Bank of America/Merrill Edge - Preferred Rewards

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

Post by anon_investor »

FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

student wrote: Fri Oct 15, 2021 5:49 pm
anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
This looks not compelling, PR seems better bang for you buck. Interesting they roll this out now, I guess they thought Covid would be over. This card needs a lot of travel to be worth it.
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

student wrote: Fri Oct 15, 2021 5:49 pm
anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
Not for me.

I need about 10 minutes to use that.
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

anon_investor wrote: Fri Oct 15, 2021 6:00 pm
student wrote: Fri Oct 15, 2021 5:49 pm
anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
This looks not compelling, PR seems better bang for you buck. Interesting they roll this out now, I guess they thought Covid would be over. This card needs a lot of travel to be worth it.
You have missed something very important. Definitive, maybe.

20% off airline tickets when paying with easily obtained, massive numbers of points.

*heavy breathing*
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

whodidntante wrote: Fri Oct 15, 2021 6:08 pm
anon_investor wrote: Fri Oct 15, 2021 6:00 pm
student wrote: Fri Oct 15, 2021 5:49 pm
anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
This looks not compelling, PR seems better bang for you buck. Interesting they roll this out now, I guess they thought Covid would be over. This card needs a lot of travel to be worth it.
You have missed something very important. Definitive, maybe.

20% off airline tickets when paying with easily obtained, massive numbers of points.

*heavy breathing*
Is their airline portal any good?
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

anon_investor wrote: Fri Oct 15, 2021 6:12 pm
whodidntante wrote: Fri Oct 15, 2021 6:08 pm
anon_investor wrote: Fri Oct 15, 2021 6:00 pm
student wrote: Fri Oct 15, 2021 5:49 pm
anon_investor wrote: Fri Oct 15, 2021 5:19 pm

Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
It is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
This looks not compelling, PR seems better bang for you buck. Interesting they roll this out now, I guess they thought Covid would be over. This card needs a lot of travel to be worth it.
You have missed something very important. Definitive, maybe.

20% off airline tickets when paying with easily obtained, massive numbers of points.

*heavy breathing*
Is their airline portal any good?
I have used it only with the scandalously sweet but now defunct Merrill Lynch card.

10/10. Seems to be a front-end for Travelocity, or whatever. It's fine.
madbrain
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by madbrain »

anon_investor wrote: Fri Oct 15, 2021 5:19 pm
FrugalProfessor wrote: Fri Oct 15, 2021 4:55 pm I'll keep the BoA/ME rumor mill going:

https://www.doctorofcredit.com/bank-of- ... dits-more/

Bank of America Elite Visa Infinite Card Coming in November – $550 Annual Fee, $300 Airline Incidental, $150 Lifestyle Credits & More

As an aside, I find it hilarious that the forum rules prevent us from speculating on the implications of tax law changes that will happen with 99% probability (with material impacts to wealth), but we can freely discuss unverifiable credit card rumors from an anonymous Reddit user.
Crazy, this is basically just a Chase Sapphire Reserve clone.

Where is the real news we all care about, will BoA keep the credit card cash back boosters and the qualifying dollar amounts as is for Preferred rewards (especially for Platinum Honors)? :beer
Hopefully it has a nice sign-on bonus like the CSR did at its introduction - 100,000 points.
Bad timing for introduction, though. My property taxes are due on December 10, that's cutting it close if card is delayed.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Pretty good that PH already kicking in:
CATEGORY BONUS: for dining purchase $X.XX
RELATIONSHIP BONUS: Preferred Rewards Platinum Honors - 75% Bonus
Let's enjoy PH while we can!
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Fri Oct 15, 2021 8:01 pm Pretty good that PH already kicking in:
CATEGORY BONUS: for dining purchase $X.XX
RELATIONSHIP BONUS: Preferred Rewards Platinum Honors - 75% Bonus
Let's enjoy PH while we can!
Very nice. I hope to get PH myself next month. :beer
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

This card, if as reported, is a miss for me. My travel is primarily ground-based (Amtrak, subways, the occasional bus ride), so incidental airline credits aren't very useful to me. I also try to avoid travel portals since I have no confidence that the bank running the portal doesn't pad the fares a little. Finally, BoA's own Customized Cash Rewards card offers more cash back (with "travel" or possibly "online" selected as the category) than this, so why shouldn't I just keep using that?

Edited to add: Also, is it possible that BoA is gearing up to get rid of the Premium Rewards card? Between the recent introduction of the fairly similar Unlimited Cash Rewards card (which is basically a Premium Rewards card without the annual fee or travel benefits but with a foreign transaction fee), and now this card (which, as reported, is basically a Premium Rewards card with a higher annual fee and some additional credits), it seems like BoA is introducing new products that encroach on the Premium Rewards card from both sides. I wonder if people who have been considering applying for the Premium Rewards card should go ahead and apply before BoA closes applications?
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

whodidntante wrote: Fri Oct 15, 2021 6:07 pm
student wrote: Fri Oct 15, 2021 5:49 pmIt is worse if the report is correct. "Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees." Incidental fee credit. Difficult to use.
Not for me.

I need about 10 minutes to use that.
I might use it that fast, too, if I were traveling. But I'd be using it on services I wouldn't otherwise buy, other than maybe baggage fees, so it can't justify $300 worth of the $550 annual fee.
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

FedGuy wrote: Sat Oct 16, 2021 8:42 am This card, if as reported, is a miss for me. My travel is primarily ground-based (Amtrak, subways, the occasional bus ride), so incidental airline credits aren't very useful to me. I also try to avoid travel portals since I have no confidence that the bank running the portal doesn't pad the fares a little. Finally, BoA's own Customized Cash Rewards card offers more cash back (with "travel" or possibly "online" selected as the category) than this, so why shouldn't I just keep using that?

Edited to add: Also, is it possible that BoA is gearing up to get rid of the Premium Rewards card? Between the recent introduction of the fairly similar Unlimited Cash Rewards card (which is basically a Premium Rewards card without the annual fee or travel benefits but with a foreign transaction fee), and now this card (which, as reported, is basically a Premium Rewards card with a higher annual fee and some additional credits), it seems like BoA is introducing new products that encroach on the Premium Rewards card from both sides. I wonder if people who have been considering applying for the Premium Rewards card should go ahead and apply before BoA closes applications?
The customized cash with the higher rewards doesn’t have any travel protections. Really hope they don’t get rid of Premium Rewards but I wondered same thing because they haven’t been highlighting it with the other cards recently on the app or website.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

aj44 wrote: Sat Oct 16, 2021 12:45 pm
FedGuy wrote: Sat Oct 16, 2021 8:42 am This card, if as reported, is a miss for me. My travel is primarily ground-based (Amtrak, subways, the occasional bus ride), so incidental airline credits aren't very useful to me. I also try to avoid travel portals since I have no confidence that the bank running the portal doesn't pad the fares a little. Finally, BoA's own Customized Cash Rewards card offers more cash back (with "travel" or possibly "online" selected as the category) than this, so why shouldn't I just keep using that?

Edited to add: Also, is it possible that BoA is gearing up to get rid of the Premium Rewards card? Between the recent introduction of the fairly similar Unlimited Cash Rewards card (which is basically a Premium Rewards card without the annual fee or travel benefits but with a foreign transaction fee), and now this card (which, as reported, is basically a Premium Rewards card with a higher annual fee and some additional credits), it seems like BoA is introducing new products that encroach on the Premium Rewards card from both sides. I wonder if people who have been considering applying for the Premium Rewards card should go ahead and apply before BoA closes applications?
The customized cash with the higher rewards doesn’t have any travel protections. Really hope they don’t get rid of Premium Rewards but I wondered same thing because they haven’t been highlighting it with the other cards recently on the app or website.
I think BoA is just trying to offer more card options, very similar to Chase:

CCR is similar to Chase Freedom Flex
UCR is similar to Chase Freedom Unlimited
PR is similar to Chase Sapphire Preferred
This new card is similar to Chase Sapphire Reserve
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Deleted...
rickhuizinga
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rickhuizinga »

The two new “preferred rewards” tiers will be called: “Diamond” for individuals with assets of at least $1 million and “Diamond Honors” for accounts with $10 million or more in their bank or brokerage accounts.

Source: https://www.advisorhub.com/project-thun ... customers/
cabfranc
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cabfranc »

rickhuizinga wrote: Mon Oct 18, 2021 11:25 pm The two new “preferred rewards” tiers will be called: “Diamond” for individuals with assets of at least $1 million and “Diamond Honors” for accounts with $10 million or more in their bank or brokerage accounts.

Source: https://www.advisorhub.com/project-thun ... customers/
Is anyone with $10m going to be attracted to BoA for credit card rewards?
Californiastate
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Californiastate »

cabfranc wrote: Tue Oct 19, 2021 9:57 am
rickhuizinga wrote: Mon Oct 18, 2021 11:25 pm The two new “preferred rewards” tiers will be called: “Diamond” for individuals with assets of at least $1 million and “Diamond Honors” for accounts with $10 million or more in their bank or brokerage accounts.

Source: https://www.advisorhub.com/project-thun ... customers/
Is anyone with $10m going to be attracted to BoA for credit card rewards?
It depends on the rewards. IIRC current preferred rewards are capped. Remove the cap and it will make a difference.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Californiastate wrote: Tue Oct 19, 2021 10:12 am
cabfranc wrote: Tue Oct 19, 2021 9:57 am
rickhuizinga wrote: Mon Oct 18, 2021 11:25 pm The two new “preferred rewards” tiers will be called: “Diamond” for individuals with assets of at least $1 million and “Diamond Honors” for accounts with $10 million or more in their bank or brokerage accounts.

Source: https://www.advisorhub.com/project-thun ... customers/
Is anyone with $10m going to be attracted to BoA for credit card rewards?
It depends on the rewards. IIRC current preferred rewards are capped. Remove the cap and it will make a difference.
If Preferred Rewards are capped, that would be news to me. Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, but that is a card limit and not a PR limit. For instance, the Travel Rewards and Premium Rewards cards do not seem to have a limit.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

^ Correct. There's no cap on the Premium Rewards card or the Preferred Rewards multiplier. At the Platinum Honors level, the only real "cap" is that you only get four free checking and savings accounts and one free safe deposit box.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

BrandonBogle wrote: Tue Oct 19, 2021 10:31 am If Preferred Rewards are capped, that would be news to me. Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, but that is a card limit and not a PR limit. For instance, the Travel Rewards and Premium Rewards cards do not seem to have a limit.
Don't forget the Unlimited Cash Rewards card they recently launched - no cap and no annual fee either.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

sarabayo wrote: Tue Oct 19, 2021 10:40 am
BrandonBogle wrote: Tue Oct 19, 2021 10:31 am If Preferred Rewards are capped, that would be news to me. Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, but that is a card limit and not a PR limit. For instance, the Travel Rewards and Premium Rewards cards do not seem to have a limit.
Don't forget the Unlimited Cash Rewards card they recently launched - no cap and no annual fee either.
That too. I only wrote about cards I have, but there is no reason to believe a card with “unlimited” in the name has a limit.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

drk wrote: Tue Oct 19, 2021 10:38 am ^ Correct. There's no cap on the Premium Rewards card or the Preferred Rewards multiplier. At the Platinum Honors level, the only real "cap" is that you only get four free checking and savings accounts and one free safe deposit box.
I can get a free safe deposit box???
Californiastate
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Californiastate »

i stand corrected.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

I noticed BOA no longer features the PR card. I hope they aren't going to get rid of it. The new cash card is fine and all, but it doesn't give you a bonus on dining/travel, and I spent a lot on dining (also getting 3.5% back on groceries this year).

I have no interest in the new card. I'll keep the Amex Plat for my travel card as it gives me way more value at $695 than the BOA card would at $550. I'm just keeping my fingers crossed PH will remain the same and all BOA is doing is adding two new tiers to replace the PR for Wealth Management.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

Leesbro63 wrote: Tue Oct 19, 2021 10:44 am I can get a free safe deposit box???
If you can find a branch with a small one available, absolutely.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Leesbro63 wrote: Tue Oct 19, 2021 10:44 am
drk wrote: Tue Oct 19, 2021 10:38 am ^ Correct. There's no cap on the Premium Rewards card or the Preferred Rewards multiplier. At the Platinum Honors level, the only real "cap" is that you only get four free checking and savings accounts and one free safe deposit box.
I can get a free safe deposit box???
I hear they are nearly impossible to get. I haven't tried to sign up for one, but I should really look into it.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

atdharris wrote: Tue Oct 19, 2021 10:47 am I noticed BOA no longer features the PR card. I hope they aren't going to get rid of it. The new cash card is fine and all, but it doesn't give you a bonus on dining/travel, and I spent a lot on dining (also getting 3.5% back on groceries this year).

I have no interest in the new card. I'll keep the Amex Plat for my travel card as it gives me way more value at $695 than the BOA card would at $550. I'm just keeping my fingers crossed PH will remain the same and all BOA is doing is adding two new tiers to replace the PR for Wealth Management.
Doesn't feature?

It's still there. With the same signu p bonus.

https://www.bankofamerica.com/credit-ca ... 9~YE~en_US
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

tj wrote: Tue Oct 19, 2021 12:02 pm
atdharris wrote: Tue Oct 19, 2021 10:47 am I noticed BOA no longer features the PR card. I hope they aren't going to get rid of it. The new cash card is fine and all, but it doesn't give you a bonus on dining/travel, and I spent a lot on dining (also getting 3.5% back on groceries this year).

I have no interest in the new card. I'll keep the Amex Plat for my travel card as it gives me way more value at $695 than the BOA card would at $550. I'm just keeping my fingers crossed PH will remain the same and all BOA is doing is adding two new tiers to replace the PR for Wealth Management.
Doesn't feature?

It's still there. With the same signu p bonus.

https://www.bankofamerica.com/credit-ca ... 9~YE~en_US
What I meant was, when you go to BOAs website, it shows 4 cards on the homepage - but not the PR card.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

BrandonBogle wrote: Tue Oct 19, 2021 10:31 am… Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, …
The $2,500/quarter cap is on the top- and mid-level combined but, as you say, it's per card.

From the Rewards tab of my BofA online account:
3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter; then earn 1%.
[Emphasis added]
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

atdharris wrote: Tue Oct 19, 2021 1:08 pm
tj wrote: Tue Oct 19, 2021 12:02 pm
atdharris wrote: Tue Oct 19, 2021 10:47 am I noticed BOA no longer features the PR card. I hope they aren't going to get rid of it. The new cash card is fine and all, but it doesn't give you a bonus on dining/travel, and I spent a lot on dining (also getting 3.5% back on groceries this year).

I have no interest in the new card. I'll keep the Amex Plat for my travel card as it gives me way more value at $695 than the BOA card would at $550. I'm just keeping my fingers crossed PH will remain the same and all BOA is doing is adding two new tiers to replace the PR for Wealth Management.
Doesn't feature?

It's still there. With the same signu p bonus.

https://www.bankofamerica.com/credit-ca ... 9~YE~en_US
What I meant was, when you go to BOAs website, it shows 4 cards on the homepage - but not the PR card.
I noticed same thing, on the app too.

I think now maybe they have been pushing all the other cards as a group pending the new Premium card coming Nov 22 and then they will push that with the existing Premium card.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Tue Oct 19, 2021 1:35 pm
BrandonBogle wrote: Tue Oct 19, 2021 10:31 am… Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, …
The $2,500/quarter cap is on the top- and mid-level combined but, as you say, it's per card.

From the Rewards tab of my BofA online account:
3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter; then earn 1%.
[Emphasis added]
This is why I got the red CCR Visa and the Susan G. Komen Race For the Cure Visa, to go along with my PR Visa. Hopefully they do not kill PH's benefits, I should hit my 90 days and qualify for PH next month. $5k/quarter seems plenty for my needs.

My largest monthly spend is at Costco, so 3.5% CB from Costco was a big draw for me to try to get PH. I know others have mentioned getting 5.25% CB by buying Costco cash cards online, but I am pretty sure my spouse would strangle me if I told her she had to use a stack of Costco cash cards to pay at Costco (she is already annoyed that I am making her use 2 different BoA CCs now instead of her Citi Costco Visa). I have the catagories set to home improvement/furnishings and online shopping. I know I could try to optimize with gas/dinning/travel, but I already get 4% CB at Costco for gas and 3.5% is good enough for dinning/travel (neither of which we are doing much of right now). Again this is all contingent upon PH not getting slashed... :annoyed
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

anon_investor wrote: Tue Oct 19, 2021 2:46 pm
spammagnet wrote: Tue Oct 19, 2021 1:35 pm
BrandonBogle wrote: Tue Oct 19, 2021 10:31 am… Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, …
The $2,500/quarter cap is on the top- and mid-level combined but, as you say, it's per card.

From the Rewards tab of my BofA online account:
3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter; then earn 1%.
[Emphasis added]
This is why I got the red CCR Visa and the Susan G. Komen Race For the Cure Visa, to go along with my PR Visa. Hopefully they do not kill PH's benefits, I should hit my 90 days and qualify for PH next month. $5k/quarter seems plenty for my needs.

My largest monthly spend is at Costco, so 3.5% CB from Costco was a big draw for me to try to get PH. I know others have mentioned getting 5.25% CB by buying Costco cash cards online, but I am pretty sure my spouse would strangle me if I told her she had to use a stack of Costco cash cards to pay at Costco (she is already annoyed that I am making her use 2 different BoA CCs now instead of her Citi Costco Visa). I have the catagories set to home improvement/furnishings and online shopping. I know I could try to optimize with gas/dinning/travel, but I already get 4% CB at Costco for gas and 3.5% is good enough for dinning/travel (neither of which we are doing much of right now). Again this is all contingent upon PH not getting slashed... :annoyed
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
I blog here: https://www.frugalprofessor.com/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FrugalProfessor wrote: Tue Oct 19, 2021 5:25 pm
anon_investor wrote: Tue Oct 19, 2021 2:46 pm
spammagnet wrote: Tue Oct 19, 2021 1:35 pm
BrandonBogle wrote: Tue Oct 19, 2021 10:31 am… Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, …
The $2,500/quarter cap is on the top- and mid-level combined but, as you say, it's per card.

From the Rewards tab of my BofA online account:
3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter; then earn 1%.
[Emphasis added]
This is why I got the red CCR Visa and the Susan G. Komen Race For the Cure Visa, to go along with my PR Visa. Hopefully they do not kill PH's benefits, I should hit my 90 days and qualify for PH next month. $5k/quarter seems plenty for my needs.

My largest monthly spend is at Costco, so 3.5% CB from Costco was a big draw for me to try to get PH. I know others have mentioned getting 5.25% CB by buying Costco cash cards online, but I am pretty sure my spouse would strangle me if I told her she had to use a stack of Costco cash cards to pay at Costco (she is already annoyed that I am making her use 2 different BoA CCs now instead of her Citi Costco Visa). I have the catagories set to home improvement/furnishings and online shopping. I know I could try to optimize with gas/dinning/travel, but I already get 4% CB at Costco for gas and 3.5% is good enough for dinning/travel (neither of which we are doing much of right now). Again this is all contingent upon PH not getting slashed... :annoyed
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
What happens if the cash card gets lost or stolen?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

anon_investor wrote: Tue Oct 19, 2021 5:27 pm
FrugalProfessor wrote: Tue Oct 19, 2021 5:25 pm
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
What happens if the cash card gets lost or stolen?
Report it to the customer service desk in warehouse for a replacement.
I blog here: https://www.frugalprofessor.com/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FrugalProfessor wrote: Tue Oct 19, 2021 5:33 pm
anon_investor wrote: Tue Oct 19, 2021 5:27 pm
FrugalProfessor wrote: Tue Oct 19, 2021 5:25 pm
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
What happens if the cash card gets lost or stolen?
Report it to the customer service desk in warehouse for a replacement.
Interesting, what do you need just the card #?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

atdharris wrote: Tue Oct 19, 2021 1:08 pmWhat I meant was, when you go to BOAs website, it shows 4 cards on the homepage - but not the PR card.
I figured that was just lazy software design on BoA's part. Before the new Unlimited Cash Rewards card was introduced, the homepage showed BoA's four main cards. When UCR was introduced, they simply bumped the Premium Rewards card off the page to make room for UCR. I would have expected them to simply show five cards instead of four, but it was probably easier to just replace one card with another than it would have been to reduce the font size and re-size the pictures to fit five cards in the space previously occupied by four.

Maybe when the new card comes out they'll do a more substantial redesign of that page.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

FedGuy wrote: Tue Oct 19, 2021 8:51 pm
atdharris wrote: Tue Oct 19, 2021 1:08 pmWhat I meant was, when you go to BOAs website, it shows 4 cards on the homepage - but not the PR card.
I figured that was just lazy software design on BoA's part. Before the new Unlimited Cash Rewards card was introduced, the homepage showed BoA's four main cards. When UCR was introduced, they simply bumped the Premium Rewards card off the page to make room for UCR. I would have expected them to simply show five cards instead of four, but it was probably easier to just replace one card with another than it would have been to reduce the font size and re-size the pictures to fit five cards in the space previously occupied by four.

Maybe when the new card comes out they'll do a more substantial redesign of that page.
That's probably it, but there have been whispers from "BOA insiders" that the PR card wouldn't be around for much longer for a while now. That's the only reason I worry
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

atdharris wrote: Wed Oct 20, 2021 8:51 amThat's probably it, but there have been whispers from "BOA insiders" that the PR card wouldn't be around for much longer for a while now. That's the only reason I worry
I guess that's possible as well. The Premium Rewards card was always a weird card, awkwardly filling the roles of both general spend card and travel card. BoA's recent introduction of the Unlimited Cash Rewards card pushes into the general spend space, and BoA's rumored upcoming card pushes into the travel space. I wouldn't be shocked if BoA takes another look at this card and its Travel Reward card at some point, but who knows.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

FedGuy wrote: Wed Oct 20, 2021 9:01 am
atdharris wrote: Wed Oct 20, 2021 8:51 amThat's probably it, but there have been whispers from "BOA insiders" that the PR card wouldn't be around for much longer for a while now. That's the only reason I worry
I guess that's possible as well. The Premium Rewards card was always a weird card, awkwardly filling the roles of both general spend card and travel card. BoA's recent introduction of the Unlimited Cash Rewards card pushes into the general spend space, and BoA's rumored upcoming card pushes into the travel space. I wouldn't be shocked if BoA takes another look at this card and its Travel Reward card at some point, but who knows.
I would not really care if they did away with some of the travel features. I already carry the Amex Platinum for that. I love the PR card because I earn 2.65% back on everything and 3.5% back on dining/travel/groceries (for 2021). If they do quit offering it, I hope they grandfather existing cardholders in and allow us to keep using it.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

anon_investor wrote: Tue Oct 19, 2021 6:06 pm
FrugalProfessor wrote: Tue Oct 19, 2021 5:33 pm
anon_investor wrote: Tue Oct 19, 2021 5:27 pm
FrugalProfessor wrote: Tue Oct 19, 2021 5:25 pm
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
What happens if the cash card gets lost or stolen?
Report it to the customer service desk in warehouse for a replacement.
Interesting, what do you need just the card #?
Just your membership number. Everything else is in their system.
I blog here: https://www.frugalprofessor.com/
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

atdharris wrote: Wed Oct 20, 2021 9:03 amI would not really care if they did away with some of the travel features. I already carry the Amex Platinum for that. I love the PR card because I earn 2.65% back on everything and 3.5% back on dining/travel/groceries (for 2021). If they do quit offering it, I hope they grandfather existing cardholders in and allow us to keep using it.
Makes sense. My issue is that BoA's Customized Cash Rewards card offers even higher cash back. I have two CCRs, which I use for dining and for online purchases (which includes most travel, and I'd switch this one to travel if I needed to). Those CCRs give me higher cash back in both of those categories than the Preferred Rewards card (5.25% vs. 3.5% at the platinum honors level, admittedly subject to a quarterly cap), so the PR's higher cash back in those categories doesn't do much for me.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

FedGuy wrote: Wed Oct 20, 2021 9:14 am
atdharris wrote: Wed Oct 20, 2021 9:03 amI would not really care if they did away with some of the travel features. I already carry the Amex Platinum for that. I love the PR card because I earn 2.65% back on everything and 3.5% back on dining/travel/groceries (for 2021). If they do quit offering it, I hope they grandfather existing cardholders in and allow us to keep using it.
Makes sense. My issue is that BoA's Customized Cash Rewards card offers even higher cash back. I have two CCRs, which I use for dining and for online purchases (which includes most travel, and I'd switch this one to travel if I needed to). Those CCRs give me higher cash back in both of those categories than the Preferred Rewards card (5.25% vs. 3.5% at the platinum honors level, admittedly subject to a quarterly cap), so the PR's higher cash back in those categories doesn't do much for me.
I don't have two CCR cards, and the $2500 quarterly limit is low for me considering I use the card for online purchases, Costco, groceries (when the PR card did not have the bonus). If the PR card goes away and they convert the card to a no AF card, I guess I'll get another CCR card.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

rickhuizinga wrote: Mon Oct 18, 2021 11:25 pm The two new “preferred rewards” tiers will be called: “Diamond” for individuals with assets of at least $1 million and “Diamond Honors” for accounts with $10 million or more in their bank or brokerage accounts.

Source: https://www.advisorhub.com/project-thun ... customers/
I need a lower tier cubic zirconia. lol.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Leesbro63 wrote: Tue Oct 19, 2021 10:44 am
drk wrote: Tue Oct 19, 2021 10:38 am ^ Correct. There's no cap on the Premium Rewards card or the Preferred Rewards multiplier. At the Platinum Honors level, the only real "cap" is that you only get four free checking and savings accounts and one free safe deposit box.
I can get a free safe deposit box???
Yes. I have one.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BoA just charged me a $25 monthly maintenance fee for my advantage relationship checking even though I have my ME account linked with over $100k for a few months. Now I am on hold with them trying to sort this out. Anyone else have this issue?

Update: BoA waived the $25 fee, and the CS rep said they don't exactly know what happened, but that my ME account must be link to BoA because he couldn't waive the $25 fee if it wasn't. Really weird.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

anon_investor wrote: Wed Oct 20, 2021 4:36 pm BoA just charged me a $25 monthly maintenance fee for my advantage relationship checking even though I have my ME account linked with over $100k for a few months. Now I am on hold with them trying to sort this out. Anyone else have this issue?

Update: BoA waived the $25 fee, and the CS rep said they don't exactly know what happened, but that my ME account must be link to BoA because he couldn't waive the $25 fee if it wasn't. Really weird.
Same thing happened to me this month and they also refunded. They said it was because I hadn’t qualified for preferred rewards yet even though I had over $10k in eligible linked accounts which should have qualified as free. I’ve had Merrill point the finger at BOA and vice versa a couple times, gets old.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

aj44 wrote: Thu Oct 21, 2021 1:00 am
anon_investor wrote: Wed Oct 20, 2021 4:36 pm BoA just charged me a $25 monthly maintenance fee for my advantage relationship checking even though I have my ME account linked with over $100k for a few months. Now I am on hold with them trying to sort this out. Anyone else have this issue?

Update: BoA waived the $25 fee, and the CS rep said they don't exactly know what happened, but that my ME account must be link to BoA because he couldn't waive the $25 fee if it wasn't. Really weird.
Same thing happened to me this month and they also refunded. They said it was because I hadn’t qualified for preferred rewards yet even though I had over $10k in eligible linked accounts which should have qualified as free. I’ve had Merrill point the finger at BOA and vice versa a couple times, gets old.
At least I know it wasn't just me... :annoyed Have you had your account open for a while? I have had mine open since August, and this is the first time I have been hit with a fee.

The first BoA phone rep said it was ME's fault and transfered me to ME, the ME phone rep said that the first BoA phone rep didn't know what she was talking about and transfered me to a 2nd more knowledge able BoA phone rep who was able to fix it, to his credit he said the first BoA phone rep didn't know what she was talking about, though he couldn't tell me what exactly happened either. Hopefully I get PH next month, I guess $100k isn't what it used to be... :shock:

Update: after calling the BoA PR hotline this morning (even though I am not yet PR) apparently someone from BoA needs to manually link my BoA Advantage Relationship Banking checking to my ME CMA account, and there appear to be some kind of internal BoA glitch preventing that from happening, I have a call back scheduled with them later today... at least the phone rep was able to confirm I should qualify for PR next month and give me the approximate date.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by JackoC »

anon_investor wrote: Tue Oct 19, 2021 5:27 pm
FrugalProfessor wrote: Tue Oct 19, 2021 5:25 pm
anon_investor wrote: Tue Oct 19, 2021 2:46 pm
spammagnet wrote: Tue Oct 19, 2021 1:35 pm
BrandonBogle wrote: Tue Oct 19, 2021 10:31 am… Now, the Customized Cash Rewards card has a $2,500 cap on its top level rebate, …
The $2,500/quarter cap is on the top- and mid-level combined but, as you say, it's per card.
From the Rewards tab of my BofA online account:
3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter; then earn 1%.
[Emphasis added]
This is why I got the red CCR Visa and the Susan G. Komen Race For the Cure Visa, to go along with my PR Visa. Hopefully they do not kill PH's benefits, I should hit my 90 days and qualify for PH next month. $5k/quarter seems plenty for my needs.

My largest monthly spend is at Costco, so 3.5% CB from Costco was a big draw for me to try to get PH. I know others have mentioned getting 5.25% CB by buying Costco cash cards online, but I am pretty sure my spouse would strangle me if I told her she had to use a stack of Costco cash cards to pay at Costco (she is already annoyed that I am making her use 2 different BoA CCs now instead of her Citi Costco Visa). I have the catagories set to home improvement/furnishings and online shopping. I know I could try to optimize with gas/dinning/travel, but I already get 4% CB at Costco for gas and 3.5% is good enough for dinning/travel (neither of which we are doing much of right now). Again this is all contingent upon PH not getting slashed... :annoyed
Largest Costco cash/shop denomination in $2k. That's what we do. Pretty slick for the extra 1.75% on our 17k of Costco spend per year.
What happens if the cash card gets lost or stolen?
Per Costco's Shop Card FAQ's: "WHAT SHOULD I DO IF MY SHOP CARD IS LOST OR STOLEN?
Costco is not responsible for lost or stolen cards and unfortunately, they cannot be replaced."
https://customerservice.costco.com/app/ ... -card-faqs
Although that doesn't exclude them cancelling the card and refunding the balance (minus what a bad actor spent, if so). The Costco Australia site says they can do that 'at our discretion'. Would be interesting to hear any actual experience with a lost Shop Card.

That's why we buy $500 ones generally, with BOA CCR at 5.25% CB, for pretty much all our in store spending at Costco except big items where Citi/Costco Visa gets you a free extended warranty rather than highest cash back. Or I might order a big item not eligible for the extended warranty at Costco.com directly with BOA CCR and pick it up.

As an earlier post suggested, one limit on my cash back chasing is what wife is willing to tolerate in complexity but she's OK with $500 Costco Shop Cards. I carry the next one if the current one is likely to be exhausted that trip. People have different propensity to lose stuff, also different subjective perceptions of crime risk (IME perception often varies much more than reality in that regard, though reality differs too by area). We're just careful not to lose them and I perceive the risk of theft as very low.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Wed Oct 20, 2021 4:36 pm BoA just charged me a $25 monthly maintenance fee for my advantage relationship checking even though I have my ME account linked with over $100k for a few months. Now I am on hold with them trying to sort this out. Anyone else have this issue?

Update: BoA waived the $25 fee, and the CS rep said they don't exactly know what happened, but that my ME account must be link to BoA because he couldn't waive the $25 fee if it wasn't. Really weird.
That's interesting, hopefully mine are linked (as they should be, since I'm a PH now where I keep stuff in ME not in checking).
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