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
User avatar
sarabayo
Posts: 707
Joined: Fri Jun 29, 2018 6:59 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

silvergga wrote: Fri Apr 22, 2022 2:30 pm Anyone tried to pay the IRS with the preferred rewards cards? Does it qualify for "online" and the 5.25% cashback?

https://www.irs.gov/payments/pay-your-t ... redit-card
If you scroll up a bit in this thread, people were discussing a workaround where you use your BoA card to buy $500 Simon Mall virtual Visa debit gift cards online, and then pay your taxes with those. It works out to about 4% cash back after factoring in Simon's fee and the IRS third party payment processor's fee.
spammagnet
Posts: 1861
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

FYI, while the Premium Rewards card lists campgrounds as being eligible for the 2% travel category, government-operated parks are not recorded as campgrounds. They're "government services". I changed a CCR card to be Premium Rewards in anticipation of capturing a lot of expenses on an upcoming long trip. Unfortunately, it doesn't qualify.
tj
Posts: 6006
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

spammagnet wrote: Sun Apr 24, 2022 9:07 am FYI, while the Premium Rewards card lists campgrounds as being eligible for the 2% travel category, government-operated parks are not recorded as campgrounds. They're "government services". I changed a CCR card to be Premium Rewards in anticipation of capturing a lot of expenses on an upcoming long trip. Unfortunately, it doesn't qualify.
Why would you use the CCR card? The premium rewards gives you more cashback on generic purchase.
spammagnet
Posts: 1861
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

tj wrote: Sun Apr 24, 2022 9:36 am
spammagnet wrote: Sun Apr 24, 2022 9:07 am FYI, while the Premium Rewards card lists campgrounds as being eligible for the 2% travel category, government-operated parks are not recorded as campgrounds. They're "government services". I changed a CCR card to be Premium Rewards in anticipation of capturing a lot of expenses on an upcoming long trip. Unfortunately, it doesn't qualify.
Why would you use the CCR card? The premium rewards gives you more cashback on generic purchase.
I didn't. I had a CCR and had it converted to Premium Rewards before making the reservations, with the expectations of getting unlimited 2%. I know I could have selected travel as a 3% category but expect to pay more than $2,500 in reservations.
tj
Posts: 6006
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

spammagnet wrote: Sun Apr 24, 2022 12:17 pm
tj wrote: Sun Apr 24, 2022 9:36 am
spammagnet wrote: Sun Apr 24, 2022 9:07 am FYI, while the Premium Rewards card lists campgrounds as being eligible for the 2% travel category, government-operated parks are not recorded as campgrounds. They're "government services". I changed a CCR card to be Premium Rewards in anticipation of capturing a lot of expenses on an upcoming long trip. Unfortunately, it doesn't qualify.
Why would you use the CCR card? The premium rewards gives you more cashback on generic purchase.
I didn't. I had a CCR and had it converted to Premium Rewards before making the reservations, with the expectations of getting unlimited 2%. I know I could have selected travel as a 3% category but expect to pay more than $2,500 in reservations.
You don't have any other 2% cards?
spammagnet
Posts: 1861
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

tj wrote: Sun Apr 24, 2022 12:19 pm You don't have any other 2% cards?
The point of my post was that camping in state parks does not qualify as "campgrounds". That is all.
sailaway
Posts: 5115
Joined: Fri May 12, 2017 1:11 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

spammagnet wrote: Sun Apr 24, 2022 1:02 pm
tj wrote: Sun Apr 24, 2022 12:19 pm You don't have any other 2% cards?
The point of my post was that camping in state parks does not qualify as "campgrounds". That is all.
While some things are hit or miss (why is the food bank coded as "education"?), I would think this obviously falls under the category of government service/ fees.
tj
Posts: 6006
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

sailaway wrote: Sun Apr 24, 2022 1:06 pm
spammagnet wrote: Sun Apr 24, 2022 1:02 pm
tj wrote: Sun Apr 24, 2022 12:19 pm You don't have any other 2% cards?
The point of my post was that camping in state parks does not qualify as "campgrounds". That is all.
While some things are hit or miss (why is the food bank coded as "education"?), I would think this obviously falls under the category of government service/ fees.
On the flip side, my HOA fees seem to get coded as some type of travel. I used my premium rewards for the 2.625%, but it ended up being higher because it got coded for travel.
sailaway
Posts: 5115
Joined: Fri May 12, 2017 1:11 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

tj wrote: Sun Apr 24, 2022 1:21 pm
sailaway wrote: Sun Apr 24, 2022 1:06 pm
spammagnet wrote: Sun Apr 24, 2022 1:02 pm
tj wrote: Sun Apr 24, 2022 12:19 pm You don't have any other 2% cards?
The point of my post was that camping in state parks does not qualify as "campgrounds". That is all.
While some things are hit or miss (why is the food bank coded as "education"?), I would think this obviously falls under the category of government service/ fees.
On the flip side, my HOA fees seem to get coded as some type of travel. I used my premium rewards for the 2.625%, but it ended up being higher because it got coded for travel.
That is hilarious! Are you in a resort area or is this just one of those someone typed in a random number things? We used to have a grocery store that was miscoded.
Last edited by sailaway on Sun Apr 24, 2022 3:04 pm, edited 1 time in total.
tj
Posts: 6006
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

sailaway wrote: Sun Apr 24, 2022 2:17 pm
tj wrote: Sun Apr 24, 2022 1:21 pm
sailaway wrote: Sun Apr 24, 2022 1:06 pm
spammagnet wrote: Sun Apr 24, 2022 1:02 pm
tj wrote: Sun Apr 24, 2022 12:19 pm You don't have any other 2% cards?
The point of my post was that camping in state parks does not qualify as "campgrounds". That is all.
While some things are hit or miss (why is the food bank coded as "education"?), I would think this obviously falls under the category of government service/ fees.
On the flip side, my HOA fees seem to get coded as some type of travel. I used my premium rewards for the 2.625%, but it ended up being higher because it got coded for travel.
That is hilarious! Are you in a resort area or is this just one of those someone typed in a random number things? We used to have a grocery store that was coded as general merchandise.
Not in a resort area. The year end summary seemed to have to put it in the "services" category. The monthly statement from that month does show that travel points were earned, but the transaction is too old too know what the individual transaction data said.
User avatar
dual
Posts: 941
Joined: Mon Feb 26, 2007 7:02 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.

The CSR said it would take 2 to 4 weeks to receive my new card.
She also said it would take one to two weeks for the account to appear on my online BofA account.

Is that the experience of others?
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.

The CSR said it would take 2 to 4 weeks to receive my new card.
She also said it would take one to two weeks for the account to appear on my online BofA account.

Is that the experience of others?
Going from a BankAmericard (which previously was a MBNA Platinum Plus) to a CCR took about that time for me. I called maybe 10 days in because I hadn’t seen it online and was told I wouldn’t see it changed online until they are mailing the card, which took about 3 weeks from when I was “approved” for the product change.
User avatar
dual
Posts: 941
Joined: Mon Feb 26, 2007 7:02 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

BrandonBogle wrote: Mon Apr 25, 2022 4:32 pm

Going from a BankAmericard (which previously was a MBNA Platinum Plus) to a CCR took about that time for me. I called maybe 10 days in because I hadn’t seen it online and was told I wouldn’t see it changed online until they are mailing the card, which took about 3 weeks from when I was “approved” for the product change.
Thanks for the info. It will be interesting to see what happens since I have a balance due on the premier rewards card that I’m converting.

Did the listing for your previous card remain on the Bank of America website during the transfer?

Mine still shows so I think I will make a payment now to bring the balance to zero.
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

dual wrote: Mon Apr 25, 2022 4:44 pm
BrandonBogle wrote: Mon Apr 25, 2022 4:32 pm

Going from a BankAmericard (which previously was a MBNA Platinum Plus) to a CCR took about that time for me. I called maybe 10 days in because I hadn’t seen it online and was told I wouldn’t see it changed online until they are mailing the card, which took about 3 weeks from when I was “approved” for the product change.
Thanks for the info. It will be interesting to see what happens since I have a balance due on the premier rewards card that I’m converting.

Did the listing for your previous card remain on the Bank of America website during the transfer?

Mine still shows so I think I will make a payment now to bring the balance to zero.
Yes. Mine stayed the entire time. I should note that my card number didn’t change, so everything flowed through without issue and simple became rebranded with the new rewards program.
MisterBill
Posts: 916
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

BrandonBogle wrote: Mon Apr 25, 2022 4:50 pm Yes. Mine stayed the entire time. I should note that my card number didn’t change, so everything flowed through without issue and simple became rebranded with the new rewards program.
Yes, this is the way it works. Nothing disappears or reappears, the name just changes at some point. Not sure why this would even be considered an issue.
walkindude
Posts: 121
Joined: Wed Nov 11, 2015 4:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by walkindude »

tj wrote: Sun Apr 24, 2022 1:21 pm On the flip side, my HOA fees seem to get coded as some type of travel. I used my premium rewards for the 2.625%, but it ended up being higher because it got coded for travel.
Yes, it could pay to make sure. I paid my rent for a year (in between houses) and expected to only get 2.625% on the PR, but it coded as travel and I got the 3.5%. A coup!
User avatar
dual
Posts: 941
Joined: Mon Feb 26, 2007 7:02 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

MisterBill wrote: Tue Apr 26, 2022 2:06 am
BrandonBogle wrote: Mon Apr 25, 2022 4:50 pm Yes. Mine stayed the entire time. I should note that my card number didn’t change, so everything flowed through without issue and simple became rebranded with the new rewards program.
Yes, this is the way it works. Nothing disappears or reappears, the name just changes at some point. Not sure why this would even be considered an issue.
When I requested to convert my card the CSR read a disclaimer that said that they do not guarantee the same account number and expiration date. Also that they do not guarantee that earned rewards on the old card will transfer to the new card.
MisterBill
Posts: 916
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

walkindude wrote: Tue Apr 26, 2022 3:30 pm
tj wrote: Sun Apr 24, 2022 1:21 pm On the flip side, my HOA fees seem to get coded as some type of travel. I used my premium rewards for the 2.625%, but it ended up being higher because it got coded for travel.
Yes, it could pay to make sure. I paid my rent for a year (in between houses) and expected to only get 2.625% on the PR, but it coded as travel and I got the 3.5%. A coup!
As I posted earlier, this codes as travel for the Cash Rewards card, so it makes sense that it also codes that way for PR.

6513 Real Estate Agents and Managers
spammagnet
Posts: 1861
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

dual wrote: Tue Apr 26, 2022 3:59 pm
MisterBill wrote: Tue Apr 26, 2022 2:06 am
BrandonBogle wrote: Mon Apr 25, 2022 4:50 pm Yes. Mine stayed the entire time. I should note that my card number didn’t change, so everything flowed through without issue and simple became rebranded with the new rewards program.
Yes, this is the way it works. Nothing disappears or reappears, the name just changes at some point. Not sure why this would even be considered an issue.
When I requested to convert my card the CSR read a disclaimer that said that they do not guarantee the same account number and expiration date. Also that they do not guarantee that earned rewards on the old card will transfer to the new card.
The same was read to me. It didn't happen. Previously earned rewards transferred without error. The account number didn't change, nor did the expiration date or code. The only things that did change were the rewards rate on subsequent transactions, and the front design on the new card.
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

dual wrote: Tue Apr 26, 2022 3:59 pm
MisterBill wrote: Tue Apr 26, 2022 2:06 am
BrandonBogle wrote: Mon Apr 25, 2022 4:50 pm Yes. Mine stayed the entire time. I should note that my card number didn’t change, so everything flowed through without issue and simple became rebranded with the new rewards program.
Yes, this is the way it works. Nothing disappears or reappears, the name just changes at some point. Not sure why this would even be considered an issue.
When I requested to convert my card the CSR read a disclaimer that said that they do not guarantee the same account number and expiration date. Also that they do not guarantee that earned rewards on the old card will transfer to the new card.
As they should since there could be reasons this doesn’t can’t be preserved. Another bank, but for instance I had Chase convert a Freedom Unlimited to a Freedom Flex. This also meant I changed from a Visa Signature to a World MC since the Flex isn’t offered (or wasn’t at that time) as a Visa. I would expect to have a boilerplate disclaimer for such a scenario as well.
User avatar
dual
Posts: 941
Joined: Mon Feb 26, 2007 7:02 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

Update on my experience converting my card to unlimited cash rewards. I called to convert about April 25 2022. As of May 3, the BofA website lists my card type as UCR. Nothing else seems to have changed. The balance on the card and rewards all have transferred. I have not received the new physical card but I have used the old card information for online purchases where I need to enter the Card number, expiration date, and CVV and it has been accepted. I have not tried to use the old physical card at a brick and mortar store.

This seems to parallel the experience of others here but I still think it is a good idea to wait to convert until after the end of the statement period and collecting all the accrued rewards to my checking account.
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

dual wrote: Fri May 06, 2022 10:28 am Update on my experience converting my card to unlimited cash rewards. I called to convert about April 25 2022. As of May 3, the BofA website lists my card type as UCR. Nothing else seems to have changed. The balance on the card and rewards all have transferred. I have not received the new physical card but I have used the old card information for online purchases where I need to enter the Card number, expiration date, and CVV and it has been accepted. I have not tried to use the old physical card at a brick and mortar store.

This seems to parallel the experience of others here but I still think it is a good idea to wait to convert until after the end of the statement period and collecting all the accrued rewards to my checking account.
Glitches happen and it is best to avoid the chance of having to deal with them with only a little patience. I’ve made a similar statement many times about idiot jaywalkers. Two weeks ago I had to slam the breaks for a teenager or so looking at his cell phone and stepping on the street with a 45 mph limit. Sure, I’d likely get cited for hitting a pedestrian even if he came out with only 2-3 car lengths of space between us, but he’s the ones that has to deal with the anguish of the injuries. :oops:
w5000
Posts: 119
Joined: Mon Feb 10, 2020 9:33 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by w5000 »

dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.
exarkun
Posts: 76
Joined: Fri May 19, 2017 12:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exarkun »

spammagnet wrote: Thu Feb 03, 2022 10:17 am
danaht wrote: Thu Feb 03, 2022 9:31 am
exarkun wrote: Fri Jan 14, 2022 9:59 pmI made a gas purchase at sams with the app on Jan 9 and it received 5% on my CCR set as online. In the app I have my paypal key (which currently points to the CCR) set as the payment method.

BASE: PAYPAL *SAMS CLUB
CATEGORY BONUS: for online shopping purchase
RELATIONSHIP BONUS: Preferred Rewards - 75% Bonus
Thanks. I guess I need to start using my Paypal account with Sams Club to start getting the online rewards category again.
I find no way to use Paypal directly in the Sam's Club app. Note that exarkun used a Paypal key, which would be entered as a regular credit card.
Since paypal key has been discontinued, I'ved tested out using my CCR in the sam's club app. Every purchase of gas so far has received 5.25% in rewards. So paypal key, at least for me, was not the secret.
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

w5000 wrote: Tue May 10, 2022 8:06 am
dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.
One potential reason is BoA has limits to how many cards in can get in a certain time period. You may not be able to apply (and get approved) for a new card acct. vs. converting the existing one.

Another case, which was the one for me, is a card that has been sock drawered for years as it was opened in 2003. It still basically sits sock drawered for most of the year, but now is an extra CCR for when I need it. As I wouldn’t close the 2003 card, this let it be more useful to me.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Tue May 10, 2022 4:36 pm
w5000 wrote: Tue May 10, 2022 8:06 am
dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.

One potential reason is BoA has limits to how many cards in can get in a certain time period. You may not be able to apply (and get approved) for a new card acct. vs. converting the existing one.

Another case, which was the one for me, is a card that has been sock drawered for years as it was opened in 2003. It still basically sits sock drawered for most of the year, but now is an extra CCR for when I need it. As I wouldn’t close the 2003 card, this let it be more useful to me.
Is there a limit to how many CCs BoA will let you have?
MisterBill
Posts: 916
Joined: Thu Dec 24, 2015 3:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

w5000 wrote: Tue May 10, 2022 8:06 am
dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.
Can't speak for the poster, but for those who watch our hard pulls and new cards, $200 is on the low end of a worthwhile application.
User avatar
BrandonBogle
Posts: 4365
Joined: Mon Jan 28, 2013 11:19 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Tue May 10, 2022 5:44 pm
BrandonBogle wrote: Tue May 10, 2022 4:36 pm
w5000 wrote: Tue May 10, 2022 8:06 am
dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.

One potential reason is BoA has limits to how many cards in can get in a certain time period. You may not be able to apply (and get approved) for a new card acct. vs. converting the existing one.

Another case, which was the one for me, is a card that has been sock drawered for years as it was opened in 2003. It still basically sits sock drawered for most of the year, but now is an extra CCR for when I need it. As I wouldn’t close the 2003 card, this let it be more useful to me.
Is there a limit to how many CCs BoA will let you have?
https://www.doctorofcredit.com/httpswww ... ta-points/
they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Tue May 10, 2022 11:56 pm
anon_investor wrote: Tue May 10, 2022 5:44 pm
BrandonBogle wrote: Tue May 10, 2022 4:36 pm
w5000 wrote: Tue May 10, 2022 8:06 am
dual wrote: Mon Apr 25, 2022 3:38 pm I just converted my premier rewards card to ultimate cash rewards. I’m interested in others experience with the transfer.
I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.

One potential reason is BoA has limits to how many cards in can get in a certain time period. You may not be able to apply (and get approved) for a new card acct. vs. converting the existing one.

Another case, which was the one for me, is a card that has been sock drawered for years as it was opened in 2003. It still basically sits sock drawered for most of the year, but now is an extra CCR for when I need it. As I wouldn’t close the 2003 card, this let it be more useful to me.
Is there a limit to how many CCs BoA will let you have?
https://www.doctorofcredit.com/httpswww ... ta-points/
they’ll only approve you for at most two cards per rolling 2 months, three cards per rolling 12 months, and four cards per rolling 24 months.
So I can apply for my 4th card 12 months after I applied for my 3rd card?
richard.h.gao
Posts: 295
Joined: Tue Jan 18, 2022 12:34 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by richard.h.gao »

tonsofthorns wrote: Tue Nov 04, 2014 12:14 am Another thing that I came across on my Merrill Edge (ME) account. If you liquidate a position and you have fractional shares left, ME will only liquidate any fractional shares once a month. Example: you sell a fund that has 10.47 shares, you can only sell 10 shares. Near the end of the month ME sells the fractional shares automatically, you have no control over it. Minor issue.
So you can never own a fractional share (beyond a month)?
User avatar
dual
Posts: 941
Joined: Mon Feb 26, 2007 7:02 pm

Post by dual »

I'm curious: why convert? If you opened a new CCR/UCR card, wouldn't you be eligible for the $200 bonus with $1K spend w/in 90 days? You could then cancel your PR card if you don't want to continue paying the annual fee.
That is a good point and I consider doing that but there are two problems for me. The first is that I have a large credit limit with my premier rewards card that is important to me since I use it to pay taxes. if I open a new card I will probably get a lower limit. Another is that the annual fee with my card is charged in May and I wanted to be sure that I avoided that. yes, I could've call them and tried to get them to transfer the credit limit to the new card and if the bonus had been larger I might have gone with it. Just not worth the hassle.
SnowBog
Posts: 3094
Joined: Fri Dec 21, 2018 11:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SnowBog »

richard.h.gao wrote: Fri May 13, 2022 5:16 pm
tonsofthorns wrote: Tue Nov 04, 2014 12:14 am Another thing that I came across on my Merrill Edge (ME) account. If you liquidate a position and you have fractional shares left, ME will only liquidate any fractional shares once a month. Example: you sell a fund that has 10.47 shares, you can only sell 10 shares. Near the end of the month ME sells the fractional shares automatically, you have no control over it. Minor issue.
So you can never own a fractional share (beyond a month)?
That's not how I read this...

Per the example above, you can hold 10.47 shares for as long as you want.

But let's say you decide to sell all 10.47 shares... Sounds like 10 shares will be sold when you want. But sounds like you have no control over when and thus at what price, those 0.47 shares would be sold. ME will sell them sometime over the next month...

For contrast, Fidelity does a daily sweep. The 0.47 are still sold later as a separate transaction, and on a market order likely as a separate price. But they sell them the same day at least.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

SnowBog wrote: Fri May 13, 2022 6:17 pm
richard.h.gao wrote: Fri May 13, 2022 5:16 pm
tonsofthorns wrote: Tue Nov 04, 2014 12:14 am Another thing that I came across on my Merrill Edge (ME) account. If you liquidate a position and you have fractional shares left, ME will only liquidate any fractional shares once a month. Example: you sell a fund that has 10.47 shares, you can only sell 10 shares. Near the end of the month ME sells the fractional shares automatically, you have no control over it. Minor issue.
So you can never own a fractional share (beyond a month)?
That's not how I read this...

Per the example above, you can hold 10.47 shares for as long as you want.

But let's say you decide to sell all 10.47 shares... Sounds like 10 shares will be sold when you want. But sounds like you have no control over when and thus at what price, those 0.47 shares would be sold. ME will sell them sometime over the next month...

For contrast, Fidelity does a daily sweep. The 0.47 are still sold later as a separate transaction, and on a market order likely as a separate price. But they sell them the same day at least.
That is exactly how ME does it.
richard.h.gao
Posts: 295
Joined: Tue Jan 18, 2022 12:34 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by richard.h.gao »

SnowBog wrote: Fri May 13, 2022 6:17 pm
richard.h.gao wrote: Fri May 13, 2022 5:16 pm
tonsofthorns wrote: Tue Nov 04, 2014 12:14 am Another thing that I came across on my Merrill Edge (ME) account. If you liquidate a position and you have fractional shares left, ME will only liquidate any fractional shares once a month. Example: you sell a fund that has 10.47 shares, you can only sell 10 shares. Near the end of the month ME sells the fractional shares automatically, you have no control over it. Minor issue.
So you can never own a fractional share (beyond a month)?
That's not how I read this...

Per the example above, you can hold 10.47 shares for as long as you want.

But let's say you decide to sell all 10.47 shares... Sounds like 10 shares will be sold when you want. But sounds like you have no control over when and thus at what price, those 0.47 shares would be sold. ME will sell them sometime over the next month...

For contrast, Fidelity does a daily sweep. The 0.47 are still sold later as a separate transaction, and on a market order likely as a separate price. But they sell them the same day at least.
What if I don't want to sell 0.47 shares and instead keep them? Or what if I only had 0.47 shares to begin with?
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

richard.h.gao wrote: Fri May 13, 2022 6:26 pm
SnowBog wrote: Fri May 13, 2022 6:17 pm
richard.h.gao wrote: Fri May 13, 2022 5:16 pm
tonsofthorns wrote: Tue Nov 04, 2014 12:14 am Another thing that I came across on my Merrill Edge (ME) account. If you liquidate a position and you have fractional shares left, ME will only liquidate any fractional shares once a month. Example: you sell a fund that has 10.47 shares, you can only sell 10 shares. Near the end of the month ME sells the fractional shares automatically, you have no control over it. Minor issue.
So you can never own a fractional share (beyond a month)?
That's not how I read this...

Per the example above, you can hold 10.47 shares for as long as you want.

But let's say you decide to sell all 10.47 shares... Sounds like 10 shares will be sold when you want. But sounds like you have no control over when and thus at what price, those 0.47 shares would be sold. ME will sell them sometime over the next month...

For contrast, Fidelity does a daily sweep. The 0.47 are still sold later as a separate transaction, and on a market order likely as a separate price. But they sell them the same day at least.
What if I don't want to sell 0.47 shares and instead keep them? Or what if I only had 0.47 shares to begin with?
Impossible at ME. You must have at least 1 share or they will liquidate your position.
richard.h.gao
Posts: 295
Joined: Tue Jan 18, 2022 12:34 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by richard.h.gao »

anon_investor wrote: Fri May 13, 2022 6:34 pm
richard.h.gao wrote: Fri May 13, 2022 6:26 pm What if I don't want to sell 0.47 shares and instead keep them? Or what if I only had 0.47 shares to begin with?
Impossible at ME. You must have at least 1 share or they will liquidate your position.
Ok thanks, that makes it easy.
Bdouvs
Posts: 34
Joined: Sat Jul 27, 2019 7:04 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Bdouvs »

Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
impatientInv
Posts: 230
Joined: Fri Sep 03, 2021 1:26 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by impatientInv »

Bdouvs wrote: Sat May 21, 2022 7:17 pm Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
Something initiated by risk/account closure department. More info in the link.


https://www.reddit.com/r/Banking/commen ... nt_without
VTI, VXUS... No individual stocks.
User avatar
dodecahedron
Posts: 6248
Joined: Tue Nov 12, 2013 12:28 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dodecahedron »

impatientInv wrote: Sat May 21, 2022 7:54 pm
Bdouvs wrote: Sat May 21, 2022 7:17 pm Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
Something initiated by risk/account closure department. Useful info in the link.


https://www.reddit.com/r/Banking/commen ... nt_without
Bdouvs also posted in the reddit thread linked above, and mentioned that their BoA checking account was a really token one with a de minimis balance of around $50 with minimal activity, thus quite unprofitable for BoA.

Edited to add: I do understand Bdouv's disappointment over the loss of the very good credit card rewards but the inconvenience could be a lot worse for others.

I would be quite annoyed if BoA did this to me, since I have two BoA checking accounts with bill pay set up on both (one is my personal checking with my bills and one is joint with my elderly mother in another state, who wants me to be able to monitor that her bills are getting paid properly) and both of us have multiple monthly direct deposits in our accounts.
impatientInv
Posts: 230
Joined: Fri Sep 03, 2021 1:26 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by impatientInv »

I guess they want BofA to be primary checking account with direct deposit and lots of transactions. Good to know. Merrill Edge maynot be as profitable as before with free trades and low cost ETFs from other institutions.

Is 2.625% is the highest unlimited cash bonus? 1.5% +75% bumpup is good.
VTI, VXUS... No individual stocks.
Marseille07
Posts: 9396
Joined: Fri Nov 06, 2020 1:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

How concerned do we need to be? My usage is kind of similar, I "generate" activities by transferring cashback $ to checking but I can't say I have tons of activities there.

EDIT: I just scheduled an ACH to fund my checking above $100. I guess the "Low Balance" alert needs to be taken seriously.
85% US + FM | 15% Cash
placeholder
Posts: 5428
Joined: Tue Aug 06, 2013 12:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Definitely a bit disconcerting as I opened and funded the checking account with $25 for the preferred rewards quite a while back so I guess I could start transferring money to that to use for paying the credit cards.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Bdouvs wrote: Sat May 21, 2022 7:17 pm Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
How were you using your BoA CCs and checking?
Bdouvs
Posts: 34
Joined: Sat Jul 27, 2019 7:04 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Bdouvs »

anon_investor wrote: Sun May 22, 2022 6:57 am
Bdouvs wrote: Sat May 21, 2022 7:17 pm Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
How were you using your BoA CCs and checking?
I would use the cash card CC mainly for online purchases to get the 5.25% and the preferred CC for everything else to get the 2.625%.

I would redeem cash back as a statement credit each month. I also used the TSA credit and purchased a $100 American Airlines gift card to cover the $100 airline incidental credit.

The checking account was only opened because it was required by BOA to be in the honors program. I had a monthly Zelle transaction of $80 going in and transferred out each month. Average daily balance was around $50. I didn't not make any other payments or check writing from the checking account.

Hopefully this info helps everyone avoid what happened to me.
FedGuy
Posts: 1450
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

That's very weird, Bdouvs. I do pretty much the same thing, except that I have two Customized Cash Rewards (one that I use primarily for online shopping, the other for restaurants). I keep about $100 in my checking account. I also have a savings account that holds five figures, and have my paycheck directly deposited into that savings account. I have my mortgage and HOA fee deducted directly from my savings account. Like you, I redeem all the cash back as a statement credit (to my savings account) monthly. My accounts with BoA are only about a year old, and I'm only about six months into PH status, but I haven't had any issues yet.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Bdouvs wrote: Sun May 22, 2022 9:15 am
anon_investor wrote: Sun May 22, 2022 6:57 am
Bdouvs wrote: Sat May 21, 2022 7:17 pm Anyone have this happen to them?

I am a preferred rewards customer with over 100k at Merrill. A few days ago I was informed that BOFA made a "Business Decision" to close my accounts ( 2 CC, 1 Checking).

They did not touch my Merrill account but I'm iniating a transfer out of Merrill because of this Business Decision.

Credit score close to 800, pay full statement balance always. Did not churn credit cards.

I'm pretty disappointed because I can't find a better CC reward program than BOFA.

Thank you
How were you using your BoA CCs and checking?
I would use the cash card CC mainly for online purchases to get the 5.25% and the preferred CC for everything else to get the 2.625%.

I would redeem cash back as a statement credit each month. I also used the TSA credit and purchased a $100 American Airlines gift card to cover the $100 airline incidental credit.

The checking account was only opened because it was required by BOA to be in the honors program. I had a monthly Zelle transaction of $80 going in and transferred out each month. Average daily balance was around $50. I didn't not make any other payments or check writing from the checking account.

Hopefully this info helps everyone avoid what happened to me.
How long did you have the accounts. So you were depositing and withdrawing exactly $80 each month? Maybe they thought that was suspicious.

I normally only keep $10 in my BoA checking, but I deposit all of my BoA CC cash back into my BoA check and then either transfer it to ME or Fido to buy ETFs (though not always right away, so there usually is some random $ amount in my BoA checking (though sub $200) for at least a few days each month.

Every few months I may also make a random deposit/debit from PayPal or Venmo. But not using it to pay bills or CC payments.

I do buy a ton each month (big family and I can charge my utilities) on my BoA CCs.

Maybe I should keep a tiny bit more money in my BoA checking to pay smaller CC bills from now on just to be safe.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FedGuy wrote: Sun May 22, 2022 9:22 am That's very weird, Bdouvs. I do pretty much the same thing, except that I have two Customized Cash Rewards (one that I use primarily for online shopping, the other for restaurants). I keep about $100 in my checking account. I also have a savings account that holds five figures, and have my paycheck directly deposited into that savings account. I have my mortgage and HOA fee deducted directly from my savings account. Like you, I redeem all the cash back as a statement credit (to my savings account) monthly. My accounts with BoA are only about a year old, and I'm only about six months into PH status, but I haven't had any issues yet.
It sounds like you are actually using your BoA bank account though. Keeping 5 figures in the bank means they are making some $ off you, versus someone who only keeps $25.
User avatar
jeffyscott
Posts: 10885
Joined: Tue Feb 27, 2007 9:12 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

FedGuy wrote: Sun May 22, 2022 9:22 amMy accounts with BoA are only about a year old, and I'm only about six months into PH status, but I haven't had any issues yet.
Perhaps they are going be firing their free-loader customers after some period of time?

I haven't gotten into this program yet, but have been considering doing so. I guess if I get a bonus for moving assets in and a bonus for opening a checking account and then also get $200-300 per year in extra credit card rebates, it's probably still worth doing even if it only lasts a couple years. If it ends, I would just move the assets to my preferred brokerage and probably get another bonus in the process.

In the meantime, I am getting the Citi card that will give us 5% on groceries. We don't do that much online shopping (aside from grocery pick-up orders), so the main added benefit of PR would be getting 3.5% (or 5.25%) at Costco and 2.65% on things that we currently get 2% on.
The two greatest enemies of the equity fund investor are expenses and emotions. ― John C. Bogle
FedGuy
Posts: 1450
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

anon_investor wrote: Sun May 22, 2022 9:32 amIt sounds like you are actually using your BoA bank account though. Keeping 5 figures in the bank means they are making some $ off you, versus someone who only keeps $25.
Sure, but Bdouvs keeps over $100,000 at Merrill. The point of the program is to encourage people to keep substantial assets at BoA and Merrill. It feels like a stupid decision for BoA/Merrill to close his accounts because he's chosen to keep his money at Merrill instead of BoA, when money at either is supposed to count towards your status.
User avatar
anon_investor
Posts: 11254
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FedGuy wrote: Sun May 22, 2022 9:42 am
anon_investor wrote: Sun May 22, 2022 9:32 amIt sounds like you are actually using your BoA bank account though. Keeping 5 figures in the bank means they are making some $ off you, versus someone who only keeps $25.
Sure, but Bdouvs keeps over $100,000 at Merrill. The point of the program is to encourage people to keep substantial assets at BoA and Merrill. It feels like a stupid decision for BoA/Merrill to close his accounts because he's chosen to keep his money at Merrill instead of BoA, when money at either is supposed to count towards your status.
I think ME and BoA are still some what separate (or act that way), which is why the ME account didn't get closed.
Post Reply