Bank of America/Merrill Edge - Preferred Rewards

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

Post by spammagnet »

khram wrote: Thu Aug 26, 2021 3:09 am... then I heard about potential changes in November, ...
What have you heard, and where?
khram
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by khram »

somewhere in this thread previously

https://www.doctorofcredit.com/bank-of- ... hip-tiers/
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

khram wrote: Mon Sep 06, 2021 1:24 am somewhere in this thread previously

https://www.doctorofcredit.com/bank-of- ... hip-tiers/
I found a Boglehead on the thread: https://www.doctorofcredit.com/bank-of- ... nt-1239391

Personally, I expect them to slash the 75% to 50% for PH, and the two new tiers will occupy the 75% and 100% slots.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

There have been “rumors” for well over a year. I would NOT let such things control your plans. If things change, so be it, but why ignore something great for the chance that someday it may change.
Last edited by BrandonBogle on Tue Sep 07, 2021 1:21 pm, edited 1 time in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Tue Sep 07, 2021 8:24 am There have been “rumors” for well over a year. I would let such things control your plans. If things change, so be it, but why ignore something great for the chance that someday it may change.
Plus ME doesn't charge for a partial transfer. If BoA destroys the value of the Preferred Rewards program, I can easily transfer out $100k+ of ETFs to pleny of other brokerages that will offer me some $. But I sure do hope they keep that 75% cash back booster.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

Marseille07 wrote: Mon Sep 06, 2021 9:42 pm
khram wrote: Mon Sep 06, 2021 1:24 am somewhere in this thread previously

https://www.doctorofcredit.com/bank-of- ... hip-tiers/
I found a Boglehead on the thread: https://www.doctorofcredit.com/bank-of- ... nt-1239391

Personally, I expect them to slash the 75% to 50% for PH, and the two new tiers will occupy the 75% and 100% slots.
That would be unfortunate... but at least 4.5% cash back on a category of your choice is still better than practically anything else out there :?
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

placeholder wrote: Tue Sep 07, 2021 9:19 pm US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
When it comes to categories, sadly nothing beats BoA's "online purchases" category - especially with the pandemic and all, practically everything I spend money on (other than utility bills I guess) seems to qualify.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

placeholder wrote: Tue Sep 07, 2021 9:19 pm US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
Yep - I use this card for utilities and streaming.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Tue Sep 07, 2021 10:15 pm
placeholder wrote: Tue Sep 07, 2021 9:19 pm US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
Yep - I use this card for utilities and streaming.
Do you need a US Bank checking account for this card?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Tue Sep 07, 2021 10:57 pm
tj wrote: Tue Sep 07, 2021 10:15 pm
placeholder wrote: Tue Sep 07, 2021 9:19 pm US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
Yep - I use this card for utilities and streaming.
Do you need a US Bank checking account for this card?
I don't have a US Bank checking account, though I have had one at various points for sign up bonuses.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Tue Sep 07, 2021 11:30 pm
anon_investor wrote: Tue Sep 07, 2021 10:57 pm
tj wrote: Tue Sep 07, 2021 10:15 pm
placeholder wrote: Tue Sep 07, 2021 9:19 pm US Bank's rewards card has some good options:

5% category (choose 2)
TV, Internet & Streaming Services
Fast Food
Cell Phone Providers
Department Stores
Home Utilities
Select Clothing Stores
Electronics Stores
Sporting Goods Stores
Movie Theaters
Gyms/Fitness Centers
Furniture Stores
Ground Transportation

2% category (choose 1)
Grocery Stores
Gas Stations
Restaurants
Yep - I use this card for utilities and streaming.
Do you need a US Bank checking account for this card?
I don't have a US Bank checking account, though I have had one at various points for sign up bonuses.
Interesting, this card may be good to have even if BoA doesn't kill platinum honors, 5% CB for utilities + cell service would add up.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Marseille07 wrote: Mon Sep 06, 2021 9:42 pm
khram wrote: Mon Sep 06, 2021 1:24 am somewhere in this thread previously

https://www.doctorofcredit.com/bank-of- ... hip-tiers/
I found a Boglehead on the thread: https://www.doctorofcredit.com/bank-of- ... nt-1239391

Personally, I expect them to slash the 75% to 50% for PH, and the two new tiers will occupy the 75% and 100% slots.
So where would that leave us? You'll need $250k+ for the 75% bonus? Or $1M? Obviously, the PH bonus is why I put a lot of my spending on the Premium/CCR cards, but if that was slashed, there would be little reason for me to keep paying the $95/year for the premium rewards card. And I'm sure there are better brokers to hold your money at than Merrill Edge, although I've been with ME so long I would not know.
khram
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by khram »

Do you travel, even domestically? I've gotten the $100 just for booking flights. Though I used miles, so the only actual costs were booking fees, so I haven't quite used the full $100. But if you do, it pays for more than the annual fee. I even had to cancel one flight, got the miles refunded, and they never clawed back the $36 in booking fees they credited me. I could probably buy some miles in December (or black Friday if they have any deals) to fill out the rest of the $100 I haven't used.

I don't like the ME website tbh. The bonus might be worth it as long as I'm renting, but not if I buy. Via PP key, I would be able to get 5.25% back instead of 3% back on rent (or instead of ~4% back when I can use Chase or Discover categories, taking into account $1500 quarterly limit there). Other than that, I don't spend much on my BoA cards. But if I buy, I'm sure paying mortgage on a credit card would incur me fees that wouldn't make it worth that much. Or if PP key shuts me down for rent payments, it also wouldn't be worth dealing with ME. But I will wait and see if anything changes in November. :)
Last edited by khram on Thu Sep 09, 2021 9:52 am, edited 2 times in total.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

atdharris wrote: Thu Sep 09, 2021 9:39 am So where would that leave us? You'll need $250k+ for the 75% bonus? Or $1M? Obviously, the PH bonus is why I put a lot of my spending on the Premium/CCR cards, but if that was slashed, there would be little reason for me to keep paying the $95/year for the premium rewards card. And I'm sure there are better brokers to hold your money at than Merrill Edge, although I've been with ME so long I would not know.
At this point we just sit tight and see what happens on Nov 12 or whenever they said they would revamp the program.

I'm still in the process of joining PH as they make us wait 3 months for unclear reasons.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Marseille07 wrote: Thu Sep 09, 2021 9:49 am
atdharris wrote: Thu Sep 09, 2021 9:39 am So where would that leave us? You'll need $250k+ for the 75% bonus? Or $1M? Obviously, the PH bonus is why I put a lot of my spending on the Premium/CCR cards, but if that was slashed, there would be little reason for me to keep paying the $95/year for the premium rewards card. And I'm sure there are better brokers to hold your money at than Merrill Edge, although I've been with ME so long I would not know.
At this point we just sit tight and see what happens on Nov 12 or whenever they said they would revamp the program.

I'm still in the process of joining PH as they make us wait 3 months for unclear reasons.
I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

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

Post by anon_investor »

Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
I agree with your assessment.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
That does make sense. I won't worry about any chances coming unless they actually happen
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Thu Sep 09, 2021 11:47 am
Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
I agree with your assessment.
The issue is, if 75% stays and only requires 100K+, who the hell is going to deposit 1M+ for, let's say, 100%? Unless you already have millions sitting somewhere, no one is going to get on the 1M+ tiers as they'd rather take 75% on 100K than 100% on 1M+.
anoop
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

Marseille07 wrote: Thu Sep 09, 2021 1:20 pm The issue is, if 75% stays and only requires 100K+, who the hell is going to deposit 1M+ for, let's say, 100%? Unless you already have millions sitting somewhere, no one is going to get on the 1M+ tiers as they'd rather take 75% on 100K than 100% on 1M+.
There will likely be other perks above $1MM like a dedicated rep and better rates on loans. Also, just like many use Fidelity as a one stop shop, there are likely many that use BofA as a one stop shop.
InvestorDave
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by InvestorDave »

Marseille07 wrote: Thu Sep 09, 2021 1:20 pm
anon_investor wrote: Thu Sep 09, 2021 11:47 am
Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
I agree with your assessment.
The issue is, if 75% stays and only requires 100K+, who the hell is going to deposit 1M+ for, let's say, 100%? Unless you already have millions sitting somewhere, no one is going to get on the 1M+ tiers as they'd rather take 75% on 100K than 100% on 1M+.
If you have 1M+ AND you are a buy and hold investor, then why wouldn’t you send over another 900k to get more credit card rewards? This could be different if you actually use a platform to trade frequently. If you are a bigger spender then a 2.625% card turns into a 3% card which is a pretty big bump.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

InvestorDave wrote: Thu Sep 09, 2021 1:44 pm
Marseille07 wrote: Thu Sep 09, 2021 1:20 pm
anon_investor wrote: Thu Sep 09, 2021 11:47 am
Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
I agree with your assessment.
The issue is, if 75% stays and only requires 100K+, who the hell is going to deposit 1M+ for, let's say, 100%? Unless you already have millions sitting somewhere, no one is going to get on the 1M+ tiers as they'd rather take 75% on 100K than 100% on 1M+.
If you have 1M+ AND you are a buy and hold investor, then why wouldn’t you send over another 900k to get more credit card rewards? This could be different if you actually use a platform to trade frequently. If you are a bigger spender then a 2.625% card turns into a 3% card which is a pretty big bump.
Somewhat relatedly, does anyone have experience with the 3% tier on Fidelity's 2% Visa card? https://www.fidelity.com/rewards/overview

To InvestorDave's point, I'd transfer more assets to ME for elevated CC rewards, though the more lucrative option is probably to play the brokerage bonus game with that many assets.
I blog here: https://www.frugalprofessor.com/
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

InvestorDave wrote: Thu Sep 09, 2021 1:44 pm
Marseille07 wrote: Thu Sep 09, 2021 1:20 pm
anon_investor wrote: Thu Sep 09, 2021 11:47 am
Lastrun wrote: Thu Sep 09, 2021 11:43 am
atdharris wrote: Thu Sep 09, 2021 10:28 am I'll keep my fingers crossed. I may be looking for another bank if the changes gut the program...
Of course I could be wrong and may have to eat humble pie, but I don't think they will change the program at the $100K level. Here is why.

If you go to the BofA preferred rewards webpage fine print, there is no notice of any change in that program. https://www.bankofamerica.com/preferred-rewards/

If you go to the Merrill preferred rewards for wealth management program, there is the following notice:

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. https://www.ml.com/solutions/preferred- ... ement.html

So the way I read this is that they are terminating the $250K tier and those people from $250K to $999K will be lowered in status to the current $100K benefit program. Then there will be two new tiers above $1.0m.

Who knows.
I agree with your assessment.
The issue is, if 75% stays and only requires 100K+, who the hell is going to deposit 1M+ for, let's say, 100%? Unless you already have millions sitting somewhere, no one is going to get on the 1M+ tiers as they'd rather take 75% on 100K than 100% on 1M+.
If you have 1M+ AND you are a buy and hold investor, then why wouldn’t you send over another 900k to get more credit card rewards? This could be different if you actually use a platform to trade frequently. If you are a bigger spender then a 2.625% card turns into a 3% card which is a pretty big bump.
Right. I doubt the only thing they will add is a 100% boost to CC rewards. There will most certainly be more perks added. Bigger loan discounts/dedicated number/maybe they'll bring over ATM fee waivers worldwide and free wire transfers as they had in the old PR for WM.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

atdharris wrote: Thu Sep 09, 2021 1:52 pm Right. I doubt the only thing they will add is a 100% boost to CC rewards. There will most certainly be more perks added. Bigger loan discounts/dedicated number/maybe they'll bring over ATM fee waivers worldwide and free wire transfers as they had in the old PR for WM.
If they waive the outgoing ACH fee, I'll wire my 1M on Nov 13th.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

Marseille07 wrote: Thu Sep 09, 2021 2:16 pm
atdharris wrote: Thu Sep 09, 2021 1:52 pm Right. I doubt the only thing they will add is a 100% boost to CC rewards. There will most certainly be more perks added. Bigger loan discounts/dedicated number/maybe they'll bring over ATM fee waivers worldwide and free wire transfers as they had in the old PR for WM.
If they waive the outgoing ACH fee, I'll wire my 1M on Nov 13th.
The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
I blog here: https://www.frugalprofessor.com/
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
Yeah I was kidding about wiring 1M. The ACH fees make it impossible to initiate ACH from BofA, I'm forced to initiate from the other side.
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riverant
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by riverant »

FrugalProfessor wrote: Thu Sep 09, 2021 1:49 pm
Somewhat relatedly, does anyone have experience with the 3% tier on Fidelity's 2% Visa card? https://www.fidelity.com/rewards/overview

To InvestorDave's point, I'd transfer more assets to ME for elevated CC rewards, though the more lucrative option is probably to play the brokerage bonus game with that many assets.
No experience, but it looks like you need assets to be “professionally managed.” The fees and likely inconvenience of being stuck with proprietary funds certainly would offset the higher cash back.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm
Marseille07 wrote: Thu Sep 09, 2021 2:16 pm
atdharris wrote: Thu Sep 09, 2021 1:52 pm Right. I doubt the only thing they will add is a 100% boost to CC rewards. There will most certainly be more perks added. Bigger loan discounts/dedicated number/maybe they'll bring over ATM fee waivers worldwide and free wire transfers as they had in the old PR for WM.
If they waive the outgoing ACH fee, I'll wire my 1M on Nov 13th.
The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
Yeah, that is weird, even other big banks don't charge for this...
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
Marseille07 wrote: Thu Sep 09, 2021 2:29 pm Yeah I was kidding about wiring 1M. The ACH fees make it impossible to initiate ACH from BofA, I'm forced to initiate from the other side.
There's no fee for ACH pushes from Merrill Edge, so I just move the cash from BofA checking to Merrill CMA and make the transfer from there. YMMV.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

drk wrote: Thu Sep 09, 2021 2:43 pm
FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
Marseille07 wrote: Thu Sep 09, 2021 2:29 pm Yeah I was kidding about wiring 1M. The ACH fees make it impossible to initiate ACH from BofA, I'm forced to initiate from the other side.
There's no fee for ACH pushes from Merrill Edge, so I just move the cash from BofA checking to Merrill CMA and make the transfer from there. YMMV.
Absolutely brilliant. Not only ACH, can't I "generate" activities in my checking by simply passing the buck back and forth between Relationship and ME?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Thu Sep 09, 2021 2:50 pm
drk wrote: Thu Sep 09, 2021 2:43 pm
FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
Marseille07 wrote: Thu Sep 09, 2021 2:29 pm Yeah I was kidding about wiring 1M. The ACH fees make it impossible to initiate ACH from BofA, I'm forced to initiate from the other side.
There's no fee for ACH pushes from Merrill Edge, so I just move the cash from BofA checking to Merrill CMA and make the transfer from there. YMMV.
Absolutely brilliant. Not only ACH, can't I "generate" activities in my checking by simply passing the buck back and forth between Relationship and ME?
But I think if you transfer from BoA to ME, is it considered settled money, or do they make you keep it at ME for a couple of days before you can transfer it to an external account?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Thu Sep 09, 2021 2:56 pm But I think if you transfer from BoA to ME, is it considered settled money, or do they make you keep it at ME for a couple of days before you can transfer it to an external account?
I'm just trying to generate activities in Relationship here. Outgoing ACH from ME works too, though I don't really use Relationship so it's not my typical use case. My ME position is just B&H.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

TJat wrote: Thu Sep 09, 2021 2:32 pm
FrugalProfessor wrote: Thu Sep 09, 2021 1:49 pm
Somewhat relatedly, does anyone have experience with the 3% tier on Fidelity's 2% Visa card? https://www.fidelity.com/rewards/overview

To InvestorDave's point, I'd transfer more assets to ME for elevated CC rewards, though the more lucrative option is probably to play the brokerage bonus game with that many assets.
No experience, but it looks like you need assets to be “professionally managed.” The fees and likely inconvenience of being stuck with proprietary funds certainly would offset the higher cash back.
Thanks for pointing out the not-so-fine print I'd missed. Duh.

You'd therefore benefit from the deal if:
Annual spending * (3%-2%) > Investment management fees * $250k

Or, in my case (since I use BoA's PR card), it'd be:
Annual spending * (3%-2.625%) > Investment management fees * $250k

That is a comically bad deal.

However, if I had the budget of an NBA athlete, perhaps I could justify it....
I blog here: https://www.frugalprofessor.com/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

FrugalProfessor wrote: Thu Sep 09, 2021 3:04 pm However, if I had the budget of an NBA athlete, perhaps I could justify it....
I don't think these services make sense at any budget. I think < $5M self managed is good enough. At > $5M a boutique firm may be a better option if one is so inclined.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FrugalProfessor wrote: Thu Sep 09, 2021 3:04 pm
TJat wrote: Thu Sep 09, 2021 2:32 pm
FrugalProfessor wrote: Thu Sep 09, 2021 1:49 pm
Somewhat relatedly, does anyone have experience with the 3% tier on Fidelity's 2% Visa card? https://www.fidelity.com/rewards/overview

To InvestorDave's point, I'd transfer more assets to ME for elevated CC rewards, though the more lucrative option is probably to play the brokerage bonus game with that many assets.
No experience, but it looks like you need assets to be “professionally managed.” The fees and likely inconvenience of being stuck with proprietary funds certainly would offset the higher cash back.
Thanks for pointing out the not-so-fine print I'd missed. Duh.

You'd therefore benefit from the deal if:
Annual spending * (3%-2%) > Investment management fees * $250k

Or, in my case (since I use BoA's PR card), it'd be:
Annual spending * (3%-2.625%) > Investment management fees * $250k

That is a comically bad deal.

However, if I had the budget of an NBA athlete, perhaps I could justify it....
The BoA PH setup is so good because it can cost $0. I hope they don't kill it, I will qualify for PH right around that Nov 12 date...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.
This is BHs, the sky is always falling (some where). :beer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

anon_investor wrote: Thu Sep 09, 2021 2:56 pm But I think if you transfer from BoA to ME, is it considered settled money, or do they make you keep it at ME for a couple of days before you can transfer it to an external account?
Yes, it's settled money, so it's immediately available for transfer elsewhere.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

drk wrote: Thu Sep 09, 2021 3:45 pm
anon_investor wrote: Thu Sep 09, 2021 2:56 pm But I think if you transfer from BoA to ME, is it considered settled money, or do they make you keep it at ME for a couple of days before you can transfer it to an external account?
Yes, it's settled money, so it's immediately available for transfer elsewhere.
Cool, that is a great work around. Still don't understand why BoA wants to nickle and dime by charging for the outgoing ACH. I also find it cheap that they offer free checks for the highest level checking account, but want to charge $2.33 for the cheap plastic BoA check book cover.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

BrandonBogle wrote: Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.

Also a survey that went out last year about reducing preferred rewards benefits. I find it amusing you’ve piled on twice on those speculating.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

aj44 wrote: Thu Sep 09, 2021 5:14 pm
BrandonBogle wrote: Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.

Also a survey that went out last year about reducing preferred rewards benefits. I find it amusing you’ve piled on twice on those speculating.
What did the survey ask?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

spammagnet wrote: Thu Sep 09, 2021 7:20 pm
khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
Probably this: https://www.paypal.com/us/smarthelp/art ... it-faq4240

i.e. a way to make non-online purchases look like online purchases for the purposes of determining your BoA credit card bonuses.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

atdharris wrote: Thu Sep 09, 2021 1:11 pm... I won't worry about any chances coming unless they actually happen. ...
I won't worry about it even if it does happen. I like to take advantage of banks giving away money but, if that stops, it's not life-changing.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

sarabayo wrote: Thu Sep 09, 2021 7:23 pm
spammagnet wrote: Thu Sep 09, 2021 7:20 pm
khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
Probably this: https://www.paypal.com/us/smarthelp/art ... it-faq4240

i.e. a way to make non-online purchases look like online purchases for the purposes of determining your BoA credit card bonuses.
That's interesting. We use Paypal to pay all scheduled transactions that support it. That way I can change the credit card we use for multiple accounts in one location, i.e., on the Paypal web site. It makes it easy to switch cards to direct spending for MSR reasons.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

spammagnet wrote: Thu Sep 09, 2021 7:33 pm
sarabayo wrote: Thu Sep 09, 2021 7:23 pm
spammagnet wrote: Thu Sep 09, 2021 7:20 pm
khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
Probably this: https://www.paypal.com/us/smarthelp/art ... it-faq4240... i.e. a way to make non-online purchases look like online purchases for the purposes of determining your BoA credit card bonuses.
That's interesting. We use Paypal to pay all scheduled transactions that support it. That way I can change the credit card we use for multiple accounts in one location, i.e., on the Paypal web site. It makes it easy to switch cards to direct spending for MSR reasons.
That creates a new question: how do you get one? I clicked on their link and got "coming soon".
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

aj44 wrote: Thu Sep 09, 2021 5:14 pm
BrandonBogle wrote: Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.

Also a survey that went out last year about reducing preferred rewards benefits. I find it amusing you’ve piled on twice on those speculating.
Because the last 10 pages have just been pure speculation. Made sense talking about it then when the survey was out, but hardly something to sway folks’ decision on. I just hope anyone who comes to this thread thinking they shouldn’t bother because everything is about to change.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

FrugalProfessor wrote: Thu Sep 09, 2021 1:49 pm... To InvestorDave's point, I'd transfer more assets to ME for elevated CC rewards, though the more lucrative option is probably to play the brokerage bonus game with that many assets.
That was my decision. I needed my ME assets so I could meet requirements for a transfer bonus at E-Trade. It wasn't worth the hassle of keeping yet another brokerage account open if it wasn't providing a worthwhile benefit.

DW still has PH status on 2 cards, for which I'm an AU. We set the categories to online purchases and dining which are, by far, the highest spending of all the 3% categories. We also switch categories strategically. E.g., we have to pay the balance of a travel package by the end of the month. We'll change the 3% category to travel before making the payment, then switch back to the online or dining at the beginning of the following month. We don't do that often but having 2 cards makes it flexible.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by khram »

sarabayo wrote: Thu Sep 09, 2021 7:23 pm
spammagnet wrote: Thu Sep 09, 2021 7:20 pm
khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
Probably this: https://www.paypal.com/us/smarthelp/art ... it-faq4240

i.e. a way to make non-online purchases look like online purchases for the purposes of determining your BoA credit card bonuses.
No, it's still an online purchase anyway, PP key just registers as a debit card, so there's a $3.95 fee instead of a 3% fee.
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