Bank of America/Merrill Edge - Preferred Rewards

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tj
Posts: 6534
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Fri Sep 16, 2022 4:26 pm
Lastrun wrote: Thu Sep 15, 2022 1:57 pm
tj wrote: Wed Sep 14, 2022 8:22 pm
vernong1992 wrote: Wed Sep 14, 2022 8:11 pm I’ve heard rumors (and seen past posts) about redeeming the $100 credit for AA Gift Cards no longer working. This is for the $95 BofA Premium Rewards (black card).

Has anybody found a good substitute to use?
My premium rewards card is gray not black. When did the AA gift cards stop working?
I have no experience with this personally, but I think:

1. The AA egift card will code as an airline incidental, BUT
2. You can no longer sell the gift card, you have to use it.

This is a recent post from Doctor of Credit
Just looked up cardcash and as of now, they aren’t accepting AA gift cards for sale. Does it come and go? Any other avenues to unload AA gift cards you can recommend? I always have trouble using up my $100 travel credit with BofA.
https://www.doctorofcredit.com/bank-ame ... el-credit/
The not being able to sell the AA eGC may or may not be a big deal for people.
Not a big deal to me, i ended up taking some flights and would have been better off with keeping the GCs in retrospect.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

tj wrote: Fri Sep 16, 2022 4:57 pm
anon_investor wrote: Fri Sep 16, 2022 4:26 pm The not being able to sell the AA eGC may or may not be a big deal for people.
Not a big deal to me, i ended up taking some flights and would have been better off with keeping the GCs in retrospect.
It's a big deal to me. I don't fly much, so the inability to buy and then sell gift cards destroys the value proposition for this card for me. I plan to try to convert this card to the Unlimited Cash Rewards card before my annual fee comes due.
User avatar
anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Fri Sep 16, 2022 4:57 pm
anon_investor wrote: Fri Sep 16, 2022 4:26 pm
Lastrun wrote: Thu Sep 15, 2022 1:57 pm
tj wrote: Wed Sep 14, 2022 8:22 pm
vernong1992 wrote: Wed Sep 14, 2022 8:11 pm I’ve heard rumors (and seen past posts) about redeeming the $100 credit for AA Gift Cards no longer working. This is for the $95 BofA Premium Rewards (black card).

Has anybody found a good substitute to use?
My premium rewards card is gray not black. When did the AA gift cards stop working?
I have no experience with this personally, but I think:

1. The AA egift card will code as an airline incidental, BUT
2. You can no longer sell the gift card, you have to use it.

This is a recent post from Doctor of Credit
Just looked up cardcash and as of now, they aren’t accepting AA gift cards for sale. Does it come and go? Any other avenues to unload AA gift cards you can recommend? I always have trouble using up my $100 travel credit with BofA.
https://www.doctorofcredit.com/bank-ame ... el-credit/
The not being able to sell the AA eGC may or may not be a big deal for people.
Not a big deal to me, i ended up taking some flights and would have been better off with keeping the GCs in retrospect.
I sold the GCs this year and last, but I will likely fly AA next year, so if they still get credited they will be useful.
EnjoyIt
Posts: 6743
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
tj
Posts: 6534
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
spammagnet
Posts: 1958
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

tj wrote: Sun Sep 18, 2022 5:02 pmIt should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Emphasis added. You have 3 months to read the ADB but you maintain your status only if you start at the beginning of the 3 months. Also, status is revised only at the beginning of the month, based on the previous month. If you don't increase the balance until somewhere in the middle of the 3rd month, you'll remain low for up to 3 months, or maybe more.

I did the same in the past and did not have free assets to move back to ML in time to maintain my PH status. I lost it for a few months. I'm back at PH and have moved the money elsewhere again, but will be able to return it before the end of the 12 months is up. By leaving it there 3 months then, I'll have another 9 months to move the money around.
EnjoyIt
Posts: 6743
Joined: Sun Dec 29, 2013 8:06 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Thanks for the explanation.

What do you think of the letter they sent me? Is it just an FYI for me but I still have the same total of 15 months?
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
tj
Posts: 6534
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

EnjoyIt wrote: Sun Sep 18, 2022 8:18 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Thanks for the explanation.

What do you think of the letter they sent me? Is it just an FYI for me but I still have the same total of 15 months?
I have no idea why they sent you a letter without showing the consequences. I wouldnt worry about it until you see consequences. Or move some more $$$ in if you want to.
Marseille07
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Joined: Fri Nov 06, 2020 1:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Sun Sep 18, 2022 9:44 pm
EnjoyIt wrote: Sun Sep 18, 2022 8:18 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Thanks for the explanation.

What do you think of the letter they sent me? Is it just an FYI for me but I still have the same total of 15 months?
I have no idea why they sent you a letter without showing the consequences. I wouldnt worry about it until you see consequences. Or move some more $$$ in if you want to.
The above poster will eventually lose PH if they don't restore 100K, it's that simple.

Just park 100K+ today and be done with it. There's no reason not to. Parking 95K and playing with fire is absurd.
US & FM (5% seed) | 350K Cash
tj
Posts: 6534
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Marseille07 wrote: Sun Sep 18, 2022 10:21 pm
tj wrote: Sun Sep 18, 2022 9:44 pm
EnjoyIt wrote: Sun Sep 18, 2022 8:18 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:


I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Thanks for the explanation.

What do you think of the letter they sent me? Is it just an FYI for me but I still have the same total of 15 months?
I have no idea why they sent you a letter without showing the consequences. I wouldnt worry about it until you see consequences. Or move some more $$$ in if you want to.
The above poster will eventually lose PH if they don't restore 100K, it's that simple.

Just park 100K+ today and be done with it. There's no reason not to. Parking 95K and playing with fire is absurd.
Sure, for me, moving $$ for a brokerage bonus was worth it. I'll just use my Alliant 2.5% card instead of the BofA 2.625% if they nerf me sooner than anticipated.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

FedGuy wrote: Fri Sep 16, 2022 5:31 pm
tj wrote: Fri Sep 16, 2022 4:57 pm
anon_investor wrote: Fri Sep 16, 2022 4:26 pm The not being able to sell the AA eGC may or may not be a big deal for people.
Not a big deal to me, i ended up taking some flights and would have been better off with keeping the GCs in retrospect.
It's a big deal to me. I don't fly much, so the inability to buy and then sell gift cards destroys the value proposition for this card for me. I plan to try to convert this card to the Unlimited Cash Rewards card before my annual fee comes due.
I agree, if you are not going to travel, and don't dine out much ($11,000 per year) the Premium Rewards card is not worth it.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Lastrun wrote: Mon Sep 19, 2022 8:50 am
FedGuy wrote: Fri Sep 16, 2022 5:31 pm
tj wrote: Fri Sep 16, 2022 4:57 pm
anon_investor wrote: Fri Sep 16, 2022 4:26 pm The not being able to sell the AA eGC may or may not be a big deal for people.
Not a big deal to me, i ended up taking some flights and would have been better off with keeping the GCs in retrospect.
It's a big deal to me. I don't fly much, so the inability to buy and then sell gift cards destroys the value proposition for this card for me. I plan to try to convert this card to the Unlimited Cash Rewards card before my annual fee comes due.
I agree, if you are not going to travel, and don't dine out much ($11,000 per year) the Premium Rewards card is not worth it.
Why would dining out be relevant for the Premium Rewards card? It's better to use the Cash Rewards card for Dining out - 5.25%
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

tj wrote: Mon Sep 19, 2022 8:29 am Sure, for me, moving $$ for a brokerage bonus was worth it. I'll just use my Alliant 2.5% card instead of the BofA 2.625% if they nerf me sooner than anticipated.
Even without that, "playing with fire" is a bit dramatic :) when the consequences would be that your B of A rebates go from 2.65% to 2.25% and 5.25% to 4.5%, should you fall to the 50% bonus category.
And so it goes, And so it goes, And so it goes, And so it goes, But where it's goin' no one knows
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

jeffyscott wrote: Mon Sep 19, 2022 9:45 am
tj wrote: Mon Sep 19, 2022 8:29 am Sure, for me, moving $$ for a brokerage bonus was worth it. I'll just use my Alliant 2.5% card instead of the BofA 2.625% if they nerf me sooner than anticipated.
Even without that, "playing with fire" is a bit dramatic :) when the consequences would be that your B of A rebates go from 2.65% to 2.25% and 5.25% to 4.5%, should you fall to the 50% bonus category.
Yeah - in my case I did a full transfer out of my Merrill account so I'd be falling to the 0% category until I transfer more assets in. :)
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

tj wrote: Mon Sep 19, 2022 9:46 am
jeffyscott wrote: Mon Sep 19, 2022 9:45 am
tj wrote: Mon Sep 19, 2022 8:29 am Sure, for me, moving $$ for a brokerage bonus was worth it. I'll just use my Alliant 2.5% card instead of the BofA 2.625% if they nerf me sooner than anticipated.
Even without that, "playing with fire" is a bit dramatic :) when the consequences would be that your B of A rebates go from 2.65% to 2.25% and 5.25% to 4.5%, should you fall to the 50% bonus category.
Yeah - in my case I did a full transfer out of my Merrill account so I'd be falling to the 0% category until I transfer more assets in. :)
Right, I should've said "EnjoyIt's B of A rebates..." there. :beer
And so it goes, And so it goes, And so it goes, And so it goes, But where it's goin' no one knows
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

tj wrote: Mon Sep 19, 2022 9:31 am Why would dining out be relevant for the Premium Rewards card? It's better to use the Cash Rewards card for Dining out - 5.25%
First relevance is that travel and dining get 3.5% on the Premium Rewards. If you don't travel or eat out much, then there is not much benefit to the $95 fee if you don't use the TSA credit, gift card games, etc. So the focus is on that card's value.

Second, the CCR card is capped, and is only a $175 point delta from the PR card on an annual basis. The PR card has no dining or travel cap.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Lastrun wrote: Mon Sep 19, 2022 10:44 am
tj wrote: Mon Sep 19, 2022 9:31 am Why would dining out be relevant for the Premium Rewards card? It's better to use the Cash Rewards card for Dining out - 5.25%
First relevance is that travel and dining get 3.5% on the Premium Rewards. If you don't travel or eat out much, then there is not much benefit to the $95 fee if you don't use the TSA credit, gift card games, etc. So the focus is on that card's value.

Second, the CCR card is capped, and is only a $175 point delta from the PR card on an annual basis. The PR card has no dining or travel cap.
I don't spend enough on dining for the $2500 quarterly cap to matter - I was using the AAA card for Travel, but Bank of America sold the AAA line to Comenity - so I will probably use the Premium Card for Travel. As long as the AA cards will work for the travel credit, I'll probably keep the Premium rather than convert to the Unlimited.
EnjoyIt
Posts: 6743
Joined: Sun Dec 29, 2013 8:06 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

Marseille07 wrote: Sun Sep 18, 2022 10:21 pm
tj wrote: Sun Sep 18, 2022 9:44 pm
EnjoyIt wrote: Sun Sep 18, 2022 8:18 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:


I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
Thanks for the explanation.

What do you think of the letter they sent me? Is it just an FYI for me but I still have the same total of 15 months?
I have no idea why they sent you a letter without showing the consequences. I wouldnt worry about it until you see consequences. Or move some more $$$ in if you want to.
The above poster will eventually lose PH if they don't restore 100K, it's that simple.

Just park 100K+ today and be done with it. There's no reason not to. Parking 95K and playing with fire is absurd.
I agree which is exactly what I will be doing this week.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
djheini
Posts: 217
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Location: Boston area

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
The way I read that is the 15 months is only from when you initially get status. The 12 month countdown doesn't necessarily apply on an ongoing basis, you may only get the 3 month grace period if you get an existing account review down the road.

To go closer to the source instead of TPG:
What happens if your balances drop?

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/
tj
Posts: 6534
Joined: Thu Dec 24, 2009 12:10 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

djheini wrote: Mon Sep 19, 2022 3:39 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
The way I read that is the 15 months is only from when you initially get status. The 12 month countdown doesn't necessarily apply on an ongoing basis, you may only get the 3 month grace period if you get an existing account review down the road.

To go closer to the source instead of TPG:
What happens if your balances drop?

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/
I had preferred rewards in the past, and I'm pretty sure it took more than 3 months for them to downgrade me, but I can't recall.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

djheini wrote: Mon Sep 19, 2022 3:39 pm
tj wrote: Sun Sep 18, 2022 5:02 pm
EnjoyIt wrote: Sun Sep 18, 2022 4:47 pm Data point:
To get to platinum honors I keep $100k in a vanguard municipal bond fund. I figured it really won’t fluctuate to much. Basically I have been below $100k by about $5k. This week I got an email stating that I am below the $100k threshold and I will be downgraded.

Here is the text:
As a Bank of America® Preferred Rewards member, your relationship is important to us, and we wanted to give you advance notice that your eligible balances have dropped below the requirement for your tier.
There’s still time to restore your eligible balances so you can continue receiving your current benefits.
I called BoA up and they said I’m not downgraded at the moment and there is nothing in the system that I’m about to be downgraded. So not sure if this is a warning or what. Either way I will be adding some more bonds soon to get me over the top.

Has anyone else received such an email recently?
Does anyone actually know how much time I have left?
It should be 15 months. I did a full account transfer out and I haven't heard anytihng. Plan to transfer in for another bonus before I'm downgraded.

https://thepointsguy.com/guide/bank-of- ... s-program/

"If you no longer meet the qualification requirements after 12 months, you have a three-month grace period to do so. If you still don’t meet the criteria after the three-month grace period, you’ll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded."
The way I read that is the 15 months is only from when you initially get status. The 12 month countdown doesn't necessarily apply on an ongoing basis, you may only get the 3 month grace period if you get an existing account review down the road.

To go closer to the source instead of TPG:
What happens if your balances drop?

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/
The last paragraph reads like 15-months to me (it says you keep for at least a full year, then a 3-month grace period).

I'm not going to play games though, my balance is comfortably above 100K.
US & FM (5% seed) | 350K Cash
djheini
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

tj wrote: Mon Sep 19, 2022 4:01 pm
djheini wrote: Mon Sep 19, 2022 3:39 pm The way I read that is the 15 months is only from when you initially get status. The 12 month countdown doesn't necessarily apply on an ongoing basis, you may only get the 3 month grace period if you get an existing account review down the road.

To go closer to the source instead of TPG:
What happens if your balances drop?

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/
I had preferred rewards in the past, and I'm pretty sure it took more than 3 months for them to downgrade me, but I can't recall.
I went and looked at the more official docs. Page 16 of https://www.bankofamerica.com/salesserv ... dule-fees/
We will perform an annual review of your qualifying balances in the month following the anniversary date of your initial enrollment in the program. The annual review will calculate your three-month combined average daily balance as of the end of your anniversary month. If the result of the annual review calculation would be to move you to a lower tier, you will have a three-month period from your anniversary month in which to restore your qualifying balance before you are moved to that lower balance tier.
So depending on when your average daily balance goes below the limit relative to your PR enrollment anniversary, you may have between 0-12 months before it triggers the 3-month grace period
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

djheini wrote: Mon Sep 19, 2022 5:02 pm
tj wrote: Mon Sep 19, 2022 4:01 pm
djheini wrote: Mon Sep 19, 2022 3:39 pm The way I read that is the 15 months is only from when you initially get status. The 12 month countdown doesn't necessarily apply on an ongoing basis, you may only get the 3 month grace period if you get an existing account review down the road.

To go closer to the source instead of TPG:
What happens if your balances drop?

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven’t met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.
https://www.bankofamerica.com/preferred ... uirements/
I had preferred rewards in the past, and I'm pretty sure it took more than 3 months for them to downgrade me, but I can't recall.
I went and looked at the more official docs. Page 16 of https://www.bankofamerica.com/salesserv ... dule-fees/
We will perform an annual review of your qualifying balances in the month following the anniversary date of your initial enrollment in the program. The annual review will calculate your three-month combined average daily balance as of the end of your anniversary month. If the result of the annual review calculation would be to move you to a lower tier, you will have a three-month period from your anniversary month in which to restore your qualifying balance before you are moved to that lower balance tier.
So depending on when your average daily balance goes below the limit relative to your PR enrollment anniversary, you may have between 0-12 months before it triggers the 3-month grace period
Thanks for the precise information. Looking at my previous experience that sounds about right, it looks like I should have been deemed eligible in February, I was notified in March and then I had the 3 month grace period after that.

In my current scenario, I'll be slightly short of when I'll have assets available to send to Merrill - but it was entirely worth it for the other bonuses that are at play.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

tj wrote: Mon Sep 19, 2022 5:19 pm... In my current scenario, I'll be slightly short of when I'll have assets available to send to Merrill - but it was entirely worth it for the other bonuses that are at play.
That was my conclusion when I temporarily dropped out of PH a few months ago. My funds were better used to qualify for a new money bonus elsewhere. After that holding period expired I moved it back to BA and was at PH in a few months. If justified by the benefit and effort required, I can always just switch my activity to another card until my PH status resumes.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

The pr1000 brokerage bonus (max $1000 bonus for $250k new assets) is back now, btw:

DoctorOfCredit post: https://www.doctorofcredit.com/merrill- ... vestments/
Offer link: https://www.merrilledge.com/offers/pr1000
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

djheini wrote: Mon Sep 19, 2022 5:02 pm
So depending on when your average daily balance goes below the limit relative to your PR enrollment anniversary, you may have between 0-12 months before it triggers the 3-month grace period
Thank you for sharing this reference as it is very timely for me and my wife!

Background:

--BoA Preferred Rewards (PR) member since May 2022 / Current Level = Gold
--Recently added the BoA Customized Credit Card
--Average Daily Balance per BoA as of August 2022 = $30,832
--Average Daily Balance per BoA as of September 2022 = $39,442
--We had built our new Merril Edge (ME) CMA up to $50,000 over the last month but withdrew $20,000 last week to fund two $10,000 I Bond purchases that are scheduled for tomorrow with Treasury Direct (TD). We are now down to a total of $32,000 between our BoA checking and ME CMA accounts.
--We are trying to determine if we can withdraw another $20,000 in October 2022 from our ME CMA to fund two $10,000 I Bond gifts to each other to be delivered in 2023 (or some later year). If we do this then our combined BoA checking and ME CMA would fall to $12,000 in October 2022.
--Since this is the first year of our marriage where we have both been working full time, we are trying to see if we can max out our respective 402(g) limits for our 401(k)s for 2022. For me, the 402(g) limit is $27,000 (age 57) and for her, it is $20,500 (age 44). I think we can still do that but it does not leave much room in our budget for the next several months to rebuild the combined balance in our BoA checking and ME CMA.

Given the above facts, how long do you think we will have to get our average daily balance back up to at least the $20,000 level so that we maintain the Gold PR level so that there are no BofA banking fees and we keep the 25% multiplier on the BofA Customized Cash Credit Card?

Many thanks in advance for your thoughts and suggestions!

Joe
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

careerdata wrote: Sun Sep 25, 2022 2:50 pm
Background:

--BoA Preferred Rewards (PR) member since May 2022 / Current Level = Gold
[…]
Given the above facts, how long do you think we will have to get our average daily balance back up to at least the $20,000 level so that we maintain the Gold PR level so that there are no BofA banking fees and we keep the 25% multiplier on the BofA Customized Cash Credit Card?

Many thanks in advance for your thoughts and suggestions!

Joe
I am assuming it will be checked every year on the anniversary of the initial enrollment (May). So if the 3 month average on the anniversary and the 3 month average around May-July is below the minimum for the current level, I think one would drop down levels or lose PR status.

For me, the anniversary is approaching and I’m below the average for my current level due to market movements. I called to get a deposit bonus, and I plan to transfer in funds to meet the average requirement and and get a small bonus on the additional funds.
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

Lyrrad wrote: Sun Sep 25, 2022 3:02 pm
careerdata wrote: Sun Sep 25, 2022 2:50 pm
Background:

--BoA Preferred Rewards (PR) member since May 2022 / Current Level = Gold
[…]
Given the above facts, how long do you think we will have to get our average daily balance back up to at least the $20,000 level so that we maintain the Gold PR level so that there are no BofA banking fees and we keep the 25% multiplier on the BofA Customized Cash Credit Card?

Many thanks in advance for your thoughts and suggestions!

Joe
I am assuming it will be checked every year on the anniversary of the initial enrollment (May). So if the 3 month average on the anniversary and the 3 month average around May-July is below the minimum for the current level, I think one would drop down levels or lose PR status.

For me, the anniversary is approaching and I’m below the average for my current level due to market movements. I called to get a deposit bonus, and I plan to transfer in funds to meet the average requirement and and get a small bonus on the additional funds.
Thank you! It seems from reading the BoA documentation, and the shared experiences of other BH members like you, that my wife and I may have until August 2023 to get our average daily balance back up to $20,000 in order to keep our existing PR Gold level to a) avoid BoA banking fees and b) keep our 25% multiplier on our BofA Customized Cash credit card.

In other words, since our enrollment anniversary was in May this year, and our average daily balance over the prior three months must have been at least $20,000, BofA will give us until August 2023 to get that three-month average balance back up to at least $20,000, should we fall below it. If that is the case, then I would feel much more confident about potentially doing I Bond gifts for my wife and me in October 2022 to be delivered in 2023, or some future year further out, if that makes better sense once all the inflation numbers are in through the month of September. Is that how you would interpret our specific situation?

Joe
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Has anyone had a problem with automatic cash sweeps not showing up at the receiving end? I send my dividends over to Fidelity, and it seems like the last couple have not arrived. Normally, I would notice it immediately, but Quicken downloads of Fidelity transactions have been broken for a few weeks.

BTW, Quicken downloads of Merrill Edge transactions is one of the few things I really hate about using them. Reinvested dividends end up being three transaction instead of the single transaction that Fidelity and others do. Ut actually shows up this way on their website as well. The dividend gets credited as cash, then it gets debited as reinvestment program, then the shares get added.

And when the funds automatically get sent to another institution, that's a bunch of extra transactions s well. Unnecessarily confusing.

Update -- I checked the ME app and where it would normally say ML Direct Deposit Program, it now just says Check and TOTAL DIV/INT ACH AMT. I am going to have to contact them to see what's going on.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

With the AA GC loophole closed on the PR card, I am not sure I will continue to keep the card. I already have the Amex Platinum with $200 in incidental fees (although tied only to Delta) and the Chase Sapphire preferred. It seems to make sense to save money and cancel the PR and get the Unlimited Cash card to pair with my existing Customized Cash card.

Does anyone know if BoA moves credit limits around? I have a $40k credit limit on the PR card I don't want to lose if I close the card and get the unlimited cash for it's $200 bonus.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

atdharris wrote: Wed Sep 28, 2022 5:23 pm With the AA GC loophole closed on the PR card, I am not sure I will continue to keep the card. I already have the Amex Platinum with $200 in incidental fees (although tied only to Delta) and the Chase Sapphire preferred. It seems to make sense to save money and cancel the PR and get the Unlimited Cash card to pair with my existing Customized Cash card.

Does anyone know if BoA moves credit limits around? I have a $40k credit limit on the PR card I don't want to lose if I close the card and get the unlimited cash for it's $200 bonus.
Yeah, you can ask to move your CL when closing a card. I had to do that on one of my cards when it came with a very low CL.
US & FM (5% seed) | 350K Cash
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Marseille07 wrote: Wed Sep 28, 2022 5:25 pm
atdharris wrote: Wed Sep 28, 2022 5:23 pm With the AA GC loophole closed on the PR card, I am not sure I will continue to keep the card. I already have the Amex Platinum with $200 in incidental fees (although tied only to Delta) and the Chase Sapphire preferred. It seems to make sense to save money and cancel the PR and get the Unlimited Cash card to pair with my existing Customized Cash card.

Does anyone know if BoA moves credit limits around? I have a $40k credit limit on the PR card I don't want to lose if I close the card and get the unlimited cash for it's $200 bonus.
Yeah, you can ask to move your CL when closing a card. I had to do that on one of my cards when it came with a very low CL.
Do you know if BoA ever offers retention? I spend quite a bit on the PR card. I know Amex does, but I've never tried with BoA.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

atdharris wrote: Wed Sep 28, 2022 5:32 pm Do you know if BoA ever offers retention? I spend quite a bit on the PR card. I know Amex does, but I've never tried with BoA.
I'm not sure...I'm not a big enough customer of BofA as I'm just in for PH. You can certainly ask for retention bonus though :beer
US & FM (5% seed) | 350K Cash
OrangeKiwi
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by OrangeKiwi »

atdharris wrote: Wed Sep 28, 2022 5:32 pm

Do you know if BoA ever offers retention? I spend quite a bit on the PR card. I know Amex does, but I've never tried with BoA.
I would not risk it because I feel like BoA is definitely losing money on me.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

OrangeKiwi wrote: Wed Sep 28, 2022 5:57 pm
atdharris wrote: Wed Sep 28, 2022 5:32 pm

Do you know if BoA ever offers retention? I spend quite a bit on the PR card. I know Amex does, but I've never tried with BoA.
I would not risk it because I feel like BoA is definitely losing money on me.
I may not bother asking. But I don't think it makes sense to keep both the PR and CSP cards given the AA GC loophole is gone. And UR points are more flexible than straight cash back. I don't think the 0.4% difference in dining back matters too much.
exarkun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exarkun »

atdharris wrote: Wed Sep 28, 2022 6:02 pm
I may not bother asking. But I don't think it makes sense to keep both the PR and CSP cards given the AA GC loophole is gone. And UR points are more flexible than straight cash back. I don't think the 0.4% difference in dining back matters too much.
You may be the first person in the world to think "points" are more flexible than cash...
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

exarkun wrote: Wed Sep 28, 2022 6:47 pm
atdharris wrote: Wed Sep 28, 2022 6:02 pm
I may not bother asking. But I don't think it makes sense to keep both the PR and CSP cards given the AA GC loophole is gone. And UR points are more flexible than straight cash back. I don't think the 0.4% difference in dining back matters too much.
You may be the first person in the world to think "points" are more flexible than cash...
What I mean is, I can redeem UR points as cash back at 1cpp or transfer for travel. Right now, I have 700k Amex points I can really use for travel, and finding good redemptions means I need to jump through 200 hoops.
OrangeKiwi
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by OrangeKiwi »

atdharris wrote: Fri Sep 30, 2022 4:50 pm
What I mean is, I can redeem UR points as cash back at 1cpp or transfer for travel. Right now, I have 700k Amex points I can really use for travel, and finding good redemptions means I need to jump through 200 hoops.
Is it really 1cpp? I thought the prices on Expedia portal Chase forces people to use are not necessarily the cheapest you can get, for example buying directly on a hotel or airline website.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

OrangeKiwi wrote: Fri Sep 30, 2022 5:14 pm
atdharris wrote: Fri Sep 30, 2022 4:50 pm
What I mean is, I can redeem UR points as cash back at 1cpp or transfer for travel. Right now, I have 700k Amex points I can really use for travel, and finding good redemptions means I need to jump through 200 hoops.
Is it really 1cpp? I thought the prices on Expedia portal Chase forces people to use are not necessarily the cheapest you can get, for example buying directly on a hotel or airline website.
UR points are 1cpp for cash out, 1.25/1.5cpp for redeeming them through the travel portal depending on which card you have (preferred/reserve), or 1:1 points transfer to most partners
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

OrangeKiwi wrote: Fri Sep 30, 2022 5:14 pm
atdharris wrote: Fri Sep 30, 2022 4:50 pm
What I mean is, I can redeem UR points as cash back at 1cpp or transfer for travel. Right now, I have 700k Amex points I can really use for travel, and finding good redemptions means I need to jump through 200 hoops.
Is it really 1cpp? I thought the prices on Expedia portal Chase forces people to use are not necessarily the cheapest you can get, for example buying directly on a hotel or airline website.
You can cash out UR points for 1cpp. So when it comes to renewing the Premium Rewards card versus keeping the CSP at 3.1% back for dining, it seems like an easy decision. I can use the UR for travel or cash back and get the Unlimited cash to continue earning 2.62% back on general spend.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
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boomer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by boomer »

OrangeKiwi wrote: Wed Sep 28, 2022 5:57 pm
atdharris wrote: Wed Sep 28, 2022 5:32 pm

Do you know if BoA ever offers retention? I spend quite a bit on the PR card. I know Amex does, but I've never tried with BoA.
I would not risk it because I feel like BoA is definitely losing money on me.
I called to cancel my BOA cash rewards card because I have not been using it, and they offered me a retention bonus. So they may.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

bling wrote: Fri Sep 30, 2022 6:42 pm sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

tj wrote: Fri Sep 30, 2022 8:02 pm
bling wrote: Fri Sep 30, 2022 6:42 pm sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

bling wrote: Fri Sep 30, 2022 8:39 pm
tj wrote: Fri Sep 30, 2022 8:02 pm
bling wrote: Fri Sep 30, 2022 6:42 pm sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

tj wrote: Fri Sep 30, 2022 8:45 pm
bling wrote: Fri Sep 30, 2022 8:39 pm
tj wrote: Fri Sep 30, 2022 8:02 pm
bling wrote: Fri Sep 30, 2022 6:42 pm sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
your 3-month rolling average is recalculated monthly.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

bling wrote: Fri Sep 30, 2022 9:08 pm
tj wrote: Fri Sep 30, 2022 8:45 pm
bling wrote: Fri Sep 30, 2022 8:39 pm
tj wrote: Fri Sep 30, 2022 8:02 pm
bling wrote: Fri Sep 30, 2022 6:42 pm sigh, lost my platinum honors status today. i only keep a little bit over 100k to meet the criteria, but with the market being the way it is i dropped under.

in case anyone is wondering, the "at least 1 year" starts counting when you first meet it, not when you first dropped under. once you're under, you have 3 months to get it back up.

ah well, i have to put some spend on my new venture x anyway to get the signup bonus.
My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
your 3-month rolling average is recalculated monthly.
Sure, but they only check your actual eligibility at your anniversary. See the prior posts.
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