Bank of America/Merrill Edge - Preferred Rewards

[Glamdring]

I am going to move my $100k from Merrill Edge to U.S. Bank to maximize thier credit card rewards program.

When should I make the move? I would like to get an extra year of BOA rewards while U.S. Bank gets setup or if I find issues at U.S. Bank. Is their an anniversary date that I could find to give me an idea when my BOA platinum status is renewed?

[anon_investor]

So far I am really liking BoA + ME. We opened our BoA account on 11/5, ME on 11/7, deposited $100k with ME on 11/12 and received Platinum Honors rewards status today. I've had to make a few phone calls about minor stuff, but always got someone on the line within 5 minutes and they've all been immediately helpful.

One thing I remember reading upthread somewhere about authorized credit card users and not being able to view the credit card using their own login - BoA told me today that if you set up Bill Pay for the CC from the authorized user's login, it should then link them. Not sure it really works (it does seem weird), but worth a try!

To me, I find their phone system is a real hassle. Whenever I call BoA, I MUST listen to the recording about my CC balance, activities, etc. before I can move forward. Almost always, that is not what I called about. Then it says that it can understand spoken words -- BUT ONLY SPECIFIC WORDS. Then when it doesn't understand what I said, it gives me a list of options. AND I MUST WAIT for it to finish the list Before I can select the option!!! Otherwise, it doesn't register and the system waits for my response.

Is that the case for all of you? OR is that just me? If it is just me, what do I need to do ?

Isn't there still a special number for PR members? At least there used to be a couple of years ago.

[sailaway]

So far I am really liking BoA + ME. We opened our BoA account on 11/5, ME on 11/7, deposited $100k with ME on 11/12 and received Platinum Honors rewards status today. I've had to make a few phone calls about minor stuff, but always got someone on the line within 5 minutes and they've all been immediately helpful.

One thing I remember reading upthread somewhere about authorized credit card users and not being able to view the credit card using their own login - BoA told me today that if you set up Bill Pay for the CC from the authorized user's login, it should then link them. Not sure it really works (it does seem weird), but worth a try!

This intrigued me, so I went to look. With bill pay pay set up for my partner's cards (I am au), I can see the e Bill when it comes. I cannot see real time transactions the way I do with my own cards.

[tj]

I am going to move my $100k from Merrill Edge to U.S. Bank to maximize thier credit card rewards program.

When should I make the move? I would like to get an extra year of BOA rewards while U.S. Bank gets setup or if I find issues at U.S. Bank. Is their an anniversary date that I could find to give me an idea when my BOA platinum status is renewed?

Log in to your acount and you'll see the anniversary. It's literally on the first page when you login.

I'm assuming the month after your anniversary would be the time to transfer.

My anniversary was December and i transferred in December, so we'll see how long it takes for them to send something.

[bling]

I am going to move my $100k from Merrill Edge to U.S. Bank to maximize thier credit card rewards program.

When should I make the move? I would like to get an extra year of BOA rewards while U.S. Bank gets setup or if I find issues at U.S. Bank. Is their an anniversary date that I could find to give me an idea when my BOA platinum status is renewed?

https://promotions.bankofamerica.com/pr ... rds/en#faq

super generous. you get a full year + 3 month grace.

[tj]

I am going to move my $100k from Merrill Edge to U.S. Bank to maximize thier credit card rewards program.

When should I make the move? I would like to get an extra year of BOA rewards while U.S. Bank gets setup or if I find issues at U.S. Bank. Is their an anniversary date that I could find to give me an idea when my BOA platinum status is renewed?

https://promotions.bankofamerica.com/pr ... rds/en#faq

super generous. you get a full year + 3 month grace.

It's definitely not a full year + 3 months from when you transfer out whenever you want. Definitely would be from initial qualification. I've transferred out before and got the nastygram to bring back funds or lose the status.

[isira]

To me, I find their phone system is a real hassle. Whenever I call BoA, I MUST listen to the recording about my CC balance, activities, etc. before I can move forward. Almost always, that is not what I called about. Then it says that it can understand spoken words -- BUT ONLY SPECIFIC WORDS. Then when it doesn't understand what I said, it gives me a list of options. AND I MUST WAIT for it to finish the list Before I can select the option!!! Otherwise, it doesn't register and the system waits for my response.

Is that the case for all of you? OR is that just me? If it is just me, what do I need to do ?

Isn't there still a special number for PR members? At least there used to be a couple of years ago.

Yes, the Preferred Rewards Priority Member Services Line is 888-888-RWDS

[aptiva4bh10]

Isn't there still a special number for PR members? At least there used to be a couple of years ago.

Yes, the Preferred Rewards Priority Member Services Line is 888-888-RWDS

I just called the number on the back of my CC; and it recognize me as Preferred Rewards member.

I just call the number above to see if I get a different result. It is the same. It announces my account balance, available credit balance, available cash advance balance, & rewards balance (and maybe some other thing). That is not what I am calling about. But it will not be cut short.

[IroquoisPlisskin]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

[exodusNH]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

The average balance is only calculated monthly. You might suddenly see it increase.

But if you moved in money part way through the month, you've got a bunch of zeros pulling down your average, since it's an average daily balance over three months. If you moved money in 15 days into a cycle, you've got two months and 15 days of $0 dragging down the average.

If you're able to move more money in, that will get you there faster. You could then move it back out once you secure the status.

[PersonalFinanceJam]

Saw this on reddit but it appears BoA is adding some rudimentary capability to see your category spend with CCR cards! In either the website or app if you go to the area to change your spend category it will show you your spending in the current category. A definite improvement, if a little hidden!

[PersonalFinanceJam]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

Did you ever have any other relationship with BoA? Seems if you had an account in the (recent?) past then your average daily balance is being calculated based on the old account info ( a bunch of zeros if it was closed/inactive) and you don't get the expedited enrollment.

[Hyperchicken]

Can confirm. Even better, it shows spending in all categories, including the non-selected ones, up to 12 past months. Pretty neat.

[IroquoisPlisskin]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

Did you ever have any other relationship with BoA? Seems if you had an account in the (recent?) past then your average daily balance is being calculated based on the old account info ( a bunch of zeros if it was closed/inactive) and you don't get the expedited enrollment.

Yes I already have a long-standing checking account, so I'm aware that expedited enrollment was out of the question. I'm just annoyed. I'm guessing another two months at least before I hit plat honors? As you can tell I'm not great with math. *sigh*

[lstone19]

Yes I already have a long-standing checking account, so I'm aware that expedited enrollment was out of the question. I'm just annoyed that it's been over two months and I don't even have regular plat status yet. *sigh*

Nothing about this should be a surprise or result in annoyance. You can do the calculation yourself and determine when you're going to get to each level. From reverse engineering their calculation, BofA does an average each calendar month of that month. The last three are then averaged without regard to length of month (so days in 31 day months are underweighted and days in 30 day months and February are overweighted). They do the calculations a few days after month end but they are based on calendar months.

[FedGuy]

In either the website or app if you go to the area to change your spend category it will show you your spending in the current category.

It's not showing for me on the website.

[giddyup969]

Can confirm. Even better, it shows spending in all categories, including the non-selected ones, up to 12 past months. Pretty neat.

I am not seeing where it shows the groceries 2% which is included in the $2500 limit.

Also, the spending filters are "Current month", "Last calendar month" . "Last 3 months" and "Last 12 months". I was hoping to see "Current quarter"

[Hyperchicken]

Can confirm. Even better, it shows spending in all categories, including the non-selected ones, up to 12 past months. Pretty neat.

I am not seeing where it shows the groceries 2% which is included in the $2500 limit.

Also, the spending filters are "Current month", "Last calendar month" . "Last 3 months" and "Last 12 months". I was hoping to see "Current quarter"

I don't believe groceries 2% is counted against the limit. I could be mistaken but I believe 1% and 2% are unlimited, and only 3% category of choice is subject to the limit.

Agreed, quarter would be useful and logical.

[FedGuy]

I don't believe groceries 2% is counted against the limit. I could be mistaken but I believe 1% and 2% are unlimited, and only 3% category of choice is subject to the limit.

The 2% on groceries is, in fact, counted against the limit. From the description of the CCR on the BoA website:

"Earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter.

Earn unlimited 1% cash back on all other purchases."

[Hyperchicken]

Well, dang, that explains why I hit the limit so easy...

[exodusNH]

Well, dang, that explains why I hit the limit so easy...

You can get another CCR.

[w5000]

You can get another CCR.

So I happen to be in the market for another CCR. I currently have one -- the actual CCR red card, which I have had open for a little over a year now. I also have a UCR.

Questions:
1) Can I apply directly for another CCR, or do I need to apply for one of the affiliate CCR cards?

2) I was thinking of simultaneously applying for another CCR and the PR card (since most likely I can do that with just 1 hard credit pull). Then probably a few months later requesting a product change from my UCR to another CCR. Any problem with this plan?

thanks,

[exodusNH]

You can get another CCR.

So I happen to be in the market for another CCR. I currently have one -- the actual CCR red card, which I have had open for a little over a year now. I also have a UCR.

Questions:
1) Can I apply directly for another CCR, or do I need to apply for one of the affiliate CCR cards?

2) I was thinking of simultaneously applying for another CCR and the PR card (since most likely I can do that with just 1 hard credit pull). Then probably a few months later requesting a product change from my UCR to another CCR. Any problem with this plan?

thanks,

I've not done it personally, yet. I just got my first CCR about a month ago. Others in this thread report that they have 4 CCRs.

[FedGuy]

1) Can I apply directly for another CCR, or do I need to apply for one of the affiliate CCR cards?

I don't know if BoA has been very clear about the timing for applying for multiple CCRs, but a while back, at least, there was a general sense that you had to wait at least 2 years between CCR applications if you wanted to be approved.

It's also worth noting that the number of available affiliate cards has declined dramatically in the last few years. It almost feels like BoA is quietly winding down the program. Last year, I went ahead and applied for an affiliate card (Nature Conservancy) because I worried that the card wouldn't be available anymore if I waited...and, in fact, the card is no longer offered. So if you're interested in one or more affiliate cards, you might want to grab them while you can.

[anon_investor]

So I happen to be in the market for another CCR. I currently have one -- the actual CCR red card, which I have had open for a little over a year now. I also have a UCR.

Questions:
1) Can I apply directly for another CCR, or do I need to apply for one of the affiliate CCR cards?

2) I was thinking of simultaneously applying for another CCR and the PR card (since most likely I can do that with just 1 hard credit pull). Then probably a few months later requesting a product change from my UCR to another CCR. Any problem with this plan?

thanks,

I've not done it personally, yet. I just got my first CCR about a month ago. Others in this thread report that they have 4 CCRs.

I have 4 CCRs, I only applied for the original red one once, applied for affliate cards for the others. But some of the affiliate programs ended and they sent me red cards. I think the Susan G Komen Race for the Cure CCR is still available, I have that one. There is a list floating around reddit of different affiliate CCRs.

[PersonalFinanceJam]

1) Can I apply directly for another CCR, or do I need to apply for one of the affiliate CCR cards?

I don't know if BoA has been very clear about the timing for applying for multiple CCRs, but a while back, at least, there was a general sense that you had to wait at least 2 years between CCR applications if you wanted to be approved.

It's also worth noting that the number of available affiliate cards has declined dramatically in the last few years. It almost feels like BoA is quietly winding down the program. Last year, I went ahead and applied for an affiliate card (Nature Conservancy) because I worried that the card wouldn't be available anymore if I waited...and, in fact, the card is no longer offered. So if you're interested in one or more affiliate cards, you might want to grab them while you can.

This is the list of current affiliate cards someone on reddit put together about a month ago. There are lots of alumni cards still. As far as I can tell there is no verification for most (all?) of them that you ever went to the school. I have one of the alumni cards but never went to the school. I do live in the state with the school.

[thimplicity]

Trying to confirm how the extension of BofA Platinum Honors works for Business accounts. Do you just need to get above the average of 100k for a few days and it will extend by another year or are they calculating this again on a 3-month average?

[isira]

Trying to confirm how the extension of BofA Platinum Honors works for Business accounts. Do you just need to get above the average of 100k for a few days and it will extend by another year or are they calculating this again on a 3-month average?

Read the FAQs, particularly:

• How do I maintain my program status once I become a member?

• What happens if my program balance drops after I enroll and I go into grace status?

[thimplicity]

Trying to confirm how the extension of BofA Platinum Honors works for Business accounts. Do you just need to get above the average of 100k for a few days and it will extend by another year or are they calculating this again on a 3-month average?

Read the FAQs, particularly:

• How do I maintain my program status once I become a member?

• What happens if my program balance drops after I enroll and I go into grace status?

thanks, unfortunately it seems a 3-month average

[lstone19]

Read the FAQs, particularly:

• How do I maintain my program status once I become a member?

• What happens if my program balance drops after I enroll and I go into grace status?

thanks, unfortunately it seems a 3-month average

I believe they're calculating a three month average every month for every customer. If your average is below the minimum for Preferred Rewards, you never hear from them. It's only when your average is high enough that they invite you to join (keep in mind that you cannot sign up for PR until you're invited if I remember correctly). And then they continue to do so to see if you qualify for a higher level.

[anoop]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

In the past when I lost status, I got it back immediately as soon as the balance hit $100K. My understanding was that average applies only on the way down. Gaining status is immediate. But things may have changed.

[anoop]

Anyone using muni money market funds in a Merrill Edge account? Do they have a good selection?

[tj]

Anyone using muni money market funds in a Merrill Edge account? Do they have a good selection?

There's a whole list:

https://olui2.fs.ml.com/publish/content ... esheet.pdf

[anoop]

Anyone using muni money market funds in a Merrill Edge account? Do they have a good selection?

There's a whole list:

https://olui2.fs.ml.com/publish/content ... esheet.pdf

Thanks. Looks like only one muni fund and probably not exempt from CA tax.

[tj]

There's a whole list:

https://olui2.fs.ml.com/publish/content ... esheet.pdf

Thanks. Looks like only one muni fund and probably not exempt from CA tax.

Not a lot of state specific muni index funds.

[exodusNH]

A little over two months after moving 100K I finally get gold status. (The average shows ~$40K) I guess it's going to be a few more months before I get platinum honors...

In the past when I lost status, I got it back immediately as soon as the balance hit $100K. My understanding was that average applies only on the way down. Gaining status is immediate. But things may have changed.

For me, it also applied on the way up. After my initial transfers, I got gold at the start of the following month. The next month I had Platinum. By the third, I had Platinum Honors.

[anoop]

Thanks. Looks like only one muni fund and probably not exempt from CA tax.

Not a lot of state specific muni index funds.

But it's interesting you can get into institutional class funds with just a $1 minimum! Probably the treasury only fund would be best for me.

Looking at the way inflation and rates are going, I think I need to get serious about some return on my balance used to qualify for preferred rewards.

[stilllurking]

Not a lot of state specific muni index funds.

But it's interesting you can get into institutional class funds with just a $1 minimum! Probably the treasury only fund would be best for me.

Looking at the way inflation and rates are going, I think I need to get serious about some return on my balance used to qualify for preferred rewards.

Could you not just hold an ETF from your portfolio at around $100K and let it sit at ME for status? No need to keep cash there unless that is what you want to do.

[exodusNH]

Not a lot of state specific muni index funds.

But it's interesting you can get into institutional class funds with just a $1 minimum! Probably the treasury only fund would be best for me.

Looking at the way inflation and rates are going, I think I need to get serious about some return on my balance used to qualify for preferred rewards.

You can move the funds into a brokerage account. It's not a particularly robust trading platform, but if you're a buy-and-hold, it's perfectly serviceable.

Transfers from your taxable account's cash account is instantaneous to a BoA bank account or to pay off a BoA card. (It's the "Transfer between my accounts" feature on BoA's site.)

TTTXX is available as a MMF.

[anoop]

But it's interesting you can get into institutional class funds with just a $1 minimum! Probably the treasury only fund would be best for me.

Looking at the way inflation and rates are going, I think I need to get serious about some return on my balance used to qualify for preferred rewards.

You can move the funds into a brokerage account. It's not a particularly robust trading platform, but if you're a buy-and-hold, it's perfectly serviceable.

Transfers from your taxable account's cash account is instantaneous to a BoA bank account or to pay off a BoA card. (It's the "Transfer between my accounts" feature on BoA's site.)

TTTXX is available as a MMF.

If it’s in a fund I assume I’d have to sell the fund and wait till end of day to initiate the transfer? Does the cash account in the brokerage earn any interest?

[anoop]

But it's interesting you can get into institutional class funds with just a $1 minimum! Probably the treasury only fund would be best for me.

Looking at the way inflation and rates are going, I think I need to get serious about some return on my balance used to qualify for preferred rewards.

Could you not just hold an ETF from your portfolio at around $100K and let it sit at ME for status? No need to keep cash there unless that is what you want to do.

Just an OCD thing but I prefer to keep all trading at Fidelity and have the balance at BofA work like a savings account (easily accessible at short notice).

[stilllurking]

Could you not just hold an ETF from your portfolio at around $100K and let it sit at ME for status? No need to keep cash there unless that is what you want to do.

Just an OCD thing but I prefer to keep all trading at Fidelity and have the balance at BofA work like a savings account (easily accessible at short notice).

Understood. So with the MMFs at ME, if you put your trade request in before the cut off time, anywhere between 1145am and 145pm ET, the funds are available immediately to transfer to your BoA checking account. In your account if you search for cash management solutions, you should get the PDF that shows the cut off times for each fund. Some of them are T+1 but I use TTTXX for the 145pm deadline.

[exodusNH]

You can move the funds into a brokerage account. It's not a particularly robust trading platform, but if you're a buy-and-hold, it's perfectly serviceable.

Transfers from your taxable account's cash account is instantaneous to a BoA bank account or to pay off a BoA card. (It's the "Transfer between my accounts" feature on BoA's site.)

TTTXX is available as a MMF.

If it’s in a fund I assume I’d have to sell the fund and wait till end of day to initiate the transfer? Does the cash account in the brokerage earn any interest?

I think TTTXX liquidates by 1:45 PM.

But even if you had to wait a day, that's the price for 4-5% interest vs zero.

I only keep around $1500 in my bank account. Everything else comes from a brokerage account. There's no reasonable reason I would need more cash than that immediately.

[anoop]

If it’s in a fund I assume I’d have to sell the fund and wait till end of day to initiate the transfer? Does the cash account in the brokerage earn any interest?

I think TTTXX liquidates by 1:45 PM.

But even if you had to wait a day, that's the price for 4-5% interest vs zero.

I only keep around $1500 in my bank account. Everything else comes from a brokerage account. There's no reasonable reason I would need more cash than that immediately.

Yes, it would be OK. If I was using some other high yield savings account, it would probably be 3 days via ACH.

[stilllurking]

Coming to a CCR you have.

https://www.doctorofcredit.com/bank-of- ... 500-limit/