesitant to think existing rewards are nerfed.
I don't think that captures the OP's reply:
Q: Do you think they're going to nerf the credit card multipliers for the current tiers? I feel like getting 5.25% back isn't sustainable for them.
OP: I’ve been thinking that and telling clients the same for a while now that the ‘overnight rate’ is practically zero.
This just seems like speculation on the OP's part (e.g., rewards are primarily tied to transaction fees, not Fed policy), so I wouldn't use their take as an indication either way.
Reddit is down for me right now but that conflicts with what they said in another part of the thread.

Frankly it’s FWIW for anyone reading, no proof backing it yet.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

aj44 wrote: Thu Oct 14, 2021 4:17 pm
drk wrote: Thu Oct 14, 2021 11:49 am
aj44 wrote: Tue Oct 12, 2021 10:10 pm OP of that Reddit post claims to work for ML and doesn’t know but is hesitant to think existing rewards are nerfed.
I don't think that captures the OP's reply:
Q: Do you think they're going to nerf the credit card multipliers for the current tiers? I feel like getting 5.25% back isn't sustainable for them.
OP: I’ve been thinking that and telling clients the same for a while now that the ‘overnight rate’ is practically zero.
This just seems like speculation on the OP's part (e.g., rewards are primarily tied to transaction fees, not Fed policy), so I wouldn't use their take as an indication either way.
Reddit is down for me right now but that conflicts with what they said in another part of the thread.

Frankly it’s FWIW for anyone reading, no proof backing it yet.
Yeah, later on the OP mentions why he thinks they won't slash the CC boosters, and it was related to BoA using it to attract assets.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

aj44 wrote: Thu Oct 14, 2021 4:17 pm Reddit is down for me right now but that conflicts with what they said in another part of the thread.

Frankly it’s FWIW for anyone reading, no proof backing it yet.
Agreed. I just went back to find that comment, and it reinforces the conclusion that this is just speculation. Maybe it changes, maybe it doesn't, but I don't believe that person has any inside information beyond a memo announcing the new programs in the OP.
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FrugalProfessor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
I blog. Taxes are the lowest hanging source of alpha. I eat tax alpha for breakfast.
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