Bank of America/Merrill Edge - Preferred Rewards

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

Post by GaryA505 »

alexbogle wrote: Sun Mar 05, 2023 7:29 am One reason i only keep a minimum amount at merrill: Costumer service at boa is terrible. The merrill agents tend to be better. But both have ridiculous hold times compared to schwab and fidelity.
I must have gotten lucky last week. I called a couple of times to get my mistake with the promo code fixed and didn't wait more than a few minutes. First a called BofA, then Merrill. Merrill even offered to call me back to confirm the problem was fixed, and then they actually did it.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

GaryA505 wrote: Sun Mar 05, 2023 11:06 am
alexbogle wrote: Sun Mar 05, 2023 7:29 am One reason i only keep a minimum amount at merrill: Costumer service at boa is terrible. The merrill agents tend to be better. But both have ridiculous hold times compared to schwab and fidelity.
I must have gotten lucky last week. I called a couple of times to get my mistake with the promo code fixed and didn't wait more than a few minutes. First a called BofA, then Merrill. Merrill even offered to call me back to confirm the problem was fixed, and then they actually did it.
I been with BofA/ME for about 4 years now and have never had a long wait and have had very good service on the phone. But I have only called a few times as I recall: (1) a bonus issue on my initial set up, (2) a call to add more assets and what additional bonus I would get, and (3) an issue with a ACATS form I sent in to pull some ETFs from VG and I screwed up the form. So YMMV.
alexbogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by alexbogle »

GaryA505 wrote: Sun Mar 05, 2023 11:06 am
alexbogle wrote: Sun Mar 05, 2023 7:29 am One reason i only keep a minimum amount at merrill: Costumer service at boa is terrible. The merrill agents tend to be better. But both have ridiculous hold times compared to schwab and fidelity.
I must have gotten lucky last week. I called a couple of times to get my mistake with the promo code fixed and didn't wait more than a few minutes. First a called BofA, then Merrill. Merrill even offered to call me back to confirm the problem was fixed, and then they actually did it.
I concede that my anecdata may not very representative. It's possible I called them at busy times. Good to hear.
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aragorn1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aragorn1 »

placeholder wrote: Fri Mar 03, 2023 12:30 am Unless there is something odd about the stocks it's just a custodial transfer like you'd do with etfs via the acats form on the merrill site and if fidelity charged a transfer fee edge would probably cover it.
sycamore wrote: Fri Mar 03, 2023 7:16 am The transfer is straightforward. Open your ME account (making sure the bonus code is applied) and then initiate an asset transfer. The ME web site may even prompt you to do that as part of opening an account.

Know that ACATS transfer system doesn't allow for fractional shares for stocks or ETFs. So if for example you hold 100.567 shares of MSFT stock, 100 shares will be transferred to ME, and 0.567 shares will be sold by Fidelity and the cash proceeds transferred over soon after. The 0.567 share sale is a taxable event that you'll need to report on your taxes.
Thanks for the replies. I have initiated the transfer process. Looks like I need to submit this form to complete it - https://olui2.fs.ml.com/Publish/Content ... -_1566.pdf

Do I need to get the Medallion signature guarantee ? If yes, how ?
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

aragorn1 wrote: Mon Mar 06, 2023 10:23 am Thanks for the replies. I have initiated the transfer process. Looks like I need to submit this form to complete it - https://olui2.fs.ml.com/Publish/Content ... -_1566.pdf

Do I need to get the Medallion signature guarantee ? If yes, how ?
I have never had to do that when transferring to merrill edge so why do you think you it looks like you need that?
cubs1999
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cubs1999 »

aragorn1 wrote: Mon Mar 06, 2023 10:23 am
placeholder wrote: Fri Mar 03, 2023 12:30 am Unless there is something odd about the stocks it's just a custodial transfer like you'd do with etfs via the acats form on the merrill site and if fidelity charged a transfer fee edge would probably cover it.
sycamore wrote: Fri Mar 03, 2023 7:16 am The transfer is straightforward. Open your ME account (making sure the bonus code is applied) and then initiate an asset transfer. The ME web site may even prompt you to do that as part of opening an account.

Know that ACATS transfer system doesn't allow for fractional shares for stocks or ETFs. So if for example you hold 100.567 shares of MSFT stock, 100 shares will be transferred to ME, and 0.567 shares will be sold by Fidelity and the cash proceeds transferred over soon after. The 0.567 share sale is a taxable event that you'll need to report on your taxes.
Thanks for the replies. I have initiated the transfer process. Looks like I need to submit this form to complete it - https://olui2.fs.ml.com/Publish/Content ... -_1566.pdf

Do I need to get the Medallion signature guarantee ? If yes, how ?
I just went through the process. The form says you don't need it if the transfer is in the same name.
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

Got a nasty surprise today when I noticed that my previous credit card payment had not occurred yesterday using an ACH pull using autopay. Turns out that my autopay authorization had been accepted after my last statement had been generated and, even though it was way before the due date, I was expected to make that payment manually. As a result, all credit card charges had begun accruing interest charges :oops:

I just paid off the entire account balance with an estimate for the as yet unposted interest payment to reset my account to zero to get back the float. The customer service agent said that the payment might hit before the statement closes but he wasn't guaranteeing it. If it didn't, I should not use the card until the following statement if I did not want to pay interest.

Expensive error on my part but I hope this helps someone avoid making the same one.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

unmesh wrote: Tue Mar 07, 2023 10:37 pm Got a nasty surprise today when I noticed that my previous credit card payment had not occurred yesterday using an ACH pull using autopay. Turns out that my autopay authorization had been accepted after my last statement had been generated and, even though it was way before the due date, I was expected to make that payment manually. As a result, all credit card charges had begun accruing interest charges :oops:

I just paid off the entire account balance with an estimate for the as yet unposted interest payment to reset my account to zero to get back the float. The customer service agent said that the payment might hit before the statement closes but he wasn't guaranteeing it. If it didn't, I should not use the card until the following statement if I did not want to pay interest.

Expensive error on my part but I hope this helps someone avoid making the same one.
So you have to setup autopay before a statement closes? Otherwise you have to manually payoff the current statement?
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

anon_investor wrote: Tue Mar 07, 2023 10:50 pm ...
So you have to setup autopay before a statement closes? Otherwise you have to manually payoff the current statement?
That's what the rep told me. And they won't make a one-time adjustment even though they can see this was an honest mistake and that the autopay was set up in advance of the due date. Apparently there was some fine in print in the autopay agreement that I missed.
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

unmesh wrote: Tue Mar 07, 2023 11:26 pm
anon_investor wrote: Tue Mar 07, 2023 10:50 pm ...
So you have to setup autopay before a statement closes? Otherwise you have to manually payoff the current statement?
That's what the rep told me. And they won't make a one-time adjustment even though they can see this was an honest mistake and that the autopay was set up in advance of the due date. Apparently there was some fine in print in the autopay agreement that I missed.
If I remember correctly, there's no way to set up AutoPay for the first statement. I think you need to set it up after that statement is sent and manually schedule the first payment. On the Desktop web site you can see Scheduled payments on the right of the Payment Center page.

The new Autopay is better than the old one, which isn't saying much. The two Autopays are incompatible, so when I had both set up, it double-paid. I had to call in to cancel the old Autopay.
alexbogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by alexbogle »

When I switched my autopay from boa checking to fidelity, it still took a billing cycle to take effect.
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WapelloHawk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by WapelloHawk »

Lyrrad wrote: Wed Mar 08, 2023 12:11 am
unmesh wrote: Tue Mar 07, 2023 11:26 pm
anon_investor wrote: Tue Mar 07, 2023 10:50 pm ...
So you have to setup autopay before a statement closes? Otherwise you have to manually payoff the current statement?
That's what the rep told me. And they won't make a one-time adjustment even though they can see this was an honest mistake and that the autopay was set up in advance of the due date. Apparently there was some fine in print in the autopay agreement that I missed.
If I remember correctly, there's no way to set up AutoPay for the first statement. I think you need to set it up after that statement is sent and manually schedule the first payment. On the Desktop web site you can see Scheduled payments on the right of the Payment Center page.

The new Autopay is better than the old one, which isn't saying much. The two Autopays are incompatible, so when I had both set up, it double-paid. I had to call in to cancel the old Autopay.
This description is what I experienced last month for my first payment. Autopay is not available for the first payment, only for second payment and thereafter. The first payment must be set up to pay manually. In fact, autopay option is not even visible until after the first bill generates.
GoodOmens
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoodOmens »

Yikes - thanks for posting about this. I checked and hadn't set this up like I thought. You saved me a few $$.

What a mess setting up autopay is in BoA.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

In addition to not taking effect until the next statement cycle, unlike Chase, BA doesn't adjust the automatic payment amount to reflect other payments. I paid off a small statement balance early just to get rid of it, after which BA charged the previously-scheduled payment to my checking account.

If you make a manual payment for some reason, you can change or cancel the next automatic payment, if already scheduled. You have to be aware that it's necessary, and remember.

In contrast, Chase won't make the balance negative. They also adjust the payment downward to reflect other credits. That's true for statement balance payments, at least. I've never made minimum payments, so can't say what happens in that case.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Has anybody managed to enroll BoA credit cards via eBill from Fidelity BillPay?

A year ago, when I tried, Fidelity had a problem with enrolling BoA CCs into eBill. So I used eBill to set up automatic payments of BoA CCs at the BoA site. Maybe situation changed and now it is possible to do this from Fidelity BillPay?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

VictorStarr wrote: Wed Mar 08, 2023 3:08 pm Has anybody managed to enroll BoA credit cards via eBill from Fidelity BillPay?

A year ago, when I tried, Fidelity had a problem with enrolling BoA CCs into eBill. So I used eBill to set up automatic payments of BoA CCs at the BoA site. Maybe situation changed and now it is possible to do this from Fidelity BillPay?
If it’s been resolved, it’s still not working in my account. Granted, I’ve only been using Fidelity CMA since November 2022. I’ve started to have auto pay from the CC issuer.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

VictorStarr wrote: Wed Mar 08, 2023 3:08 pm Has anybody managed to enroll BoA credit cards via eBill from Fidelity BillPay?

A year ago, when I tried, Fidelity had a problem with enrolling BoA CCs into eBill. So I used eBill to set up automatic payments of BoA CCs at the BoA site. Maybe situation changed and now it is possible to do this from Fidelity BillPay?
I gave up and set up my CMA as an external payment account on the BA Billpay web site. I have to go to BA to see the bill but it drafts automatically from my CMA.
lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

WapelloHawk wrote: Wed Mar 08, 2023 6:43 am This description is what I experienced last month for my first payment. Autopay is not available for the first payment, only for second payment and thereafter. The first payment must be set up to pay manually. In fact, autopay option is not even visible until after the first bill generates.
Not what I'm experiencing. I recently opened a UCR card with them. After the first bill, I set up autopay and have an email confirmation that it will be autopaid.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

stilllurking wrote: Wed Mar 08, 2023 3:26 pm
VictorStarr wrote: Wed Mar 08, 2023 3:08 pm Has anybody managed to enroll BoA credit cards via eBill from Fidelity BillPay?

A year ago, when I tried, Fidelity had a problem with enrolling BoA CCs into eBill. So I used eBill to set up automatic payments of BoA CCs at the BoA site. Maybe situation changed and now it is possible to do this from Fidelity BillPay?
If it’s been resolved, it’s still not working in my account. Granted, I’ve only been using Fidelity CMA since November 2022. I’ve started to have auto pay from the CC issuer.
Thank you for the update.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

I tried for the first time to buy Fidelity FRBXX and FRGXX but both were declined, although I could buy TTTXX instead. Has anyone been able to buy FRBXX or FRGXX in their Merrill Edge account?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

Carno wrote: Wed Mar 08, 2023 6:00 pm I tried for the first time to buy Fidelity FRBXX and FRGXX but both were declined, although I could buy TTTXX instead. Has anyone been able to buy FRBXX or FRGXX in their Merrill Edge account?
FRBXX and FRGXX both have footnote 8, which says: Only available for eligible accounts enrolled in an investment advisory program.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

spammagnet wrote: Wed Mar 08, 2023 5:29 pm
VictorStarr wrote: Wed Mar 08, 2023 3:08 pm Has anybody managed to enroll BoA credit cards via eBill from Fidelity BillPay?

A year ago, when I tried, Fidelity had a problem with enrolling BoA CCs into eBill. So I used eBill to set up automatic payments of BoA CCs at the BoA site. Maybe situation changed and now it is possible to do this from Fidelity BillPay?
I gave up and set up my CMA as an external payment account on the BA Billpay web site. I have to go to BA to see the bill but it drafts automatically from my CMA.
I utilize the same approach with paying from my Fidelity account on the BoA BillPay site.

I have credit cards from eight issuers and would prefer to pay them in the same way, unfortunately it is not possible. Probably the right approach is to decrease the number of CC issuers.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share of VTI so I can keep the Vanguard Roth open for next year’s backdoor contribution. Will open the Preferred rewards acct. for PH status and opt for the UCR card and shoot for the 2.625% unlimited cash back, which is good enough.

The CCR sounds appealing for the online shopping category primarily for online Costco cash cards, since we shop there so much. But, I don’t want DW or me to risk losing that Costco cash card(s). As such I just don’t think the 5.25% on up to $10,000 (2500/qtr.) outweighs the risk of losing one of those cards as there could be more on there than the reward I’ll get back.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

bbrock wrote: Wed Mar 08, 2023 7:16 pm Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share of VTI so I can keep the Vanguard Roth open for next year’s backdoor contribution. Will open the Preferred rewards acct. for PH status and opt for the UCR card and shoot for the 2.625% unlimited cash back, which is good enough.

The CCR sounds appealing for the online shopping category primarily for online Costco cash cards, since we shop there so much. But, I don’t want DW or me to risk losing that Costco cash card(s). As such I just don’t think the 5.25% on up to $10,000 (2500/qtr.) outweighs the risk of losing one of those cards as there could be more on there than the reward I’ll get back.
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by slalom »

Not sure if this is common or just since I'm xferring in >+$100k for preferred deposit, but after talking to someone (Financial Solutions Advisor is their title) at Merrill, they sent me their personal email/etc and said I can just email them directly with questions/issues, rather than calling and being on hold.

I haven't had this easy access to support with anybody else.. they did respond to it too..
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

anon_investor wrote: Wed Mar 08, 2023 7:23 pm
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Some CCR cards use Mastercard, and are not accepted at US Costco warehouses.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lyrrad wrote: Wed Mar 08, 2023 7:46 pm
anon_investor wrote: Wed Mar 08, 2023 7:23 pm
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Some CCR cards use Mastercard, and are not accepted at US Costco warehouses.
I dont think BoA issues new MC CCRs anymore. All 4 of my CCRs are Visas. I never saw an option for a MC version.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

slalom wrote: Wed Mar 08, 2023 7:23 pm Not sure if this is common or just since I'm xferring in >+$100k for preferred deposit, but after talking to someone (Financial Solutions Advisor is their title) at Merrill, they sent me their personal email/etc and said I can just email them directly with questions/issues, rather than calling and being on hold.
That's pretty typical and I got a similar message by transferring money out recently.
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

anon_investor wrote: Wed Mar 08, 2023 7:54 pm I dont think BoA issues new MC CCRs anymore. All 4 of my CCRs are Visas. I never saw an option for a MC version.
Ah, I had forgotten the details of the previous discussion in this thread. Warehouse clubs offer 2x (3.50% back with 75% bonus), while online category offers 3x points (5.25% back).

Before with lower interest rates and physical cards, I kept larger balances on the physical "shop" cards. Now I buy smaller denomination digital ones, that are delivered faster, and I don't have as much float and the risk of loss is less.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lyrrad wrote: Wed Mar 08, 2023 8:07 pm
anon_investor wrote: Wed Mar 08, 2023 7:54 pm I dont think BoA issues new MC CCRs anymore. All 4 of my CCRs are Visas. I never saw an option for a MC version.
Ah, I had forgotten the details of the previous discussion in this thread. Warehouse clubs offer 2x (3.50% back with 75% bonus), while online category offers 3x points (5.25% back).

Before with lower interest rates and physical cards, I kept larger balances on the physical "shop" cards. Now I buy smaller denomination digital ones, that are delivered faster, and I don't have as much float and the risk of loss is less.
How small are the denominations can you buy for the digital ones? Can you use the digital gcs to checkout at the Costco self checkout lanes? Do you need a print out, or is there a way to have it on your phone?
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

bbrock wrote: Wed Mar 08, 2023 7:16 pm Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share of VTI so I can keep the Vanguard Roth open for next year’s backdoor contribution. Will open the Preferred rewards acct. for PH status and opt for the UCR card and shoot for the 2.625% unlimited cash back, which is good enough.

The CCR sounds appealing for the online shopping category primarily for online Costco cash cards, since we shop there so much. But, I don’t want DW or me to risk losing that Costco cash card(s). As such I just don’t think the 5.25% on up to $10,000 (2500/qtr.) outweighs the risk of losing one of those cards as there could be more on there than the reward I’ll get back.
Does Costco have an app you can use for shopping at the store? Does it allow storing Costco gift cards as payment methods?

That's how we use Publix gift cards. I bought ~$2K of cards to meet the MSR on a new credit card account. I didn't relish the thought of losing one, but Publix now allows storing their gift card as payment methods.

That's new, and works very well. They automatically charge purchases to the gift card first, then roll over to the gift card with the next lowest balance, then to your default credit card. The physical gift cards are at home in the safe.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

anon_investor wrote: Wed Mar 08, 2023 8:34 pm How small are the denominations can you buy for the digital ones? Can you use the digital gcs to checkout at the Costco self checkout lanes? Do you need a print out, or is there a way to have it on your phone?
Both Physical and Digital cards are currently available online in these denominations: 25, 50, 100, 250, 500

They can be used at regular and self checkouts in the US and Canada and can be scanned from a phone or printout. One option is to save a screenshot of the bar code.

Digital may not work at food court, membership counter, refunds, price adjustment, gas.

Digital should be able to be used to reload or purchase physical cards in warehouse.

Costco app cannot store gift cards, but can be used for membership card.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lyrrad wrote: Wed Mar 08, 2023 8:43 pm
anon_investor wrote: Wed Mar 08, 2023 8:34 pm How small are the denominations can you buy for the digital ones? Can you use the digital gcs to checkout at the Costco self checkout lanes? Do you need a print out, or is there a way to have it on your phone?
Both Physical and Digital cards are currently available online in these denominations: 25, 50, 100, 250, 500

They can be used at regular and self checkouts in the US and Canada and can be scanned from a phone or printout. One option is to save a screenshot of the bar code.

Digital may not work at food court, membership counter, refunds, price adjustment, gas.

Digital should be able to be used to reload or purchase physical cards in warehouse.

Costco app cannot store gift cards, but can be used for membership card.
Man, if the Costco app could hold the digital gift cards, that would amazing!
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

anon_investor wrote: Wed Mar 08, 2023 7:23 pm
bbrock wrote: Wed Mar 08, 2023 7:16 pm Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share of VTI so I can keep the Vanguard Roth open for next year’s backdoor contribution. Will open the Preferred rewards acct. for PH status and opt for the UCR card and shoot for the 2.625% unlimited cash back, which is good enough.

The CCR sounds appealing for the online shopping category primarily for online Costco cash cards, since we shop there so much. But, I don’t want DW or me to risk losing that Costco cash card(s). As such I just don’t think the 5.25% on up to $10,000 (2500/qtr.) outweighs the risk of losing one of those cards as there could be more on there than the reward I’ll get back.
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Got it anon. Thanks for that reminder. Due to that, actually, I think it’s not a bad idea to get them both. Wasn’t there a poster on here that stated something that if you apply for both of them at the same time then you get pushed through? Because on the flipside, wasn’t there some waiting period to get a second card with some rule 4/3/2/1, or similar (I don’t recall what the numbers mean though. Will someone explain please?)
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

anon_investor wrote: Wed Mar 08, 2023 9:06 pm
Lyrrad wrote: Wed Mar 08, 2023 8:43 pm
anon_investor wrote: Wed Mar 08, 2023 8:34 pm How small are the denominations can you buy for the digital ones? Can you use the digital gcs to checkout at the Costco self checkout lanes? Do you need a print out, or is there a way to have it on your phone?
Both Physical and Digital cards are currently available online in these denominations: 25, 50, 100, 250, 500

They can be used at regular and self checkouts in the US and Canada and can be scanned from a phone or printout. One option is to save a screenshot of the bar code.

Digital may not work at food court, membership counter, refunds, price adjustment, gas.

Digital should be able to be used to reload or purchase physical cards in warehouse.

Costco app cannot store gift cards, but can be used for membership card.
Man, if the Costco app could hold the digital gift cards, that would amazing!
I think that is the app improvement to recommend to Costco management 😀
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tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Wed Mar 08, 2023 7:54 pm
Lyrrad wrote: Wed Mar 08, 2023 7:46 pm
anon_investor wrote: Wed Mar 08, 2023 7:23 pm
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Some CCR cards use Mastercard, and are not accepted at US Costco warehouses.
I dont think BoA issues new MC CCRs anymore. All 4 of my CCRs are Visas. I never saw an option for a MC version.
My former MLB card is a CCR MC.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

tj wrote: Wed Mar 08, 2023 9:38 pm
anon_investor wrote: Wed Mar 08, 2023 7:54 pm
Lyrrad wrote: Wed Mar 08, 2023 7:46 pm
anon_investor wrote: Wed Mar 08, 2023 7:23 pm
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Some CCR cards use Mastercard, and are not accepted at US Costco warehouses.
I dont think BoA issues new MC CCRs anymore. All 4 of my CCRs are Visas. I never saw an option for a MC version.
My former MLB card is a CCR MC.
Older CCRs are Mastercards. I have one of those. Those issued in the last few years are Visas. I have one of those too.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

bbrock wrote: Wed Mar 08, 2023 9:20 pm
anon_investor wrote: Wed Mar 08, 2023 7:23 pm
bbrock wrote: Wed Mar 08, 2023 7:16 pm Finally took the plunge and opened a ME acct for my Roth IRA. Will qualify for the $400 bonus. Initiated the ACAT for everything besides 1 share of VTI so I can keep the Vanguard Roth open for next year’s backdoor contribution. Will open the Preferred rewards acct. for PH status and opt for the UCR card and shoot for the 2.625% unlimited cash back, which is good enough.

The CCR sounds appealing for the online shopping category primarily for online Costco cash cards, since we shop there so much. But, I don’t want DW or me to risk losing that Costco cash card(s). As such I just don’t think the 5.25% on up to $10,000 (2500/qtr.) outweighs the risk of losing one of those cards as there could be more on there than the reward I’ll get back.
She can just shop at Costco with the CCR and get 3.5% cash back on up to $2.5k/qtr. That is what we do.
Got it anon. Thanks for that reminder. Due to that, actually, I think it’s not a bad idea to get them both. Wasn’t there a poster on here that stated something that if you apply for both of them at the same time then you get pushed through? Because on the flipside, wasn’t there some waiting period to get a second card with some rule 4/3/2/1, or similar (I don’t recall what the numbers mean though. Will someone explain please?)
Actually I did that. I applied for a PR and CCR within 2 minutes of each other online. Both were approved and only 1 hard credit pull. At the time I hadn't applied for any CCs few a couple of years and my credit score is excellent. But I only tried this because others in this thread mentioned it.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Can you use e-gift cards from Costco in store? I guess I couldn't use it to buy gas so perhaps the physical route is necessary. I wish Costco had a better online presence than they do, but I guess if what they are doing works for them, why change it?
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

As a follow up to my autopay adventure, it turned out that an online payment in the amount of my then current balance did not make it by statement cycle cutoff time because it was from a non-BofA account; it will credit by close of business today. (If I had known of this wrinkle, I would have transferred funds from ME to BofA and used that for an apparently instant credit).

The first consequence was that they blocked the card and bounced an auto debit payment from our gym this morning.

The second consequence is that interest will be due for one more billing cycle. This is probably minor because it will be for the whole balance but for only one day.

The third possible consequence is that every charge made in the statement cycle that starts today will start incurring interest from the post date. I say "possible" because I seem to remember something like this happening many years ago where I had to zero out the balance and then wait a full statement cycle to get back my grace period (or whatever the right term is) where you don't pay interest if you pay staement balances on time.

I'm trying to decide if the safe thing to do is to stop using PR for a month. Anyone have personal experience to relate?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Anyone try to transfer some credit lines from multiple BoA CCs to another BoA CC? I am going to call BoA tomorrow and see if they can transfer some of the credit lines from my 3x CCR to my PR. I am planning to pay a large tax bill next month on my PR.
rama13
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rama13 »

anon_investor wrote: Thu Mar 09, 2023 8:46 pm Anyone try to transfer some credit lines from multiple BoA CCs to another BoA CC? I am going to call BoA tomorrow and see if they can transfer some of the credit lines from my 3x CCR to my PR. I am planning to pay a large tax bill next month on my PR.
Yes. IIRC, you should keep at least $5000 on each CCR.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

rama13 wrote: Thu Mar 09, 2023 8:50 pm
anon_investor wrote: Thu Mar 09, 2023 8:46 pm Anyone try to transfer some credit lines from multiple BoA CCs to another BoA CC? I am going to call BoA tomorrow and see if they can transfer some of the credit lines from my 3x CCR to my PR. I am planning to pay a large tax bill next month on my PR.
Yes. IIRC, you should keep at least $5000 on each CCR.
I believe that's a requirement of it being a Visa Signature card.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

If you transfer an investment-grade asset (a municipal bond, for example) in a taxable and marginable Merrill Edge account, and that account is marginable, and you have no cash in that account, are you eligible to transfer cash out of that account? My account shows the Available to Withdraw (Cash) and Available to Withdraw (using Margin) both at $0.00 even though I have an investment-grade municipal bond in that account.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Thu Mar 09, 2023 9:27 pm
rama13 wrote: Thu Mar 09, 2023 8:50 pm
anon_investor wrote: Thu Mar 09, 2023 8:46 pm Anyone try to transfer some credit lines from multiple BoA CCs to another BoA CC? I am going to call BoA tomorrow and see if they can transfer some of the credit lines from my 3x CCR to my PR. I am planning to pay a large tax bill next month on my PR.
Yes. IIRC, you should keep at least $5000 on each CCR.
I believe that's a requirement of it being a Visa Signature card.
Thanks, I was going to keep more than $5k credit line on each CCR, so I should be good.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Thu Mar 09, 2023 9:48 pmThanks, I was going to keep more than $5k credit line on each CCR, so I should be good.
I've shifted credit lines painlessly with Chase but never tried with BA. I don't think it will be a problem, though.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

spammagnet wrote: Thu Mar 09, 2023 9:51 pm
anon_investor wrote: Thu Mar 09, 2023 9:48 pmThanks, I was going to keep more than $5k credit line on each CCR, so I should be good.
I've shifted credit lines painlessly with Chase but never tried with BA. I don't think it will be a problem, though.
When I first had my CCR/PR set up I noticed impacts to my credit score because of high utilization on my PR card. So I called and shifted all but $10K of the credit limit on the CCR card to the PR card. Later, I called and asked for an increase in my limit on the PR card. Last month, I closed my CCR card for simplicity and shifted the remaining $10K to the PR card.

All of these were 5-10 minute calls and the credit limits were moved or increased immediately.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Fri Mar 10, 2023 5:28 am
spammagnet wrote: Thu Mar 09, 2023 9:51 pm
anon_investor wrote: Thu Mar 09, 2023 9:48 pmThanks, I was going to keep more than $5k credit line on each CCR, so I should be good.
I've shifted credit lines painlessly with Chase but never tried with BA. I don't think it will be a problem, though.
When I first had my CCR/PR set up I noticed impacts to my credit score because of high utilization on my PR card. So I called and shifted all but $10K of the credit limit on the CCR card to the PR card. Later, I called and asked for an increase in my limit on the PR card. Last month, I closed my CCR card for simplicity and shifted the remaining $10K to the PR card.

All of these were 5-10 minute calls and the credit limits were moved or increased immediately.
I just called and moved a portion of the credit limits from my 3x CCRs to my PR. The call only took 8-9 minutes (including a 4-5 minute hold time). I left an ample amount of credit limit on each CCR as I do regularly use them and I did not want the monthly credit utilization too high on any of them. I use the PR the most and I have a lot of planned upcoming charges (Fed+state tax payments :moneybag ), so my credit utiliation will be high. With the credit limit move, I nearly doubled my PR's credit limit, so I think I will be good. Very easy process, worked with US based customer service.
aragorn1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aragorn1 »

placeholder wrote: Mon Mar 06, 2023 4:52 pm I have never had to do that when transferring to merrill edge so why do you think you it looks like you need that?
cubs1999 wrote: Mon Mar 06, 2023 7:42 pmI just went through the process. The form says you don't need it if the transfer is in the same name.
Thanks. I called them up and (after a long wait) a ME representative told the same - Medallion Signature Guarantee is not required.
How long does it take for the transfer to complete ? I uploaded the requested documents (Transfer form, ID, statement) on Wednesday night. There are no updates yet. I see the following message:
Please review your transfer information!
We've received your request to transfer assets to your Merrill account from Fidelity Investments. In order to proceed, we'll need you to submit the documents below.
If you've already uploaded these documents, no further action is necessary.
cubs1999
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cubs1999 »

aragorn1 wrote: Fri Mar 10, 2023 10:58 am
placeholder wrote: Mon Mar 06, 2023 4:52 pm I have never had to do that when transferring to merrill edge so why do you think you it looks like you need that?
cubs1999 wrote: Mon Mar 06, 2023 7:42 pmI just went through the process. The form says you don't need it if the transfer is in the same name.
Thanks. I called them up and (after a long wait) a ME representative told the same - Medallion Signature Guarantee is not required.
How long does it take for the transfer to complete ? I uploaded the requested documents (Transfer form, ID, statement) on Wednesday night. There are no updates yet. I see the following message:
Please review your transfer information!
We've received your request to transfer assets to your Merrill account from Fidelity Investments. In order to proceed, we'll need you to submit the documents below.
If you've already uploaded these documents, no further action is necessary.
I mailed my form on a Fri and I think the stock was transferred within a week. Ten days at most, forgot exact date but it was faster than I was expecting.
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