Bank of America/Merrill Edge - Preferred Rewards

[tj]

You need some CCRs so you can get 5.25% on some catagories. Also pay for taxes and stuff loke that with your card like so you get more cash back.

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

i have 3. I know there are bogleheads who have double that, though that may have been with a spouse.

[unmesh]

Different brand affiliations?

[tj]

Different brand affiliations?

No. One of mine was an MLB card that they changed to a Cash Rewards. The other 2 were always Cash Rewards...actually now that I think about it, one of mine I product changed from Merrill+

[FedGuy]

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

I have four. Two were always "vanilla" CCRs. The third is an affiliate card. The fourth used to be a Premium Rewards card; when BoA discontinued one of my pre-existing cards (the Better Balance Rewards card), they forcibly converted mine to an Unlimited Cash Rewards card. There is no point to having both a Premium Rewards and an Unlimited Cash Rewards card, so once I had both I decided the UCR made more sense for me, I asked to convert my PR to a CCR, and they agreed.

[anon_investor]

You need some CCRs so you can get 5.25% on some catagories. Also pay for taxes and stuff loke that with your card like so you get more cash back.

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

I have 3 variants, but people have reported having even more.

[student]

Has anyone had luck with any of the affinity cards for customized rewards lately? I tried the links on this site: https://gist.github.com/evantobin/1040d ... 50fcb9bbc7 and none of them are working. Not sure if this is a temporary problem or they've stopped offering the cards.

Some of the links from this reddit thread may work.
https://www.reddit.com/r/CreditCards/co ... utm_term=1

I clicked through for U of Mich and it worked.

Do the affinity institutions receive information about affinity card applicants/holders?

Not that I'm aware of.

None of my universities offered an affiliate card but a rival one did. Got it instead. Go wolverines?

Apparently, I'll sell my soul for another $2500/quarter of sweet sweet 5.25% tax free cash back at pretty much any merchant I buy from.

Maybe this is better I wonder whether actual membership is required. https://secure.bankofamerica.com/apply- ... le/#/info/

[unmesh]

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

I have 3 variants, but people have reported having even more.

I applied and was approved for the one via The Nature Conservancy. When I get it, I will likely call them and ask to lower the credit limit.

[plmd]

You need some CCRs so you can get 5.25% on some catagories. Also pay for taxes and stuff loke that with your card like so you get more cash back.

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

I have 4. I lowered the credit limit of each one to $5000 (transferred the credit limits to my PRE). That way I can put $2500 on each card right at the end of the quarter and still charge another $2500 at the beginning of a new quarter without paying the cards off first.

My first was obtained by applying for the card directly when it was Cash Rewards and not yet called CCR. My second was product converted from a Travel Rewards when I got the Premium Rewards years ago. My third was product converted from the Premium Rewards when I got the Premium Rewards Elite. My fourth was obtained when BofA discontinued a really old BankAmericard Privileges card and converted it to a Cash Rewards. That is my most interesting CCR, because I don’t get charged any foreign transaction fees. I must have been grandfathered from my old card.

[anon_investor]

How many CCRs will BofA allow one to hold? I have a use case where I will make one charge per quarter for $2500 in the chosen category, so no spend to track in detail. And the credit limit can be appropriately small.

I have 3 variants, but people have reported having even more.

I applied and was approved for the one via The Nature Conservancy. When I get it, I will likely call them and ask to lower the credit limit.

Oh, I see this variant is available again. I wonder if I should tempt fate and apply for a 4th CCR variant! It would be my fifth BoA CC. I got my last BoA CC back in December 2022.

[unmesh]

I have 4. I lowered the credit limit of each one to $5000 (transferred the credit limits to my PRE). That way I can put $2500 on each card right at the end of the quarter and still charge another $2500 at the beginning of a new quarter without paying the cards off first.

I was going to request an out-and-out reduction in my credit limit but transferring all but $5000 seems to be a better approach.

Thanks

[indexfundfan]

Anyone knows if a payment made using Amazon Payments (https://pay.amazon.com) count as online shopping and can earn 5.25% cashback?

[anon_investor]

Is there a max number of personal BoA CCs an individual can have? I have 4 now, and I am tempted to apply for another CCR variant.

[Lyrrad]

Is there a max number of personal BoA CCs an individual can have? I have 4 now, and I am tempted to apply for another CCR variant.

Well, someone once applied for 24 MLB cards at once, but that's not possible anymore.

I think the main limitation is how often you can get approved for new BoA cards. Reportedly 2 in 2 months, 3 in a year and 4 in 2 years.

There may also be a limit to how much credit they are willing to extend. In the past, they have reallocated credit from one card to another to approve me. (There's also the time limit on applying for a new CCR, though that shouldn't apply to variants for now.)

[anon_investor]

Is there a max number of personal BoA CCs an individual can have? I have 4 now, and I am tempted to apply for another CCR variant.

Well, someone once applied for 24 MLB cards at once, but that's not possible anymore.

I think the main limitation is how often you can get approved for new BoA cards. Reportedly 2 in 2 months, 3 in a year and 4 in 2 years.

There may also be a limit to how much credit they are willing to extend. In the past, they have reallocated credit from one card to another to approve me. (There's also the time limit on applying for a new CCR, though that shouldn't apply to variants for now.)

Hopefully my data point will be helpful.

I have only applied for (and was approved for) 1 BoA CC within the last 2 years (more than 1 year ago), and have 4 BoA CCs.

I just applied for another CCR variant, it was not instantly approved . I had to call in, they had to reallocate credit line from one of my existing cards. I am still waiting for the formal approval confirmation, but over the phone BoA said I was approved for the card, but no increase in overall credit line. So now I will have 5 BoA CCs. On the same call I was able to reallocate around the credit from my current cards (but not the new card yet, I will have to call in to do that after activation).

I unfroze all 3 credit bureaus (Experian, Equifax, Transunion), and only Experian had a hard pull from the application.

This brings my BoA CC portfolio to 4x CCR variants and a PR.

Update: formal approval email came a few hours later.

[bbrock]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

[tj]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

[bbrock]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

What is the standard operating practice? Has it been that refunds/returns would restore that dollar amount back into the $2500 limit? That is what I was going off of having read it here, or either I misinterpreted what I read (which is very well possible).

[lakpr]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

I will add a +1 to the above post. My BofA CCR was also set to online shopping. I wasn't (I know, now!) aware of the $2500 limit per quarter, for some reason I had it in my mind that it was a per-month limit. I bought two laptops, one in July, returned it (battery life was atrocious!) and bought another in August. High end laptop, $2200+. There were a few other minor walmart.com purchases that filled up the room to $2500.

I got only 1% on the second purchase, and the bonus rewards were clawed back from my return of the laptop ...

Can't advise about whether it's worth calling BofA about it, I am not going to ...

[tj]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

What is the standard operating practice? Has it been that refunds/returns would restore that dollar amount back into the $2500 limit? That is what I was going off of having read it here, or either I misinterpreted what I read (which is very well possible).

It would appear that the standard operating practice is what you experienced.

[bbrock]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

What is the standard operating practice? Has it been that refunds/returns would restore that dollar amount back into the $2500 limit? That is what I was going off of having read it here, or either I misinterpreted what I read (which is very well possible).

It would appear that the standard operating practice is what you experienced.

I succumbed to calling them. Still on. They don’t even know how it works is what it appears…

[tj]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

What is the standard operating practice? Has it been that refunds/returns would restore that dollar amount back into the $2500 limit? That is what I was going off of having read it here, or either I misinterpreted what I read (which is very well possible).

It would appear that the standard operating practice is what you experienced.

I succumbed to calling them. Still on. They don’t even know how it works is what it appears…

Doesn't surprise me.

[cubs1999]

I have three CCR cards. I am making this post to discuss the $2500 limit for the choice category with regards to returns. My choice category is online shopping on this card. I’ve been tracking spending this quarter, as usual, to know when I max. I hit the limit about a month ago, but then did some returns probably in the amount of $1100. I recall reading here that refunds get credited back and any applicable bonus would be credited back as well.

So after having made this large return to Costco, I then went about things and made other purchases on the same card knowing that I had approx. $1100 of space. Looking online now at the reward section, I see the roughly $1200 of spending I’ve done since the return that none of it has been getting counted towards the Choice category bonus. It states that I maxed out the $2500, and this was back when I originally hit the limit. I see the return, but it did not change anything. So in this situation, in fact, my returns did absolutely nothing to restore spending space. I was not credited back any rewards after I made the return, When you hit the cap, you are done.

Have others found this to be the same? Would it behoove me to call BofA and argue this with them and tell them that I made an $1100 purchase which was returned and that amount should be restore to my $2500 tally? Yeah sure it ended up just costing me $51 in lost opportunity cost, but I could’ve sworn I understood the system properly. Guess not.

Uh, I would not call and complain about that.

What is the standard operating practice? Has it been that refunds/returns would restore that dollar amount back into the $2500 limit? That is what I was going off of having read it here, or either I misinterpreted what I read (which is very well possible).

It would appear that the standard operating practice is what you experienced.

I was going to say that from reading this thread, returns don't restore the limit. Once you charge $2500 in the combined bonus categories for the quarter, you're at 1% until the next quarter even if you make returns.

I've recall seeing that posted in this thread before.

[BashDash]

Hi!
Would making an online purchase at Home Depot code as online or home improvement with one of my CCR cards?

Thanks!

[FrugalProfessor]

Hi!
Would making an online purchase at Home Depot code as online or home improvement with one of my CCR cards?

Thanks!

Both. Categories aren't mutual exclusive, particularly the online one.

[NYCaviator]

I succumbed to calling them. Still on. They don’t even know how it works is what it appears…

Doesn't surprise me.

Does anyone know if PR customers get sent to a special customer service team? Every time I've called BoA since being in preferred rewards, I get transferred to a US based customer service rep pretty quickly. That rarely happened with Chase, who seems to exclusively use overseas call centers.

But I agree with the post above. The BoA CSRs aren't great. They are friendly but pretty limited in what they know without putting you on hold to look it up.

[sycamore]

I always found this to be inconsistent. I haven’t tried in a while, but during the past 2-3 years, my transactions would usually show as online but once in a while show as not online for no rhyme or reason, At first, I thought certain Walmart locations might be processing the Walmart Pay differently, but when I looked at my activity, even the same location was inconsistent.

Walmart transactions on/before July 6 coded as "online" for us. Walmart transactions occurring on/after July 24 have coded as "grocery".

Looks like a system change occurred between July 6-July 24. Bummer.

The inconsistency of the Visa CCR and Walmart has been reported for years, and very recently a few have reported Sam's Club is now affected as well.
https://www.reddit.com/r/CreditCards/co ... lmart_pay/
https://www.reddit.com/r/CreditCards/co ... ng_3_cash/
https://www.reddit.com/r/CreditCards/co ... t/l8op1zm/
https://www.reddit.com/r/CreditCards/co ... sams_club/

My understanding is that the Mastercard CCR still consistently flags as Online Shopping.

I've had success of checking out at B&M Walmart using the scan and go app and still get online bonus w/ preferred platinum 5.25%.

Using my CCR card with Walmart Pay at a store register 2 days ago resulted in being categorized as an online purchase. That's the most common result for me but it sometimes codes as groceries. I use the app to pay at the register but don't use Scan & Pay. We do, at Sam's.

Edit: The information below from one of the Reddit comments linked above may explain my occasionally getting coded as grocery. I'll test the theory but, even if I confirm it in my sample, won't necessarily buy something extra just to get an additional 1.75% in PR. (It may be worth it, or may not.)

"If you use a Visa, it appears you get 2% cash back if all of the items you purchase are grocery items especially produce. In this case, the transaction does not code as an online purchase. But it codes as a grocery purchase unlike other issuers that exclude Walmart from their grocery category. If any of the items are not grocery (it's possible buying a box of Clif Bars might do it) then the transaction codes as an online purchase and then you get 3%."

FWIW, another data point.

Buying stuff in-store using Walmart Pay app (linked to my BoA CCR) is back to being coded as online shopping category / 5.25% bonus.

Purchases on 8/18, 8/22, and 8/25 coded as online shopping.
Purchase on 7/30 coded as grocery.
Purchase in June coded as online shopping.

It's possible my 7/30 purchase really consisted solely of groceries, but I just don't keep track close enough.

[isira]

Does anyone know if PR customers get sent to a special customer service team? Every time I've called BoA since being in preferred rewards, I get transferred to a US based customer service rep pretty quickly. That rarely happened with Chase, who seems to exclusively use overseas call centers.

But I agree with the post above. The BoA CSRs aren't great. They are friendly but pretty limited in what they know without putting you on hold to look it up.

I've always called the Preferred Rewards Priority Member Services line for anything BofA/Merrill. I've always had US-based CSRs with very short hold times. This included filing 2 chargebacks which both eventually went in my favor.

The only thing they didn't do was product change my Premium Rewards card to the Customized Cash Rewards card and instead offered to transfer the entire credit line to my Premium Rewards Elite card, which I was OK with so I didn't bother trying HUCA.

[isira]

Hi!
Would making an online purchase at Home Depot code as online or home improvement with one of my CCR cards?

Thanks!

That's not how it works. It works like this:
1. What is the MCC code of the transaction (Home Depot = Home Improvement)
2. Was the purchase made online? (You bought on HomeDepot.com, so YES)
3. Is the MCC code on the Online Shopping exclusion list? (Home Improvement is NOT excluded)
4. Did you exceed $2500/qtr in purchases?
5. Get bonus cash back if you passed 1-4.

I suggest reviewing the Program Rules for the CCR.
https://www.managerewardsonline.bankofa ... _D_ADA.pdf

[bongo]

Hi!
Would making an online purchase at Home Depot code as online or home improvement with one of my CCR cards?

Thanks!

That's not how it works. It works like this:
1. What is the MCC code of the transaction (Home Depot = Home Improvement)
2. Was the purchase made online? (You bought on HomeDepot.com, so YES)
3. Is the MCC code on the Online Shopping exclusion list? (Home Improvement is NOT excluded)
4. Did you exceed $2500/qtr in purchases?
5. Get bonus cash back if you passed 1-4.

I suggest reviewing the Program Rules for the CCR.
https://www.managerewardsonline.bankofa ... _D_ADA.pdf

You didn't specify which category to use, but sounds like either online OR home improvement would work. If using the latter, then checks 2 and 3 aren't even required.

[bongo]

I succumbed to calling them. Still on. They don’t even know how it works is what it appears…

[Unnecessary comment removed - moderator ClaycordJCA] eg Vanguard has warned that they would start charging fees for excessive use of phone support.

You could also try asking Costco to refund you on a Shop Card next time, so you wouldn't have to worry about the point reversal/cap.

[isira]

Hi!
Would making an online purchase at Home Depot code as online or home improvement with one of my CCR cards?

Thanks!

That's not how it works. It works like this:
1. What is the MCC code of the transaction (Home Depot = Home Improvement)
2. Was the purchase made online? (You bought on HomeDepot.com, so YES)
3. Is the MCC code on the Online Shopping exclusion list? (Home Improvement is NOT excluded)
4. Did you exceed $2500/qtr in purchases?
5. Get bonus cash back if you passed 1-4.

I suggest reviewing the Program Rules for the CCR.
https://www.managerewardsonline.bankofa ... _D_ADA.pdf

You didn't specify which category to use, but sounds like either online OR home improvement would work. If using the latter, then checks 2 and 3 aren't even required.

Yes I should have wrote "That's not how the Online Shopping category works" to make it more clear, but I guess #2 and #3 wasn't good enough to know I was referring to the Online Shopping category.

[bbrock]

With regards to the issue I had posted about, B of a clawbackked points, and the $2500 limit did not reset.

[cvsvm2007]

Folks,
I am setting the accounts up. I opened BofA banking account and I saw something like : if you deposit $20000 within 30 days of account opening, you will get preferred rewards status. I am planning to open ME IRA account for $100k to Platinum status. Do I still need to do $20k? Any pointers will be appreciated.

Thank you
CVS

[FedGuy]

Folks,
I am setting the accounts up. I opened BofA banking account and I saw something like : if you deposit $20000 within 30 days of account opening, you will get preferred rewards status. I am planning to open ME IRA account for $100k to Platinum status. Do I still need to do $20k? Any pointers will be appreciated.

Thank you
CVS

$20,000 will only get you Gold status. If you're planning to deposit $100,000 (in an ME IRA account or otherwise), that will get you Platinum Honors, which is probably the level you want. I'd ignore the message about the $20,000; that was likely just telling you about the lowest amount needed.

"Preferred Rewards" is the name of the program, not a specific tier of status. The three relevant tiers are "Gold" ($20k - $50k), "Platinum" ($50k - $100k), and "Platinum Honors," which starts at $100k. There are two higher levels of status, but they don't improve your credit card cash back and honestly don't have a lot of additional benefits at all, so most of us kind of ignore them.

[zero_coupon]

Folks,
I am setting the accounts up. I opened BofA banking account and I saw something like : if you deposit $20000 within 30 days of account opening, you will get preferred rewards status. I am planning to open ME IRA account for $100k to Platinum status. Do I still need to do $20k? Any pointers will be appreciated.

Thank you
CVS

People have had varied experiences with this. The following thread suggests that yes, you must meet $20k in your checking account at the end of at least 1 day within the first 30 days to get PR status immediately: viewtopic.php?t=369370

Here's a quote:

So in summary of the findings from the adventure, the first (30) days at the end of one day, if you have a joint or individual checking account ..., you should be enrolled in preferred rewards within 48-72 hours of the end of day balance hitting a minimum of $20,000. Revocable trusts, brokerage, and other accounts noted however DO count towards your aggregate rewards tier but cannot initiate the enrollment into the program in the first 30 days.

However, someone else received PR status immediately without the $20k in checking:

To some of the other poster's comments, Merril accounts do not count towards the first 30 day condition either, it literally is only a checking account in your name, or a joint account ... if you don't have existing accounts with BoA.

In my case, I transferred funds directly to new Merrill Edge account, my checking account has under $1000. And I got PH status in 7-10 days.

Perhaps you don't need the $20k in checking if you open ME first. However, if you open checking first, you'll only get early enrollment in PR if you meet the "$20k in checking at the end of at least 1 day in the first 30 days" condition? BoA may be somewhat inconsistent about this.

I'd ignore the message about the $20,000; that was likely just telling you about the lowest amount needed.

No, "$20k in checking at the end of at least 1 day w/in the first 30 days" is a condition you can meet to get early enrolment in PR.

[exodusNH]

Folks,
I am setting the accounts up. I opened BofA banking account and I saw something like : if you deposit $20000 within 30 days of account opening, you will get preferred rewards status. I am planning to open ME IRA account for $100k to Platinum status. Do I still need to do $20k? Any pointers will be appreciated.

Thank you
CVS

Unless they manually flip it on for you, it will still take two-three months to get to Platinum. Since it works on a 90 average balance, $100,000 in the first month only gets you to $33,333 average balance.

They do bump you automatically, though.

I moved ~$200k to take advantage of a bonus. (This was most of my taxable account and my Roth IRA, not a small fraction like it would be for some here.) Gold status happened at 30 days. Platinum happened after 3 months. You'd have to move $300,000 to get Platinum after 30 days.

[zero_coupon]

I am planning to open ME IRA account for $100k to Platinum status.

Don't forget to collect a bonus for opening your new ME account.

Unless they manually flip it on for you, it will still take two-three months to get to Platinum. ... You'd have to move $300,000 to get Platinum after 30 days.

Note that "Platinum" and "Platinum Honors" are different tiers. Some people have reported automatically receiving PH status within days of opening these accounts, without manual intervention by CSRs. Apparently, upon opening checking, there's a selectable option to receive expedited enrollment in PR. Some folks were immediately escalated to PH tier within days of opening. Perhaps this is more likely if the ME account is opened and funded before opening BoA checking? Anyone?

[exodusNH]

I am planning to open ME IRA account for $100k to Platinum status.

Don't forget to collect a bonus for opening your new ME account.

Unless they manually flip it on for you, it will still take two-three months to get to Platinum. ... You'd have to move $300,000 to get Platinum after 30 days.

Note that "Platinum" and "Platinum Honors" are different tiers. Some people have reported automatically receiving PH status within days of opening these accounts, without manual intervention by CSRs. Apparently, upon opening checking, there's a selectable option to receive expedited enrollment in PR. Some folks were immediately escalated to PH tier within days of opening. Perhaps this is more likely if the ME account is opened and funded before opening BoA checking? Anyone?

Yeah, PH is what you want, and it took me 3 months to get it. It wasn't worth trying to get them to expedite it. The automatic bump happened on the same day each month.

I did have an existing BoA account that I kept nothing in, but was opened when I got my HELOC. The HELOC balance has been $0 since early 2020.

[GaryA505]

Does anyone know if charges from Visible Mobile are coded as online purchases?

[Lyrrad]

I was going to say that from reading this thread, returns don't restore the limit. Once you charge $2500 in the combined bonus categories for the quarter, you're at 1% until the next quarter even if you make returns.

I've recall seeing that posted in this thread before.

I tested it this week after reading the posts last week.

I had a refund for a bonus category purchase in July, and the purchase amount was added to the $2500 quarterly limit.

It appears not all returns deduct rewards the from quarterly bonus category. If the bonus rewards isn't deducted due to the return, then the quarterly limit isn't affected by the return. I believe this happens if the return amount is different than the purchase amount

[bbrock]

Does anyone know if charges from Visible Mobile are coded as online purchases?

Wish I could answer. I have Visible, it’s still on my Wells Fargo MasterCard that I use for nothing anymore, except Visible since Wells throws in insurance coverage. Already made a claim for my old iPhone for old phone.

I can say is give it a try for a month. If you don’t get it, then switch back to the PR or UCR card.

[need403bhelp]

Anyone have thoughts on the upcoming U.S. bank smartly Visa card that will give 4% back on everything with >$100k on deposit including in brokerage accounts…

[anon_investor]

Anyone have thoughts on the upcoming U.S. bank smartly Visa card that will give 4% back on everything with >$100k on deposit including in brokerage accounts…

There is a $50 annual fee on the brokerage account if you have less than $250k.

4% is interesting though, my worry would be the program being discontinued or benefits reduced since it is new.

Maybe BoA will improve their Preferred Rewards, at least they are less likely to reduce the benefits now.

[need403bhelp]

Anyone have thoughts on the upcoming U.S. bank smartly Visa card that will give 4% back on everything with >$100k on deposit including in brokerage accounts…

There is a $50 annual fee on the brokerage account if you have less than $250k.

4% is interesting though, my worry would be the program being discontinued or benefits reduced since it is new.

Maybe BoA will improve their Preferred Rewards, at least they are less likely to reduce the benefits now.

Thanks. That is a fair point.

[Lastrun]

Anyone have thoughts on the upcoming U.S. bank smartly Visa card that will give 4% back on everything with >$100k on deposit including in brokerage accounts…

There is a $50 annual fee on the brokerage account if you have less than $250k.

4% is interesting though, my worry would be the program being discontinued or benefits reduced since it is new.

Maybe BoA will improve their Preferred Rewards, at least they are less likely to reduce the benefits now.

Thanks. That is a fair point.

So the knowns are: you need to have $250k in brokerage to avoid the $50 fee. You also need to have the savings account and a checking account to avoid another fee on the savings account. The Smartly Savings account has a $5 monthly fee that is avoided if you have a checking account with US Bank. There is a $6.95 a month charge for the checking account, but this is waived if you have a credit card with US Bank, so this should all circle around.

As as side note, I laugh because if you look at some of the posts on this thread people seem to think it is the end of the world that BofA requires a checking account for preferred rewards, where this program will require both a checking and savings, at least to avoid account fees. But hey, 4% unlimited is, well…..4%


The unknowns at this point:

1. Will there be a foreign transaction fee?

2. Will there be an annual fee? EDIT: Per a CNBC article, no annual fee.

3. Will there be a sign up bonus? EDIT: Per the CNBC article, no SUB.

EDIT: Add 4. Will the 2% booster be capped?

[need403bhelp]

Anyone have thoughts on the upcoming U.S. bank smartly Visa card that will give 4% back on everything with >$100k on deposit including in brokerage accounts…

There is a $50 annual fee on the brokerage account if you have less than $250k.

4% is interesting though, my worry would be the program being discontinued or benefits reduced since it is new.

Maybe BoA will improve their Preferred Rewards, at least they are less likely to reduce the benefits now.

Thanks. That is a fair point.

So the knowns are: you need to have $250k in brokerage to avoid the $50 fee. You also need to have the savings account and a checking account to avoid another fee on the savings account. The Smartly Savings account has a $5 monthly fee that is avoided if you have a checking account with US Bank. There is a $6.95 a month charge for the checking account, but this is waived if you have a credit card with US Bank, so this should all circle around.

As as side note, I laugh because if you look at some of the posts on this thread people seem to think it is the end of the world that BofA requires a checking account for preferred rewards, where this program will require both a checking and savings, at least to avoid account fees. But hey, 4% unlimited is, well…..4%


The unknowns at this point:

1. Will there be a foreign transaction fee?

2. Will there be an annual fee?

3. Will there be a sign up bonus?

Fair enough. I do have a USB credit card.

Some of your questions https://www.cnbc.com/select/us-bank-sma ... edit-card/

[Lastrun]

....
Some of your questions https://www.cnbc.com/select/us-bank-sma ... edit-card/

Thanks for the link to the CNBC article. Strange that if there was no annual fee they would not have put that in the announcement. I edited my post above.

[tj]

....
Some of your questions https://www.cnbc.com/select/us-bank-sma ... edit-card/

Thanks for the link to the CNBC article. Strange that if there was no annual fee they would not have put that in the announcement. I edited my post above.

It would be more strange if there was an annual fee and they did not include that in the announcement.

[TheRoundHeadedKid]

Discussions on the US Bank credit card should be in its own thread.

[SnowBog]

Discussions on the US Bank credit card should be in its own thread.

FWIW - I wouldn't have known about a new 4% card if I hadn't seen the post in this thread... So, I'm glad it showed up here! As that [when available] will basically remove my interest in maintaining my BoA/Merrill setup, as I can get a better cash back rate elsewhere...

But agreed that on-going discussions about a US Bank offering are probably not applicable to a Bank of America/Merrill thread...

Again, FWIW - there is a "general" credit card rewards strategy thread - where this US Bank offering has been recently mentioned. Seems a "better" place for that discussion... Jump to the last page or 2 of the thread for the US Bank related posts. viewtopic.php?p=8029397