Bank of America/Merrill Edge - Preferred Rewards

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Kaizen Soze
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Kaizen Soze »

anon_investor wrote: Fri Jan 14, 2022 1:12 pm
Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am
anon_investor wrote: Thu Jan 13, 2022 7:28 pm
Kaizen Soze wrote: Thu Jan 13, 2022 2:43 pm
tj wrote: Mon Jan 10, 2022 2:50 pm

Of course it will reset. The question is if it's relevant if you wait for the meter to reset before purchasing $100 again....we shall see, as I already made the purchase.
I purchased a $100 AA GC on 1/4 and haven't received the credit yet. I just checked my account and the benefit hasn't reset even though the "?" additional info states "$100 annual maximum credit resets on January 1 each year."

I tried to call, but was on hold for 15min. and needed to drop. I really dislike that they don't tell you the estimated hold time or have a call-back service.

I'm probably going to downgrade the card next month when my AF hits. Is there a limit on how often you can earn the $500 SUB? My strategy is to sign-up for premium rewards and then downgrade to a cash rewards after a year. How long should I wait before signing up for the next Premium card? Long game is to have 4 cards (3 customized cash rewards and 1 unlimited cash rewards)
You don't think the effective $11.50/yr fee for the PR is worth it?
Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
$100 AA eGC will net $3.50 cash back, you can sell it at Card Cash for $80. $95 annual fee minus $83.50 equals net $11.50 annual fee.

Benefits over UCR and CCR are:
-no foreign transaction fee
-unlimited 3.5% cash back on dinning and travel (any substantial travel costs easily blow past the quarterly cap for CCR)
-some travel and purchase protection insurances

Personally I use up all of my 2x CCR quarterly caps on Costco, Home Depot, groceries, online shopping. So the PR is nice to capture 3.5% cash back on dinning and travel.

I think there is at least a 2 year wait between canceling the PR and getting another sign on bonus.
Ah, I'm planning on using the AA GC.

The travel rewards card has the same benefits as the unlimited cash back + no foreign transaction fees.

I guess my spend is just lower. With multiple cash back cards, could you change the category on a lesser used card after hitting the cap on another card?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Kaizen Soze wrote: Fri Jan 14, 2022 5:49 pm
anon_investor wrote: Fri Jan 14, 2022 1:12 pm
Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am
anon_investor wrote: Thu Jan 13, 2022 7:28 pm
Kaizen Soze wrote: Thu Jan 13, 2022 2:43 pm

I purchased a $100 AA GC on 1/4 and haven't received the credit yet. I just checked my account and the benefit hasn't reset even though the "?" additional info states "$100 annual maximum credit resets on January 1 each year."

I tried to call, but was on hold for 15min. and needed to drop. I really dislike that they don't tell you the estimated hold time or have a call-back service.

I'm probably going to downgrade the card next month when my AF hits. Is there a limit on how often you can earn the $500 SUB? My strategy is to sign-up for premium rewards and then downgrade to a cash rewards after a year. How long should I wait before signing up for the next Premium card? Long game is to have 4 cards (3 customized cash rewards and 1 unlimited cash rewards)
You don't think the effective $11.50/yr fee for the PR is worth it?
Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
$100 AA eGC will net $3.50 cash back, you can sell it at Card Cash for $80. $95 annual fee minus $83.50 equals net $11.50 annual fee.

Benefits over UCR and CCR are:
-no foreign transaction fee
-unlimited 3.5% cash back on dinning and travel (any substantial travel costs easily blow past the quarterly cap for CCR)
-some travel and purchase protection insurances

Personally I use up all of my 2x CCR quarterly caps on Costco, Home Depot, groceries, online shopping. So the PR is nice to capture 3.5% cash back on dinning and travel.

I think there is at least a 2 year wait between canceling the PR and getting another sign on bonus.
Ah, I'm planning on using the AA GC.

The travel rewards card has the same benefits as the unlimited cash back + no foreign transaction fees.

I guess my spend is just lower. With multiple cash back cards, could you change the category on a lesser used card after hitting the cap on another card?
Definitely YMMV. I already use up 2x CCR quarterly caps just on normal spend (mostly Costco and online shopping). Even a 3rd CCR would likely not provide enough space to pay for any family trips, we have a large family.
exarkun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exarkun »

spammagnet wrote: Thu Jan 13, 2022 9:44 pm
spammagnet wrote: Wed Jan 12, 2022 8:47 amA Sam's Club Scan-In-Store purchase 2 days ago coded as wholesale clubs (2%) rather than online (3%). I confirmed that a previous purchase made the same way coded as online. Nothing is different between the two as to how I made the purchase. I gather that BofA is fine-tuning their system. ...
My Sam's Club gas purchase made the same day as the transaction above and paid with the Sam's Club app didn't get any category bonus. My app is linked to a CCR card set as online so it didn't code as gas. It didn't even code as a warehouse club, like the one above. I'll use my UCR card there in the future.
I made a gas purchase at sams with the app on Jan 9 and it received 5% on my CCR set as online. In the app I have my paypal key (which currently points to the CCR) set as the payment method.

BASE: PAYPAL *SAMS CLUB
CATEGORY BONUS: for online shopping purchase
RELATIONSHIP BONUS: Preferred Rewards - 75% Bonus
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

exarkun wrote: Fri Jan 14, 2022 8:59 pm... In the app I have my paypal key (which currently points to the CCR) set as the payment method. ...
Is your PayPal key a debit card sort of charge mechanism? I've tried to get one. The links consistently take me to a page telling me they're not universally available and to come back another day. I gave up.
exarkun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exarkun »

spammagnet wrote: Fri Jan 14, 2022 9:23 pm
exarkun wrote: Fri Jan 14, 2022 8:59 pm... In the app I have my paypal key (which currently points to the CCR) set as the payment method. ...
Is your PayPal key a debit card sort of charge mechanism? I've tried to get one. The links consistently take me to a page telling me they're not universally available and to come back another day. I gave up.
Try this. I've had a PayPal key for quite some time but the below worked for my spouse to get one recently.
https://www.doctorofcredit.com/paypal-l ... aypal-key/
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

exarkun wrote: Sat Jan 15, 2022 7:16 am
spammagnet wrote: Fri Jan 14, 2022 9:23 pm
exarkun wrote: Fri Jan 14, 2022 8:59 pm... In the app I have my paypal key (which currently points to the CCR) set as the payment method. ...
Is your PayPal key a debit card sort of charge mechanism? I've tried to get one. The links consistently take me to a page telling me they're not universally available and to come back another day. I gave up.
Try this. I've had a PayPal key for quite some time but the below worked for my spouse to get one recently.
https://www.doctorofcredit.com/paypal-l ... aypal-key/
What is the benefit of PayPal key?
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

exarkun wrote: Sat Jan 15, 2022 7:16 amTry this. I've had a PayPal key for quite some time but the below worked for my spouse to get one recently.
https://www.doctorofcredit.com/paypal-l ... aypal-key/
I already have to no avail, but thanks.

I may create a new account in my wife's name.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Sat Jan 15, 2022 7:26 amWhat is the benefit of PayPal key?
Quoting DoctorOfCredit (in 2020?): "PayPal has rolled out a new virtual card number system called PayPal Key. The program runs on the Mastercard network, and allows generating a card number to use anywhere and gets charged to any payment method in your PayPal wallet, including any credit card. ... You can generate new card numbers whenever you’d like, and you can disable cards whenever you’d like. ..."
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

spammagnet wrote: Sat Jan 15, 2022 8:42 am
anon_investor wrote: Sat Jan 15, 2022 7:26 amWhat is the benefit of PayPal key?
Quoting DoctorOfCredit (in 2020?): "PayPal has rolled out a new virtual card number system called PayPal Key. The program runs on the Mastercard network, and allows generating a card number to use anywhere and gets charged to any payment method in your PayPal wallet, including any credit card. ... You can generate new card numbers whenever you’d like, and you can disable cards whenever you’d like. ..."
The key benefit (pun not intended) isn’t just obfuscation of your card number, but that the PP Key shows up as a debit card, so processors charging fees for card payments will charge the debit card version of the fee, which often is not a percentage of the balance.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Sat Jan 15, 2022 9:11 am
spammagnet wrote: Sat Jan 15, 2022 8:42 am
anon_investor wrote: Sat Jan 15, 2022 7:26 amWhat is the benefit of PayPal key?
Quoting DoctorOfCredit (in 2020?): "PayPal has rolled out a new virtual card number system called PayPal Key. The program runs on the Mastercard network, and allows generating a card number to use anywhere and gets charged to any payment method in your PayPal wallet, including any credit card. ... You can generate new card numbers whenever you’d like, and you can disable cards whenever you’d like. ..."
The key benefit (pun not intended) isn’t just obfuscation of your card number, but that the PP Key shows up as a debit card, so processors charging fees for card payments will charge the debit card version of the fee, which often is not a percentage of the balance.
Too bad it no longer works for taxes. That would have been my use case.

This year it looks like we can get up to a 0.75% spread paying Fed taxes with a PR, TR or UCR.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

BrandonBogle wrote: Sat Jan 15, 2022 9:11 am
spammagnet wrote: Sat Jan 15, 2022 8:42 am
anon_investor wrote: Sat Jan 15, 2022 7:26 amWhat is the benefit of PayPal key?
Quoting DoctorOfCredit (in 2020?): "PayPal has rolled out a new virtual card number system called PayPal Key. The program runs on the Mastercard network, and allows generating a card number to use anywhere and gets charged to any payment method in your PayPal wallet, including any credit card. ... You can generate new card numbers whenever you’d like, and you can disable cards whenever you’d like. ..."
The key benefit (pun not intended) isn’t just obfuscation of your card number, but that the PP Key shows up as a debit card, so processors charging fees for card payments will charge the debit card version of the fee, which often is not a percentage of the balance.
The benefit mentioned above in response to my post about Sam's Club is that BofA records the PayPal key transaction as online, whereas my having used the same BofA card directly in the Sam's Club app resulted in it not being recorded as an online transaction.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am
anon_investor wrote: Thu Jan 13, 2022 7:28 pm
Kaizen Soze wrote: Thu Jan 13, 2022 2:43 pm
tj wrote: Mon Jan 10, 2022 2:50 pm
Leesbro63 wrote: Mon Jan 10, 2022 2:19 pm

My meter also has NOT reset, although my statement closed yesterday. It's only $100 so I'll wait...even if until later in the year. It's not worth getting into a whistling match over if I do it early and don't get the refund. But it's still $100...so I'll just wait and assume the meter will reset sooner or later.
Of course it will reset. The question is if it's relevant if you wait for the meter to reset before purchasing $100 again....we shall see, as I already made the purchase.
I purchased a $100 AA GC on 1/4 and haven't received the credit yet. I just checked my account and the benefit hasn't reset even though the "?" additional info states "$100 annual maximum credit resets on January 1 each year."

I tried to call, but was on hold for 15min. and needed to drop. I really dislike that they don't tell you the estimated hold time or have a call-back service.

I'm probably going to downgrade the card next month when my AF hits. Is there a limit on how often you can earn the $500 SUB? My strategy is to sign-up for premium rewards and then downgrade to a cash rewards after a year. How long should I wait before signing up for the next Premium card? Long game is to have 4 cards (3 customized cash rewards and 1 unlimited cash rewards)
You don't think the effective $11.50/yr fee for the PR is worth it?
Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
Did you end up getting the $100 statement credit?
leland
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by leland »

H/U that there's a new Merrill Edge account bonus posted on DoC: (https://www.doctorofcredit.com/merrill- ... vestments/). At the top end it's $1k bonus for $250k initial transfer/deposit. Next tier down is $400 for $100k. Required tie-up is 90 days. Might nudge me over to PR, would be nicer if they had a good high yield FDIC option.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Sun Jan 16, 2022 1:54 pm
Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am
anon_investor wrote: Thu Jan 13, 2022 7:28 pm
Kaizen Soze wrote: Thu Jan 13, 2022 2:43 pm
tj wrote: Mon Jan 10, 2022 2:50 pm

Of course it will reset. The question is if it's relevant if you wait for the meter to reset before purchasing $100 again....we shall see, as I already made the purchase.
I purchased a $100 AA GC on 1/4 and haven't received the credit yet. I just checked my account and the benefit hasn't reset even though the "?" additional info states "$100 annual maximum credit resets on January 1 each year."

I tried to call, but was on hold for 15min. and needed to drop. I really dislike that they don't tell you the estimated hold time or have a call-back service.

I'm probably going to downgrade the card next month when my AF hits. Is there a limit on how often you can earn the $500 SUB? My strategy is to sign-up for premium rewards and then downgrade to a cash rewards after a year. How long should I wait before signing up for the next Premium card? Long game is to have 4 cards (3 customized cash rewards and 1 unlimited cash rewards)
You don't think the effective $11.50/yr fee for the PR is worth it?
Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
Did you end up getting the $100 statement credit?
I did. The meter reset and shows the purchase from 1/3/22 filling the 2022 quota. My credit posted 1/15/22.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon Jan 17, 2022 4:10 pm
anon_investor wrote: Sun Jan 16, 2022 1:54 pm
Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am
anon_investor wrote: Thu Jan 13, 2022 7:28 pm
Kaizen Soze wrote: Thu Jan 13, 2022 2:43 pm

I purchased a $100 AA GC on 1/4 and haven't received the credit yet. I just checked my account and the benefit hasn't reset even though the "?" additional info states "$100 annual maximum credit resets on January 1 each year."

I tried to call, but was on hold for 15min. and needed to drop. I really dislike that they don't tell you the estimated hold time or have a call-back service.

I'm probably going to downgrade the card next month when my AF hits. Is there a limit on how often you can earn the $500 SUB? My strategy is to sign-up for premium rewards and then downgrade to a cash rewards after a year. How long should I wait before signing up for the next Premium card? Long game is to have 4 cards (3 customized cash rewards and 1 unlimited cash rewards)
You don't think the effective $11.50/yr fee for the PR is worth it?
Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
Did you end up getting the $100 statement credit?
I did. The meter reset and shows the purchase from 1/3/22 filling the 2022 quota. My credit posted 1/15/22.
Thanks, good to hear, and also good to know it still qualifies for the statement credit. I plan to buy one tonight.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

leland wrote: Sun Jan 16, 2022 7:51 pm H/U that there's a new Merrill Edge account bonus posted on DoC: (https://www.doctorofcredit.com/merrill- ... vestments/). At the top end it's $1k bonus for $250k initial transfer/deposit. Next tier down is $400 for $100k. Required tie-up is 90 days. Might nudge me over to PR, would be nicer if they had a good high yield FDIC option.
More discussion in the brokerage bonuses thread.
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Question on ATM fee reimbursement for BofA Platinum Honors level customers.

If I were to use a Chase ATM to withdraw funds who is it that charges the fee(s) - Chase or BofA or both?

I am wondering if BofA’s policy to reimburse only applies to any fees BofA assesses and not to the bank whose ATM I am using (assuming that bank assesses one).

Just trying to make sure there are no fees I’d be stuck paying.

Also, does the fee offset happen immediately or at the end of the statement period. I know Ally Bank used to do the latter (may still).
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Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

MikeG62 wrote: Mon Jan 17, 2022 4:42 pm Question on ATM fee reimbursement for BofA Platinum Honors level customers.

If I were to use a Chase ATM to withdraw funds who is it that charges the fee(s) - Chase or BofA or both?

I am wondering if BofA’s policy to reimburse only applies to any fees BofA assesses and not to the bank whose ATM I am using (assuming that bank assesses one).

Just trying to make sure there are no fees I’d be stuck paying.

Also, does the fee offset happen immediately or at the end of the statement period. I know Ally Bank used to do the latter (may still).
There is both a BofA fee waiver, and reimbursement of the ATM fee charged by the non-BofA bank.

The reimbursement is fast, same day or next day typically, not the end of the month.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Does anyone know if after a BoA CC statement closes and you then get a statement credit for a returned item if that reduces the statement balance that needs to be paid off to avoid interest? I know for Chase CCs the online account updates as says "remaining statement balance" but for BoA it is unclear.
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Lastrun wrote: Mon Jan 17, 2022 5:40 pm
MikeG62 wrote: Mon Jan 17, 2022 4:42 pm Question on ATM fee reimbursement for BofA Platinum Honors level customers.

If I were to use a Chase ATM to withdraw funds who is it that charges the fee(s) - Chase or BofA or both?

I am wondering if BofA’s policy to reimburse only applies to any fees BofA assesses and not to the bank whose ATM I am using (assuming that bank assesses one).

Just trying to make sure there are no fees I’d be stuck paying.

Also, does the fee offset happen immediately or at the end of the statement period. I know Ally Bank used to do the latter (may still).
There is both a BofA fee waiver, and reimbursement of the ATM fee charged by the non-BofA bank.

The reimbursement is fast, same day or next day typically, not the end of the month.
Thanks.

So, normally, there would be two fees - one charged by BofA and one by the bank where the cash is withdrawn. BofA waives their fee and eats the other banks fee for those with Platinum Honors level status and does this in near real time. Thanks for clarifying this for me. Surprisingly, I've not used a non-BofA ATM to withdraw funds from my BofA account - and I've had an account there for decades :shock:. For full disclosure, if not for my wife (who loves to pay for smaller items in cash) I would visit an ATM once every few months.
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Kaizen Soze
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Kaizen Soze »

anon_investor wrote: Sun Jan 16, 2022 1:54 pm
Kaizen Soze wrote: Fri Jan 14, 2022 9:58 am Effective $11.50/yr fee? Not following that math. I'd prefer to downgrade and earn another $500 SUB. Besides Global Entry (which I already get with my other cards), what benefit does the PR have over the customized or unlimited cash cards?

Update: my airline credit reset today and already shows the 1/4 transaction as being applied. I haven't received the $100 credit yet.
Did you end up getting the $100 statement credit?
[ quote fixed by admin LadyGeek]

I did. Glad it came through.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by LadyGeek »

need403bhelp has a question which I've moved into a new thread. See: [Can I combine two Roth IRA accounts held at Merrill Edge?]

(Thanks to the member who reported the post and explained what's wrong.)
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

Cranberry44 wrote: Tue Jan 04, 2022 4:22 pm What the heck -- my application was just denied! I checked my credit score just before submitting the application, 826 and 813. Argh, what a pain in the butt. Now I have to wait for their letter to see why it was rejected. :(
For anyone following along or curious, I received BoAs letter the other day letting me know I was denied because they couldn’t verify my SSN or Income, and sent paper work for me to fill out and send in. Credit score with whoever they checked with was reported as 805.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

Today I got a notice in the mail telling me that my MLB CCR card is going to be replaced with a standard CCR card because BoA's agreement with MLB has ended. That surprises me since the WWF CCR offer disappeared from the website earlier than the MLB CCR offer did, and yet I haven't received any such notice about the WWF CCR card.

Has anyone else gotten such a letter, for the MLB or for any other CCR card?

Also, once my MLB CCR card is converted to a standard CCR card, will that mean I can't apply for an additional standard CCR card anymore? Should I try to do that now, before the conversion happens?
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

Sarabayo, it's possible to have two or more vanilla CCRs (I have two, although for what it's worth one is a Mastercard and the other is a Visa). If I recall correctly, the terms and conditions specify that you can't apply for one less than 24 months after applying for a previous one. I don't know if a forced product conversion would reset that timing.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

sarabayo wrote: Wed Jan 19, 2022 1:11 am Today I got a notice in the mail telling me that my MLB CCR card is going to be replaced with a standard CCR card because BoA's agreement with MLB has ended. That surprises me since the WWF CCR offer disappeared from the website earlier than the MLB CCR offer did, and yet I haven't received any such notice about the WWF CCR card.

Has anyone else gotten such a letter, for the MLB or for any other CCR card?

Also, once my MLB CCR card is converted to a standard CCR card, will that mean I can't apply for an additional standard CCR card anymore? Should I try to do that now, before the conversion happens?
If you intend to get another one, I think just apply now.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sarabayo wrote: Wed Jan 19, 2022 1:11 am Today I got a notice in the mail telling me that my MLB CCR card is going to be replaced with a standard CCR card because BoA's agreement with MLB has ended. That surprises me since the WWF CCR offer disappeared from the website earlier than the MLB CCR offer did, and yet I haven't received any such notice about the WWF CCR card.

Has anyone else gotten such a letter, for the MLB or for any other CCR card?

Also, once my MLB CCR card is converted to a standard CCR card, will that mean I can't apply for an additional standard CCR card anymore? Should I try to do that now, before the conversion happens?
Which other BoA cards do you have? If you do not have it already, you can always get the Susan G. Komen Race for the Cure Visa which is another CCR varient. I have that one and the plain vanilla red CCR.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

I purchased the $100 American Airlines giftcard on Jan 17th. The charge posted immediately. Today my Airline Incidental Credit meter shows the charge has having been used for 2022. But the credit has not yet posted to the account. I assume it will shortly. Just giving the update for those following this.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Leesbro63 wrote: Wed Jan 19, 2022 9:07 am I purchased the $100 American Airlines giftcard on Jan 17th. The charge posted immediately. Today my Airline Incidental Credit meter shows the charge has having been used for 2022. But the credit has not yet posted to the account. I assume it will shortly. Just giving the update for those following this.
You should get it in a few days. This was the timeline for me in November:

11/3: purchased $100 AA eGC
11/5: charge posted
11/7: Airline Incidental Statement Credit meter showed $100 credit earned
11/11: $100 statement credit received
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

anon_investor wrote: Wed Jan 19, 2022 9:15 am
Leesbro63 wrote: Wed Jan 19, 2022 9:07 am I purchased the $100 American Airlines giftcard on Jan 17th. The charge posted immediately. Today my Airline Incidental Credit meter shows the charge has having been used for 2022. But the credit has not yet posted to the account. I assume it will shortly. Just giving the update for those following this.
You should get it in a few days. This was the timeline for me in November:

11/3: purchased $100 AA eGC
11/5: charge posted
11/7: Airline Incidental Statement Credit meter showed $100 credit earned
11/11: $100 statement credit received
Thank you for making my useful data point even more useful for others! :)
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Leesbro63 wrote: Wed Jan 19, 2022 9:18 am
anon_investor wrote: Wed Jan 19, 2022 9:15 am
Leesbro63 wrote: Wed Jan 19, 2022 9:07 am I purchased the $100 American Airlines giftcard on Jan 17th. The charge posted immediately. Today my Airline Incidental Credit meter shows the charge has having been used for 2022. But the credit has not yet posted to the account. I assume it will shortly. Just giving the update for those following this.
You should get it in a few days. This was the timeline for me in November:

11/3: purchased $100 AA eGC
11/5: charge posted
11/7: Airline Incidental Statement Credit meter showed $100 credit earned
11/11: $100 statement credit received
Thank you for making my useful data point even more useful for others! :)
:sharebeer
I just purchased another $100 AA eGC yesterday (1/18), so I will have another data point to share. I waited for the meter to reset before buying, but someone else posted that they bought ealier this month before the meter resent and still received their statement credit.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anon_investor wrote: Tue Jan 18, 2022 6:00 am Does anyone know if after a BoA CC statement closes and you then get a statement credit for a returned item if that reduces the statement balance that needs to be paid off to avoid interest? I know for Chase CCs the online account updates as says "remaining statement balance" but for BoA it is unclear.
Bumping this, has anyone dealt with this issue before?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Wed Jan 19, 2022 10:14 am
anon_investor wrote: Tue Jan 18, 2022 6:00 am Does anyone know if after a BoA CC statement closes and you then get a statement credit for a returned item if that reduces the statement balance that needs to be paid off to avoid interest? I know for Chase CCs the online account updates as says "remaining statement balance" but for BoA it is unclear.
Bumping this, has anyone dealt with this issue before?
Pretty sure that is how all banks work. You need to have total credits equal to the statement balance to avoid paying interest. Just make sure that if you use BofA autopay to pay the full statement balance that you adjust the payment amount because unlike other banks, they do not reduce it automatically.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Wed Jan 19, 2022 10:19 am
anon_investor wrote: Wed Jan 19, 2022 10:14 am
anon_investor wrote: Tue Jan 18, 2022 6:00 am Does anyone know if after a BoA CC statement closes and you then get a statement credit for a returned item if that reduces the statement balance that needs to be paid off to avoid interest? I know for Chase CCs the online account updates as says "remaining statement balance" but for BoA it is unclear.
Bumping this, has anyone dealt with this issue before?
Pretty sure that is how all banks work. You need to have total credits equal to the statement balance to avoid paying interest. Just make sure that if you use BofA autopay to pay the full statement balance that you adjust the payment amount because unlike other banks, they do not reduce it automatically.
I know that is how Chase does it... but Chase's autopay also adjusts for credits and Chase displays remaining statement balance...

I am not confident in BoA's technology, I don't want to be charged interest because BoA's technology is bad...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Wed Jan 19, 2022 11:17 am I know that is how Chase does it... but Chase's autopay also adjusts for credits and Chase displays remaining statement balance...

I am not confident in BoA's technology, I don't want to be charged interest because BoA's technology is bad...
How their autopay works is completely different from how their credit card processing works. You will be fine, I've done it. Read the terms of your credit card if you are unsure.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Wed Jan 19, 2022 11:35 am
anon_investor wrote: Wed Jan 19, 2022 11:17 am I know that is how Chase does it... but Chase's autopay also adjusts for credits and Chase displays remaining statement balance...

I am not confident in BoA's technology, I don't want to be charged interest because BoA's technology is bad...
How their autopay works is completely different from how their credit card processing works. You will be fine, I've done it. Read the terms of your credit card if you are unsure.
Great, thanks. It still takes some getting used to, the BoA CC payment system is weird, I have 10+ other CCs from various issuers and none of them have such a weird payment system...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

I received a letter from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
Last edited by MisterBill on Wed Jan 19, 2022 2:40 pm, edited 1 time in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Wed Jan 19, 2022 2:28 pm I received an email from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
Is there a current list of other available CCR cards? There used to be quite a few, but it seems like BoA has eliminated many of them.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

MisterBill wrote: Wed Jan 19, 2022 2:28 pm I received an email from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
On this very page of this thread is another poster sharing similar info, but they are being converted to a generic CCR.
anon_investor wrote: Wed Jan 19, 2022 9:03 am
sarabayo wrote: Wed Jan 19, 2022 1:11 am Today I got a notice in the mail telling me that my MLB CCR card is going to be replaced with a standard CCR card because BoA's agreement with MLB has ended. That surprises me since the WWF CCR offer disappeared from the website earlier than the MLB CCR offer did, and yet I haven't received any such notice about the WWF CCR card.

Has anyone else gotten such a letter, for the MLB or for any other CCR card?

Also, once my MLB CCR card is converted to a standard CCR card, will that mean I can't apply for an additional standard CCR card anymore? Should I try to do that now, before the conversion happens?
Which other BoA cards do you have? If you do not have it already, you can always get the Susan G. Komen Race for the Cure Visa which is another CCR varient. I have that one and the plain vanilla red CCR.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

BrandonBogle wrote: Wed Jan 19, 2022 2:31 pm
MisterBill wrote: Wed Jan 19, 2022 2:28 pm I received an email from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
On this very page of this thread is another poster sharing similar info, but they are being converted to a generic CCR.
Thanks. I obviously missed that discussion, was focused on the payment question after it.

So basically I'm not getting the CCR because I already have a couple. I wonder if there is any way to change what they convert it to? While I don't NEED a 4th card, it's more useful than a UCR, which would basically put me back in the situation I was with the TR card.
Last edited by MisterBill on Wed Jan 19, 2022 2:50 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Wed Jan 19, 2022 2:43 pm
BrandonBogle wrote: Wed Jan 19, 2022 2:31 pm
MisterBill wrote: Wed Jan 19, 2022 2:28 pm I received an email from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
On this very page of this thread is another poster sharing similar info, but they are being converted to a generic CCR.
Thanks. I obviously missed that discussion, was focused on the payment question after it.

So basically I'm not getting the CCR because I already have a couple. I wonder if there is any way to change what they convert it to?
Are they offering you a signup bonus?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

sarabayo wrote: Wed Jan 19, 2022 1:11 am Today I got a notice in the mail telling me that my MLB CCR card is going to be replaced with a standard CCR card because BoA's agreement with MLB has ended. That surprises me since the WWF CCR offer disappeared from the website earlier than the MLB CCR offer did, and yet I haven't received any such notice about the WWF CCR card.

Has anyone else gotten such a letter, for the MLB or for any other CCR card?

Also, once my MLB CCR card is converted to a standard CCR card, will that mean I can't apply for an additional standard CCR card anymore? Should I try to do that now, before the conversion happens?
Instead of applying for a second/third Customized Cash CC one can apply for a co-branded Customized Cash Rewards Credit Cards.
My understanding is that co-branded cards are different from a plain CCR.

Here is a list of a few available co-branded CCR cards:

National Wildlife Federation: https://www.nwf.org/Get-Involved/affinity-programs
NEA: https://www.neamb.com/products/nea-cash-rewards-card

Medical Student Association: https://www.amsa.org/benefits/bank-of-america/
Bar Association: https://qa.americanbar.org/membership/a ... f-america/
Golden Key: https://goldenkey.org/partner/bank-of-america/

Berkley: https://alumni.berkeley.edu/membership/ ... redit-card
Northeastern: https://alumni.northeastern.edu/about/benefits/
NYU: https://www.nyu.edu/alumni/benefits/cre ... vices.html
UCF: https://ucfalumni.com/give-to-ucf/ucf-k ... inity-card

You may find more with this Google query:
query: "In partnership with" "Customized Cash Rewards Credit Card". -site:www.bankofamerica.com
url: https://www.google.com/search?q=%22In+p ... =992&dpr=2
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

It seems that BoA increased bonus for transferring $250K from $600 to $1000. I received an email with an offer today.

Cash reward Qualifying Assets
$100 $20,000
$200 $50,000
$400 $100,000
$1000 $250,000
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

VictorStarr wrote: Wed Jan 19, 2022 4:43 pm It seems that BoA increased bonus for transferring $250K from $600 to $1000. I received an email with an offer today.

Cash reward Qualifying Assets
$100 $20,000
$200 $50,000
$400 $100,000
$1000 $250,000
Yup. Leland posted about it earlier on this page of this thread.
sarabayo wrote: Mon Jan 17, 2022 4:30 pm
leland wrote: Sun Jan 16, 2022 7:51 pm H/U that there's a new Merrill Edge account bonus posted on DoC: (https://www.doctorofcredit.com/merrill- ... vestments/). At the top end it's $1k bonus for $250k initial transfer/deposit. Next tier down is $400 for $100k. Required tie-up is 90 days. Might nudge me over to PR, would be nicer if they had a good high yield FDIC option.
More discussion in the brokerage bonuses thread.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

FedGuy wrote: Wed Jan 19, 2022 6:26 am Sarabayo, it's possible to have two or more vanilla CCRs (I have two, although for what it's worth one is a Mastercard and the other is a Visa). If I recall correctly, the terms and conditions specify that you can't apply for one less than 24 months after applying for a previous one. I don't know if a forced product conversion would reset that timing.
Unfortunately the wording seems to be 24 months since you last held one, not 24 months since you last applied for one: "This card may not be available to you if you currently have or have had the card in the preceding 24 month period."
anon_investor wrote: Wed Jan 19, 2022 9:03 am Which other BoA cards do you have? If you do not have it already, you can always get the Susan G. Komen Race for the Cure Visa which is another CCR varient. I have that one and the plain vanilla red CCR.
I have the SGK, the WWF, and the MLB (soon to be vanilla). Also an Unlimited Cash Rewards card. If the 2/3/4 rule is still in effect these days, looking at the dates when I got my existing cards, it looks like today is the first day I'm able to get my fifth BoA card. Lucky me :)
MisterBill wrote: Wed Jan 19, 2022 2:43 pm
BrandonBogle wrote: Wed Jan 19, 2022 2:31 pm
MisterBill wrote: Wed Jan 19, 2022 2:28 pm I received an email from BofA today saying that their contract with MLB has ended, so they will be sending me an Unlimited Cash Rewards card in its place. I wonder if this is because I already have two generic Customized Cash Rewards cards (one just converted from the Travel Rewards card) and a Komen CCR card? I really don't want the UCR card, since I have the Premium Rewards card (which is why I converted the TR card).

If anyone else got this letter, what did they convert you to?
On this very page of this thread is another poster sharing similar info, but they are being converted to a generic CCR.
Thanks. I obviously missed that discussion, was focused on the payment question after it.

So basically I'm not getting the CCR because I already have a couple. I wonder if there is any way to change what they convert it to? While I don't NEED a 4th card, it's more useful than a UCR, which would basically put me back in the situation I was with the TR card.
I don't think you were offered the UCR because you already had a couple CCRs, since I have three CCRs (including the MLB) and my MLB CCR is being converted into another CCR. But I do have an UCR. Maybe I would have been offered an UCR if I didn't already have one. It is one of the newer additions to the card family, and I suppose it may also be cheaper for BoA since the maximum cash back payout is lower than a complex of CCR cards when used adroitly. Unless you're a real high roller, anyway...
VictorStarr wrote: Wed Jan 19, 2022 4:18 pm Instead of applying for a second/third Customized Cash CC one can apply for a co-branded Customized Cash Rewards Credit Cards.
My understanding is that co-branded cards are different from a plain CCR.

You may find more with this Google query:
query: "In partnership with" "Customized Cash Rewards Credit Card". -site:www.bankofamerica.com
url: https://www.google.com/search?q=%22In+p ... merica.com
Yup, co-branded cards are counted as different from a plain CCR which I guess is how I'm able to have three different ones (WWF/MLB/SGK) simultaneously, all opened within the same two-year period. More CCRs means more signup bonuses, more quarterly spend eligible for 5.25% cash back with Preferred Rewards Platinum Honors, and a higher aggregate credit limit, contributing to a higher credit score, which are all good things :) So I've been trying to collect them. I noticed that the co-branded cards sometimes go away from the BoA website, while the red CCR never does, so I was "saving that for last". But if my MLB gets converted to a red CCR, I was afraid I might not be able to get a 4th CCR since I'd already have a red CCR and an SGK CCR, which are the only two currently available.

But thanks for the tip about co-branded cards that are hidden away on external websites, that's handy. Turns out there are more CCRs out there than I could ever want. Even I don't want more than a dozen CCRs! :mrgreen:

Maybe I'll snag the National Wildlife Federation one next. Seems like a good cause to support :beer I assume these partners get some kind of kickback from BoA when people sign up for their co-branded card ― IIRC the WWF one donates 1% of your spend to WWF, or something like that.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

sarabayo wrote: Wed Jan 19, 2022 5:23 pm... I have the SGK, the WWF, and the MLB (soon to be vanilla). ...
What is the SGK?

Also, what is the 2/3/4 rule? I'm familiar with Chase's 5/24 but not any rules that BA impose. I don't doubt they have them. I just don't know what they are.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

spammagnet wrote: Wed Jan 19, 2022 7:54 pm
sarabayo wrote: Wed Jan 19, 2022 5:23 pm... I have the SGK, the WWF, and the MLB (soon to be vanilla). ...
What is the SGK?
Susan G Komen Race for the Cure Visa
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

MisterBill wrote: Wed Jan 19, 2022 8:03 pm
spammagnet wrote: Wed Jan 19, 2022 7:54 pm
sarabayo wrote: Wed Jan 19, 2022 5:23 pm... I have the SGK, the WWF, and the MLB (soon to be vanilla). ...
What is the SGK?
Susan G Komen Race for the Cure Visa
OK. I have one but didn't recognize it from the initials.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

spammagnet wrote: Wed Jan 19, 2022 7:54 pmAlso, what is the 2/3/4 rule? I'm familiar with Chase's 5/24 but not any rules that BA impose. I don't doubt they have them. I just don't know what they are.
It's a rule that BoA will only approve you for 2 cards in a month, 3 in a year, and 4 in two years.

As far as I know, these refer to BoA cards only--it's the most BoA will issue you. My understanding--I haven't tried it myself--is that cards issued by other issuers aren't factored in to BoA's 2/3/4 rule.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

FedGuy wrote: Wed Jan 19, 2022 8:17 pm
spammagnet wrote: Wed Jan 19, 2022 7:54 pmAlso, what is the 2/3/4 rule? I'm familiar with Chase's 5/24 but not any rules that BA impose. I don't doubt they have them. I just don't know what they are.
It's a rule that BoA will only approve you for 2 cards in a month, 3 in a year, and 4 in two years.

As far as I know, these refer to BoA cards only--it's the most BoA will issue you. My understanding--I haven't tried it myself--is that cards issued by other issuers aren't factored in to BoA's 2/3/4 rule.
Thanks. Balancing that with Chase's 5/24 rule and the fact I'll be under 5/24 in April, I'll pause on new accounts until then. Chase may revise their Sapphire Preferred bonus enough to make it worth waiting. If not, I'll get another BA affinity CCR card so I can increase the headroom on 3% categories. Between paying taxes with a Simon GC bought online, dining out, buying new furniture and routine online shopping, I'm definitely maxing out 4 CCR accounts this quarter. That's not routine but it would be nice to have that capacity when the occasion arises.
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