fullham wrote: ↑Tue May 23, 2023 1:58 pm
heartwood wrote: ↑Tue May 23, 2023 1:44 pm
Apologies, I've spent more than an hour looking here and on BOA and on doctor of credit for a simple summary of the BOA Cash Rewards with platinum honors. Will someone point me to the right place?
That’s because there is no simple explanation 😂.
https://promotions.bankofamerica.com/pr ... rewards/en
Try to make it simple, move $100k of etf’s from another brokerage to Merrill and hold there instead. Make sure to check for any Merrill bonus offers for transferring the assets. Wait 3 months to qualify. Open BoA checking account right before qualifying. Earn 5.25% cash back on customized cash rewards card on category spend and 2.625% on premium rewards on all other spend. Plus other perks like no atm fees and no monthly fee on the checking account
Thinking about this BoA 2.625% thing. Tried to find an explanation, but couldn't easily do so in this thread, nor does the BoA link above really explain things.
Is there a good walkthrough along with pros and cons, anywhere?
Here are my main questions:
1) How stable (long-term) is this thing - don't want to jump through hoops for a rate that's going away in a year or two.
2) No other cards (from non-BoA providers) with straight cashback above 2.00%, correct (excluding sign-up bonuses, etc.)?
3) So, move $100K in ETF $ to Merrill Edge first, right?
3B) If I move, say, $100,500 in ETF $ to Merrill Edge, and the market dips down such that the ETF value goes to $90K (or less) and stays that way for a year or two, does that create problems?
4) Does Merrill Edge pay competitive rates on settlement/money-market funds? i.e. If I put $100K of a stock ETF yielding 1.8% into Merrill, then that $100K throws off ~$450 in dividends quarterly. If, by default, the dividends will go to a settlement fund earning ~0%, then that's either 4 more times a year I must remember to log in and do something with the $450, *OR* that's a non-trivial drag, offsetting the CC cashback, depending on how slow I am to deal with the $450.
5) Is it likely I could get $100-250 for moving the $100K to ME?
6) It seems I must wait, AFTER moving the $100K in, for something like 3 months, THEN open a checking account at BoA, THEN apply for this CC?
7) Is there much chance that I can get a sign-up bonus on the CC?
8) Can I get a paper monthly statement on the CC, or is it electronic only?
9) How does the the 2.625% happen - automatic statement credit, flow to ME account, or some other hoop(s) to jump through?
Even as I type the above, it feels like a significant amount of work. I know a lot of folks do a lot of work to get various CC bonuses/CB, but I prefer a lightweight approach, in terms of complexity and my effort/hassle.
In the alternative, if I just want to move my current 1.5% (via CO Quicksilver) to 2.0%, then my options are:
1) Fidelity (drawback is must be deposited back to Fido to get the 2%
2) Citi - I think this is ALMOST 2.00%, actually maybe 1.98% because of the structure? Wonky in other ways?
I really prefer automatic stuff, and I prefer to also get a paper monthly statement.