Bank of America/Merrill Edge - Preferred Rewards

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bbrock
Posts: 1626
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

tj wrote: Wed Jun 12, 2024 6:47 pm
bbrock wrote: Wed Jun 12, 2024 6:30 pm
bople wrote: Wed Jun 12, 2024 4:18 pm
bbrock wrote: Wed Jun 12, 2024 2:33 pm
:oops: Took the words right out of my mouth... that is what I say... what card now?

I'll look at that USBAR card. Hopefully, low fee and/or can be used like the BofA PR on cheap SWA tix.

I can't swing/justify the Chase S. Reserve. That's a hefty $550 annual.

Citi Costco card good enough at 3% dining/travel. I have the Chase Freedom Flex, so I think I can use the Ultimate Rewards thing to book 5x travel at that site.
USBAR is $75 fee if you have organic travel/dining spend but is not a low fee card. With Real-Time Rewards and travel spend, it is trivial to get cash back: buy some ticket/hotel/car rental, get a text "Would you like to redeem XX points for this charge" and you just text back REDEEM and instant statement credit.

CSR is not as great as it once was, but CSP is only $95 fee and would give you 3.75% cash back. Probably not worth it over 3% if you are not doing the Ultimate Rewards thing. We are a United hub, so having transferrable United points is a high value option that can beat 4.5% cash back.
Thx bople. But Even with limited travel/dining, it is only $75. But can that be given back as a statement credit with any US Bank incentives?
You get a bunch of priority pass entries.
Hey TJ.


I am a rookie with regards to flight travel. Priority pass entries, does that mean priority pass for TSA screening? Priority pass so that you get to check into your flight sooner for example if I am with Southwest I get to be Southwest business select to board?
bbrock
bbrock
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

:twisted:
bople wrote: Wed Jun 12, 2024 6:49 pm
bbrock wrote: Wed Jun 12, 2024 6:30 pm
bople wrote: Wed Jun 12, 2024 4:18 pm
USBAR is $75 fee if you have organic travel/dining spend but is not a low fee card. With Real-Time Rewards and travel spend, it is trivial to get cash back: buy some ticket/hotel/car rental, get a text "Would you like to redeem XX points for this charge" and you just text back REDEEM and instant statement credit.
Thx bople. But Even with limited travel/dining, it is only $75. But can that be given back as a statement credit with any US Bank incentives?
The USBAR annual fee is $400, but you get a $325 credit for travel/dining spend. You get the full points for those charges and then see a statement credit for the amount until it reaches a total of $325. It does not use any of your cash back value and is automatic.

There is a way to pay the annual fee with points, but it is not the maximum 1.5 cents/point like travel redemptions.
Wow bople! Then that is a discrepancy. When I read $75 fee, I was like wow it’s less expensive than the CSP. So what do you mean $75 fee but also $400 annual fee?


Edit: my bad. I responded and didn’t even finish reading. I see your $325 statement now.

I assume u r a Business traveler or traveling family. We fly southwest. Can the credit be used with SWA?

So to hit the $325, is that dollar for dollar spending reimbursement? Does it include sit down restaurants as well as fast food restaurants? Travel from flights, to cars?
bbrock
tj
Posts: 10071
Joined: Wed Dec 23, 2009 11:10 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

bbrock wrote: Wed Jun 12, 2024 7:10 pm
tj wrote: Wed Jun 12, 2024 6:47 pm
bbrock wrote: Wed Jun 12, 2024 6:30 pm
bople wrote: Wed Jun 12, 2024 4:18 pm
bbrock wrote: Wed Jun 12, 2024 2:33 pm
:oops: Took the words right out of my mouth... that is what I say... what card now?

I'll look at that USBAR card. Hopefully, low fee and/or can be used like the BofA PR on cheap SWA tix.

I can't swing/justify the Chase S. Reserve. That's a hefty $550 annual.

Citi Costco card good enough at 3% dining/travel. I have the Chase Freedom Flex, so I think I can use the Ultimate Rewards thing to book 5x travel at that site.
USBAR is $75 fee if you have organic travel/dining spend but is not a low fee card. With Real-Time Rewards and travel spend, it is trivial to get cash back: buy some ticket/hotel/car rental, get a text "Would you like to redeem XX points for this charge" and you just text back REDEEM and instant statement credit.

CSR is not as great as it once was, but CSP is only $95 fee and would give you 3.75% cash back. Probably not worth it over 3% if you are not doing the Ultimate Rewards thing. We are a United hub, so having transferrable United points is a high value option that can beat 4.5% cash back.
Thx bople. But Even with limited travel/dining, it is only $75. But can that be given back as a statement credit with any US Bank incentives?
You get a bunch of priority pass entries.
Hey TJ.


I am a rookie with regards to flight travel. Priority pass entries, does that mean priority pass for TSA screening? Priority pass so that you get to check into your flight sooner for example if I am with Southwest I get to be Southwest business select to board?
....no. free food at airport before flight. Check the PP website if any of the airports you frequent participate
bople
Posts: 162
Joined: Sat Sep 26, 2020 2:16 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bople »

bbrock wrote: Wed Jun 12, 2024 7:11 pm I assume u r a Business traveler or traveling family. We fly southwest. Can the credit be used with SWA?

So to hit the $325, is that dollar for dollar spending reimbursement? Does it include sit down restaurants as well as fast food restaurants? Travel from flights, to cars?
Yes, any dining/travel spend will trigger it and cause automatic reimbursement up to $325. So, if you spend at least $325 a year on any travel or dining, the card has a $75 annual fee. It would work for SWA tickets and you could reimburse your points for future SWA ticket purchases with Real-Time Rewards.

As @tj has been mentioning, you also get 8 Priority Pass lounge entries for the $75. They are useable as lounge entries or as $28/entry credit at Priority Pass restaurants. To see where, go to https://www.prioritypass.com/airport-lounges type in your airport and make sure you check all the terminal options.

One could argue, if you use all the entries, you are getting 8 x $28 = $224 additional value and the annual fee is -$149.
need403bhelp
Posts: 1701
Joined: Thu May 28, 2015 6:25 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

bople wrote: Wed Jun 12, 2024 8:01 pm
bbrock wrote: Wed Jun 12, 2024 7:11 pm I assume u r a Business traveler or traveling family. We fly southwest. Can the credit be used with SWA?

So to hit the $325, is that dollar for dollar spending reimbursement? Does it include sit down restaurants as well as fast food restaurants? Travel from flights, to cars?
Yes, any dining/travel spend will trigger it and cause automatic reimbursement up to $325. So, if you spend at least $325 a year on any travel or dining, the card has a $75 annual fee. It would work for SWA tickets and you could reimburse your points for future SWA ticket purchases with Real-Time Rewards.

As @tj has been mentioning, you also get 8 Priority Pass lounge entries for the $75. They are useable as lounge entries or as $28/entry credit at Priority Pass restaurants. To see where, go to https://www.prioritypass.com/airport-lounges type in your airport and make sure you check all the terminal options.

One could argue, if you use all the entries, you are getting 8 x $28 = $224 additional value and the annual fee is -$149.
Just to add if you call in when/after annual fee posts they will give you some points. However you have to call multiple times if you want to get maximum number of points (and not accept any of the offers until you get one you like). In COVID times they gave people enough to cover the $75 pretty easily, but now they seem more stingy so have to call over and over again. But could make annual fee low or $0 (or negative) this way.
Leesbro63
Posts: 10938
Joined: Mon Nov 08, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

Somehow I "lost" the airlines $100 per year incidental fee meter. Did it go away or did I just forget where it is?
Lastrun
Posts: 1785
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Leesbro63 wrote: Thu Jun 13, 2024 3:02 pm Somehow I "lost" the airlines $100 per year incidental fee meter. Did it go away or did I just forget where it is?
If you have the app, I think it is easier. Note I have the PRE not the PR, so it may be different

App-sign in and tap the credit card
scroll down to Premium Rewards Benefits under your current points and tap
It should then come up

On the website, it does not show for PRE, but for PR I think it was as follows:
Login and open up the credit card account
Under the card details, there are tabs and one is "Rewards" Select this.
When I had the PR, I think there was a link under the points and redemption information, or it was to the side, but it is not there for the PRE. I complained a year ago to BofA about this, and shockingly, they have ignored me.
engineerbme
Posts: 94
Joined: Tue Jun 04, 2019 10:12 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by engineerbme »

engineerbme wrote: Wed Jun 12, 2024 3:36 pm
engineerbme wrote: Wed Jun 12, 2024 11:44 am
NYCaviator wrote: Wed Jun 12, 2024 7:16 am
engineerbme wrote: Tue Jun 11, 2024 1:29 pm
NYCaviator wrote: Mon Jun 10, 2024 6:24 pm

I did. It took about a week after I called in and they got it all squared away. The rep made it sound like it happened on occasion and they knew exactly what to do.
did you call Merrill or BOA?
I called BoA. The rep could see that I had > 100k in Merrill and sent a ticket to their back end team for Preferred Rewards. Someone called me a few days later to tell me they were still working on it. A few days after that the PR logo appeared on my BoA account and I got another call back saying that it was all straightened out but sometimes the benefits could take 30 days to hit. In reality it only took a couple days and all of the benefits appeared. I ordered checks for free and the bonus rates started showing up on my credit card.

As much heat as BoA gets on here for terrible customer service, I have found them to be incredibly friendly and helpful (both biz and personal) and they have US based reps that seem to know what they are doing, which if very refreshing. I am a happy customer.
thanks I did end up calling BoA only to be told they couldn't see my ME accounts and that I had to call ME lol; ended up calling ME and they then had to manually link my BoA profile account to my ME so that BoA could see it or something; so bizarre but hopefully I can be enrolled then
follow up to my own response: got a call back from ME after looking into this; was told have to wait the 3 month average and that they CANNOT expedite anymore because BoA was getting too many requests and couldn't keep up or something; so no luck here
So randomly got platinum honors status yesterday evening despite being told is have to wait the three month average so that was a nice surprise; so to recap account was opened 5/31 and received platinum honors status on 6/13; pretty fast!
bbrock
Posts: 1626
Joined: Mon Nov 23, 2009 7:55 pm
Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
bbrock
Laundry_Service
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Laundry_Service »

bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
I'm not sure but ME/BofA may be willing to waive the wire fee if you ask.
engineerbme
Posts: 94
Joined: Tue Jun 04, 2019 10:12 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by engineerbme »

for those who have ordered checks? how does the process work? upon checkout I see a fee and extra for delivery charges? is this actually going to be reimbursed or does it not default to $0?
bople
Posts: 162
Joined: Sat Sep 26, 2020 2:16 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bople »

Laundry_Service wrote: Fri Jun 14, 2024 1:00 pm
bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
I'm not sure but ME/BofA may be willing to waive the wire fee if you ask.
No incoming wire fees to attached checking account if Platinum or better. Two free outbound wires per statement period if you are Diamond Honors. https://www.bankofamerica.com/deposits/account-fees/

Moving funds from the checking account to Merrill side is instant once they are deposit funds. You could wire to checking and once the wire posts, move to Merrill instantly.
bbrock
Posts: 1626
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

Laundry_Service wrote: Fri Jun 14, 2024 1:00 pm
bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
I'm not sure but ME/BofA may be willing to waive the wire fee if you ask.
Good point. I'm just going to do it and hope for the best. Need to get this $ from our jt Fido to our jt ME, then over to WT/Wells Premier checking so as to be able to take advantage of their $2500 bonus offer.
bbrock
placeholder
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Joined: Tue Aug 06, 2013 12:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

engineerbme wrote: Fri Jun 14, 2024 1:07 pm for those who have ordered checks? how does the process work? upon checkout I see a fee and extra for delivery charges? is this actually going to be reimbursed or does it not default to $0?
For me I click on the checking account and then the order checks/deposit slips link and I see:
Order Checks and Deposit Slips/Review Status of an Order

When ordering checks online:

You can order checks for eligible account types with a full catalog of designs

Check ordering is not available for SafeBalance Banking

Check ordering is not available for savings accounts

Deposit slips and accessories are available for all account types

You can get the status of a recently placed order

As a Preferred Rewards client, your benefits include complimentary orders of standard checks. If you prefer to personalize your order, a $10 discount will apply to most designs. Please see the Personal Schedule of Fees for more information.
zero_coupon
Posts: 735
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
Perhaps you can ACH it there by requesting your Merrill checkwriting number.

Question:
Do all Merrill Edge accounts have "checking" account numbers even before checkwriting is enabled?
bbrock
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

zero_coupon wrote: Fri Jun 14, 2024 4:07 pm
bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
Perhaps you can ACH it there by requesting your Merrill checkwriting number.

Question:
Do all Merrill Edge accounts have "checking" account numbers even before checkwriting is enabled?
Thanks. But I transferred the funds from our ME jt. brokerage to my DW's individual brokerage, and now submitted the ACAT via the Fido side to transfer the funds out. Confirmed with chat agent there will be an ~$50 fee when a full transfer occurs. I will seek a reimbursement from Fido for that.
bbrock
bbrock
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

need403bhelp wrote: Wed Jun 12, 2024 11:22 pm
bople wrote: Wed Jun 12, 2024 8:01 pm
bbrock wrote: Wed Jun 12, 2024 7:11 pm I assume u r a Business traveler or traveling family. We fly southwest. Can the credit be used with SWA?

So to hit the $325, is that dollar for dollar spending reimbursement? Does it include sit down restaurants as well as fast food restaurants? Travel from flights, to cars?
Yes, any dining/travel spend will trigger it and cause automatic reimbursement up to $325. So, if you spend at least $325 a year on any travel or dining, the card has a $75 annual fee. It would work for SWA tickets and you could reimburse your points for future SWA ticket purchases with Real-Time Rewards.

As @tj has been mentioning, you also get 8 Priority Pass lounge entries for the $75. They are useable as lounge entries or as $28/entry credit at Priority Pass restaurants. To see where, go to https://www.prioritypass.com/airport-lounges type in your airport and make sure you check all the terminal options.

One could argue, if you use all the entries, you are getting 8 x $28 = $224 additional value and the annual fee is -$149.
Just to add if you call in when/after annual fee posts they will give you some points. However you have to call multiple times if you want to get maximum number of points (and not accept any of the offers until you get one you like). In COVID times they gave people enough to cover the $75 pretty easily, but now they seem more stingy so have to call over and over again. But could make annual fee low or $0 (or negative) this way.
Need403 and bople, thx for that hat tip regarding the USBAR, but I think it’s just a little too much work for the amount of travel/dining we do
bbrock
need403bhelp
Posts: 1701
Joined: Thu May 28, 2015 6:25 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

bbrock wrote: Fri Jun 14, 2024 6:36 pm
need403bhelp wrote: Wed Jun 12, 2024 11:22 pm
bople wrote: Wed Jun 12, 2024 8:01 pm
bbrock wrote: Wed Jun 12, 2024 7:11 pm I assume u r a Business traveler or traveling family. We fly southwest. Can the credit be used with SWA?

So to hit the $325, is that dollar for dollar spending reimbursement? Does it include sit down restaurants as well as fast food restaurants? Travel from flights, to cars?
Yes, any dining/travel spend will trigger it and cause automatic reimbursement up to $325. So, if you spend at least $325 a year on any travel or dining, the card has a $75 annual fee. It would work for SWA tickets and you could reimburse your points for future SWA ticket purchases with Real-Time Rewards.

As @tj has been mentioning, you also get 8 Priority Pass lounge entries for the $75. They are useable as lounge entries or as $28/entry credit at Priority Pass restaurants. To see where, go to https://www.prioritypass.com/airport-lounges type in your airport and make sure you check all the terminal options.

One could argue, if you use all the entries, you are getting 8 x $28 = $224 additional value and the annual fee is -$149.
Just to add if you call in when/after annual fee posts they will give you some points. However you have to call multiple times if you want to get maximum number of points (and not accept any of the offers until you get one you like). In COVID times they gave people enough to cover the $75 pretty easily, but now they seem more stingy so have to call over and over again. But could make annual fee low or $0 (or negative) this way.
Need403 and bople, thx for that hat tip regarding the USBAR, but I think it’s just a little too much work for the amount of travel/dining we do
No worries! We spend $10k on a big SE Asia trip each year so that pays the $75 easily with the 4.5-% back which is better than 3-3.75% back we could get with any other card.

Thus enjoy the rest of the benefits for free (4.5% back on Apple Pay)
isira
Posts: 95
Joined: Fri Nov 16, 2018 9:15 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by isira »

zero_coupon wrote: Fri Jun 14, 2024 4:07 pm
bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
Perhaps you can ACH it there by requesting your Merrill checkwriting number.

Question:
Do all Merrill Edge accounts have "checking" account numbers even before checkwriting is enabled?
All accounts have an ACH routing/account number, you don't even need to enable checkwriting. Just call them up and ask for the ACH routing/account number. That's what I did 5 years ago to ACH my $100K from Schwab.
bbrock
Posts: 1626
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

Leesbro63 wrote: Thu Jun 13, 2024 3:02 pm Somehow I "lost" the airlines $100 per year incidental fee meter. Did it go away or did I just forget where it is?
Hey Lee. At least on the app. I see it. Click on the card, then scroll down to Premium Rewards, then select Premium Benefits. U will see it there.
Last edited by bbrock on Sat Jun 15, 2024 12:45 pm, edited 1 time in total.
bbrock
Leesbro63
Posts: 10938
Joined: Mon Nov 08, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

bbrock wrote: Sat Jun 15, 2024 12:34 pm
Leesbro63 wrote: Thu Jun 13, 2024 3:02 pm Somehow I "lost" the airlines $100 per year incidental fee meter. Did it go away or did I just forget where it is?
Hey Lee. At less on the app., I see it. Click on the card, then scroll down to Premium Rewards, then select Premium Benefits. U will see it there.
Thank you!
zero_coupon
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

isira wrote: Sat Jun 15, 2024 12:24 pm
zero_coupon wrote: Fri Jun 14, 2024 4:07 pm
bbrock wrote: Fri Jun 14, 2024 12:49 pm Apologies if it's been asked, but does ME charge a fee for incoming wires? I'm intending to wire-in from Fido.

Amend:
Perhaps I answered my own. Quick Google search revealed this from A.I.:
Yes, Merrill Edge charges a fee for domestic and international wire transfers, which is $24.95 as of March 2023.


If anyone knows differently, please chime in. I am trying to discern the quickest way to get funds to Fido w/out incurring a fee.
Perhaps you can ACH it there by requesting your Merrill checkwriting number.

Question:
Do all Merrill Edge accounts have "checking" account numbers even before checkwriting is enabled?
All accounts have an ACH routing/account number, you don't even need to enable checkwriting. Just call them up and ask for the ACH routing/account number.
Thank you. Someone reported that a CSR claimed the person's account didn't have such a number.
NYCaviator
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Location: NYC

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by NYCaviator »

zero_coupon wrote: Sun Jun 16, 2024 4:35 am Thank you. Someone reported that a CSR claimed the person's account didn't have such a number.
I was able to call in and get one without enabling check writing.
engineerbme
Posts: 94
Joined: Tue Jun 04, 2019 10:12 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by engineerbme »

Am I reading this correctly that it's better to use the CCR at wholesale clubs like Costco and Sams club for 2% + 75% with PH versus using the UCR card at 1.5% + 75%? I guess caveat is $2500/quarterly max spending on CCR versus unlimited on UCR
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

engineerbme wrote: Sun Jun 16, 2024 11:35 am Am I reading this correctly that it's better to use the CCR at wholesale clubs like Costco and Sams club for 2% + 75% with PH versus using the UCR card at 1.5% + 75%? I guess caveat is $2500/quarterly max spending on CCR versus unlimited on UCR
There was a discussion about how to best use these (and other) cards for Costco purchases that was moved into a separate thread a couple months ago.
unmesh
Posts: 103
Joined: Sun Feb 23, 2014 3:28 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

bople wrote: Wed Jun 12, 2024 8:01 pm ...
As @tj has been mentioning, you also get 8 Priority Pass lounge entries for the $75. They are useable as lounge entries or as $28/entry credit at Priority Pass restaurants. To see where, go to https://www.prioritypass.com/airport-lounges type in your airport and make sure you check all the terminal options.

One could argue, if you use all the entries, you are getting 8 x $28 = $224 additional value and the annual fee is -$149.
So are these 8 one-use PP passes that can be used by anyone? One reason I keep my C1VX is that everyone in my family is an AU (which did not require additional fees) and has their own PP account. And it became even more useful because there is a new lounge at SFO Terminal 1 that we can now use.

The one drawback of those accounts is that they got rid of the $28 credit alternative to the lounge for when a) the airport/terminal doesn't have a lounge or b) when the lounge is full.
ChalkStock
Posts: 1
Joined: Sun Jun 30, 2024 11:56 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by ChalkStock »

For a new customer to BofA, what is the best way to obtain PR Platinum Honor status? 1) Sign up for BofA checking, then Merrill Edge & transfer $100K asset. Or 2) Sign up for Merrill Edge, transfer $100K assets, then sign up for BofA checking?

I think I have seen both methods mentioned in this thread, but which method is the best/quickest to get the PR status?
joopy
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Joined: Thu Oct 19, 2023 12:48 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by joopy »

Did preferred deposit rate go down? The payouts keep going down significantly
FedGuy
Posts: 1694
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

joopy wrote: Mon Jul 01, 2024 9:49 pm Did preferred deposit rate go down? The payouts keep going down significantly
Preferred Deposit is currently paying 4.71%. Why not switch to TTTXX? That's currently paying 5.19%, most of which is exempt from state tax.
joopy
Posts: 14
Joined: Thu Oct 19, 2023 12:48 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by joopy »

FedGuy wrote: Mon Jul 01, 2024 9:55 pm
joopy wrote: Mon Jul 01, 2024 9:49 pm Did preferred deposit rate go down? The payouts keep going down significantly
Preferred Deposit is currently paying 4.71%. Why not switch to TTTXX? That's currently paying 5.19%, most of which is exempt from state tax.
Maybe I'm doing the math wrong but may 31 payout looked like the 4.71 rate. This June payout looked to be around 4.25

Either way everything in preferred deposit is going to be moved out.
criticalmass
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by criticalmass »

Has anyone figured out how to add a beneficiary to a taxable account via the website online?
I found a link that doesn't work, and am not looking forward to the customer service experience to get this simple action done.
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

criticalmass wrote: Tue Jul 02, 2024 12:54 am Has anyone figured out how to add a beneficiary to a taxable account via the website online?
I found a link that doesn't work, and am not looking forward to the customer service experience to get this simple action done.
You can’t do it. You gotta do it via the PDF form. Yes It’s very annoying.
bbrock
lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

joopy wrote: Mon Jul 01, 2024 10:04 pm
FedGuy wrote: Mon Jul 01, 2024 9:55 pm
joopy wrote: Mon Jul 01, 2024 9:49 pm Did preferred deposit rate go down? The payouts keep going down significantly
Preferred Deposit is currently paying 4.71%. Why not switch to TTTXX? That's currently paying 5.19%, most of which is exempt from state tax.
Maybe I'm doing the math wrong but may 31 payout looked like the 4.71 rate. This June payout looked to be around 4.25

Either way everything in preferred deposit is going to be moved out.
While I don't know how Preferred Deposit works, since 6/29 and 6/30 were on the weekends, all the MMFs I have paid their dividends on 6/28 for a 28 day period. When they pay on 7/31, it will be for a 33 day period. It's likely that Preferred Deposit's interest was also for a 28 day period. If you were assuming 30, that would likely account for the difference.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

bbrock wrote: Tue Jul 02, 2024 10:00 am
criticalmass wrote: Tue Jul 02, 2024 12:54 am Has anyone figured out how to add a beneficiary to a taxable account via the website online?
I found a link that doesn't work, and am not looking forward to the customer service experience to get this simple action done.
You can’t do it. You gotta do it via the PDF form. Yes It’s very annoying.
I am 100% sure I did it online, because I remember I had to go through some weird back-end Merrill sites---this is when there was still a distinction with ME and Merrill. Also, since it was a joint account, it made my spouse log in separately and essentially do the same thing and it kept giving me a reminder that we were waiting on her.

But of course they could have changed the procedure as this was 5 years ago.
i2cube
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by i2cube »

Lastrun wrote: Tue Jul 02, 2024 1:25 pm
bbrock wrote: Tue Jul 02, 2024 10:00 am
criticalmass wrote: Tue Jul 02, 2024 12:54 am Has anyone figured out how to add a beneficiary to a taxable account via the website online?
I found a link that doesn't work, and am not looking forward to the customer service experience to get this simple action done.
You can’t do it. You gotta do it via the PDF form. Yes It’s very annoying.
I am 100% sure I did it online, because I remember I had to go through some weird back-end Merrill sites---this is when there was still a distinction with ME and Merrill. Also, since it was a joint account, it made my spouse log in separately and essentially do the same thing and it kept giving me a reminder that we were waiting on her.

But of course they could have changed the procedure as this was 5 years ago.
Maybe Help and Settings > Form and Application > Transfer on Death Agreement?

I have never done it but that's my guess. You can e-sign
bbrock
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Location: CA

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

i2cube wrote: Tue Jul 02, 2024 1:38 pm
Lastrun wrote: Tue Jul 02, 2024 1:25 pm
bbrock wrote: Tue Jul 02, 2024 10:00 am
criticalmass wrote: Tue Jul 02, 2024 12:54 am Has anyone figured out how to add a beneficiary to a taxable account via the website online?
I found a link that doesn't work, and am not looking forward to the customer service experience to get this simple action done.
You can’t do it. You gotta do it via the PDF form. Yes It’s very annoying.
I am 100% sure I did it online, because I remember I had to go through some weird back-end Merrill sites---this is when there was still a distinction with ME and Merrill. Also, since it was a joint account, it made my spouse log in separately and essentially do the same thing and it kept giving me a reminder that we were waiting on her.

But of course they could have changed the procedure as this was 5 years ago.
Maybe Help and Settings > Form and Application > Transfer on Death Agreement?

I have never done it but that's my guess. You can e-sign
This was the process I had done.
bbrock
leland
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by leland »

joopy wrote: Mon Jul 01, 2024 10:04 pm
FedGuy wrote: Mon Jul 01, 2024 9:55 pm
joopy wrote: Mon Jul 01, 2024 9:49 pm Did preferred deposit rate go down? The payouts keep going down significantly
Preferred Deposit is currently paying 4.71%. Why not switch to TTTXX? That's currently paying 5.19%, most of which is exempt from state tax.
Maybe I'm doing the math wrong but may 31 payout looked like the 4.71 rate. This June payout looked to be around 4.25

Either way everything in preferred deposit is going to be moved out.
I'm effectively there, but not zeroing out the account so I preserve the option value of going back in without the $100k minimum.

In my hopes and dreams they'll make it easier to deposit/withdraw from so I don't have to find a blog to remember how to do it each time :D
zero_coupon
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

Merrill apparently pays bonuses for opening an account, moving in a certain amount of assets within 45 days, and enrolling in preferred rewards within 90 days thereafter. The new assets must remain there 90 days, after which the bonus is paid.

How soon after completion of the 90 day holding period is the bonus usually paid? On the 90th day? 91st day? A week after the 90th day? Any experiences to report?
toyotafan_463
Posts: 46
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by toyotafan_463 »

Anyone know how to get online banking access for my spouse who is an authorized user on my BOA credit card?
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

toyotafan_463 wrote: Sun Jul 07, 2024 11:52 pm Anyone know how to get online banking access for my spouse who is an authorized user on my BOA credit card?
Seems like no: viewtopic.php?t=413100

But it is a feature I would like. But remember, there are others that would not like it. Think I don't want my wife to see that I bought her a necklace at her favorite jeweler for her birthday, to I bought a necklace for someone else at her favorite jeweler.
NYCaviator
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by NYCaviator »

Lastrun wrote: Mon Jul 08, 2024 7:40 am
toyotafan_463 wrote: Sun Jul 07, 2024 11:52 pm Anyone know how to get online banking access for my spouse who is an authorized user on my BOA credit card?
Seems like no: viewtopic.php?t=413100

But it is a feature I would like. But remember, there are others that would not like it. Think I don't want my wife to see that I bought her a necklace at her favorite jeweler for her birthday, to I bought a necklace for someone else at her favorite jeweler.
Can't do it. As far as I know, Amex is the only cc issuer who will allow this. They're also the only one I know of that gives each user a different cc number so that the statement breaks down who is spending what. On a BoA statement it all just shows up under the primary account number.
Mattman25
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Mattman25 »

NYCaviator wrote: Mon Jul 08, 2024 8:03 am Can't do it. As far as I know, Amex is the only cc issuer who will allow this. They're also the only one I know of that gives each user a different cc number so that the statement breaks down who is spending what. On a BoA statement it all just shows up under the primary account number.
Our Capital One Venture Visa card gave each of us separate numbers for the same account. Just FYI there are others that do it besides AMEX.
User avatar
anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Mattman25 wrote: Mon Jul 08, 2024 8:47 am
NYCaviator wrote: Mon Jul 08, 2024 8:03 am Can't do it. As far as I know, Amex is the only cc issuer who will allow this. They're also the only one I know of that gives each user a different cc number so that the statement breaks down who is spending what. On a BoA statement it all just shows up under the primary account number.
Our Capital One Venture Visa card gave each of us separate numbers for the same account. Just FYI there are others that do it besides AMEX.
Citi and Barclays also gives separate CC numbers for the same account.
criticalmass
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by criticalmass »

NYCaviator wrote: Mon Jul 08, 2024 8:03 am
Lastrun wrote: Mon Jul 08, 2024 7:40 am
toyotafan_463 wrote: Sun Jul 07, 2024 11:52 pm Anyone know how to get online banking access for my spouse who is an authorized user on my BOA credit card?
Seems like no: viewtopic.php?t=413100

But it is a feature I would like. But remember, there are others that would not like it. Think I don't want my wife to see that I bought her a necklace at her favorite jeweler for her birthday, to I bought a necklace for someone else at her favorite jeweler.
Can't do it. As far as I know, Amex is the only cc issuer who will allow this. They're also the only one I know of that gives each user a different cc number so that the statement breaks down who is spending what. On a BoA statement it all just shows up under the primary account number.
USAA issues separate card numbers for authorized users and separates authorized users’ transactions on statements. Bank of America does not currently have this technology.
zero_coupon
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

zero_coupon wrote: Sat Jul 06, 2024 8:37 am Merrill apparently pays bonuses for opening an account, moving in a certain amount of assets within 45 days, and enrolling in preferred rewards within 90 days thereafter. The new assets must remain there 90 days, after which the bonus is paid.

How soon after completion of the 90 day holding period is the bonus usually paid? On the 90th day? 91st day? A week after the 90th day? Any experiences to report?
Did anyone have to wait a long time to receive the bonus?
SwiftKey
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SwiftKey »

zero_coupon wrote: Mon Jul 08, 2024 7:21 pm
zero_coupon wrote: Sat Jul 06, 2024 8:37 am Merrill apparently pays bonuses for opening an account, moving in a certain amount of assets within 45 days, and enrolling in preferred rewards within 90 days thereafter. The new assets must remain there 90 days, after which the bonus is paid.

How soon after completion of the 90 day holding period is the bonus usually paid? On the 90th day? 91st day? A week after the 90th day? Any experiences to report?
Did anyone have to wait a long time to receive the bonus?
It says somewhere in the terms that it will be paid within 30? 60? days, something like that. Too lazy to look it up.

I transferred in Feb 23, bonus was paid May 28.
terran
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by terran »

zero_coupon wrote: Sat Jul 06, 2024 8:37 am Merrill apparently pays bonuses for opening an account, moving in a certain amount of assets within 45 days, and enrolling in preferred rewards within 90 days thereafter. The new assets must remain there 90 days, after which the bonus is paid.

How soon after completion of the 90 day holding period is the bonus usually paid? On the 90th day? 91st day? A week after the 90th day? Any experiences to report?
My 90 days was 6/5 and bonus was paid 6/10.
zero_coupon
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

terran wrote: Wed Jul 10, 2024 6:14 am
zero_coupon wrote: Sat Jul 06, 2024 8:37 am How soon after completion of the 90 day holding period is the bonus usually paid? On the 90th day? 91st day? A week after the 90th day? Any experiences to report?
My 90 days was 6/5 and bonus was paid 6/10.
SwiftKey wrote: Mon Jul 08, 2024 11:58 pm I transferred in Feb 23, bonus was paid May 28.
Thanks. Sounds like they pay up about 5 days after the end of the holding period.
Onlineid3089
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Onlineid3089 »

This just made me look. I transferred in April 8th. No bonus yet for Merrill Edge, we'll see if it shows up in the next few days. As I recall the bonuses for the credit card spend and bank account direct deposits posted quickly after they were earned.
zero_coupon
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zero_coupon »

Onlineid3089 wrote: Thu Jul 11, 2024 11:33 am This just made me look. I transferred in April 8th. No bonus yet for Merrill Edge, we'll see if it shows up in the next few days. As I recall the bonuses for the credit card spend and bank account direct deposits posted quickly after they were earned.
Yes, let's see if it shows up by Monday!
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