Bank of America/Merrill Edge - Preferred Rewards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

rustlers wrote: Sun Feb 11, 2024 8:42 pm
PSM wrote: Sun Feb 11, 2024 5:28 pm I think part of the simplicity need is driven by aging. If something happens to me, for example, I want my wife to be able to deal with one institution with my daughter’s help. There is a Fidelity office nearby. Plus, I didn’t sense there was any great advantage to having a Merrill contact at our local BoA branch. He even did the POA documents wrong…
And everyone mostly depends on computers and phone calls to somebody somewhere…might as well be Fidelity for us…
While I agree that Fidelity is a great brokerage, with wide account choices, my thinking is slightly different.

I employ the 2 financial institution approach. My primary brokerage, including cash and trading is Fidelity.
My secondary is ME/BofA, both as a hedge in case of Fidelity issues/locks, while getting the boosted CC benefits. So I keep a ETF, and some cash in TTTXX for PH.

Having only Fidelity seems dicey.
Why does having Fidelity only seem dicey?
rustlers
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rustlers »

tj wrote: Sun Feb 11, 2024 9:05 pm
rustlers wrote: Sun Feb 11, 2024 8:42 pm
PSM wrote: Sun Feb 11, 2024 5:28 pm I think part of the simplicity need is driven by aging. If something happens to me, for example, I want my wife to be able to deal with one institution with my daughter’s help. There is a Fidelity office nearby. Plus, I didn’t sense there was any great advantage to having a Merrill contact at our local BoA branch. He even did the POA documents wrong…
And everyone mostly depends on computers and phone calls to somebody somewhere…might as well be Fidelity for us…
While I agree that Fidelity is a great brokerage, with wide account choices, my thinking is slightly different.

I employ the 2 financial institution approach. My primary brokerage, including cash and trading is Fidelity.
My secondary is ME/BofA, both as a hedge in case of Fidelity issues/locks, while getting the boosted CC benefits. So I keep a ETF, and some cash in TTTXX for PH.

Having only Fidelity seems dicey.
Why does having Fidelity only seem dicey?
In case of issues where your account is hacked, or Fidelity suspects something fraudulent and locks it, or if they face a system outage, or ...

Having a secondary bank and brokerage therefore allows me pay bills, have access to cash, invest/sell while those issues are sorted out and not be at a bank's mercy.

That is my personal thinking so I sleep well at night without dreaming of black swans.
:happy
Growing up, I was drilled in ensuring not to keep all my financial eggs in a single house
grtwallchina75
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by grtwallchina75 »

I have a small safe deposit box at BoA which is free. I get free notary services, cashier's checks / money orders , foreign currency at discounted rate at BoA which I'm not sure how Fido would handle. Mortgage and Auto loans are also competitive in BoA for PH members ME transfer bonus are generous but it bit hassle and introduces complexity
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

grtwallchina75 wrote: Sun Feb 11, 2024 11:39 pm I have a small safe deposit box at BoA which is free. I get free notary services, cashier's checks / money orders , foreign currency at discounted rate at BoA which I'm not sure how Fido would handle. Mortgage and Auto loans are also competitive in BoA for PH members ME transfer bonus are generous but it bit hassle and introduces complexity
BofA never seemed competitive for mortgages or auto loans even for PH members.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

tj wrote: Mon Feb 12, 2024 9:01 am
grtwallchina75 wrote: Sun Feb 11, 2024 11:39 pm I have a small safe deposit box at BoA which is free. I get free notary services, cashier's checks / money orders , foreign currency at discounted rate at BoA which I'm not sure how Fido would handle. Mortgage and Auto loans are also competitive in BoA for PH members ME transfer bonus are generous but it bit hassle and introduces complexity
BofA never seemed competitive for mortgages or auto loans even for PH members.
Was for me 2018 or so for a used car loan for DW.
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

I just got the replacement for an expiring cash rewards and they must have received some feedback about the previous color scheme of gold lettering on red on the back which made it challenging to read the numbers at time because this one was white with black letters on the back.
amrp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by amrp »

Does anyone know if reloading a Starbucks card in the Starbucks app codes as an online purchase for CCR purposes?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

amrp wrote: Sun Feb 18, 2024 7:51 am Does anyone know if reloading a Starbucks card in the Starbucks app codes as an online purchase for CCR purposes?
I use this site and have alerts for new posts. https://www.doctorofcredit.com/payments-workshop/

I don’t see any recent posts on Starbucks but it historically code as grocery. Give it a try for a small amount first to test it. BoA and Starbucks now have a partnership they launched 3 days ago. Activate it in your Bank Amerideals.
amrp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by amrp »

That’s a neat website. Thanks!
exarkun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exarkun »

amrp wrote: Sun Feb 18, 2024 7:51 am Does anyone know if reloading a Starbucks card in the Starbucks app codes as an online purchase for CCR purposes?
An automatic reload on my account in November earned 5.25%
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Edit: credit to Leesbro63. I couldn’t remember your name at first to give you credit. Had to search the thread.

Recently Leesbri63 posted to buy <$99 SWA tix to trigger the credit then cancel the SWA tix. Makes the card end up being $0 AF if you consider the credit-back, and fly SWA.
bbrock
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

bbrock wrote: Sun Feb 18, 2024 12:48 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Edit: credit to Leesbro63. I couldn’t remember your name at first to give you credit. Had to search the thread.

Recently Leesbri63 posted to buy <$99 SWA tix to trigger the credit then cancel the SWA tix. Makes the card end up being $0 AF if you consider the credit-back, and fly SWA.
Thanks for the nod. Yup, this worked for me.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

tj wrote: Sun Feb 18, 2024 9:51 pm I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Not sure what infraction would have to do with it. I'm sure it's a matter of supply and demand. More supply = lower prices offered.
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

tj wrote: Sun Feb 18, 2024 9:51 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Ah nice, I was using Raise.com for awhile and they stopped accepting AA. Does CardCash payout immediately or is it posted for sale and takes awhile before you get paid?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

MisterBill wrote: Sun Feb 18, 2024 10:04 pm
tj wrote: Sun Feb 18, 2024 9:51 pm I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Not sure what infraction would have to do with it. I'm sure it's a matter of supply and demand. More supply = lower prices offered.
Your $100 card is worth less than mine was. That's the inflation.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

hap_ca wrote: Sun Feb 18, 2024 10:05 pm
tj wrote: Sun Feb 18, 2024 9:51 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Ah nice, I was using Raise.com for awhile and they stopped accepting AA. Does CardCash payout immediately or is it posted for sale and takes awhile before you get paid?
I think it takes like a day.
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

tj wrote: Sun Feb 18, 2024 10:09 pm I think it takes like a day.
Awesome, thanks for letting me know about it. I had another $100 eGC laying around from last year so I just listed both. You saved me the trouble of calling in to switch and an extra $80. For the $15/year it's worth keeping the card.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Last edited by anon_investor on Mon Feb 19, 2024 9:49 pm, edited 1 time in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Feb 18, 2024 10:04 pm
tj wrote: Sun Feb 18, 2024 9:51 pm I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Not sure what infraction would have to do with it. I'm sure it's a matter of supply and demand. More supply = lower prices offered.
There are definitely a ton of AA eGCs that people haven't been able to move in a couple of years, so I wouldn't be surprised if they offer even less soon.
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

anon_investor wrote: Mon Feb 19, 2024 9:23 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
User avatar
anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

hap_ca wrote: Mon Feb 19, 2024 11:17 pm
anon_investor wrote: Mon Feb 19, 2024 9:23 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm
hap_ca wrote: Sun Feb 18, 2024 12:37 pm Has anyone done a conversion from Premium Rewards to Ultimate Cash Rewards? I don't want to pay the annual fee anymore now that it's not possible to sell AA gift cards easily.

Do you lose reward points during the conversion process?
Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Tue Feb 20, 2024 10:23 am
hap_ca wrote: Mon Feb 19, 2024 11:17 pm
anon_investor wrote: Mon Feb 19, 2024 9:23 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm

Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
You only use the card for dining/travel?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Tue Feb 20, 2024 10:24 am
anon_investor wrote: Tue Feb 20, 2024 10:23 am
hap_ca wrote: Mon Feb 19, 2024 11:17 pm
anon_investor wrote: Mon Feb 19, 2024 9:23 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm

News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
You only use the card for dining/travel?
No I use it as a catch all card when I don't have a different card that pays better than the standard 2.625% cash back that the PR offers (with Platinum Honors). The 2.625% cash back is excellent for paying taxes, licensing fees, etc. where the credit card fee is lower than 2.625% cash back. When I was referrencing dinning/travel, that is the extra 0.875% (3.5% total) cash back that the PR offers over the URC, which has a flat 2.625% cash back for everything and no $95 AF. The PR also has the added benefit of no FTF. If I am making $1,543+/yr in dinning/travel purchases on the PR, that is the breakeven for the $13.50/yr cost I would need to recoup to make the PR better than the URC (this is after facting in the $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash). But the fact that I do take advantage of the GE credit, I have already more than broken even ($100 GE credit every 4 years, plus the $3.50 cash back for that purchase as well). This is just the numbers breakdown for folks who are afraid of the $95 AF of the PR. The PR also has some added travel insurance protections (which I have not needed to use).
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Tue Feb 20, 2024 11:17 am
tj wrote: Tue Feb 20, 2024 10:24 am
anon_investor wrote: Tue Feb 20, 2024 10:23 am
hap_ca wrote: Mon Feb 19, 2024 11:17 pm
anon_investor wrote: Mon Feb 19, 2024 9:23 pm

Thanks for sharing, I used to get [$80] a couple of years ago, but I will take $78.

I went ahead and sold 2 years worth of AA eGCs ($200) for $156. Since I got $3.50 cash back for the $100 AA eGCs, and am recouping $78, that works out to paying $18.50/yr for the PR, which works out to free since I do take advantage of the Global Entry credit. Win win.
Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
You only use the card for dining/travel?
No I use it as a catch all card when I don't have a different card that pays better than the standard 2.625% cash back that the PR offers (with Platinum Honors). The 2.625% cash back is excellent for paying taxes, licensing fees, etc. where the credit card fee is lower than 2.625% cash back. When I was referrencing dinning/travel, that is the extra 0.875% (3.5% total) cash back that the PR offers over the URC, which has a flat 2.625% cash back for everything and no $95 AF. The PR also has the added benefit of no FTF. If I am making $1,543+/yr in dinning/travel purchases on the PR, that is the breakeven for the $13.50/yr cost I would need to recoup to make the PR better than the URC (this is after facting in the $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash). But the fact that I do take advantage of the GE credit, I have already more than broken even ($100 GE credit every 4 years, plus the $3.50 cash back for that purchase as well). This is just the numbers breakdown for folks who are afraid of the $95 AF of the PR. The PR also has some added travel insurance protections (which I have not needed to use).
Ah - okay - I've been using 5.25% CCR card for dining, and this card as my catch all, so I wasn't sure why the reference to that category.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Tue Feb 20, 2024 11:25 am
anon_investor wrote: Tue Feb 20, 2024 11:17 am
tj wrote: Tue Feb 20, 2024 10:24 am
anon_investor wrote: Tue Feb 20, 2024 10:23 am
hap_ca wrote: Mon Feb 19, 2024 11:17 pm

Premium rewards annual fee is $95, not $100. You’re getting an even better deal than you thought!
Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
You only use the card for dining/travel?
No I use it as a catch all card when I don't have a different card that pays better than the standard 2.625% cash back that the PR offers (with Platinum Honors). The 2.625% cash back is excellent for paying taxes, licensing fees, etc. where the credit card fee is lower than 2.625% cash back. When I was referrencing dinning/travel, that is the extra 0.875% (3.5% total) cash back that the PR offers over the URC, which has a flat 2.625% cash back for everything and no $95 AF. The PR also has the added benefit of no FTF. If I am making $1,543+/yr in dinning/travel purchases on the PR, that is the breakeven for the $13.50/yr cost I would need to recoup to make the PR better than the URC (this is after facting in the $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash). But the fact that I do take advantage of the GE credit, I have already more than broken even ($100 GE credit every 4 years, plus the $3.50 cash back for that purchase as well). This is just the numbers breakdown for folks who are afraid of the $95 AF of the PR. The PR also has some added travel insurance protections (which I have not needed to use).
Ah - okay - I've been using 5.25% CCR card for dining, and this card as my catch all, so I wasn't sure why the reference to that category.
I use up my CCR quarterly spend on online shopping (including internet and cell phone plans), groceries and wholesale clubs. Assuming Platinum Honors, the PR's 2.625% base cash back is better than the 1.75% base cash back of the CCR. This makes a big difference for me since as I mentioned before I am paying for taxes and other things were there are CC fees (which are often higher than 1.75% but lower than 2.625%).
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Tue Feb 20, 2024 11:33 am
tj wrote: Tue Feb 20, 2024 11:25 am
anon_investor wrote: Tue Feb 20, 2024 11:17 am
tj wrote: Tue Feb 20, 2024 10:24 am
anon_investor wrote: Tue Feb 20, 2024 10:23 am

Even better! PR is definitely a great all-around card, very happy to be able to offload 2x $100 AA eGCs. I only need to spend $1,543/yr on dinning/travel in order to justify the $13.50/yr cost (not counting the GE credit, and just factoring in $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash).
You only use the card for dining/travel?
No I use it as a catch all card when I don't have a different card that pays better than the standard 2.625% cash back that the PR offers (with Platinum Honors). The 2.625% cash back is excellent for paying taxes, licensing fees, etc. where the credit card fee is lower than 2.625% cash back. When I was referrencing dinning/travel, that is the extra 0.875% (3.5% total) cash back that the PR offers over the URC, which has a flat 2.625% cash back for everything and no $95 AF. The PR also has the added benefit of no FTF. If I am making $1,543+/yr in dinning/travel purchases on the PR, that is the breakeven for the $13.50/yr cost I would need to recoup to make the PR better than the URC (this is after facting in the $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash). But the fact that I do take advantage of the GE credit, I have already more than broken even ($100 GE credit every 4 years, plus the $3.50 cash back for that purchase as well). This is just the numbers breakdown for folks who are afraid of the $95 AF of the PR. The PR also has some added travel insurance protections (which I have not needed to use).
Ah - okay - I've been using 5.25% CCR card for dining, and this card as my catch all, so I wasn't sure why the reference to that category.
I use up my CCR quarterly spend on online shopping (including internet and cell phone plans), groceries and wholesale clubs. Assuming Platinum Honors, the PR's 2.625% base cash back is better than the 1.75% base cash back of the CCR. This makes a big difference for me since as I mentioned before I am paying for taxes and other things were there are CC fees (which are often higher than 1.75% but lower than 2.625%).
I don't use the CCR (I have 3 of them) for anything other than the bonus categories. Why would anyone use the CCR for anything else?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Tue Feb 20, 2024 11:46 am
anon_investor wrote: Tue Feb 20, 2024 11:33 am
tj wrote: Tue Feb 20, 2024 11:25 am
anon_investor wrote: Tue Feb 20, 2024 11:17 am
tj wrote: Tue Feb 20, 2024 10:24 am

You only use the card for dining/travel?
No I use it as a catch all card when I don't have a different card that pays better than the standard 2.625% cash back that the PR offers (with Platinum Honors). The 2.625% cash back is excellent for paying taxes, licensing fees, etc. where the credit card fee is lower than 2.625% cash back. When I was referrencing dinning/travel, that is the extra 0.875% (3.5% total) cash back that the PR offers over the URC, which has a flat 2.625% cash back for everything and no $95 AF. The PR also has the added benefit of no FTF. If I am making $1,543+/yr in dinning/travel purchases on the PR, that is the breakeven for the $13.50/yr cost I would need to recoup to make the PR better than the URC (this is after facting in the $3.50 cash back from the $100 AA eGC purchase, and the subsequent $78 proceeds from the sale to Card Cash). But the fact that I do take advantage of the GE credit, I have already more than broken even ($100 GE credit every 4 years, plus the $3.50 cash back for that purchase as well). This is just the numbers breakdown for folks who are afraid of the $95 AF of the PR. The PR also has some added travel insurance protections (which I have not needed to use).
Ah - okay - I've been using 5.25% CCR card for dining, and this card as my catch all, so I wasn't sure why the reference to that category.
I use up my CCR quarterly spend on online shopping (including internet and cell phone plans), groceries and wholesale clubs. Assuming Platinum Honors, the PR's 2.625% base cash back is better than the 1.75% base cash back of the CCR. This makes a big difference for me since as I mentioned before I am paying for taxes and other things were there are CC fees (which are often higher than 1.75% but lower than 2.625%).
I don't use the CCR (I have 3 of them) for anything other than the bonus categories. Why would anyone use the CCR for anything else?
Ah, I misunderstood. I have 3x CCR too, I have a large family, so any kind of big trip would likely eat up too much of my CCR quarterly spend caps, which is why I find the PR valuable with the unlimited 3.5% cash back on travel. I do use the CCR to buy Amtrak tickets online (at least 1 trip a month for family members), which count as online shopping.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Sun Feb 18, 2024 10:09 pm
hap_ca wrote: Sun Feb 18, 2024 10:05 pm
tj wrote: Sun Feb 18, 2024 9:51 pm
MisterBill wrote: Sun Feb 18, 2024 9:37 pm
tj wrote: Sun Feb 18, 2024 2:12 pm

Not possible? CardCash started buying them again.
News to me, but you're right. They're offering $78 for a $100 GC. The PR card is worth $17 a year (net cost after selling the gift card).
I guess it's inflation. I got $81 for a $100 card 2 weeks ago.
Ah nice, I was using Raise.com for awhile and they stopped accepting AA. Does CardCash payout immediately or is it posted for sale and takes awhile before you get paid?
I think it takes like a day.
FYI for people wondering, for me I sold my AA eGCs to Card Cash last night (Mon 2/19) and this afternoon (Tue 2/20) I got paid via PayPal, so less than 24 hours. Not sure if it is because I have sold AA eGCs to Card Cash twice in the past and also received payment via PayPal.
Generator515
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Generator515 »

Anyone with any current experience using the Preferred Rewards Elite card and redeeming for airfare? I am particularly curious about how the pricing was. I have seen reports it is the same as direct but did a couple test bookings (close in and was moderately) more $.

Considering applying for this as my spend is enough to justify the increased fee over the regular premium rewards.

Thanks
GaryA505
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GaryA505 »

I'm doing some serious travel this summer. We will probably rack up about $12000 in airfares alone, mostly international. What's a good strategy for points/rewards?
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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