Bank of America/Merrill Edge - Preferred Rewards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
sailaway
Posts: 3927
Joined: Fri May 12, 2017 1:11 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

MisterBill wrote: Mon Nov 22, 2021 1:43 pm
Hyperchicken wrote: Mon Nov 22, 2021 12:25 pm - You can now select two Preferred Rewards categories. For example, you select online, and your partner selects dining. Then each of you pays either with your own card or with your partner's card to maximize the rewards.
I am confused about this. It seems like you are talking about the 3/5.25% category on the Customized Cash Rewards card. But one person could have multiples, no need for the second person to apply for a card.
Well, we have four (because we were able to get bonuses). The $2500 per quarter limit is usually fine, but sometimes it just isn't.
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

sailaway wrote: Mon Nov 22, 2021 1:48 pm
MisterBill wrote: Mon Nov 22, 2021 1:43 pm
Hyperchicken wrote: Mon Nov 22, 2021 12:25 pm - You can now select two Preferred Rewards categories. For example, you select online, and your partner selects dining. Then each of you pays either with your own card or with your partner's card to maximize the rewards.
I am confused about this. It seems like you are talking about the 3/5.25% category on the Customized Cash Rewards card. But one person could have multiples, no need for the second person to apply for a card.
Well, we have four (because we were able to get bonuses). The $2500 per quarter limit is usually fine, but sometimes it just isn't.
Yes, and I have three. But the poster said "Preferred Rewards categories", which confused me.
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Got an email from BofA today touting the benefits I'd gotten for being a Preferred Rewards member. Among them was "$685.00 savings with select no‑fee banking services", most of which is monthly service charge waivers for checking accounts I would not otherwise have.
Hyperchicken
Posts: 873
Joined: Mon Mar 02, 2020 5:33 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

MisterBill wrote: Mon Nov 22, 2021 1:43 pm
Hyperchicken wrote: Mon Nov 22, 2021 12:25 pm - You can now select two Preferred Rewards categories. For example, you select online, and your partner selects dining. Then each of you pays either with your own card or with your partner's card to maximize the rewards.
I am confused about this. It seems like you are talking about the 3/5.25% category on the Customized Cash Rewards card, which is not Preferred Rewards categories. But one person could have multiples, no need for the second person to apply for a card.
You are right, poor wording on my end. I meant to say that they will be able to have multiple Cash Rewards categories selected between their cards, and the Preferred Rewards multiplier would apply to all of their Cash Rewards because they each qualify due to joint ownership.

One person can have multiple cards, although I understand the combined limit may be lower in this case compared to when two people each have their own card(s).
Shorty
Posts: 185
Joined: Sat Feb 23, 2019 4:54 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

New CC info on “premium rewards elite”. As rumored

https://secure.bankofamerica.com/apply- ... obile=true

Application
need403bhelp
Posts: 1239
Joined: Thu May 28, 2015 6:25 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

:sharebeer
Shorty wrote: Mon Nov 22, 2021 3:32 pm New CC info on “premium rewards elite”. As rumored

https://secure.bankofamerica.com/apply- ... obile=true

Application
Seems only worthwhile for those who can use the 20% increased point value when booking through their travel portal?

Otherwise, basically $100 annual fee not counting all the credits for everything that regular Premium Rewards card already offers. Same sign up bonus also.

Am I missing anything?
TJat
Posts: 379
Joined: Tue May 04, 2021 6:51 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by TJat »

need403bhelp wrote: Mon Nov 22, 2021 3:37 pm :sharebeer
Shorty wrote: Mon Nov 22, 2021 3:32 pm New CC info on “premium rewards elite”. As rumored

https://secure.bankofamerica.com/apply- ... obile=true

Application
Seems only worthwhile for those who can use the 20% increased point value when booking through their travel portal?

Otherwise, basically $100 annual fee not counting all the credits for everything that regular Premium Rewards card already offers. Same sign up bonus also.

Am I missing anything?
It doesn't appear like you are. Seems like this is a "prestige" card that compared to the premium rewards card, gives you just enough credits to offset the $550 annual fee down to a comparable level (before the Airline credit that basically offsets the PR annual fee). In my view, this card lets you peacock that you have a fancy credit card, but doesn't offer any real benefit. Perhaps I'm missing something too
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

TJat wrote: Mon Nov 22, 2021 3:45 pm
need403bhelp wrote: Mon Nov 22, 2021 3:37 pm :sharebeer
Shorty wrote: Mon Nov 22, 2021 3:32 pm New CC info on “premium rewards elite”. As rumored

https://secure.bankofamerica.com/apply- ... obile=true

Application
Seems only worthwhile for those who can use the 20% increased point value when booking through their travel portal?

Otherwise, basically $100 annual fee not counting all the credits for everything that regular Premium Rewards card already offers. Same sign up bonus also.

Am I missing anything?
It doesn't appear like you are. Seems like this is a "prestige" card that compared to the premium rewards card, gives you just enough credits to offset the $550 annual fee down to a comparable level (before the Airline credit that basically offsets the PR annual fee). In my view, this card lets you peacock that you have a fancy credit card, but doesn't offer any real benefit. Perhaps I'm missing something too
Does it include free lounge access or something?
Lastrun
Posts: 444
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

anon_investor wrote: Mon Nov 22, 2021 3:47 pm Does it include free lounge access or something?
Yes, but not as good as the Chase Sapphire Reserve.

It only allows access to Priority Pass for the cardholder and two guests, as I read it.

CSR is cardholder and all authorized users, and each with guests.

Also not clear the restaurants are included on the BofA card.

I was hoping to kill my CSR and my $95 Premium Rewards and roll into one card, but now I am not so sure.
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Lastrun wrote: Mon Nov 22, 2021 4:48 pm Yes, but not as good as the Chase Sapphire Reserve.

It only allows access to Priority Pass for the cardholder and two guests, as I read it.

CSR is cardholder and all authorized users, and each with guests.
But that assumes that you paid the extra $95 for the authorized user card. Otherwise, it's also just the cardholder and two guests.
Lastrun
Posts: 444
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Thanks for the clarification. You are correct, but $75 per card correct?

I'll wait for all the fine print to come out. Perhaps I can still consolidate.
atdharris
Posts: 1139
Joined: Wed Jan 02, 2019 3:18 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

So anyone can apply for the new card or just those in the Diamond categories? Not that I am interested. I only need one high AF card and I wouldn't drop the Amex platinum for that card.
student
Posts: 6045
Joined: Fri Apr 03, 2015 6:58 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

atdharris wrote: Mon Nov 22, 2021 6:24 pm So anyone can apply for the new card or just those in the Diamond categories? Not that I am interested. I only need one high AF card and I wouldn't drop the Amex platinum for that card.
What I heard is for everybody (later).
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Lastrun wrote: Mon Nov 22, 2021 5:55 pm Thanks for the clarification. You are correct, but $75 per card correct?

I'll wait for all the fine print to come out. Perhaps I can still consolidate.
Could be. I never bothered paying it since my wife did not need a card. How many people do you need to bring into the lounge and how often? I think you can pay for the extras, if necessary.
Last edited by MisterBill on Tue Nov 23, 2021 10:13 am, edited 1 time in total.
Lastrun
Posts: 444
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

MisterBill wrote: Tue Nov 23, 2021 3:31 am
Lastrun wrote: Mon Nov 22, 2021 5:55 pm Thanks for the clarification. You are correct, but $75 per card correct?

I'll wait for all the fine print to come out. Perhaps I can still consolidate.
Could be I never bothered paying it since my wife did not need a card. How many people do you need to bring into the lounge and how often? I think you can pay for the extras, if necessary.
Its not the guests, its the separate travel, which we do surprisingly often in my family. My daughter will use her PP restaurant option twice this week. The way I am reading the fine print on the BofA card, this would not be an option.
User avatar
Cranberry44
Posts: 180
Joined: Sun May 17, 2020 1:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

anon_investor wrote: Sat Nov 20, 2021 4:46 pm
TJat wrote: Sat Nov 20, 2021 4:36 pm
Cranberry44 wrote: Sat Nov 20, 2021 3:53 pm Speaking of ME's Chat... I just got off chat with ME because I hadn't heard any news regarding my account transfer from Fidelity to ME. The rep. looked into it and said the request was returned and canceled because there was "no transfer form included in the request." 1) Not sure why they didn't notify me or put an alert on the website, and 2) I'm not sure how that's even possible as you have to fill out out all the required info on their website's form and then upload a current statement before you can even click submit . ... oh well... trying again.
Did you also notice that the paper form is asked for on the “check your transfer” screen but is not linked to, nor available when searching, on their website at all. The only way I found it was when I called and had the service rep send me a secure message. The chat rep had never heard of the form. This 2.625% should ultimately be worth it, but ME is incompetent.
Transferring ETFs from Vanguard (taxable) was easy, no extra form required.
I went through the exact same process I did the first time and 100k of taxable VTI and VT transferred to ME — three business days total. No extra form asked of me this time…. Kind of odd.

So now that I have 100k in ME, when should I apply for the CC? After I hit PR status?
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Cranberry44 wrote: Tue Nov 23, 2021 10:05 am
anon_investor wrote: Sat Nov 20, 2021 4:46 pm
TJat wrote: Sat Nov 20, 2021 4:36 pm
Cranberry44 wrote: Sat Nov 20, 2021 3:53 pm Speaking of ME's Chat... I just got off chat with ME because I hadn't heard any news regarding my account transfer from Fidelity to ME. The rep. looked into it and said the request was returned and canceled because there was "no transfer form included in the request." 1) Not sure why they didn't notify me or put an alert on the website, and 2) I'm not sure how that's even possible as you have to fill out out all the required info on their website's form and then upload a current statement before you can even click submit . ... oh well... trying again.
Did you also notice that the paper form is asked for on the “check your transfer” screen but is not linked to, nor available when searching, on their website at all. The only way I found it was when I called and had the service rep send me a secure message. The chat rep had never heard of the form. This 2.625% should ultimately be worth it, but ME is incompetent.
Transferring ETFs from Vanguard (taxable) was easy, no extra form required.
I went through the exact same process I did the first time and 100k of taxable VTI and VT transferred to ME — three business days total. No extra form asked of me this time…. Kind of odd.

So now that I have 100k in ME, when should I apply for the CC? After I hit PR status?
You won't get the 75% cash back boost on purchases until after you get Preferred Rewards Platinum Honors status. Personally, the cash back offered by the 2 BoA cards I initially got were equal to my existing cards, so it made no difference to me. If your existing cards offer better cash back than the unboosted BoA card(s) you will get, then wait for the status to kick in.
User avatar
Cranberry44
Posts: 180
Joined: Sun May 17, 2020 1:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

anon_investor wrote: Tue Nov 23, 2021 10:21 am
Cranberry44 wrote: Tue Nov 23, 2021 10:05 am
anon_investor wrote: Sat Nov 20, 2021 4:46 pm
TJat wrote: Sat Nov 20, 2021 4:36 pm
Cranberry44 wrote: Sat Nov 20, 2021 3:53 pm Speaking of ME's Chat... I just got off chat with ME because I hadn't heard any news regarding my account transfer from Fidelity to ME. The rep. looked into it and said the request was returned and canceled because there was "no transfer form included in the request." 1) Not sure why they didn't notify me or put an alert on the website, and 2) I'm not sure how that's even possible as you have to fill out out all the required info on their website's form and then upload a current statement before you can even click submit . ... oh well... trying again.
Did you also notice that the paper form is asked for on the “check your transfer” screen but is not linked to, nor available when searching, on their website at all. The only way I found it was when I called and had the service rep send me a secure message. The chat rep had never heard of the form. This 2.625% should ultimately be worth it, but ME is incompetent.
Transferring ETFs from Vanguard (taxable) was easy, no extra form required.
I went through the exact same process I did the first time and 100k of taxable VTI and VT transferred to ME — three business days total. No extra form asked of me this time…. Kind of odd.

So now that I have 100k in ME, when should I apply for the CC? After I hit PR status?
You won't get the 75% cash back boost on purchases until after you get Preferred Rewards Platinum Honors status. Personally, the cash back offered by the 2 BoA cards I initially got were equal to my existing cards, so it made no difference to me. If your existing cards offer better cash back than the unboosted BoA card(s) you will get, then wait for the status to kick in.
Thanks for all your help, anon — very, very appreciated!!
vernong1992
Posts: 1
Joined: Tue Nov 23, 2021 10:59 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vernong1992 »

Did you guys wait for the three months after hitting the minimum number? Or did you bypass/workaround it somehow?

I have my ACAT transfer ready to go, but I really want the higher bonuses for some of the big-ticket items I'm purchasing this statement.
Last edited by vernong1992 on Tue Nov 23, 2021 11:02 am, edited 1 time in total.
VictorStarr
Posts: 194
Joined: Sat Jan 04, 2020 10:13 pm
Location: California

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Cranberry44 wrote: Tue Nov 23, 2021 10:05 am I went through the exact same process I did the first time and 100k of taxable VTI and VT transferred to ME — three business days total. No extra form asked of me this time…. Kind of odd.

So now that I have 100k in ME, when should I apply for the CC? After I hit PR status?
Enroll in Preferred Rewards and you can hit PR status earlier, here is the link - https://www.bankofamerica.com/preferred-rewards/ .

I opened ML and BofA accounts on 10/17/2021, on 10/18/2021 I wired money and enrolled into Preferred Rewards. By the end of October my rewards status changed to Platinum Honors.
Currently, my qualifying three-month average daily balance is: $29,271. This amount corresponds to holding $202K for 13 days.
I did not receive ML and BofA bonuses yet, I guess I have to wait full 90 days.

EDIT: added screenshot of PR page: https://pasteboard.co/azuvwCrZ9oju.png
Last edited by VictorStarr on Tue Nov 23, 2021 12:44 pm, edited 1 time in total.
VictorStarr
Posts: 194
Joined: Sat Jan 04, 2020 10:13 pm
Location: California

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

VictorStarr wrote: Tue Nov 23, 2021 12:34 pm
Cranberry44 wrote: Tue Nov 23, 2021 10:05 am I went through the exact same process I did the first time and 100k of taxable VTI and VT transferred to ME — three business days total. No extra form asked of me this time…. Kind of odd.

So now that I have 100k in ME, when should I apply for the CC? After I hit PR status?
Enroll in Preferred Rewards and you can hit PR status earlier, here is the link - https://www.bankofamerica.com/preferred-rewards/ .

I opened ML and BofA accounts on 10/17/2021, on 10/18/2021 I wired money and enrolled into Preferred Rewards. By the end of October my rewards status changed to Platinum Honors.
Currently, my qualifying three-month average daily balance is: $29,271. This amount corresponds to holding $202K for 13 days.
I did not receive ML and BofA bonuses yet, I guess I have to wait full 90 days.
After hitting PH status I opened Premium and Customized Cash credit cards and started earning 75% reward bonus.
MakeThyGoldMultiply
Posts: 1
Joined: Sun Jan 13, 2019 11:32 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MakeThyGoldMultiply »

I wanted to add my specific data point in case someone else finds themselves in the same situation as myself. Frankly, I was surprised I was able to receive PH Rewards so quickly. I signed up for a CCR and Premium Rewards CC and really happy that my upcoming purchases will include the PH bonus. The only logical explanation to me is that since I was a previous BOFA customer (closed accounts sometime in 2016/2017) BOFA gave me credit as already being in the system? When I opened my checking account I found some of my old information was in the system (old addresses, phone numbers, etc) and even some old linked accounts (ACH). In my particular case BOFA's antiquated systems benefited me in a positive manner.

11/14/2021 - Merrill Edge - Opened CMA — Under review
11/14/2021 - BOFA - Opened Checking account
11/17/2021 - Merrill Edge - Had to call to support to ask about status of my account. Support authorized my account.
11/17/2021 - Merrill Edge - Transfer of Assets Request
11/17/2021 - BOFA - Applied for Susan G. Komen - CCR Credit Card
11/18/2021 - Merrill Edge - Security Transfer In
11/20/2021 - BOFA - Applied for Premium Rewards Credit Card
11/22/2021 - Merrill Edge - Cost Basis Transferred successfully
11/22/2021 - BOFA - Received CCR Credit Card in the mail
11/22/2021 - BOFA - Logged and Dashboard displayed "Platinum Honors - Enrolled since Dec 2021"
11/22/2021 - BOFA - Test transaction (online shopping category) in store Fry’s Food (Kroger Pay) purchase.
11/22/2021 - BOFA - Test transaction (online shopping category) in store Walmart (Walmart Pay) purchase.
11/23/2021 - BOFA - Preferred Reward Bonus 75% for test transactions confirmed for transactions on 11/22/2021.

The only thing I missed out on the checking account bonus and I have a meeting with a banker tomorrow. I will ask about the bonus and if not then I will upgrade my checking account to Advantage Relationship from Advantage Plus to take advantage of the free inbound wires. If I don't receive it not a big deal since like I mentioned I will be able to take advantage of the PH bonus for all my upcoming purchases. I am still going to receive a bonus for both CCs and the Merrill Edge bonus for transferring assets. All in all very happy right now and very surprised at the speed of how this all occurred.
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Does anyone recall when they were charged the initial annual fee for the Premium Rewards card after they had opened it? The statement just closed on my wife's new card, and I was surprised that the annual fee was not on the statement, and it still isn't charged. If they charge it at the end of the next statement in December, then I could potentially get three incidental travel charge reimbursements on a single annual fee, since you can cancel within 30 days of being charged.
User avatar
dodecahedron
Posts: 6030
Joined: Tue Nov 12, 2013 12:28 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dodecahedron »

MisterBill wrote: Wed Nov 24, 2021 10:48 pm Does anyone recall when they were charged the initial annual fee for the Premium Rewards card after they had opened it? The statement just closed on my wife's new card, and I was surprised that the annual fee was not on the statement, and it still isn't charged. If they charge it at the end of the next statement in December, then I could potentially get three incidental travel charge reimbursements on a single annual fee, since you can cancel within 30 days of being charged.
I opened my Premium Rewards at the very end of August 2019 so I retrieved my first month statement PDF to confirm my memory. I was charged immediately after they opened the account. They posted the $95 fee charge 8/31. The first actual purchase I made posted a day later on 9/1. Statement period closed 9/25.

The subsequent annual fee charges have been posted on the anniversary dates 8/31/20 and 8/31/21.

I am wondering if maybe your wife is benefiting from a first-year fee waiver? Some issuers periodically offer those to sweeten the offer.
MisterBill
Posts: 782
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

dodecahedron wrote: Wed Nov 24, 2021 11:06 pm The subsequent annual fee charges have been posted on the anniversary dates 8/31/20 and 8/31/21.

I am wondering if maybe your wife is benefiting from a first-year fee waiver? Some issuers periodically offer those to sweeten the offer.
Thanks. I just checked my existing account and I was charged on 12/31/20, so it would appear that they charge it on the last day of the month and will expect that my wife's account will be charged on 11/30. No fee waiver on the card, I've never heard of BofA doing that.
cvsvm2007
Posts: 11
Joined: Thu May 02, 2019 3:26 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cvsvm2007 »

Friends,

Pardon me for asking this. I am completely new to this topic. I tried going through threads and still, I am unable to understand where to start. Can someone please point me to where I can read about this and what the benefits are?

Many Thanks
User avatar
sarabayo
Posts: 525
Joined: Fri Jun 29, 2018 6:59 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

cvsvm2007 wrote: Sun Nov 28, 2021 9:27 pm Friends,

Pardon me for asking this. I am completely new to this topic. I tried going through threads and still, I am unable to understand where to start. Can someone please point me to where I can read about this and what the benefits are?

Many Thanks
From the first post in this thread: https://www.bankofamerica.com/preferred-rewards/

That site is the final authority on the BoA Preferred Rewards program.

If you have some specific question, feel free to ask here, though.
Marseille07
Posts: 6369
Joined: Fri Nov 06, 2020 1:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

cvsvm2007 wrote: Sun Nov 28, 2021 9:27 pm Friends,

Pardon me for asking this. I am completely new to this topic. I tried going through threads and still, I am unable to understand where to start. Can someone please point me to where I can read about this and what the benefits are?

Many Thanks
In a nutshell, if you can park 100K+ worth of assets at Merrill Edge then you can receive 2.62%+ cashback on all purchases. This is perfect for Bogleheads since we're B&H US TSM, S&P500 etc etc anyway.
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Sun Nov 28, 2021 10:33 pm
cvsvm2007 wrote: Sun Nov 28, 2021 9:27 pm Friends,

Pardon me for asking this. I am completely new to this topic. I tried going through threads and still, I am unable to understand where to start. Can someone please point me to where I can read about this and what the benefits are?

Many Thanks
In a nutshell, if you can park 100K+ worth of assets at Merrill Edge then you can receive 2.62%+ cashback on all purchases. This is perfect for Bogleheads since we're B&H US TSM, S&P500 etc etc anyway.
Depending on which credit cards you get, you could get 3.5% or even 5.25% on some spending catagories.
FedGuy
Posts: 1371
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

anon_investor wrote: Sun Nov 28, 2021 10:35 pmDepending on which credit cards you get, you could get 3.5% or even 5.25% on some spending catagories.
And if you have enough of the cards that give 5.25% cash back (the Customized Cash Rewards card, which you can get multiples of over time and can set to different categories), the ubiquitous but somewhat annoying cards that offer 5% cash back in categories that change every 3 months become more or less superfluous.
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FedGuy wrote: Mon Nov 29, 2021 12:00 am
anon_investor wrote: Sun Nov 28, 2021 10:35 pmDepending on which credit cards you get, you could get 3.5% or even 5.25% on some spending catagories.
And if you have enough of the cards that give 5.25% cash back (the Customized Cash Rewards card, which you can get multiples of over time and can set to different categories), the ubiquitous but somewhat annoying cards that offer 5% cash back in categories that change every 3 months become more or less superfluous.
Though those rotating category 5% cards can be a good supplement since each Customized Cash Rewards card has a $2.5k quarterly cap.
cvsvm2007
Posts: 11
Joined: Thu May 02, 2019 3:26 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cvsvm2007 »

Thanks for the responses. I am keeping a significant chunk in Vanguard as emergency cash not earning anything. This will be great. Kicking myself for passing this thread :-(

What credit card is preferred by BHs? I pay the card balances on time. Also, Is there any benefit for depositing my salary (by ACH)

Many Thanks
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

cvsvm2007 wrote: Mon Nov 29, 2021 5:14 am Thanks for the responses. I am keeping a significant chunk in Vanguard as emergency cash not earning anything. This will be great. Kicking myself for passing this thread :-(

What credit card is preferred by BHs? I pay the card balances on time. Also, Is there any benefit for depositing my salary (by ACH)

Many Thanks
You can apply for 2 cards within minutes of each other and BoA will only do 1 hard credit pull. I recommend the Customized Cash Rewards Visa because after the cash back boost you can get 3.5%/5.25% on certain categories. For the second card I recommend either the Premium Rewards Visa or Ultimate Cash Rewards Visa. Both will get 2.62% cash back after the cash back boost. The Premium Rewards Visa does have a $95 annual fee, but gets 3.5% cash back on dinning/travel after the cash back boost, has no foreign transaction fee, and some travel reimbursements, which for some people can make up for the annual fee, it also has larger sign up bonus ($500 vs. $200). Make sure to apply for the cards via the BoA website with the sign up bonus offers.

I would only do direct deposit to BoA checking to snag a bonus (usually at least a $100 is available, but you must enter a promo code when you open the account, just look for one). I did direct deposit only to fulfill the bonus requirements (I use Ally Bank as my hub bank).

Look for a promo code to open the Merrill Edge account.
cvsvm2007
Posts: 11
Joined: Thu May 02, 2019 3:26 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cvsvm2007 »

anon_investor wrote: Mon Nov 29, 2021 6:39 am
cvsvm2007 wrote: Mon Nov 29, 2021 5:14 am Thanks for the responses. I am keeping a significant chunk in Vanguard as emergency cash not earning anything. This will be great. Kicking myself for passing this thread :-(

What credit card is preferred by BHs? I pay the card balances on time. Also, Is there any benefit for depositing my salary (by ACH)

Many Thanks
You can apply for 2 cards within minutes of each other and BoA will only do 1 hard credit pull. I recommend the Customized Cash Rewards Visa because after the cash back boost you can get 3.5%/5.25% on certain categories. For the second card I recommend either the Premium Rewards Visa or Ultimate Cash Rewards Visa. Both will get 2.62% cash back after the cash back boost. The Premium Rewards Visa does have a $95 annual fee, but gets 3.5% cash back on dinning/travel after the cash back boost, has no foreign transaction fee, and some travel reimbursements, which for some people can make up for the annual fee, it also has larger sign up bonus ($500 vs. $200). Make sure to apply for the cards via the BoA website with the sign up bonus offers.

I would only do direct deposit to BoA checking to snag a bonus (usually at least a $100 is available, but you must enter a promo code when you open the account, just look for one). I did direct deposit only to fulfill the bonus requirements (I use Ally Bank as my hub bank).

Look for a promo code to open the Merrill Edge account.
Thank You

I read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

cvsvm2007 wrote: Mon Nov 29, 2021 7:02 am
anon_investor wrote: Mon Nov 29, 2021 6:39 am
cvsvm2007 wrote: Mon Nov 29, 2021 5:14 am Thanks for the responses. I am keeping a significant chunk in Vanguard as emergency cash not earning anything. This will be great. Kicking myself for passing this thread :-(

What credit card is preferred by BHs? I pay the card balances on time. Also, Is there any benefit for depositing my salary (by ACH)

Many Thanks
You can apply for 2 cards within minutes of each other and BoA will only do 1 hard credit pull. I recommend the Customized Cash Rewards Visa because after the cash back boost you can get 3.5%/5.25% on certain categories. For the second card I recommend either the Premium Rewards Visa or Ultimate Cash Rewards Visa. Both will get 2.62% cash back after the cash back boost. The Premium Rewards Visa does have a $95 annual fee, but gets 3.5% cash back on dinning/travel after the cash back boost, has no foreign transaction fee, and some travel reimbursements, which for some people can make up for the annual fee, it also has larger sign up bonus ($500 vs. $200). Make sure to apply for the cards via the BoA website with the sign up bonus offers.

I would only do direct deposit to BoA checking to snag a bonus (usually at least a $100 is available, but you must enter a promo code when you open the account, just look for one). I did direct deposit only to fulfill the bonus requirements (I use Ally Bank as my hub bank).

Look for a promo code to open the Merrill Edge account.
Thank You

I read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
For the Customized Cash Rewards Visa (referred to in the thread by many as CCR), you can get 5.25% cash back (after the boost) on online purchases if you select that catagory. There is no "rotating catagory", instead you get to pick your category which can stay the same indefinitely (you can only change it once a calendar month, but you don't have to). You get 3.5% cash back (once boosted) at wholesale clubs and grocery stories, and don't need to select those categories. But there is a $2.5k quarterly cap on the 3.5%/5.25% cash back earning (it reverts back to 1.75% cash back, once boosted, after you hit the cap). Non-category spending is also only 1.75% cash back (once boosted), which is why you will want a second card that is 2.62% cash back (once boosted).

https://www.bankofamerica.com/credit-ca ... edit-card/
spammagnet
Posts: 1484
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

cvsvm2007 wrote: Mon Nov 29, 2021 7:02 amI read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
You can get 5.25% if:

1. Your Customized Cash Rewards 3% category is set to Online Purchase.

2. You have achieved Platinum Honors 75% bonus status with $100K 3-mo average balance.

The 100K balance can be cash, investments (many of us transfer ETFs in kind), or a combination of the two. Some people are granted PH status shortly after reaching the $100K balance.
VictorStarr
Posts: 194
Joined: Sat Jan 04, 2020 10:13 pm
Location: California

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

spammagnet wrote: Mon Nov 29, 2021 6:59 pm
cvsvm2007 wrote: Mon Nov 29, 2021 7:02 amI read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
You can get 5.25% if:

1. Your Customized Cash Rewards 3% category is set to Online Purchase.

2. You have achieved Platinum Honors 75% bonus status with $100K 3-mo average balance.

The 100K balance can be cash, investments (many of us transfer ETFs in kind), or a combination of the two. Some people are granted PH status shortly after reaching the $100K balance.
Do not forget to collect BoA checking account and Merrill Edge bonuses - $100 + $250/600 -
https://www.merrilledge.com/offers/600
spammagnet
Posts: 1484
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

VictorStarr wrote: Mon Nov 29, 2021 7:03 pm
spammagnet wrote: Mon Nov 29, 2021 6:59 pm
cvsvm2007 wrote: Mon Nov 29, 2021 7:02 amI read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
You can get 5.25% if:

1. Your Customized Cash Rewards 3% category is set to Online Purchase.

2. You have achieved Platinum Honors 75% bonus status with $100K 3-mo average balance.

The 100K balance can be cash, investments (many of us transfer ETFs in kind), or a combination of the two. Some people are granted PH status shortly after reaching the $100K balance.
Do not forget to collect BoA checking account and Merrill Edge bonuses - $100 + $250/600 -
https://www.merrilledge.com/offers/600
True, and I did not include the constitution that you must have a checking account.
spammagnet
Posts: 1484
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

VictorStarr wrote: Mon Nov 29, 2021 7:03 pm
spammagnet wrote: Mon Nov 29, 2021 6:59 pm
cvsvm2007 wrote: Mon Nov 29, 2021 7:02 amI read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
You can get 5.25% if:

1. Your Customized Cash Rewards 3% category is set to Online Purchase.

2. You have achieved Platinum Honors 75% bonus status with $100K 3-mo average balance.

The 100K balance can be cash, investments (many of us transfer ETFs in kind), or a combination of the two. Some people are granted PH status shortly after reaching the $100K balance.
Do not forget to collect BoA checking account and Merrill Edge bonuses - $100 + $250/600 -
https://www.merrilledge.com/offers/600
True, and I did not include the condition that you must have a checking account.
User avatar
anon_investor
Posts: 9412
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

VictorStarr wrote: Mon Nov 29, 2021 7:03 pm
spammagnet wrote: Mon Nov 29, 2021 6:59 pm
cvsvm2007 wrote: Mon Nov 29, 2021 7:02 amI read on one of the threads that there is a 5% cashback or rewards for online purchases. Please can you folks let me know whether it is always or part of rotating categories for a quarter.
You can get 5.25% if:

1. Your Customized Cash Rewards 3% category is set to Online Purchase.

2. You have achieved Platinum Honors 75% bonus status with $100K 3-mo average balance.

The 100K balance can be cash, investments (many of us transfer ETFs in kind), or a combination of the two. Some people are granted PH status shortly after reaching the $100K balance.
Do not forget to collect BoA checking account and Merrill Edge bonuses - $100 + $250/600 -
https://www.merrilledge.com/offers/600
There is a higher merrill edge bonus available right now:
https://www.merrilledge.com/offers/me750
persona4826
Posts: 72
Joined: Sun Dec 18, 2016 11:53 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by persona4826 »

Hello all.

I've been following this topic for a while now, and am in a similar position as ccsvm2007. I'm keen on getting into Preferred Rewards, and have just under $110k in VTI at Vanguard.

I plan to move it all over to Merrill Edge and collect the latest bonus - thanks, anon_investor! - yet have a few questions before I do so.

1) Would it be better to open the ME brokerage and BoA checking account by phone, to help facilitate the move; and do I need to notify Vanguard? (I will be keeping an IRA with them.)
2) My brokerage has DRIP. Should I do something with that first?
3) Also, my brokerage was created June 1st of this year. (When ME was not offering bonuses.) This will be my first tax year with a brokerage, and I am already apprehensive of the additional taxes that I'll have with Vanguard alone. Adding a move to ME will add new wrinkles.

Again, I am keen to get in to Preferred Rewards, but don't need to be in tomorrow. What homework and preparation should I be doing to make the move as efficient as possible?

Thank you.
User avatar
Chip Munk
Posts: 257
Joined: Fri Feb 22, 2019 4:01 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Chip Munk »

anon_investor wrote: Mon Nov 29, 2021 7:11 am For the Customized Cash Rewards Visa (referred to in the thread by many as CCR), you can get 5.25% cash back (after the boost) on online purchases if you select that catagory. There is no "rotating catagory", instead you get to pick your category which can stay the same indefinitely (you can only change it once a calendar month, but you don't have to). You get 3.5% cash back (once boosted) at wholesale clubs and grocery stories, and don't need to select those categories. But there is a $2.5k quarterly cap on the 3.5%/5.25% cash back earning (it reverts back to 1.75% cash back, once boosted, after you hit the cap). Non-category spending is also only 1.75% cash back (once boosted), which is why you will want a second card that is 2.62% cash back (once boosted).

https://www.bankofamerica.com/credit-ca ... edit-card/
Is there an easy way to determine how much of that $2.5k quarterly cap you have already used? I've looked around my account and can't find any place where it provides this information directly. I could add up all my online, grocery and warehouse transactions so far this quarter but before I do that, I thought I'd ask if this information is already available somewhere and I just haven't found it yet.
Post Reply