Bank of America/Merrill Edge - Preferred Rewards

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

Post by MikeG62 »

deltaneutral83 wrote: Fri Jun 17, 2022 8:33 am
atdharris wrote: Fri Jun 17, 2022 8:27 am
anon_investor wrote: Fri Jun 17, 2022 6:22 am
MikeG62 wrote: Fri Jun 17, 2022 6:15 am I'd direct one more frustration - this one piling on a bit to the Merrill Edge complaints immediately above.

I can find no money market fund at ME for excess cash providing any yield (at least not any other than one or two that require an initial investment above $100,000 - and who wants $100,000 in a MM fund earning 40bps these days anyway). Add on to that, ME's default for a cash is a deposit account (not a MM account) with a zero yield.

The bottom line is that if not for the BofA premium rewards card, I would not have an account at ME. Fidelity crushes them every which way imaginable.
If the 75% boost to CC cash back was eliminated, most of us would likely leave ME/BoA.
That's probably true for a lot of people. I'd move to Schwab or somewhere like that if BoA eliminated the credit card boosters. I thought about moving my checking there anyway but I like being able to move money instantly from BoA to Merrill if I need to.
Assuming you keep the required amount in a self directed Merrill investment account, why would one keep more than $1 in the required checking account? Who cares what the yield is?
Yup that is true. But if you need to top off the ME account balance to maintain the $100,000 minimum, then you might care. And if you hold an IRA at ME to meet the minimum it's not so easy to just to move some more funds in. Much easier to move some money into my otherwise dormant taxable brokerage account at ME.

This would not be an issue, but for the recent new lows from the market swoon.

I solved it (at least for now) by purchasing a small T-Bill (6-month yield of around 2.40%).
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Gadget
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Gadget »

danaht wrote: Fri Jun 17, 2022 5:11 pm Is there an easy way to determine if you are over the $2500 category bonus reward limit for the customized cash back credit cards? The only way for me to check right now seems to be at the "Rewards" tab - you start getting messages like "Combined purchases for bonus exceeds the quarterly max of $2,500". But you might not catch this until 10 days later. Is there a better approach that fellow boggleheads use to make sure they don't go above the $2500 quarterly limit on one card?
There is no easy way I'm aware of. I'm pretty sure they don't want to make it easy on us.

I attempt to spend only in the bonus category on all the 5% cards. That way I can just add up the last 2 statement balances plus current for an estimate on how close I am to $2500 quarterly spending. But if the spouse forgets which card to use and mixes up the bonus spending, then yeah, it gets annoying to track. The only easy way is the message you say that says bonus exceeds quarterly max.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Gadget wrote: Fri Jun 17, 2022 7:26 pm
danaht wrote: Fri Jun 17, 2022 5:11 pm Is there an easy way to determine if you are over the $2500 category bonus reward limit for the customized cash back credit cards? The only way for me to check right now seems to be at the "Rewards" tab - you start getting messages like "Combined purchases for bonus exceeds the quarterly max of $2,500". But you might not catch this until 10 days later. Is there a better approach that fellow boggleheads use to make sure they don't go above the $2500 quarterly limit on one card?
There is no easy way I'm aware of. I'm pretty sure they don't want to make it easy on us.

I attempt to spend only in the bonus category on all the 5% cards. That way I can just add up the last 2 statement balances plus current for an estimate on how close I am to $2500 quarterly spending. But if the spouse forgets which card to use and mixes up the bonus spending, then yeah, it gets annoying to track. The only easy way is the message you say that says bonus exceeds quarterly max.
I just keep a spreadsheet and tally up purchases.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Gadget wrote: Fri Jun 17, 2022 7:26 pm I attempt to spend only in the bonus category on all the 5% cards.
We do this^^^^^ and just look at the balances and then stop using the card. Honestly, we typically hit the $2,500 in the first month and a half or so, and then to the sock drawer. This makes it easier to track since we always start the quarter with a zero balance.

We only run one of these and use it for dining.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Fri Jun 17, 2022 8:16 pm
Gadget wrote: Fri Jun 17, 2022 7:26 pm I attempt to spend only in the bonus category on all the 5% cards.
We do this^^^^^ and just look at the balances and then stop using the card. Honestly, we typically hit the $2,500 in the first month and a half or so, and then to the sock drawer. This makes it easier to track since we always start the quarter with a zero balance.

We only run one of these and use it for dining.
You spend $2.5k/mo on dinning out?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Depends, this past quarter we had a special family event so we took care of it in one shot. But generally, I would say 45 days, yes. Honestly, I have been thinking about giving up the card. It is only $175 a year benefit above the Premium card. We have an Amazon 5% card so not interested in using it for online shopping, The only other category that makes sense is gas, and we dont spend $2500 a quarter on gas. Well at least not yet :D
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

sailaway wrote: Fri Jun 17, 2022 11:52 am
Nyc10036 wrote: Fri Jun 17, 2022 11:18 am
dodecahedron wrote: Thu Jun 16, 2022 10:32 pm
Nyc10036 wrote: Thu Jun 16, 2022 10:07 pm I opened the self-directed brokeragea account.
I wasn't sure I did it correctly.
There was an unfunded Roth IRA created.
I wanted to undo the Roth IRA. No way to do that.

And secure messages are not available through the website.

Overall, I am not impressed.
I call 3 different toll free numbers for Merrill.
All had extremely long wait times.
I am sorry to hear about the long wait times but I am not sure what harm there is by just leaving an unfunded zero balance Roth IRA on the books at Merrill. I have zero balance tIRAs just sitting around at some of my other custodians. (They were conduit accounts that are no longer needed.)

Yes it is a little cluttered looking but why do you want to spend your time (and Merrill's) undoing it?
You can look at it as trivial.

But something this trivial also shows that getting help from Merrill Edge should something major happens is not trivial.
What if I mess up again with the website and need to correct the mistake?
I can't talk to a human unless I wait for an hour or so it appears.
Between us we have zero balance accounts at Vanguard, Fidelity and Etrade. Most, if not all, cannot actually be used, but there they sit in the account list. So I have no idea where you think you are going to run to.
I don't understand?

My frustration is about the inability to get a hold of someone at Merrill Edge should I need to.

I had long wait times with Citi . I decided not to bank with them.

.
mceagle555
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by mceagle555 »

I've read through the thread and believe I have everything figured out, but want to gut check with the larger group.

End goals:

1. Leverage BOA/Merrill to get 5.25% cashback on BOA Customized Cash Card
2. Capture $750 Merrill bonus offer by transferring $200k to self-directed ME - https://www.merrilledge.com/offers/me750

As I understand it, the steps I need to take, in order:

1. Open BOA customized cash card - Done
2. Open self-directed Merrill account
3. Open BOA checking account

Questions:

1. I have a 403b from an old job at Fidelity with ~$150k in low ER S&P500 fund. Can I roll this over to ME account to make up $150k of the $200k?
2. Can I then transfer the additional $50k from my Vanguard brokerage account to ME to makeup the remaining gap to get to $200k?
3. What would be an equivalent low ER S&P500 in ME?
4. Any sequencing concerns to eliminate unnecessary fees?
Gadget
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Gadget »

Not sure where the best place to post this is. The moral of the story is don't do what I did.

I have multiple BOA 5% cash back cards. They shipped me a new generic red one in the mail. So I shredded my old generic red cards and started using that one for gas.

I then noticed that none of my rewards were going to the right category. It turns out that they got rid of the World Wildlife (Eagle) card and replaced it with a generic red card. So I was charging the wrong category to the wrong cards. And I needed to reorder replacement cards for my generic red cards because I shredded what I thought were the expired cards.

Just thought I'd give others a heads up. Pay attention to the actual credit card number you get in the mail, not the image on the front. The images may be changing.
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dual
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

1. I have a 403b from an old job at Fidelity with ~$150k in low ER S&P500 fund. Can I roll this over to ME account to make up $150k of the $200k?
2. Can I then transfer the additional $50k from my Vanguard brokerage account to ME to makeup the remaining gap to get to $200k?
3. What would be an equivalent low ER S&P500 in ME?
I think you are better off transferring exchange traded funds than mutual funds. if your mutual fund is in a tax deferred account like your 403b, sell it and buy an equivalent ETF. then transfer the account.

Merrill Edge is not a good place for cash. I looked into it and they charge you for buying treasury securities at auction since you have to do a broker assisted buy. If you have a mutual fund at Vanguard, look into converting to an ETF and then transfer that to Merrill.

if you want to invest in the S&P 500 at Merrill, consider buying the VOO etf.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Gadget wrote: Tue Jun 21, 2022 4:40 pm Not sure where the best place to post this is. The moral of the story is don't do what I did.

I have multiple BOA 5% cash back cards. They shipped me a new generic red one in the mail. So I shredded my old generic red cards and started using that one for gas.

I then noticed that none of my rewards were going to the right category. It turns out that they got rid of the World Wildlife (Eagle) card and replaced it with a generic red card. So I was charging the wrong category to the wrong cards. And I needed to reorder replacement cards for my generic red cards because I shredded what I thought were the expired cards.

Just thought I'd give others a heads up. Pay attention to the actual credit card number you get in the mail, not the image on the front. The images may be changing.
Thanks for sharing. How many CCR cards do you have?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Gadget »

anon_investor wrote: Tue Jun 21, 2022 6:20 pm
Thanks for sharing. How many CCR cards do you have?
4
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

dual wrote: Tue Jun 21, 2022 6:17 pm
I think you are better off transferring exchange traded funds than mutual funds. if your mutual fund is in a tax deferred account like your 403b, sell it and buy an equivalent ETF. then transfer the account.

Merrill Edge is not a good place for cash. I looked into it and they charge you for buying treasury securities at auction since you have to do a broker assisted buy. If you have a mutual fund at Vanguard, look into converting to an ETF and then transfer that to Merrill.

if you want to invest in the S&P 500 at Merrill, consider buying the VOO etf.
I have bought Treasuries is the secondary market at Merrill Edge last month. Pricing was not "quite" as good as Fidelity, but it was plenty acceptable. So, if you want to buy Treasuries at ME, just buy them in the secondary market. No broker-assisted buys.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
There may be other sites that buy AA GCs.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

MikeG62 wrote: Wed Jun 22, 2022 2:50 pm I have bought Treasuries is the secondary market at Merrill Edge last month. Pricing was not "quite" as good as Fidelity, but it was plenty acceptable. So, if you want to buy Treasuries at ME, just buy them in the secondary market. No broker-assisted buys.
This, I check the quotes on ME to the Wall Street Journal rates page and it is "good enough" close. So I would not have any reservation doing this, if I needed to in order to make the $100k tier.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
Let me make sure I understand your question, are you asking if an apple hardware purchase triggers the lifestyle credit? If that is your question, I am still not sure, I have a PRE and bought a new machine for my wife, but returned it for the new M2. So the question is when does the credit hit, at purchase or at statement close. I am just not sure.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Lastrun wrote: Wed Jun 22, 2022 3:29 pm
atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
Let me make sure I understand your question, are you asking if an apple hardware purchase triggers the lifestyle credit? If that is your question, I am still not sure, I have a PRE and bought a new machine for my wife, but returned it for the new M2. So the question is when does the credit hit, at purchase or at statement close. I am just not sure.
I meant Apple subscriptions. I pay for Apple One each month (Music, Apple TV, cloud storage). If that is covered by the $120 credit, that would shave off the card's AF. I should probably just keep the PR card since I don't typically pay cash for flights and I know a big selling point of the PRE is 20% off airline tickets (although that is changing, I'm spending less on Amex and more on BoA cashback cards)
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

atdharris wrote: Wed Jun 22, 2022 3:32 pm I meant Apple subscriptions. I pay for Apple One each month (Music, Apple TV, cloud storage). If that is covered by the $120 credit, that would shave off the card's AF. I should probably just keep the PR card since I don't typically pay cash for flights and I know a big selling point of the PRE is 20% off airline tickets (although that is changing, I'm spending less on Amex and more on BoA cashback cards)
:oops: Of course, it is a lifestyle credit Ignore my ignorance.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anon_investor wrote: Wed Jun 22, 2022 3:08 pm
atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
There may be other sites that buy AA GCs.
I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

anon_investor wrote: Wed Jun 22, 2022 7:04 pm
anon_investor wrote: Wed Jun 22, 2022 3:08 pm
atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
There may be other sites that buy AA GCs.
I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

atdharris wrote: Thu Jun 23, 2022 8:36 am
anon_investor wrote: Wed Jun 22, 2022 7:04 pm
anon_investor wrote: Wed Jun 22, 2022 3:08 pm
atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
There may be other sites that buy AA GCs.
I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
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atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

jeffyscott wrote: Thu Jun 23, 2022 9:14 am
atdharris wrote: Thu Jun 23, 2022 8:36 am
anon_investor wrote: Wed Jun 22, 2022 7:04 pm
anon_investor wrote: Wed Jun 22, 2022 3:08 pm
atdharris wrote: Wed Jun 22, 2022 2:41 pm Does anyone have the Premium Elite card and does anyone know if Apple counts towards the lifestyle credits? I am considering applying for it for the bonus and try to convert my PR card to another CCR card. I noticed CardCash no longer buys AA gift cards, so I will need to find another way to redeem the travel incidental credit.
There may be other sites that buy AA GCs.
I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Thu Jun 23, 2022 9:28 am
jeffyscott wrote: Thu Jun 23, 2022 9:14 am
atdharris wrote: Thu Jun 23, 2022 8:36 am
anon_investor wrote: Wed Jun 22, 2022 7:04 pm
anon_investor wrote: Wed Jun 22, 2022 3:08 pm

There may be other sites that buy AA GCs.
I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
One travel forum mentioned United Travel Bank purchases qualifying for the credit. I am not familiar with that, is that like a GC?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
Am I seeing what I think I am seeing? Traditionally, Merrill Edge had one or two money market options for DIY investors, the rest were for ME guided, and the true ML clients. These were poor options. There used to be a footnote on the linked PDF above that indicated the funds available to self-directed ME investors. This forced ME investors out into short-term cash ETFs like, SHV, BIL, GSY, ICSH, etc. These were the typical BH recommendations.

If ME has 1.30-1.40% money available to the self-directed masses (Vanguard Federal MMA is 1.38% as of this post), this would be a game changer for those trying to cobble together $100,000 to reach the highest tier.
vaylie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

Lastrun wrote: Mon Jun 27, 2022 5:54 am
vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
Am I seeing what I think I am seeing? Traditionally, Merrill Edge had one or two money market options for DIY investors, the rest were for ME guided, and the true ML clients. These were poor options. There used to be a footnote on the linked PDF above that indicated the funds available to self-directed ME investors. This forced ME investors out into short-term cash ETFs like, SHV, BIL, GSY, ICSH, etc. These were the typical BH recommendations.

If ME has 1.30-1.40% money available to the self-directed masses (Vanguard Federal MMA is 1.38% as of this post), this would be a game changer for those trying to cobble together $100,000 to reach the highest tier.
Honestly, I haven't been able to find much info on other people using MM options at Merrill Edge. I guess because most everyone just invests immediately or uses the ETFs you mentioned. But looking at the PDF, only the funds with a footnote of 8 seem to be exclusive to advisory accounts. For the others, I went to the Trade -> Mutual Funds tab, and was able to look them up, though obviously I'm not making a purchase until I have a better idea of how these work. For example, PVOXX was available for a min initial amount of $1000 with no transaction fees and I think 0.42% expense ratio. However, the Yield section was blank. This particular fund may have higher yields because its NAV seems to change (right now it's trading below $1). But I imagine there are other lower interest MM funds whose NAV don't fluctuate.

I'd be curious if anyone here has successfully parked their cash in an MM fund and had a decent experience with it.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

vaylie wrote: Mon Jun 27, 2022 6:32 am
Lastrun wrote: Mon Jun 27, 2022 5:54 am
vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
Am I seeing what I think I am seeing? Traditionally, Merrill Edge had one or two money market options for DIY investors, the rest were for ME guided, and the true ML clients. These were poor options. There used to be a footnote on the linked PDF above that indicated the funds available to self-directed ME investors. This forced ME investors out into short-term cash ETFs like, SHV, BIL, GSY, ICSH, etc. These were the typical BH recommendations.

If ME has 1.30-1.40% money available to the self-directed masses (Vanguard Federal MMA is 1.38% as of this post), this would be a game changer for those trying to cobble together $100,000 to reach the highest tier.
Honestly, I haven't been able to find much info on other people using MM options at Merrill Edge. I guess because most everyone just invests immediately or uses the ETFs you mentioned. But looking at the PDF, only the funds with a footnote of 8 seem to be exclusive to advisory accounts. For the others, I went to the Trade -> Mutual Funds tab, and was able to look them up, though obviously I'm not making a purchase until I have a better idea of how these work. For example, PVOXX was available for a min initial amount of $1000 with no transaction fees and I think 0.42% expense ratio. However, the Yield section was blank. This particular fund may have higher yields because its NAV seems to change (right now it's trading below $1). But I imagine there are other lower interest MM funds whose NAV don't fluctuate.

I'd be curious if anyone here has successfully parked their cash in an MM fund and had a decent experience with it.
I was looking for an option a month ago and could not find one for funds I have at ME. I decided to just purchase Treasuries in the secondary market (mix of approximately 6 and 12 month bills). I am not unhappy with that decision. Had ME offered a decent MM fund option, I might have stuck the funds there. I am glad they did not (or that I could not find one).
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Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

vaylie wrote: Mon Jun 27, 2022 6:32 am ...... But looking at the PDF, only the funds with a footnote of 8 seem to be exclusive to advisory accounts. For the others, I went to the Trade -> Mutual Funds tab, and was able to look them up, though obviously I'm not making a purchase until I have a better idea of how these work. For example, PVOXX was available for a min initial amount of $1000 with no transaction fees and I think 0.42% expense ratio.......
To understand what I am talking about in terms of the change see here: https://web.archive.org/web/20190405212 ... esheet.pdf

See footnotes 5 and 6, which applied to most of the funds, they had a $100K minimum. This was the issue, and the only fund that you could get into at a lower minimum was BPTXX as a ME self-directed. So this indeed does look like a change.

But if it works for you I would go for it. Like MikeG62, I have purchased treasuries at ME, but I am using these instead of 12 month CDs or for nominal upcoming liabilities rather than for "cash."

These rates are "good enough" compared to what else is out there, unless you want to jump through hoops with some of the higher rate HYSAs (deposit requirements, transaction requirements, caps, and gates, or just slow ACH times).
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

anon_investor wrote: Thu Jun 23, 2022 10:28 am
atdharris wrote: Thu Jun 23, 2022 9:28 am
jeffyscott wrote: Thu Jun 23, 2022 9:14 am
atdharris wrote: Thu Jun 23, 2022 8:36 am
anon_investor wrote: Wed Jun 22, 2022 7:04 pm

I just checked, wow no one is accepting AA GCs now. I wonder what changed. Does BoA even give the travel credit for AA eGCs now?
I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
One travel forum mentioned United Travel Bank purchases qualifying for the credit. I am not familiar with that, is that like a GC?
I have used the travel bank in the past for an Amex discount many years ago. It was pretty easy to do. Just go on the United website and buy the cash amount that you desire. Knowing you, I'm sure you are aware to try a smaller amount and see if you get the credit. You can later use the travel bank for making United ticket purchases for future flights. If my understanding is correct, this no longer works for Amex but maybe as you have heard, it still works for BOA. Please let us know if you give it a try.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

EnjoyIt wrote: Mon Jun 27, 2022 9:48 am
anon_investor wrote: Thu Jun 23, 2022 10:28 am
atdharris wrote: Thu Jun 23, 2022 9:28 am
jeffyscott wrote: Thu Jun 23, 2022 9:14 am
atdharris wrote: Thu Jun 23, 2022 8:36 am

I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
One travel forum mentioned United Travel Bank purchases qualifying for the credit. I am not familiar with that, is that like a GC?
I have used the travel bank in the past for an Amex discount many years ago. It was pretty easy to do. Just go on the United website and buy the cash amount that you desire. Knowing you, I'm sure you are aware to try a smaller amount and see if you get the credit. You can later use the travel bank for making United ticket purchases for future flights. If my understanding is correct, this no longer works for Amex but maybe as you have heard, it still works for BOA. Please let us know if you give it a try.
It absolutely does work for Amex - go to the newest posts in this thread. Note that each purchase should be no more than $100.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

02nz wrote: Mon Jun 27, 2022 10:03 am
EnjoyIt wrote: Mon Jun 27, 2022 9:48 am
anon_investor wrote: Thu Jun 23, 2022 10:28 am
atdharris wrote: Thu Jun 23, 2022 9:28 am
jeffyscott wrote: Thu Jun 23, 2022 9:14 am

Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
One travel forum mentioned United Travel Bank purchases qualifying for the credit. I am not familiar with that, is that like a GC?
I have used the travel bank in the past for an Amex discount many years ago. It was pretty easy to do. Just go on the United website and buy the cash amount that you desire. Knowing you, I'm sure you are aware to try a smaller amount and see if you get the credit. You can later use the travel bank for making United ticket purchases for future flights. If my understanding is correct, this no longer works for Amex but maybe as you have heard, it still works for BOA. Please let us know if you give it a try.
It absolutely does work for Amex - go to the newest posts in this thread. Note that each purchase should be no more than $100.
That is amazing to know. Thanks. I was thinking of getting the Schwab platinum card later this year. I recently moved some investments to them for the online bonus and that card has a $200 discount if you have over $500k with them. Add in the now ability for travel bank credit. This card will easily pay for itself. Thanks so much for the heads up.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
isira
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by isira »

vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
If you desire 100% state tax exemption, you must choose a fund that invests 100% into direct US Federal Obligations. All other federal funds have things like repurchase agreements which consequently results in reduced or disqualified state tax exemption.

Last time I checked (~2020) TTTXX and UTIXX invest in 100% direct US Treasury Obligations, and GOTXX in 100% direct Federal Obligations. I remember choosing TTTXX because of the later cutoff time which suits me living on the west coast. The list has changed significantly from the last time I did my research, so you will need to read the prospectus for each fund.

Yes, the SEC yield already subtracts expense ratio.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

EnjoyIt wrote: Mon Jun 27, 2022 9:48 am
anon_investor wrote: Thu Jun 23, 2022 10:28 am
atdharris wrote: Thu Jun 23, 2022 9:28 am
jeffyscott wrote: Thu Jun 23, 2022 9:14 am
atdharris wrote: Thu Jun 23, 2022 8:36 am

I know. I already cashed in the AA GC for this year on the PR card, but CardCash, Raise and a few others no longer accept AA eGCs. Perhaps the market was flooded with them from people doing as I do every year.
Or maybe it's this:
Gift cards purchased or bartered from sources other than American Airlines-licensed vendors (“Unlicensed Vendors”) are not valid or redeemable. American Airlines is not responsible for honoring a gift card purchased from an Unlicensed Vendor. Gift cards may not be resold by any Unlicensed Vendor or individual under penalty of law. Unlawful resale or attempted resale is grounds for seizure and cancellation without compensation.
https://giftcards.aa.com/terms.jsp
I wonder if that is new. Looks like that hack is no longer valid.
One travel forum mentioned United Travel Bank purchases qualifying for the credit. I am not familiar with that, is that like a GC?
I have used the travel bank in the past for an Amex discount many years ago. It was pretty easy to do. Just go on the United website and buy the cash amount that you desire. Knowing you, I'm sure you are aware to try a smaller amount and see if you get the credit. You can later use the travel bank for making United ticket purchases for future flights. If my understanding is correct, this no longer works for Amex but maybe as you have heard, it still works for BOA. Please let us know if you give it a try.
I already bought a $100 AA eGC in January, received the BoA $100 incidental travel credit, and sold it to CardCash, so I am good for 2022. I will keep an eye out on the situation for 2023 and might try the United Travel Bank if CardCash is not buying AA GCs anymore, since I am more likely to fly on United than American.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

isira wrote: Mon Jun 27, 2022 10:23 am
vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
If you desire 100% state tax exemption, you must choose a fund that invests 100% into direct US Federal Obligations. All other federal funds have things like repurchase agreements which consequently results in reduced or disqualified state tax exemption.

Last time I checked (~2020) TTTXX and UTIXX invest in 100% direct US Treasury Obligations, and GOTXX in 100% direct Federal Obligations. I remember choosing TTTXX because of the later cutoff time which suits me living on the west coast. The list has changed significantly from the last time I did my research, so you will need to read the prospectus for each fund.

Yes, the SEC yield already subtracts expense ratio.
Is there a consensus as to the best low minimum investment money market fund at ME?
isira
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by isira »

anon_investor wrote: Tue Jun 28, 2022 7:52 am
isira wrote: Mon Jun 27, 2022 10:23 am
vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
If you desire 100% state tax exemption, you must choose a fund that invests 100% into direct US Federal Obligations. All other federal funds have things like repurchase agreements which consequently results in reduced or disqualified state tax exemption.

Last time I checked (~2020) TTTXX and UTIXX invest in 100% direct US Treasury Obligations, and GOTXX in 100% direct Federal Obligations. I remember choosing TTTXX because of the later cutoff time which suits me living on the west coast. The list has changed significantly from the last time I did my research, so you will need to read the prospectus for each fund.

Yes, the SEC yield already subtracts expense ratio.
Is there a consensus as to the best low minimum investment money market fund at ME?
What do you mean by best? If you're talking about risk, a money market fund that invests 100% in direct US Treasuries (no repurchase agreements) is probably considered as safe as an FDIC insured HYSA as it is backed by the full faith and credit of the US Government and these funds are generally not subject to liquidity fees/redemption gates that were implemented as a result of the 2008 financial crisis. Read the prospectus folks!
slinky$
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by slinky$ »

Is there an easier way to keep track of $2500 cap for boa ccr than checking statements. I don't want to go over that of course and a visual bar chart or something would be amazing if they had it.
professor_americus
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by professor_americus »

slinky$ wrote: Wed Jun 29, 2022 1:49 pm Is there an easier way to keep track of $2500 cap for boa ccr than checking statements. I don't want to go over that of course and a visual bar chart or something would be amazing if they had it.
Nothing interactive like that as far as I know. I had BOA adjust my statement closing dates to land on the 28th of each month. Thus, the bottom-line statement balance is close enough for getting quick sense of monthly and quarterly spend vs thresholds.
slinky$
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by slinky$ »

Ok I found something helpful!

If you go to the rewards tab and change category it shows you the breakdown:

Image
EnjoyIt
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

slinky$ wrote: Wed Jun 29, 2022 2:02 pm Ok I found something helpful!

If you go to the rewards tab and change category it shows you the breakdown:

Image
It doesn't answer the question: How much more can I spend?

It shows current month, last month, or last 3 months. But if you are 2 months in, the data can very well be useless to know how much more you can spend.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

slinky$ wrote: Wed Jun 29, 2022 1:49 pm Is there an easier way to keep track of $2500 cap for boa ccr than checking statements. I don't want to go over that of course and a visual bar chart or something would be amazing if they had it.
No, nothing exists. I just use a google sheet.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

EnjoyIt wrote: Wed Jun 29, 2022 4:37 pm
slinky$ wrote: Wed Jun 29, 2022 2:02 pm Ok I found something helpful!

If you go to the rewards tab and change category it shows you the breakdown:

Image
It doesn't answer the question: How much more can I spend?

It shows current month, last month, or last 3 months. But if you are 2 months in, the data can very well be useless to know how much more you can spend.
That is also misleading since wholesale club and grocery store purchases also eat into that $2.5k/qtr cap, which are not reflected there.
EnjoyIt
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

EnjoyIt wrote: Wed Jun 29, 2022 5:12 pm I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
YMMV, but I think a spreadsheet is simple enough for most people. Personally, I only have a few purchases a week that are subject to the quarterly rewards cap.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

isira wrote: Tue Jun 28, 2022 11:25 pm
anon_investor wrote: Tue Jun 28, 2022 7:52 am
isira wrote: Mon Jun 27, 2022 10:23 am
vaylie wrote: Mon Jun 27, 2022 3:54 am Looking to park a windfall in my Merrill Edge account so I can gradually DCA it into investments. What's the best money market fund that people use? Or do people not use them at all?

I'm looking at these options:

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Any reason to not just park my cash into the highest interest rate PVOXX (min initial investment $1k) option? They all have different expense ratios, but I was told that the 7-day yield for money market accounts usually already subtracted the expense ratios, so I shouldn't need to worry about those. Is that the case for these money market funds as well?
If you desire 100% state tax exemption, you must choose a fund that invests 100% into direct US Federal Obligations. All other federal funds have things like repurchase agreements which consequently results in reduced or disqualified state tax exemption.

Last time I checked (~2020) TTTXX and UTIXX invest in 100% direct US Treasury Obligations, and GOTXX in 100% direct Federal Obligations. I remember choosing TTTXX because of the later cutoff time which suits me living on the west coast. The list has changed significantly from the last time I did my research, so you will need to read the prospectus for each fund.

Yes, the SEC yield already subtracts expense ratio.
Is there a consensus as to the best low minimum investment money market fund at ME?
What do you mean by best? If you're talking about risk, a money market fund that invests 100% in direct US Treasuries (no repurchase agreements) is probably considered as safe as an FDIC insured HYSA as it is backed by the full faith and credit of the US Government and these funds are generally not subject to liquidity fees/redemption gates that were implemented as a result of the 2008 financial crisis. Read the prospectus folks!
Well what are the government money market funds at ME that people use? Whatever the VMFXX or SPAXX equivalent would be.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

anon_investor wrote: Thu Jun 30, 2022 12:54 pm
EnjoyIt wrote: Wed Jun 29, 2022 5:12 pm I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
YMMV, but I think a spreadsheet is simple enough for most people. Personally, I only have a few purchases a week that are subject to the quarterly rewards cap.
I guess a spreadsheet would suffice but it does take effort.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

EnjoyIt wrote: Thu Jun 30, 2022 3:58 pm
anon_investor wrote: Thu Jun 30, 2022 12:54 pm
EnjoyIt wrote: Wed Jun 29, 2022 5:12 pm I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
YMMV, but I think a spreadsheet is simple enough for most people. Personally, I only have a few purchases a week that are subject to the quarterly rewards cap.
I guess a spreadsheet would suffice but it does take effort.
I haven't figured out a better method. For me, the couple of seconds it takes for me to input a purchase in google sheets on my phone is worth it.
EnjoyIt
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

anon_investor wrote: Thu Jun 30, 2022 4:42 pm
EnjoyIt wrote: Thu Jun 30, 2022 3:58 pm
anon_investor wrote: Thu Jun 30, 2022 12:54 pm
EnjoyIt wrote: Wed Jun 29, 2022 5:12 pm I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
YMMV, but I think a spreadsheet is simple enough for most people. Personally, I only have a few purchases a week that are subject to the quarterly rewards cap.
I guess a spreadsheet would suffice but it does take effort.
I haven't figured out a better method. For me, the couple of seconds it takes for me to input a purchase in google sheets on my phone is worth it.
It sure does. I think it would be awesome if I had lots of 5.25% cards for all my purchases. I suspect that would get cumbersome at some point. If it’s just for a handful of purchases a month it is no big deal to keep a tally on your phone.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

EnjoyIt wrote: Thu Jun 30, 2022 5:11 pm
anon_investor wrote: Thu Jun 30, 2022 4:42 pm
EnjoyIt wrote: Thu Jun 30, 2022 3:58 pm
anon_investor wrote: Thu Jun 30, 2022 12:54 pm
EnjoyIt wrote: Wed Jun 29, 2022 5:12 pm I think the only easy way to do this is to have 3 cards. One for each month of the quarter that way you can easily track how much one is spending on each card.

For example:
Card 1 for January
Card 2 for February
Card 3 for March

Then cycle back to card 1 in April.

If you really want to go all out. Get card number 4 for gas, card number 5 for groceries unless you spend more than $2500 per quarter and then you may need cards 5, 6 and 7 for groceries/wholesale clubs. Then you need to start thinking about travel so maybe cards 8,9,and 10 just to be safe.
YMMV, but I think a spreadsheet is simple enough for most people. Personally, I only have a few purchases a week that are subject to the quarterly rewards cap.
I guess a spreadsheet would suffice but it does take effort.
I haven't figured out a better method. For me, the couple of seconds it takes for me to input a purchase in google sheets on my phone is worth it.
It sure does. I think it would be awesome if I had lots of 5.25% cards for all my purchases. I suspect that would get cumbersome at some point. If it’s just for a handful of purchases a month it is no big deal to keep a tally on your phone.
We only have 2x CCR. We keep one for online purchase and one for home improvement/furnishing purposes.

A majority of the spend on those 2 cards are actually at Whole Sale clubs and grocery stories. We rarely hit the cap on both cards. We did this quarter because we had a big purchase as Costco.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cubs1999 »

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.

I keep worrying about that. Ive seen it mentioned in thread that person didn't think withdrawals from BOA accounts to count but I'm not sure that there was a definitive answer.

My situation is that I have no Merrill Edge account and would be opening a new one. In May, I withdrew 10K out of my BOA checking to buy I-bonds. I also am in the process of transferring out a $6k IRA I hold at BOA(I've basically been wasting the account as I opened this account a few years ago for the tax deduction. I didn't know anything about investing so it was just sitting there and apparently has been earning 0.01% as Money Market IRA :oops:

I have about 105K I could transfer into the new Merrill Edge but if they count the $10k in the checking account that I took out for Ibonds in May and the $6k for the IRA, I'm gonna be short. (Maybe I could squeeze out $16k out of my emergency fund but I'd rather not transfer that much extra).

I guess I could just open an account at another brokerage and get their bonus for sure. I kinda want the preferred rewards status for my credit cards with BOA but I guess I can continue to use other cards that I've been using since I don't have preferred rewards with them currently.
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