Bank of America/Merrill Edge - Preferred Rewards

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

Post by stilllurking »

sassy_penguin wrote: Sat May 08, 2021 8:54 pm Also, is it true that the Preferred rewards bonus percentages do not begin accruing immediately on credit cards? I felt like the guy was saying something like it would take a month or 30 days or the first statement to close before the bonuses began to accrue. Does that sound right to those who did this in the past?
From what in seeing on my account is that whatever level you are at now (Platinum) that will be your multipler for your bonus as they are displayed per transaction. You could try a small amount to see what you would get but I think the rep meant you'd need one more month to attain Platinum honors to get the full 75% multiplier for your spend. Maybe someone more knowledgeable will come along and correct me.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

stilllurking wrote: Sun May 09, 2021 6:34 am
sassy_penguin wrote: Sat May 08, 2021 8:54 pm Also, is it true that the Preferred rewards bonus percentages do not begin accruing immediately on credit cards? I felt like the guy was saying something like it would take a month or 30 days or the first statement to close before the bonuses began to accrue. Does that sound right to those who did this in the past?
From what in seeing on my account is that whatever level you are at now (Platinum) that will be your multipler for your bonus as they are displayed per transaction. You could try a small amount to see what you would get but I think the rep meant you'd need one more month to attain Platinum honors to get the full 75% multiplier for your spend. Maybe someone more knowledgeable will come along and correct me.
I don't see why there would be lag in receiving the bonus percentages after they determine that you are eligible.
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

I was saying that sassy would only get the Platinum level multiplier with a 3 month average of 80k. It sounded like there may have been conversation of the 75% multiplier but that wouldn't happen for another 30 days per the above. Sassy would still get 50% without waiting.
sassy_penguin
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sassy_penguin »

tj wrote: Sun May 09, 2021 3:58 pm
stilllurking wrote: Sun May 09, 2021 6:34 am
sassy_penguin wrote: Sat May 08, 2021 8:54 pm Also, is it true that the Preferred rewards bonus percentages do not begin accruing immediately on credit cards? I felt like the guy was saying something like it would take a month or 30 days or the first statement to close before the bonuses began to accrue. Does that sound right to those who did this in the past?
From what in seeing on my account is that whatever level you are at now (Platinum) that will be your multipler for your bonus as they are displayed per transaction. You could try a small amount to see what you would get but I think the rep meant you'd need one more month to attain Platinum honors to get the full 75% multiplier for your spend. Maybe someone more knowledgeable will come along and correct me.
I don't see why there would be lag in receiving the bonus percentages after they determine that you are eligible.
I received both new credit cards (Premium Rewards and Cash Rewards) in the mail yesterday and made my first purchase with each today. I will report back once they post and I see the points.

On the BoA site, it says I have been Preferred Rewards member "Since June 2021" so maybe the guy was onto something that my balance has been high enough my rolling average at 90 days mathematically already assured me of Platinum levels, but I wouldn't get those until the checking account was open 90 days. So perhaps I did not get it "early" after all. I guess We will know soon enough. Though I'd be annoyed since then he talked me into doing something less than optimal, haha.
jalm1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jalm1 »

Does PR status apply to joint accounts / can both individuals receive the benefits?

I was planning on setting up a joint brokerage and joint checking for the me and the wife. I would assume (something i should never do with banks) that then both her and i would be in preferred rewards and could each open CC's with the rewards multiplier.

Any data points on this?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

jalm1 wrote: Fri May 14, 2021 12:39 pm Does PR status apply to joint accounts / can both individuals receive the benefits?

I was planning on setting up a joint brokerage and joint checking for the me and the wife. I would assume (something i should never do with banks) that then both her and i would be in preferred rewards and could each open CC's with the rewards multiplier.

Any data points on this?
I have a joint account and we each have our own CCs. Started off with moving our joint brokerage to ME two years ago. Both are receive PR status on all of our cards. Go for it.
ZinCO
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by ZinCO »

jalm1 wrote: Fri May 14, 2021 12:39 pm Does PR status apply to joint accounts / can both individuals receive the benefits?

I was planning on setting up a joint brokerage and joint checking for the me and the wife. I would assume (something i should never do with banks) that then both her and i would be in preferred rewards and could each open CC's with the rewards multiplier.

Any data points on this?
I can tell you that our joint accounts qualify us, then I have a CR in my name only that has it, and a PR for which we are joint applicants where we also get it. (Only reason for being joint applicants was otherwise I couldn't see the card in my login.)
jalm1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jalm1 »

stilllurking wrote: Fri May 14, 2021 12:48 pm I have a joint account and we each have our own CCs. Started off with moving our joint brokerage to ME two years ago. Both are receive PR status on all of our cards. Go for it.
ZinCO wrote: Fri May 14, 2021 12:50 pm I can tell you that our joint accounts qualify us, then I have a CR in my name only that has it, and a PR for which we are joint applicants where we also get it. (Only reason for being joint applicants was otherwise I couldn't see the card in my login.)
Perfect, thanks!
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Whenever we hold a lot in our joint checking for a few days, I get an "almost there!" Preferred rewards message. We never hold it long enough for me to actually get there, though. We don't usually spend enough to worry about it, but we sure have been lately!
dcdcdc724
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dcdcdc724 »

Merrill Edge/ML clients, did they do away with the bull logo co-branding on the updated Premium Rewards card?
Retired1809
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Retired1809 »

Is B of A Merrill no longer offering cash incentives for opening accounts at the bank and Merrill? If so, can somebody please post a link? Thanks.
Hyperchicken
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

sailaway wrote: Fri May 14, 2021 1:24 pm Whenever we hold a lot in our joint checking for a few days, I get an "almost there!" Preferred rewards message. We never hold it long enough for me to actually get there, though. We don't usually spend enough to worry about it, but we sure have been lately!
Do note however that if you make it across the line, you get to keep the preferred status for the next 15 months regardless of your balance. Your status can only be downgraded once a year on the month when you initially enrolled plus another 3 months.
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Retired1809 wrote: Thu Jun 03, 2021 9:57 pm Is B of A Merrill no longer offering cash incentives for opening accounts at the bank and Merrill? If so, can somebody please post a link? Thanks.
I believe that brokerage bonuses are not being offered at this time.
sassy_penguin
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sassy_penguin »

jjbiv wrote: Sat Jan 20, 2018 10:16 am The answer depends on which card you have. The cash rewards card applies the bonus when you redeem the points so you can earn points now and wait to redeem them until you have platinum honors status. The travel rewards card accrues points with each purchase so you might want to wait until you have status to use the card.
Is this still accurate? My account switched to Platinum Honors overnight, but all the un-redeemed cash rewards points still show only a 50% redemption bonus rather than 75%. I was wondering if it would update in a few days or if this changed.
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

Someone can keep me honest but earned rewards are at the level you were at. New earnings will get the 75% multiplier from here on out. It's no longer provided upon redemption.
snailderby
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by snailderby »

dcdcdc724 wrote: Thu Jun 03, 2021 8:58 pm Merrill Edge/ML clients, did they do away with the bull logo co-branding on the updated Premium Rewards card?
The picture on this webpage (https://www.ml.com/solutions/premium-re ... -card.html) makes it look like they removed the bull logo. But I haven't applied for the card through Merrill, so I can't confirm this for sure.
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

sassy_penguin wrote: Fri Jun 04, 2021 6:11 am Is this still accurate? My account switched to Platinum Honors overnight, but all the un-redeemed cash rewards points still show only a 50% redemption bonus rather than 75%. I was wondering if it would update in a few days or if this changed.
The bonus is now applied at time of posting, rather than at time of redemption. I think this change meant that signup bonuses don't get the Preferred Rewards bonus any more.

This seems to have changed at some point in 2018. I see a PDF on Bank of America's site:
[Y]our relationship rewards bonus will be awarded when you make your purchase and does not depend on how or when you redeem your cash back rewards.
I saw a comment from late 2018 on Reddit that unredeemed rewards would received a bonus adjustment in early 2019.
Hyperchicken
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

sassy_penguin wrote: Fri Jun 04, 2021 6:11 am
jjbiv wrote: Sat Jan 20, 2018 10:16 am The answer depends on which card you have. The cash rewards card applies the bonus when you redeem the points so you can earn points now and wait to redeem them until you have platinum honors status. The travel rewards card accrues points with each purchase so you might want to wait until you have status to use the card.
Is this still accurate? My account switched to Platinum Honors overnight, but all the un-redeemed cash rewards points still show only a 50% redemption bonus rather than 75%. I was wondering if it would update in a few days or if this changed.
No, this is not accurate anymore. It used to work the way jjbiv described it few years ago. Now the bonus is applied at the time of payment, not at the time of redemption.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Hyperchicken wrote: Fri Jun 04, 2021 12:50 pm
sassy_penguin wrote: Fri Jun 04, 2021 6:11 am
jjbiv wrote: Sat Jan 20, 2018 10:16 am The answer depends on which card you have. The cash rewards card applies the bonus when you redeem the points so you can earn points now and wait to redeem them until you have platinum honors status. The travel rewards card accrues points with each purchase so you might want to wait until you have status to use the card.
Is this still accurate? My account switched to Platinum Honors overnight, but all the un-redeemed cash rewards points still show only a 50% redemption bonus rather than 75%. I was wondering if it would update in a few days or if this changed.
No, this is not accurate anymore. It used to work the way jjbiv described it few years ago. Now the bonus is applied at the time of payment, not at the time of redemption.
Just a extra note that as far as I can tell, it is based on when the transaction was approved, not when it was posted. That doesn’t matter for bonuses, but for day-to-day use of the car. An example to help illustrate:

- Monday @ 9 am you have Home Improvement your bonus category
- Monday @ 10 am you make a purchase at Lowe’s
- Monday @ 11 am you order Pizza Hut online
- Monday @ 12 noon you change your category to online shopping
- Monday @ 1 pm you make a purchase at Home Depot
- Monday @ 2 pm you make a purchase on Amazon
- Wednesday @ 12 noon, all purchases post

Assuming that before Monday you already were Platinum Honors,
- Lowe’s will be at 5.25%
- Pizza Hut will be at 1.75%
- Home Depot will be at 1.75%
- Amazon will be at 5.25%

So even though Lowe’s posts after the category changed, it was approved before that, so it will be get the 3% * 1.75 instead of Home Depot getting 1% * 1.75. Similarly, since Pizza Hut was approved before you changed the category, it will get 1% * 1.75 instead of the 3% * 1.75 that Amazon gets.

Now perhaps if some merchant doesn’t submit the transaction for processing with the auth reference previously obtained, then the submission time presumably would be the determining factor.
sassy_penguin
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sassy_penguin »

Thanks everyone. I really appreciate all the helpful answers. Now it seems clear there was definitely no reason for the Preferred Rewards rep to encourage me to apply for the two cards last month before I was at Platinum Honors level. A bit annoying, but not a big deal in the whole scheme of things.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

BrandonBogle wrote: Fri Jun 04, 2021 1:03 pm Monday @ 12 noon you change your category to online shopping
I've never seen anything in the category change wording after you switch categories which says that you get the old category for charges authorized that day before the change and the new category after. It just says that the change is effective that day. In fact, I changed a category to gas shortly after making a gas purchase with the wrong card and got the 5.25%. Have you actually seen what you described in real life?
Last edited by MisterBill on Sun Jun 06, 2021 12:40 am, edited 1 time in total.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

sassy_penguin wrote: Fri Jun 04, 2021 6:35 pm Thanks everyone. I really appreciate all the helpful answers. Now it seems clear there was definitely no reason for the Preferred Rewards rep to encourage me to apply for the two cards last month before I was at Platinum Honors level. A bit annoying, but not a big deal in the whole scheme of things.
Applying early was not the issue, and in fact could have been useful since you already had the cards when the upgrade hit. Using it before getting upgraded was.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

MisterBill wrote: Sun Jun 06, 2021 12:34 am
BrandonBogle wrote: Fri Jun 04, 2021 1:03 pm Monday @ 12 noon you change your category to online shopping
I've never seen anything in the category change wording after you switch categories which says that you get the old category for charges authorized that day before the change and the new category after. It just says that the change is effective that day. In fact, I changed a category to gas shortly after making a gas purchase with the wrong card and got the 5.25%. Have you actually seen what you described in real life?
Yes I have, but in a different scenario than you. I switched from online to home improvement while a contractor was waiting to swipe my card and I got the 5.25% for home improvement. But unlike your scenario, I changed before that charge vs. after. I don’t recall what my online purchase showed up as since it was $50 online vs. $2.5k home improvement, so I didn’t care about the online purchase that day.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

BrandonBogle wrote: Mon Jun 07, 2021 12:09 pm Yes I have, but in a different scenario than you. I switched from online to home improvement while a contractor was waiting to swipe my card and I got the 5.25% for home improvement. But unlike your scenario, I changed before that charge vs. after. I don’t recall what my online purchase showed up as since it was $50 online vs. $2.5k home improvement, so I didn’t care about the online purchase that day.
Sorry, but that doesn't seem to prove anything. You didn't notice if you got the higher rebate for the old category purchase made that day. I never questioned that the purchase in the new category would get the 3/5.25%. And if you got the full rebate on that $2500 purchase, it would seem to prove that you didn't get the higher amount for the $50 purchase, since otherwise it would have maxed out at $2450.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

MisterBill wrote: Mon Jun 07, 2021 12:44 pm
BrandonBogle wrote: Mon Jun 07, 2021 12:09 pm Yes I have, but in a different scenario than you. I switched from online to home improvement while a contractor was waiting to swipe my card and I got the 5.25% for home improvement. But unlike your scenario, I changed before that charge vs. after. I don’t recall what my online purchase showed up as since it was $50 online vs. $2.5k home improvement, so I didn’t care about the online purchase that day.
Sorry, but that doesn't seem to prove anything. You didn't notice if you got the higher rebate for the old category purchase made that day. I never questioned that the purchase in the new category would get the 3/5.25%. And if you got the full rebate on that $2500 purchase, it would seem to prove that you didn't get the higher amount for the $50 purchase, since otherwise it would have maxed out at $2450.
I did not earn on the full $2,500. I just went back and looked. "Partial Bonus - Purchases Exceed $2500 Quarterly Max PROMOTION CAP EXCEEDED"

7/23 I switched from Online Shopping to Home Improvement. That would have been around 6 pm or so b/c I remember it got dark just as they finished.

So...

7/22 Tran 7/23 Post - got Online Shopping bonus
7/22 Tran 7/24 Post - got Online Shopping bonus
7/23 Tran 7/24 Post - got Online Shopping bonus
7/23 - Switch from Online Shopping to Home Improvement
7/23 Tran 7/25 Post - got Home Improvement bonus up to the $2,500 quarterly max

So the transactions I performed before the switch, but posted after the switch, still got the bonus that was active at the time I made the transaction.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

BrandonBogle wrote: Mon Jun 07, 2021 1:04 pm [So the transactions I performed before the switch, but posted after the switch, still got the bonus that was active at the time I made the transaction.
Interesting. I'm still pretty sure it worked differently for me, but good to know.
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