Bank of America/Merrill Edge - Preferred Rewards

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

Post by sarabayo »

spammagnet wrote: Wed Jan 19, 2022 8:12 pm
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.
Sorry about that. I'm not usually one to over-abuse initialisms, but I guess I got carried away :oops:
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

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.
According to this there is another set of rules:
https://www.uponarriving.com/bank-of-america-new-rules
The “7/12 and 3/12” rule
  • Applicants with a BOA deposit account will not be approved if they have opened seven or more credit cards in the past 12 months.
  • Applicants without a BOA deposit account will not be approved if they have opened three or more credit cards in the past 12 months
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

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.
It is BOA only, I was well beyond that last year and got 3 BOA for the year.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

aj44 wrote: Wed Jan 19, 2022 9:57 pm
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.
It is BOA only, I was well beyond that last year and got 3 BOA for the year.
Yeah, the 2/3/4 rule is for BoA CCs only. If you have a BoA deposit account, then BoA will deny you if you have opened 7 CC accounts (total not just BoA) within the last 12 months.
dink2win
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dink2win »

Bank of America credit card now have a new thing called Partner Rewards, does anyone know more about this? Is it in conjunction with the pre-existing cash back deals? Or you can only pick one or the other?
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

Update: Bought American Airlines $100 giftcard on Jan 15, 2022. BofA card "Incidental Airlines Credit" meter showed the credit, for 2022, had been used on Jan 17, 2022. Now today, January 21, 2022 I see the $100 credit on my BofA card ledger. I sold the card on CardCash for $80 that credited to my bank account today, also.

Once you know what to do, this is a great way to make the BofA card almost free.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Leesbro63 wrote: Fri Jan 21, 2022 7:29 am Update: Bought American Airlines $100 giftcard on Jan 15, 2022. BofA card "Incidental Airlines Credit" meter showed the credit, for 2022, had been used on Jan 17, 2022. Now today, January 21, 2022 I see the $100 credit on my BofA card ledger. I sold the card on CardCash for $80 that credited to my bank account today, also.

Once you know what to do, this is a great way to make the BofA card almost free.
Yeah, that is a great hack. did it last year and will be doing it again this year. You also get $3.50 cash back on the transaction. So you only need to recoup $11.50 annually. If you also get the Global Entry/TSA Pre credit every 4 years, you have a free card.

Update with my 2022 datapoints:
-1/19 AA eGC purchased
-1/20 charge posted
-1/21 "Airline Incidental Statement Credit" meter updated to show credit used (listing the 1/19 purchase)
-just waiting for the $100 statement credit now

I plan to sell the $100 AA eGC to Card Cash for $80.
Last edited by anon_investor on Tue Jan 25, 2022 11:41 am, edited 2 times in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Is it me or does ME really take 3 days to settle ETF transactions?

On Wednesday (1/19) I purchased at ETFs at ME and Fido.

Today on Friday (1/21) [T+2] I checked and the ETFs purchased at Fido were settled and I was able to sell them to TLH. The ETFs purchased at ME were still listed as unsettled (even though it listed today as the settlement date). After the market closed the transaction is still listed as pending.

The money used to pay for the ETF purchase at ME was an instant transfer from my BoA checking to ME (pull from ME). The money used to pay for the ETF purchase at Fido was an ACH pull by Fido from my BoA checking (the same account).

With today's additional market drop I wanted to do some tax loss harvesting in my ME account, but will instead wait until ME marks those shares as settled. I could have sold other settled shares in my ME account, but I rather just to TLH in 1 big transaction rather than split it up, especially since you can only select 4 tax lots at a time.

Bottom line, ME is fine for holding ETFs, not great for ETF transactions. I will probably just conduct all my new ETF purchases at Fido.
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

anon_investor wrote: Fri Jan 21, 2022 3:47 pm Is it me or does ME really take 3 days to settle ETF transactions?

On Wednesday (1/19) I purchased at ETFs at ME and Fido.

Today on Friday (1/21) [T+2] I checked and the ETFs purchased at Fido were settled and I was able to sell them to TLH. The ETFs purchased at ME were still listed as unsettled (even though it listed today as the settlement date). After the market closed the transaction is still listed as pending.

The money used to pay for the ETF purchase at ME was an instant transfer from my BoA checking to ME (pull from ME). The money used to pay for the ETF purchase at Fido was an ACH pull by Fido from my BoA checking (the same account).

With today's additional market drop I wanted to do some tax loss harvesting in my ME account, but will instead wait until ME marks those shares as settled. I could have sold other settled shares in my ME account, but I rather just to TLH in 1 big transaction rather than split it up, especially since you can only select 4 tax lots at a time.

Bottom line, ME is fine for holding ETFs, not great for ETF transactions. I will probably just conduct all my new ETF purchases at Fido.
Right now it's around 7:35PM on T+2, so ME still has a few hours to finish your settlement :-)
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sycamore wrote: Fri Jan 21, 2022 6:34 pm
anon_investor wrote: Fri Jan 21, 2022 3:47 pm Is it me or does ME really take 3 days to settle ETF transactions?

On Wednesday (1/19) I purchased at ETFs at ME and Fido.

Today on Friday (1/21) [T+2] I checked and the ETFs purchased at Fido were settled and I was able to sell them to TLH. The ETFs purchased at ME were still listed as unsettled (even though it listed today as the settlement date). After the market closed the transaction is still listed as pending.

The money used to pay for the ETF purchase at ME was an instant transfer from my BoA checking to ME (pull from ME). The money used to pay for the ETF purchase at Fido was an ACH pull by Fido from my BoA checking (the same account).

With today's additional market drop I wanted to do some tax loss harvesting in my ME account, but will instead wait until ME marks those shares as settled. I could have sold other settled shares in my ME account, but I rather just to TLH in 1 big transaction rather than split it up, especially since you can only select 4 tax lots at a time.

Bottom line, ME is fine for holding ETFs, not great for ETF transactions. I will probably just conduct all my new ETF purchases at Fido.
Right now it's around 7:35PM on T+2, so ME still has a few hours to finish your settlement :-)
I guess I got spoiled by Fido...
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff like transfers and mobile deposit, where my limits are insane). Fact is, the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Last edited by MisterBill on Sun Jan 23, 2022 11:28 am, edited 1 time in total.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff). Fact is the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Probably not me.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff). Fact is the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Not I for sure. Their CCs are are actually sub-par without the 75% multiplier to cash back. Their competitors all offer 5% cash back category cards, you actually need Platinum Honors to get to that level for the CCR.
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

anon_investor wrote: Sun Jan 23, 2022 10:15 am
MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff). Fact is the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Not I for sure. Their CCs are are actually sub-par without the 75% multiplier to cash back. Their competitors all offer 5% cash back category cards, you actually need Platinum Honors to get to that level for the CCR.
The only 5%, you choose the category card I have has a $500/month limit. Everything else is rotating categories, often to things I don't spend much money on.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sailaway wrote: Sun Jan 23, 2022 10:19 am
anon_investor wrote: Sun Jan 23, 2022 10:15 am
MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff). Fact is the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Not I for sure. Their CCs are are actually sub-par without the 75% multiplier to cash back. Their competitors all offer 5% cash back category cards, you actually need Platinum Honors to get to that level for the CCR.
The only 5%, you choose the category card I have has a $500/month limit. Everything else is rotating categories, often to things I don't spend much money on.
The US Bank Cash+ Visa has a $2k/qtr cap and you get to pick 2 categories:
https://www.usbank.com/credit-cards/cas ... -card.html

But with the 75% boost (5.25% cash back) the CCR is tough to beat. I have the red one and the Susan G. Komen one for $5k/qtr spend available. But not everyone has platinum honors.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Sun Jan 23, 2022 10:28 am The US Bank Cash+ Visa has a $2k/qtr cap and you get to pick 2 categories:
https://www.usbank.com/credit-cards/cas ... -card.html
The categories on the US Bank card are not nearly as useful as the BofA CCR card. They had restaurants early on but got rid of it and now just have fast food. I actually came close to maxing out that card when I first got it when I hosted (and paid and got reimbursed for) a couple of work dinners and paid using the Cash+ card. Now, the only thing I use the card for is the utilities category (which covers both my gas/electric and FiOS bills). I have two of those cards and use the second for monthly $1 charges that get credited back with a small balance credit.

Plus, you can't change the bonus categories in the middle of the quarter like you can with BofA.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Sun Jan 23, 2022 11:26 am
anon_investor wrote: Sun Jan 23, 2022 10:28 am The US Bank Cash+ Visa has a $2k/qtr cap and you get to pick 2 categories:
https://www.usbank.com/credit-cards/cas ... -card.html
The categories on the US Bank card are not nearly as useful as the BofA CCR card. They had restaurants early on but got rid of it and now just have fast food. I actually came close to maxing out that card when I first got it when I hosted (and paid and got reimbursed for) a couple of work dinners and paid using the Cash+ card. Now, the only thing I use the card for is the utilities category (which covers both my gas/electric and FiOS bills). I have two of those cards and use the second for monthly $1 charges that get credited back with a small balance credit.

Plus, you can't change the bonus categories in the middle of the quarter like you can with BofA.
I agree that with PH, CCR is more useful. But without the 25/50/75% cash back boosters, 3% cash back isn't all that special when other cards offer 5% for many categories. The UCR and PR cards also lose their luster when plenty of no annual fee CCs offer 2% cash back.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff like transfers and mobile deposit, where my limits are insane). Fact is, the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
Not me. But on the flip side, that means their credit card program is so good that it's convinced us to move $100k to a brokerage that we would never have used otherwise. That's a positive, right? :mrgreen:
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

MisterBill wrote: Sun Jan 23, 2022 10:07 am
anon_investor wrote: Fri Jan 21, 2022 6:37 pm I guess I got spoiled by Fido...
Fidelity does a lot of things really well (even compared to banks for some stuff like transfers and mobile deposit, where my limits are insane). Fact is, the only thing that BofA does really well is the 75% credit card multiplier (and signup/transfer bonuses, I guess). If they didn't offer it, how many of us would be a Merrill Edge/BofA customer?
The 75% boost and the new account bonuses are the only reason I'm anywhere near them.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hannibal Barca »

I'm considering rolling my Roth IRA to ME to increase my rewards rate on my Cash Rewards card. Had a few questions for folks who have done it:

1. Do you use the same login and web portal (or app) as your BOA checking account to view the brokerage account, or is it different?
2. It looks like the Vanguard ETF sales in Merrill would get hit by an exchange commission. When one buys or sells Vanguard ETFs in a Vanguard account, I think an exchange commission isn't charged, right? So I guess there's some minor loss of economics in moving to ME.
3. Has anyone gotten the brokerage bonus while being an existing BOA banking customer? I get my paycheck into my BOA bank account. I read in the fine print that they'll only pay a bonus on the net new money they're bringing in (bank account outflows count against this). Am I reading that right? Also is that bonus for Merrill Edge, or only for CMAs?
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

Hannibal Barca wrote: Sun Jan 23, 2022 10:12 pm I'm considering rolling my Roth IRA to ME to increase my rewards rate on my Cash Rewards card. Had a few questions for folks who have done it:

1. Do you use the same login and web portal (or app) as your BOA checking account to view the brokerage account, or is it different?
2. It looks like the Vanguard ETF sales in Merrill would get hit by an exchange commission. When one buys or sells Vanguard ETFs in a Vanguard account, I think an exchange commission isn't charged, right? So I guess there's some minor loss of economics in moving to ME.
3. Has anyone gotten the brokerage bonus while being an existing BOA banking customer? I get my paycheck into my BOA bank account. I read in the fine print that they'll only pay a bonus on the net new money they're bringing in (bank account outflows count against this). Am I reading that right? Also is that bonus for Merrill Edge, or only for CMAs?
  1. It's a different user/password, different website, and different app. But once you log into either BoA or ME, there's a link you can click that will automatically log you into the other one without needing to enter your credentials, so functionally they're not really segregated.
  2. Not sure where you're getting that ― AFAIK all ETF trades are free at ME. That's not counting the standard SEC securities transaction fee of about $5 per million dollars when selling, and $0 when buying. But Vanguard charges that too, and for most of us that's a totally negligible amount of money.
  3. I can say that Merrill Edge calls their taxable brokerage accounts "CMAs". Not sure whether moving money from a BoA checking account to the ME CMA would count for the bonus, though I suspect not. Moving it out of the BoA checking account to some external account and then moving it from that account to the ME CMA may work. If you keep it at the external account for 24 weeks in between, then it almost certainly will work. (Unfortunately the offer currently ends less than 24 weeks from now, so that's moot.) If you keep at the external account for less than 24 weeks, it's unclear whether it will work, but it may.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

My 2022 time line for the $100 "Airline Incidental Statement Credit"

-1/19 AA eGC purchased
-1/20 charge posted
-1/21 "Airline Incidental Statement Credit" meter updated to show credit used (listing the 1/19 purchase)
-1/25 $100 statement credit received
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

sarabayo wrote: Sun Jan 23, 2022 11:45 pm... Not sure where you're getting that ― AFAIK all ETF trades are free at ME. That's not counting the standard SEC securities transaction fee of about $5 per million dollars when selling,
I read that as 5 million dollars and paused for a minute while it sunk in.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MattB »

Looking at the ME/BOA credit cards for the first time after seeing them mentioned many times here on the board. I have >$200k in each a Roth IRA and a taxable account that I could transfer over. Can anyone suggest the best credit cards to look at, and anything else I might want to read?

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

Post by anon_investor »

MattB wrote: Sat Jan 29, 2022 12:18 am Looking at the ME/BOA credit cards for the first time after seeing them mentioned many times here on the board. I have >$200k in each a Roth IRA and a taxable account that I could transfer over. Can anyone suggest the best credit cards to look at, and anything else I might want to read?

Thank you.
You can apply for 2 CCs a few minutes apart and it will only be 1 hard credit pull.

My recommendation is to get the Customized Cash Rewards Visa (no annual fee) and either the Premium Rewards Visa ($95 annual fee, but some perks to compensate for the fee) or the Unlimited Cash Rewards Visa (no annual fee).

With over $100k at Merrill Edge you would get Platinum Honors status and a 75% boost to cash back. So after the boost:

-Customized Cash Rewards Visa: on the 1st $2.5k of spend a quarter, 5.25% cash back on selected category (including online shopping, among others) and/or 3.5% cash back at wholesale clubs and grocery stories; 1.75% cash back on everything else and after you exceed $2.5k spend a month
-Premium Rewards Visa: 3.5% cash back on dinning and travel, 2.62% cash back on everything else
-Unlimited Cash Rewards Visa: 2.62% cash back in everything

To clarify, you only need the Unlimited Cash Rewards Visa OR Premium Rewards Visa, not both. Some people balk at the $95 annual fee for the Premium Rewards Visa.
Last edited by anon_investor on Sat Jan 29, 2022 8:04 am, edited 1 time in total.
MattB
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MattB »

anon_investor wrote: Sat Jan 29, 2022 12:31 am
MattB wrote: Sat Jan 29, 2022 12:18 am Looking at the ME/BOA credit cards for the first time after seeing them mentioned many times here on the board. I have >$200k in each a Roth IRA and a taxable account that I could transfer over. Can anyone suggest the best credit cards to look at, and anything else I might want to read?

Thank you.
You can apply for 2 CCs a few minutes apart and it will only be 1 hard credit pull.

My recommendation is to get the Customized Cash Rewards Visa (no annual fee) and either the Premium Rewards Visa ($95 annual fee, but some perks to compensate for the fee) or the Unlimited Cash Rewards Visa (no annual fee).

With over $100k at Merrill Edge you would get Platinum Honors status and a 75% boost to cash back. So after the boost:

-Customized Cash Rewards Visa: on the 1st $2.5k of spend a quarter, 5.25% cash back on selected category (including online shopping, among others) and/or 3.5% cash back at wholesale clubs and grocery stories; 1.75% cash back on everything else and after you exceed $2.5k spend a month
-Premium Rewards Visa: 3.5% cash back on dinning and travel, 2.62% cash back on everything else
-Unlimited Cash Rewards Visa: 2.62% cash back in everything
Thank you. This is exactly what I needed.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

I agree with MattB. I also wanted to add that, over time, you can get a second (or even third) Customized Cash Rewards card, allowing you to simultaneously get increased rewards on, say, online shopping, dining, and gas.

It's possible to get two or more of the "vanilla" versions of the card, but you have to apply for them far apart and some of the terms and conditions seem to suggest that BoA might not always play ball with you on that. However, there are various "affinity" cards in which certain charities, alumni associations, and professional organizations partner with BoA to issue a functionally similar (I think identical) version of the Customized Cash Rewards card with the branding of BoA's partner. Those "affinity" cards are reportedly considered separate products, so it's easier to get one or more of them in addition to the "vanilla" version of the card.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

anon_investor wrote: Sat Jan 29, 2022 12:31 am .......

-Premium Rewards Visa: 3.5% cash back on dinning and travel, 2.62% cash back on everything else
-Unlimited Cash Rewards Visa: 2.62% cash back in everything
Help me understand the need for the UCR when I have the PR?
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

Lastrun wrote: Sat Jan 29, 2022 7:34 amHelp me understand the need for the UCR when I have the PR?
There isn't one. It's really an either/or thing.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

FedGuy wrote: Sat Jan 29, 2022 7:43 am
Lastrun wrote: Sat Jan 29, 2022 7:34 amHelp me understand the need for the UCR when I have the PR?
There isn't one. It's really an either/or thing.
Although similar, as far as I can tell they are not the same.

Main Differences:

Annual Fee - PR $95; UR $0
Cash back on travel and dining - 3.5% PR vs. 2.625% UR
Annual Travel Credit = $100 PR; $0 UR
TSA-Pre/Global Entry Credit - $100 PR; $0 UR
Foreign Transaction Fee - 0% PR; 3.0% UR
Travel Insurance - Yes on PR; No on UR

https://www.bankofamerica.com/credit-ca ... dit-cards/
Real Knowledge Comes Only From Experience
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

MikeG62 wrote: Sat Jan 29, 2022 7:52 amAlthough similar, as far as I can tell they are not the same.
Right, but the point is there's no reason to have both. The UCR gives you 2.625% cash back (at the platinum honors level) on everything, with no annual fee. The PR gives you the same or more cash back, plus a few other benefits, with an annual fee. If you have the PR and are paying the annual fee, there's really no reason to also have the UCR.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Sat Jan 29, 2022 7:34 am
anon_investor wrote: Sat Jan 29, 2022 12:31 am .......

-Premium Rewards Visa: 3.5% cash back on dinning and travel, 2.62% cash back on everything else
-Unlimited Cash Rewards Visa: 2.62% cash back in everything
Help me understand the need for the UCR when I have the PR?
To clarify, you only need the UCR OR PR, not both. But some people balk at the $95 annual fee for the PR.

Personally I have the PR (and red CCR and SGK CCR). I am able to recoup $83.5 of the annual fee via doing the AA eGC and selling it to Card Cash for $80 ($3.50 cash back from the $100 purchase). I only need to spend $1,307 annually on dinning/travel using the PR to recoup the remaining $11.50 via the higher cash back rate. I already use up my 2x $2.5k/qtr spending cap on my 2x CCR on online shopping, wholesale clubs, groceries, home improvement/finishings; so using those cards on dinning/travel does not work for me.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

FedGuy wrote: Sat Jan 29, 2022 7:58 am
MikeG62 wrote: Sat Jan 29, 2022 7:52 amAlthough similar, as far as I can tell they are not the same.
Right, but the point is there's no reason to have both. The UCR gives you 2.625% cash back (at the platinum honors level) on everything, with no annual fee. The PR gives you the same or more cash back, plus a few other benefits, with an annual fee. If you have the PR and are paying the annual fee, there's really no reason to also have the UCR.
I completely agree with that. Apologies, as I misread the initial question as which one is better.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by JackoC »

FedGuy wrote: Sat Jan 29, 2022 7:58 am
MikeG62 wrote: Sat Jan 29, 2022 7:52 amAlthough similar, as far as I can tell they are not the same.
Right, but the point is there's no reason to have both. The UCR gives you 2.625% cash back (at the platinum honors level) on everything, with no annual fee. The PR gives you the same or more cash back, plus a few other benefits, with an annual fee. If you have the PR and are paying the annual fee, there's really no reason to also have the UCR.
On the merits of the cards themselves I agree. However, I'd long had PR but recently BOA offered $200 to get UCR so I did. Like any no annual fee card, there's no standalone* reason not to have UCR if you can get a bonus. Although I was at the time also considering cancelling PR, but looking to this year's likely spending (flying multiple people to 2 distant weddings, 3.5% on PR**) I decided to hack the annual fee on PR (with American Airlines gift card maneuver) and keep it at least another year.

*big time bonus trollers have to consider whether another bank will turn down your application for their card with higher bonus because you've applied for too many other cards (with anyone), with lesser bonuses, in too short a period. And $200 isn't much by top CC bonus standards. But I'm only a moderately active bonus hunter and getting another BOA card was virtually no effort.
**you might get 5.25% on plane tickets w/ CCR cards as 'online' but I generally have better uses for my 5.25% capacity than 5.25 vs. 3.5 situations.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

anon_investor wrote: Tue Jan 25, 2022 11:36 am My 2022 time line for the $100 "Airline Incidental Statement Credit"

-1/19 AA eGC purchased
-1/20 charge posted
-1/21 "Airline Incidental Statement Credit" meter updated to show credit used (listing the 1/19 purchase)
-1/25 $100 statement credit received
Another data point.

1/23/22 bought $100 AA egift card
1/29/22 $100 credited
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Sat Jan 29, 2022 8:02 am I am able to recoup $83.5 of the annual fee via doing the AA eGC and selling it to Card Cash for $80 ($3.50 cash back from the $100 purchase).
In the prior years I never sold the gift cards and they have accumulated as I do fly on American often when I take trips. However, the past two years I've been burning my Delta SkyMiles instead (I just booked my 3 trip with miles, using most of them up now). I was thinking about whether to keep the AA gift cards to use for flights at some point, or taking the $16.50 hit per card and selling them to just get the cash. The BoA Premium Rewards card offers travel insurance, but it likely has a provision in it that the entire ticket must be purchased on the card. Am I basically shorting myself that benefit to save under $100 for all the cards I'd sell to Card Cash?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Sat Jan 29, 2022 1:06 pm
anon_investor wrote: Sat Jan 29, 2022 8:02 am I am able to recoup $83.5 of the annual fee via doing the AA eGC and selling it to Card Cash for $80 ($3.50 cash back from the $100 purchase).
In the prior years I never sold the gift cards and they have accumulated as I do fly on American often when I take trips. However, the past two years I've been burning my Delta SkyMiles instead (I just booked my 3 trip with miles, using most of them up now). I was thinking about whether to keep the AA gift cards to use for flights at some point, or taking the $16.50 hit per card and selling them to just get the cash. The BoA Premium Rewards card offers travel insurance, but it likely has a provision in it that the entire ticket must be purchased on the card. Am I basically shorting myself that benefit to save under $100 for all the cards I'd sell to Card Cash?
The fine print does indeed say that the travel insurance requires that the entire ticket is purchased on the card. This was one reason for me not to accumulate AA eGCs. Another is that if my AA eGCs are hacked I'd likely have little recourse. Also I rarely fly AA (pre-Covid) so I am unsure how long the cards would sit unused losing value to inflation. Definitely YMMV. I actually tried to give away my AA eGC to family, but no one regularly flies AA.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by persona4826 »

anon_investor wrote: Sat Jan 29, 2022 12:31 am
You can apply for 2 CCs a few minutes apart and it will only be 1 hard credit pull.

My recommendation is to get the Customized Cash Rewards Visa (no annual fee) and either the Premium Rewards Visa ($95 annual fee, but some perks to compensate for the fee) or the Unlimited Cash Rewards Visa (no annual fee).

With over $100k at Merrill Edge you would get Platinum Honors status and a 75% boost to cash back. So after the boost:

-Customized Cash Rewards Visa: on the 1st $2.5k of spend a quarter, 5.25% cash back on selected category (including online shopping, among others) and/or 3.5% cash back at wholesale clubs and grocery stories; 1.75% cash back on everything else and after you exceed $2.5k spend a month
-Premium Rewards Visa: 3.5% cash back on dinning and travel, 2.62% cash back on everything else
-Unlimited Cash Rewards Visa: 2.62% cash back in everything

To clarify, you only need the Unlimited Cash Rewards Visa OR Premium Rewards Visa, not both. Some people balk at the $95 annual fee for the Premium Rewards Visa.
Aside from the cash back rate, are the dining and travel categories the same on the CCR and PR cards?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

persona4826 wrote: Sun Jan 30, 2022 12:26 pmAside from the cash back rate, are the dining and travel categories the same on the CCR and PR cards?
If by that you mean a given transaction would qualify for the same travel or dining category in either card, yes. Another difference is that there is no limit on 2% points on the PR card where there is a $2,500/qtr limit on the combined 2% and selected 3% categories on the CCR card. Also, CCR is 3% for dining OR travel, depending on which you select; the PR is 2% on dining AND travel.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by persona4826 »

Thanks, spammagnet!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Sun Jan 30, 2022 12:42 pm
persona4826 wrote: Sun Jan 30, 2022 12:26 pmAside from the cash back rate, are the dining and travel categories the same on the CCR and PR cards?
If by that you mean a given transaction would qualify for the same travel or dining category in either card, yes. Another difference is that there is no limit on 2% points on the PR card where there is a $2,500/qtr limit on the combined 2% and selected 3% categories on the CCR card. Also, CCR is 3% for dining OR travel, depending on which you select; the PR is 2% on dining AND travel.
The limitation with the CCR is that you have to select dinning OR travel (one or the other but not both) as your 3% (or 5.25% with PH status) category to get that rate. Personally, online shopping is more advantageous for the higher rate, and I don't "waste" my quarterly cap on dining and travel, since the PR has no limit. In a post Covid world, with a family of 5, buying plane tix and hotel for a trip will easily use up the CCR cap. PR also offers some trip insurance. Obviously very YMMV.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Sun Jan 30, 2022 1:11 pm
spammagnet wrote: Sun Jan 30, 2022 12:42 pm ... Also, CCR is 3% for dining OR travel, depending on which you select; the PR is 2% on dining AND travel.
The limitation with the CCR is that you have to select dinning OR travel (one or the other but not both) as your 3% (or 5.25% with PH status) category to get that rate. Personally, online shopping is more advantageous for the higher rate, and I don't "waste" my quarterly cap on dining and travel, since the PR has no limit. In a post Covid world, with a family of 5, buying plane tix and hotel for a trip will easily use up the CCR cap. PR also offers some trip insurance. Obviously very YMMV.
I'm aware of the and/or, which is why I wrote the above.

Regarding the trip insurance, what does it cover? I tried to find the terms and conditions but it opened a blank screen and I couldn't find a reference to it in the linked PDF. It's a moot point for me, though, because I closed mine less than a year ago to avoid the fee and they offer a new account bonus only if it's been more than 24 months. I'm pausing new accounts because I'm close to requalifying for Chase (5/24) and am waiting for a good offer on a Sapphire Preferred account.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Sun Jan 30, 2022 2:58 pm
anon_investor wrote: Sun Jan 30, 2022 1:11 pm
spammagnet wrote: Sun Jan 30, 2022 12:42 pm ... Also, CCR is 3% for dining OR travel, depending on which you select; the PR is 2% on dining AND travel.
The limitation with the CCR is that you have to select dinning OR travel (one or the other but not both) as your 3% (or 5.25% with PH status) category to get that rate. Personally, online shopping is more advantageous for the higher rate, and I don't "waste" my quarterly cap on dining and travel, since the PR has no limit. In a post Covid world, with a family of 5, buying plane tix and hotel for a trip will easily use up the CCR cap. PR also offers some trip insurance. Obviously very YMMV.
I'm aware of the and/or, which is why I wrote the above.

Regarding the trip insurance, what does it cover? I tried to find the terms and conditions but it opened a blank screen and I couldn't find a reference to it in the linked PDF. It's a moot point for me, though, because I closed mine less than a year ago to avoid the fee and they offer a new account bonus only if it's been more than 24 months. I'm pausing new accounts because I'm close to requalifying for Chase (5/24) and am waiting for a good offer on a Sapphire Preferred account.
These are the benefits listed from within my PR account:
Travel and Purchase Benefits.
For benefit questions, call 866.736.7701 or if you are outside of the U.S., call collect at 804.673.8352.

Trip Delay Reimbursement.
Provides up to $500 per ticket purchased for you and your eligible family members for reasonable expenses if a covered trip is delayed (due to a covered hazard) for more than 12 hours.

Trip Cancellation/Trip Interruption.
You can be reimbursed for the prepaid, non-refundable passenger fares if your trip is cancelled or cut short by sickness or other covered situations.

Baggage Delay.
Provides reimbursement of up to $100 per day (up to five days), when your bags are delayed or misdirected by a common carrier for more than six hours for essential items including clothing. Coverage is secondary to the common carrier.

Lost Luggage Reimbursement.
Provides you coverage for luggage and its contents if they are lost or stolen due to theft or misdirection by the common carrier (airline, bus, train, cruise ship).

Emergency Evacuation and Transportation Coverage.
If you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation, you can be covered for eligible medical services and transportation.

Travel and Emergency Assistance Services.
Lets you get help coordinating medical, legal, and travel services when you are traveling. The cost of any goods or services is your responsibility.

Auto Rental Collision Damage Waiver.
Provides you reimbursement for damage due to collision or theft. Coverage is supplemental to and in excess of other insurance. You must decline the collision/loss damage waiver offered by the auto rental agency.

Roadside Dispatch Program.
Offers you a 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing, and locksmith services giving you peace of mind when you're out on the road.

Purchase Security.
Can repair, replace or reimburse you, if an eligible item purchased with the card is stolen or damaged within 90 days of purchase. Provides reimbursement of up to $10,000 per claim.

Warranty Manager Service.
Doubles the time period of the manufacturers' warranty, up to one additional year on warranties of three years or less, for eligible items purchased with your card. You can also register your receipt and warranty information, which can be kept on file when you need them.

Return Protection.
Provides you with reimbursement for the cost of an eligible item of personal property if you are dissatisfied with the item for any reason within 90 days of the purchase and if the retailer will not accept the return. Coverage is limited to $250 per eligible item and up to $1,000 annually. Items must be received by the Benefit Administrator in like-new/good working condition.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by ChicagoBear7 »

ChicagoBear7 wrote: Mon Dec 06, 2021 9:10 am I have a new data point concerning wire transfer fees for Diamond status. (We have had multiple 7 figures with Merrill for several years so we got the Diamond status when it became available in November.)

We are just finishing a basement remodel and made a couple of progress payments via wire before the new Diamond status and were charged $30 as per the fee schedule - the last payment was a week or so before Diamond became effective. On Friday we made the completion payment and expected to be socked again - but today I signed on and the fee was waived and it references Preferred rewards waiver! I didn't call and complain or otherwise ask for a fee waiver. I'm glad BofA is doing this. Absent this building project, we might only have one wire transfer every few years, but the thought that Chase gives free transfers for having only $150k with them was gnawing at me. From the website today:

Transaction details

Posting dateDec 3, 2021
Description
Preferred Rewards-Wire Fee Waiver of $30
TypePreferred Rewards
StatusReconciled
Amount$0.00
DescriptionPreferred Rewards-Wire Fee Waiver of $30
Merchant name
Preferred Rewards-Wire Fee Waiver of $30
Transaction category
Finance: Service Charges/Fees
I finally found what the Diamond tier outgoing wire transfer policy is. Buried in your Total Rewards, if you click on Fees Waived and scroll down, it specifies that you get 2 outgoing wires per statement cycle. For some reason, BofA does not include this on the Personal Fee Schedule or call attention to this new benefit. Most banks are rather up-front about such a policy. Oh well. I don't use it often, but at least I know what the policy is.
Last edited by ChicagoBear7 on Wed Feb 02, 2022 2:31 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

ChicagoBear7 wrote: Wed Feb 02, 2022 8:56 am
ChicagoBear7 wrote: Mon Dec 06, 2021 9:10 am I have a new data point concerning wire transfer fees for Diamond status. (We have had multiple 7 figures with Merrill for several years so we got the Diamond status when it became available in November.)

We are just finishing a basement remodel and made a couple of progress payments via wire before the new Diamond status and were charged $30 as per the fee schedule - the last payment was a week or so before Diamond became effective. On Friday we made the completion payment and expected to be socked again - but today I signed on and the fee was waived and it references Preferred rewards waiver! I didn't call and complain or otherwise ask for a fee waiver. I'm glad BofA is doing this. Absent this building project, we might only have one wire transfer every few years, but the thought that Chase gives free transfers for having only $150k with them was gnawing at me. From the website today:

Transaction details

Posting dateDec 3, 2021
Description
Preferred Rewards-Wire Fee Waiver of $30
TypePreferred Rewards
StatusReconciled
Amount$0.00
DescriptionPreferred Rewards-Wire Fee Waiver of $30
Merchant name
Preferred Rewards-Wire Fee Waiver of $30
Transaction category
Finance: Service Charges/Fees
I finally found what the Diamond tier outgoing wire transfer policy is. Buried in you Total Rewards, if you click on Fees Waived and scroll down, it specifies that you get 2 outgoing wires per statement cycle. For some reason, BofA does not include this on the Personal Fee Schedule or call attention to this new benefit. Most banks are rather up-front about such a policy. Oh well. I don't use it often, but at least I know what the policy is.
Do they still charge for outgoing ACH transfers? :confused
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by ChicagoBear7 »

anon_investor wrote: Wed Feb 02, 2022 8:58 am
ChicagoBear7 wrote: Wed Feb 02, 2022 8:56 am
ChicagoBear7 wrote: Mon Dec 06, 2021 9:10 am I have a new data point concerning wire transfer fees for Diamond status. (We have had multiple 7 figures with Merrill for several years so we got the Diamond status when it became available in November.)

We are just finishing a basement remodel and made a couple of progress payments via wire before the new Diamond status and were charged $30 as per the fee schedule - the last payment was a week or so before Diamond became effective. On Friday we made the completion payment and expected to be socked again - but today I signed on and the fee was waived and it references Preferred rewards waiver! I didn't call and complain or otherwise ask for a fee waiver. I'm glad BofA is doing this. Absent this building project, we might only have one wire transfer every few years, but the thought that Chase gives free transfers for having only $150k with them was gnawing at me. From the website today:

Transaction details

Posting dateDec 3, 2021
Description
Preferred Rewards-Wire Fee Waiver of $30
TypePreferred Rewards
StatusReconciled
Amount$0.00
DescriptionPreferred Rewards-Wire Fee Waiver of $30
Merchant name
Preferred Rewards-Wire Fee Waiver of $30
Transaction category
Finance: Service Charges/Fees
I finally found what the Diamond tier outgoing wire transfer policy is. Buried in you Total Rewards, if you click on Fees Waived and scroll down, it specifies that you get 2 outgoing wires per statement cycle. For some reason, BofA does not include this on the Personal Fee Schedule or call attention to this new benefit. Most banks are rather up-front about such a policy. Oh well. I don't use it often, but at least I know what the policy is.
Do they still charge for outgoing ACH transfers? :confused
It appears Yes - No waiver... (copied from the section of Total Rewards referenced above) Any Diamond Honors ($10MM+) out there - maybe you need 8 digits for that...

No monthly maintenance fees on all your eligible checking and savings accounts
No fees on ATM or debit card replacement including rush replacement, Check Image service, check copies, and incoming wires plus 2 outgoing wires per statement cycle
Overdraft Protection Transfer Fees waived on Balance Connect™ for overdraft protection transfers from your eligible linked savings, checking, credit card, or home equity line of credit accounts.
For more information, see the Preferred Rewards section of the Personal Schedule of Fees at bankofamerica.com/fees
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

ChicagoBear7 wrote: Wed Feb 02, 2022 9:16 am
anon_investor wrote: Wed Feb 02, 2022 8:58 am
ChicagoBear7 wrote: Wed Feb 02, 2022 8:56 am
ChicagoBear7 wrote: Mon Dec 06, 2021 9:10 am I have a new data point concerning wire transfer fees for Diamond status. (We have had multiple 7 figures with Merrill for several years so we got the Diamond status when it became available in November.)

We are just finishing a basement remodel and made a couple of progress payments via wire before the new Diamond status and were charged $30 as per the fee schedule - the last payment was a week or so before Diamond became effective. On Friday we made the completion payment and expected to be socked again - but today I signed on and the fee was waived and it references Preferred rewards waiver! I didn't call and complain or otherwise ask for a fee waiver. I'm glad BofA is doing this. Absent this building project, we might only have one wire transfer every few years, but the thought that Chase gives free transfers for having only $150k with them was gnawing at me. From the website today:

Transaction details

Posting dateDec 3, 2021
Description
Preferred Rewards-Wire Fee Waiver of $30
TypePreferred Rewards
StatusReconciled
Amount$0.00
DescriptionPreferred Rewards-Wire Fee Waiver of $30
Merchant name
Preferred Rewards-Wire Fee Waiver of $30
Transaction category
Finance: Service Charges/Fees
I finally found what the Diamond tier outgoing wire transfer policy is. Buried in you Total Rewards, if you click on Fees Waived and scroll down, it specifies that you get 2 outgoing wires per statement cycle. For some reason, BofA does not include this on the Personal Fee Schedule or call attention to this new benefit. Most banks are rather up-front about such a policy. Oh well. I don't use it often, but at least I know what the policy is.
Do they still charge for outgoing ACH transfers? :confused
It appears Yes - No waiver... (copied from the section of Total Rewards referenced above) Any Diamond Honors ($10MM+) out there - maybe you need 8 digits for that...

No monthly maintenance fees on all your eligible checking and savings accounts
No fees on ATM or debit card replacement including rush replacement, Check Image service, check copies, and incoming wires plus 2 outgoing wires per statement cycle
Overdraft Protection Transfer Fees waived on Balance Connect™ for overdraft protection transfers from your eligible linked savings, checking, credit card, or home equity line of credit accounts.
For more information, see the Preferred Rewards section of the Personal Schedule of Fees at bankofamerica.com/fees
That is crazy... I guess you can always do an instant transfer from BoA checking to ME and THEN do a no fee ACH transfer out... but still, it seems silly.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

anon_investor wrote: Wed Feb 02, 2022 9:28 am
That is crazy... I guess you can always do an instant transfer from BoA checking to ME and THEN do a no fee ACH transfer out... but still, it seems silly.
For sure, I mean you can do the Merrill trick, the pull from the other account approach, and you can just write a check to yourself and photo deposit it in your transfer to account without any fee. Seems like this should be an easy waiver to grant for the Preferred folks.

Banks gotta make money.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Wed Feb 02, 2022 12:15 pm
anon_investor wrote: Wed Feb 02, 2022 9:28 am
That is crazy... I guess you can always do an instant transfer from BoA checking to ME and THEN do a no fee ACH transfer out... but still, it seems silly.
For sure, I mean you can do the Merrill trick, the pull from the other account approach, and you can just write a check to yourself and photo deposit it in your transfer to account without any fee. Seems like this should be an easy waiver to grant for the Preferred folks.

Banks gotta make money.
I think they know why people want preferred rewards... the CC bonuses... no one is leaving over the ACH fee...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Fpdesignco »

Just as a linkage to this thread - viewtopic.php?f=2&t=369370

I wrote up a narrative about getting preferred rewards as a new customer specifically trying to take advantage of this program, with never having Bank of America before, that likely is helpful to read through incase you run into issues getting the status.
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