Bank of America/Merrill Edge - Preferred Rewards

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MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
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SS Rambo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SS Rambo »

MikeG62 wrote: Thu Mar 26, 2020 8:54 am Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

SS Rambo wrote: Thu Mar 26, 2020 10:11 am
MikeG62 wrote: Thu Mar 26, 2020 8:54 am Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.
That’s interesting since I suppose you could use the gift card to pay for airfare, which I don’t think would meet the definition of airline incidentals under their T&C’s. In fact, just read their brochure and it specifically excludes gift card purchases too :-). I suppose it all comes down to how the airline codes the charge.
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SS Rambo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SS Rambo »

MikeG62 wrote: Thu Mar 26, 2020 10:54 am
SS Rambo wrote: Thu Mar 26, 2020 10:11 am
MikeG62 wrote: Thu Mar 26, 2020 8:54 am Have people had success (or not so much) with incidental travel expenses being coded correctly by the merchant such that it qualifies for the statement credit (up to $100) on the premium rewards card?
This is the third year I used it on a $100 America Airlines gift card, never had an issue.
That’s interesting since I suppose you could use the gift card to pay for airfare, which I don’t think would meet the definition of airline incidentals under their T&C’s. In fact, just read their brochure and it specifically excludes gift card purchases too :-). I suppose it all comes down to how the airline codes the charge.
Yes, Nerdwallet and some other sites track which airlines code gift cards as incidentals for the purpose of BoA rewards. You could check there for the latest information.
vm81
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vm81 »

FrugalProfessor wrote: Wed Mar 25, 2020 7:20 pm
charis23 wrote: Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote: Wed Mar 04, 2020 11:30 am
vm81 wrote: Wed Mar 04, 2020 10:52 am
MisterBill wrote: Wed Mar 04, 2020 10:38 am
It counts as both. Just as Uber and Lyft count as both travel and online. For Costco, you can buy gift cards online and use them in the store to get the 5.25%.

For Cash Rewards, be sure to apply for different types of cards. They have an MLB card that is a Mastercard, Susan B.Komen Visa, WWF Visa and the regular CR Visa. I would give it some time between applying for the different cards.
Thats exactly what I was thinking - if costco.com counts as online shopping for 3% category - then I can just buy $2500 gift each quarter and be done with that card. Then can open another card or two for other categories. Is $200 bonus for account opening best it has ever had?
I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

vm81 wrote: Thu Apr 02, 2020 8:14 am
FrugalProfessor wrote: Wed Mar 25, 2020 7:20 pm
charis23 wrote: Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote: Wed Mar 04, 2020 11:30 am
vm81 wrote: Wed Mar 04, 2020 10:52 am

Thats exactly what I was thinking - if costco.com counts as online shopping for 3% category - then I can just buy $2500 gift each quarter and be done with that card. Then can open another card or two for other categories. Is $200 bonus for account opening best it has ever had?
I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?
It's by calendar date. 4/1 is the starr of a new quarter. Unused 5.25% space is not carried forward. Use it or lose it.
I blog here: https://www.frugalprofessor.com/
vm81
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vm81 »

FrugalProfessor wrote: Thu Apr 02, 2020 8:57 am
vm81 wrote: Thu Apr 02, 2020 8:14 am
FrugalProfessor wrote: Wed Mar 25, 2020 7:20 pm
charis23 wrote: Wed Mar 25, 2020 4:11 pm
FrugalProfessor wrote: Wed Mar 04, 2020 11:30 am

I have 4 versions of the cash rewards card (across my wife and me), opening the door for 10k of 5.25% rewards per quarter. I do precisely what you suggest; 100% of my Costco spend occurs via Costco Cash (rebranded as Costco Shop) card. Good for use in pharmacy, gas station, tire center, food court, eyeglasses kiosk, and of course normal warehouse purchases.

It's a bit of a nuissance carrying around the extra Costco Shop card in the wallet, but I think it's worth it for the incremental 1.75% cash back. Not too much of a hassle if you buy one with $2k (the max limit).

https://www.frugalprofessor.com/best-cr ... 9-edition/
Are you worried about theft or losing that Costco Cash card with a $2k balance?
The customer service desk has told me that they can cancel and reissue the card in the event of loss. Presumably this would only work with timely reporting. In the event of non timely reporting I suppose there would be a paper trail of what member stole your card.
Does anyone know how returns work with $2500 online spend per quarter limit. Do I get that spend limit back or I lose it? I would assume it will get tricky if you buy something in 1 quarter and return it in the next, but what about the same quarter?

And also is there a way to figure what quarter transaction counted towards?
It's by calendar date. 4/1 is the starr of a new quarter. Unused 5.25% space is not carried forward. Use it or lose it.
That I definitely understand. My concern is if transaction date is 3/31 but post date is 4/1 - I just wanted to make sure I understood how the program worked.

Any ideas about how returns are handled?
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
grtwallchina75
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by grtwallchina75 »

Thanks.

Is Wealth Management status gets less Credit Card cash back benefits vs Platinum Honors ?

I thought it was same, if not better ?
addicoe wrote: Thu Apr 02, 2020 11:25 am BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cowbman »

addicoe wrote: Thu Apr 02, 2020 11:25 am BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
Wealth Management means you have at least 250k.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

addicoe wrote: Thu Apr 02, 2020 11:25 am BofA may have recently made some sort of change to their program without telling people. I was recently dropped from preferred rewards for seemingly no reason. I noticed my cash back being wrong on my credit card and when I log in it says "Wealth Management". I called them up and they had to escalate since it didn't seem correct. I don't have enough money to qualify for wealth management so time will tell why I was dropped.
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Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

cowbman wrote: Thu Apr 02, 2020 1:38 pmWealth Management means you have at least 250k.
I have significantly more than $250K at Merrill and I'm still in the preferred rewards program. I think what might have happened is that the OP was for some reason switched from the self-directed Edge account to some kind of advisor-guided service.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cowbman »

Eno Deb wrote: Thu Apr 02, 2020 3:27 pm
cowbman wrote: Thu Apr 02, 2020 1:38 pmWealth Management means you have at least 250k.
I have significantly more than $250K at Merrill and I'm still in the preferred rewards program. I think what might have happened is that the OP was for some reason switched from the self-directed Edge account to some kind of advisor-guided service.
It's my understanding they automatically switch some people, but not everyone. I haven't heard or seen anything that seems to indicate who or why they switch.
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

So a quick update. The support agent I talked to put in a ticket for me a week ago and then suddenly I received an email today that says I'm enrolled in preferred rewards. I log in and it shows platinum honors like before, except I'm still under "wealth management". I then checked my pending cash back and it was all still wrong. So I will call them again to see if this can be resolved. I don't care about being in preferred rewards for wealth management as long as all my perks from the non wealth management preferred rewards are still there. Mainly the free trades with merrill edge (which is absent from their official documentation). Also, I still want them to reinstate a months worth of cash back bonus I didn't get.
grtwallchina75
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by grtwallchina75 »

Thanks addicoe

Why support phone number did you call ? Premium Rewards Support number ?

Why don't they honor the same CC rewards with Wealth Mgmt ? More balance yet less benefits ?

I may be in the same boat soon, unless, I move my Roth to Fidelity.
addicoe wrote: Fri Apr 10, 2020 6:29 pm So a quick update. The support agent I talked to put in a ticket for me a week ago and then suddenly I received an email today that says I'm enrolled in preferred rewards. I log in and it shows platinum honors like before, except I'm still under "wealth management". I then checked my pending cash back and it was all still wrong. So I will call them again to see if this can be resolved. I don't care about being in preferred rewards for wealth management as long as all my perks from the non wealth management preferred rewards are still there. Mainly the free trades with merrill edge (which is absent from their official documentation). Also, I still want them to reinstate a months worth of cash back bonus I didn't get.
jimmyg
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jimmyg »

According to the fine print in this factsheet, it seems like only the Premium Rewards card gets the 75% rewards bonus. The fact sheet also says Preferred Rewards for Wealth Management clients do not receive Merrill Edge self-directed commission waivers, but that might not matter since I thought all Merrill Edge self-directed clients now receive unlimited free trades...

I recently received an email welcoming me to Merrill Edge Premium Services. I think it's because my "qualifying Platinum Honors balance" just went above $250,000. If I get pushed to Preferred Rewards for Wealth Management and lose the 75% rewards bonus on my Cash Rewards cards, then I will demand to go back to Preferred Rewards Platinum Honors...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by grtwallchina75 »

How would you go back to Preferred Rewards Platinum Honors ?
jimmyg wrote: Fri Apr 10, 2020 8:45 pm According to the fine print in this factsheet, it seems like only the Premium Rewards card gets the 75% rewards bonus. The fact sheet also says Preferred Rewards for Wealth Management clients do not receive Merrill Edge self-directed commission waivers, but that might not matter since I thought all Merrill Edge self-directed clients now receive unlimited free trades...

I recently received an email welcoming me to Merrill Edge Premium Services. I think it's because my "qualifying Platinum Honors balance" just went above $250,000. If I get pushed to Preferred Rewards for Wealth Management and lose the 75% rewards bonus on my Cash Rewards cards, then I will demand to go back to Preferred Rewards Platinum Honors...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

jimmyg wrote: Fri Apr 10, 2020 8:45 pm According to the fine print in this factsheet, it seems like only the Premium Rewards card gets the 75% rewards bonus.
The wording in the link is definitely confusing, even misleading. It says "Premium Rewards cards" (plural) get the bonus. I think perhaps they mean that to also cover cards like the Cash Rewards card.I can verify from experience that I get 75% extra rewards from my Cash Rewards card (so 5.25% cash back on my chosen category) as a Platinum Honors member. I don't see where BoA calls this a "Premium Rewards" card though. (I do not have "the" Premium Rewards card, the one with the $95 annual fee.)
Last edited by 02nz on Fri Apr 10, 2020 10:12 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jimmyg »

confusedinvestor wrote: Fri Apr 10, 2020 9:48 pm How would you go back to Preferred Rewards Platinum Honors ?
Probably call the Preferred Rewards for Wealth Management phone number and tell them to revert back to Preferred Rewards Platinum Honors.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by mighty72 »

IIRC, we were offered to be upgraded to wealth management and we declined. Maybe just call them and ask them to remove you from wealth management and you want to self manage your Merrill Edge account
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jimmyg »

02nz wrote: Fri Apr 10, 2020 9:55 pm The wording in the link is definitely confusing, even misleading. It says "Premium Rewards cards" (plural) get the bonus. I think perhaps they mean that to also cover cards like the Cash Rewards card.I can verify from experience that I get 75% extra rewards from my Cash Rewards card (so 5.25% cash back on my chosen category) as a Platinum Honors member. I don't see where BoA calls this a "Premium Rewards" card though. (I do not have "the" Premium Rewards card, the one with the $95 annual fee.)
I would think/hope Preferred Rewards for Wealth Management clients get the 75% rewards bonus on their Cash Rewards and the Travel Rewards cards too. It would have been more helpful if the fact sheet mentioned other eligible credit cards instead of spending several sentences going over how the 75% rewards bonus works with the Premium Rewards card.

But based on addicoe's experience with cash back while being a Preferred Rewards for Wealth Management client, it sounds like the Cash Rewards--I assume that is the credit card addicoe has since "cash back bonus" was mentioned--loses the 75% rewards bonus...
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

Ok so another update. After almost 2 hours on the phone the saga continues. They went into my account and found that my cash rewards card was not enrolled but my premium rewards card was, so they re-enrolled my cash rewards card. They said that since they re-enrolled me in preferred rewards that it doesn't go into effect until May 2020. So they advised that I call them back in May and they will fix the cash back for all transactions on my two credit cards going back to when I was auto-dropped. I asked them to look into why I was dropped and on their system originally and it showed I was dropped for "does not meet requirements for preferred rewards", yet they also noted on that same day there was a note for "eligible for preferred rewards". So they think it was a glitch. Will I ever see my missing cash back? I will call back in May and hope they are true to their word. Also, now my Merrill Edge account shows "eligible for preferred rewards" and when I click it takes me to a page where I can enroll, which sends me over to bank of america side where I am already enrolled. So the two systems are still messed up for me it seems.

One last thing, when I log into my BofA account it shows "wealth management" in the corner but they said that just means that I have both a BofA account and a Merrill Edge account. This was new to me.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

addicoe wrote: Sat Apr 11, 2020 4:05 pm One last thing, when I log into my BofA account it shows "wealth management" in the corner but they said that just means that I have both a BofA account and a Merrill Edge account. This was new to me.
I think they are wrong. I believe you need at least $250k to have wealth management. (I don't have it.) I think what happened is your reached $250k, they bumped you to WM, which then dropped your credit card enrollment.
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

student wrote: Sat Apr 11, 2020 4:10 pm
addicoe wrote: Sat Apr 11, 2020 4:05 pm One last thing, when I log into my BofA account it shows "wealth management" in the corner but they said that just means that I have both a BofA account and a Merrill Edge account. This was new to me.
I think they are wrong. I believe you need at least $250k to have wealth management. (I don't have it.) I think what happened is your reached $250k, they bumped you to WM, which then dropped your credit card enrollment.
I never reached 250k. The wealth management at 250k they said is a different wealth management.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

addicoe wrote: Sat Apr 11, 2020 4:13 pm
student wrote: Sat Apr 11, 2020 4:10 pm
addicoe wrote: Sat Apr 11, 2020 4:05 pm One last thing, when I log into my BofA account it shows "wealth management" in the corner but they said that just means that I have both a BofA account and a Merrill Edge account. This was new to me.
I think they are wrong. I believe you need at least $250k to have wealth management. (I don't have it.) I think what happened is your reached $250k, they bumped you to WM, which then dropped your credit card enrollment.
I never reached 250k. The wealth management at 250k they said is a different wealth management.
Interesting.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

addicoe wrote: Sat Apr 11, 2020 4:05 pmOne last thing, when I log into my BofA account it shows "wealth management" in the corner but they said that just means that I have both a BofA account and a Merrill Edge account. This was new to me.
This is not normal. I have both BoA and ME accounts, and on the web site there is no mention of "wealth management" anywhere (only a "Preferred Rewards" logo in the upper right corner). And I have over $250K at ME.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

just got this email from Bank of America. I guess people won't have to worry about being downgraded as a result of their balances having dropped due to the stock market plunge.


We are here to help. We want to assure you that during this time your Preferred Rewards status won't change; therefore, we've temporarily postponed the annual program review process.

What this means to you

You’ll continue to receive the same level of benefits—even if your eligible balances drop below the minimum requirement. As always, you can still be moved to a higher tier if you qualify.

What you can expect

When we resume program reviews, we'll let you know in advance if there is a change in your membership status. If you continue to meet the qualifications for your tier, then there will be no change for you.

I want to personally thank you for being a valued client.

Take care,
Aron Levine's Signature.
Aron Levine

Head of Consumer Banking & Investments
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

How about people that were downgraded due to a glitch on BofA side lol.

So the saga continues. I spent another hour on the phone with BofA to try and get my preferred rewards status fixed and all my missing cash back returned. They said that the preferred rewards status was added again to both of my credit cards back last month (which is true). They then put in a request to their data team to manually adjust all my transactions to review them for the proper amount of cash back, which will take at least a week.

Interestingly I started getting my preferred rewards bonus again sometime last month, however up to now I am still not getting any bonus on my cash rewards card (even though they said I should be getting it on both). I asked them if it was because it said wealth management on my account and they said no I should get the bonus on all my cards.

Basically I think the guy I was talking with didn't know anything since I'm pretty sure I read in the terms somewhere that only the premium rewards card gets the bonus cash back if you are under wealth management. He said he could request I be removed from wealth management and I said to wait on that until after they manually adjust my transactions. I have a feeling I will be calling BofA back again for a part 4 in a few weeks since I will probably still be missing cash back on my cash rewards card.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

As an aside, I opened my Premium Rewards CC in February. BofA approved with credit limit of only $21,000. Since I intend to use as our general purpose CC, it would be typical for us to use more than 1/2 that credit limit near the end of the month (as charges from the prior month would still not have been paid and current month charges would be outstanding). I called BofA earlier this week and asked if they would consider increasing my credit limit as I did not want to use such a large % of the credit limit each month (as I've heard that can negatively impact ones credit score). Anyway, they CSR asked how much I wanted to increase the credit limit as he had to put in a request for a specific amount. I asked for an increase of 2/3rds (to $35,000). Increase was approved within seconds of his submitting the request.

He also said that there is no hard pull associated with the request. It is considered a maintenance request, so no need to unfreeze any CR's.
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Direwolf14
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Direwolf14 »

MikeG62 wrote: Sat May 02, 2020 10:12 am As an aside, I opened my Premium Rewards CC in February. BofA approved with credit limit of only $21,000. Since I intend to use as our general purpose CC, it would be typical for us to use more than 1/2 that credit limit near the end of the month (as charges from the prior month would still not have been paid and current month charges would be outstanding). I called BofA earlier this week and asked if they would consider increasing my credit limit as I did not want to use such a large % of the credit limit each month (as I've heard that can negatively impact ones credit score). Anyway, they CSR asked how much I wanted to increase the credit limit as he had to put in a request for a specific amount. I asked for an increase of 2/3rds (to $35,000). Increase was approved within seconds of his submitting the request.

He also said that there is no hard pull associated with the request. It is considered a maintenance request, so no need to unfreeze any CR's.
BoA can also re-allocate credit limits between cards without any impact to credit score. Both of my Cash Rewards cards were originally approved at $21,000 each, but that's really way too high to be useful with the $2500 per quarter spending cap. So instead of asking for a credit limit increase on my Premium Rewards card, I took $10k from each Cash Rewards card to get my Premium card up to $50k total (owed a lot of taxes that year).
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

I believe $21k is BofA's limit for initial approval credit limits. I've gotten three different cards from them with that same exact credit limit.
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Hyperchicken
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

That's interesting, I never realized that $21,000 is their standard limit. Last year I got travel rewards card with this exact limit.
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

The saga ends finally!

So I called BofA back and complained that I still didn't have my missing cash back/points and they opened a research request for me to investigate and adjust my account. A few more weeks goes by and nothing, so I call back again and they said that they sent me a letter in the mail with the results of my request. I never received the letter. They said that the request was closed because their research showed I was not eligible for preferred rewards so no adjustment was made. I then opened another research request asking to be provided with the specific reason why I was no longer eligible for preferred rewards (I was dropped completely, not even down to a lower tier). Well a few more weeks goes by and I finally get an adjustment for all my missing cash back and a voicemail to call them about my request. I call them back and they just tell me that they adjusted my account, but never told me why I was dropped (whether it was by my own fault or theirs).

Long story short, if you keep bothering them something will happen. In my case I got my cash back.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by grtwallchina75 »

Happy ending. So glad to hear.

I still feel BoA Prem Rewards are great, even if it could be painful such as your story
addicoe wrote: Thu May 28, 2020 6:04 pm The saga ends finally!

So I called BofA back and complained that I still didn't have my missing cash back/points and they opened a research request for me to investigate and adjust my account. A few more weeks goes by and nothing, so I call back again and they said that they sent me a letter in the mail with the results of my request. I never received the letter. They said that the request was closed because their research showed I was not eligible for preferred rewards so no adjustment was made. I then opened another research request asking to be provided with the specific reason why I was no longer eligible for preferred rewards (I was dropped completely, not even down to a lower tier). Well a few more weeks goes by and I finally get an adjustment for all my missing cash back and a voicemail to call them about my request. I call them back and they just tell me that they adjusted my account, but never told me why I was dropped (whether it was by my own fault or theirs).

Long story short, if you keep bothering them something will happen. In my case I got my cash back.
LifeIsGood
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by LifeIsGood »

I've got a -19,500 Rewards points balance due to a cancelled trip refund. My $95 annual fee just posted and I'm not sure if I'll be doing any traveling in the near future. Does anyone know if the cash I've collected from rewards points will be clawed back if I close the card?
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

LifeIsGood wrote: Fri May 29, 2020 6:36 am I've got a -19,500 Rewards points balance due to a cancelled trip refund. My $95 annual fee just posted and I'm not sure if I'll be doing any traveling in the near future. Does anyone know if the cash I've collected from rewards points will be clawed back if I close the card?
I haven't seen any data points on that. I know AmEx will charge you for the same situation. Honestly though, does it matter? I would feel like I owe that money, so if they don't chose to waive the negative balance, I would be OK with paying it.
LifeIsGood
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by LifeIsGood »

I agree about paying. I was just curious if anyone else ran into the same situation.
whodidntante wrote: Fri May 29, 2020 6:55 am
LifeIsGood wrote: Fri May 29, 2020 6:36 am I've got a -19,500 Rewards points balance due to a cancelled trip refund. My $95 annual fee just posted and I'm not sure if I'll be doing any traveling in the near future. Does anyone know if the cash I've collected from rewards points will be clawed back if I close the card?
I haven't seen any data points on that. I know AmEx will charge you for the same situation. Honestly though, does it matter? I would feel like I owe that money, so if they don't chose to waive the negative balance, I would be OK with paying it.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

LifeIsGood wrote: Fri May 29, 2020 6:36 am I've got a -19,500 Rewards points balance due to a cancelled trip refund. My $95 annual fee just posted and I'm not sure if I'll be doing any traveling in the near future. Does anyone know if the cash I've collected from rewards points will be clawed back if I close the card?
Can you downgrade to the no fee version?
Now Boarding
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Now Boarding »

LifeIsGood wrote: Fri May 29, 2020 6:36 am I've got a -19,500 Rewards points balance due to a cancelled trip refund. My $95 annual fee just posted and I'm not sure if I'll be doing any traveling in the near future. Does anyone know if the cash I've collected from rewards points will be clawed back if I close the card?
In my experience (going from Premium Rewards to Cash Rewards), no, BofA did not clawback the points.
rascott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rascott »

If you want the Premium Rewards card.. I'd suggest you get it sooner than later. Not sure how much longer it will be offered :sharebeer
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

rascott wrote: Mon Jun 01, 2020 11:56 am If you want the Premium Rewards card.. I'd suggest you get it sooner than later. Not sure how much longer it will be offered :sharebeer
Why do you think that?
rascott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rascott »

Leesbro63 wrote: Mon Jun 01, 2020 12:32 pm
rascott wrote: Mon Jun 01, 2020 11:56 am If you want the Premium Rewards card.. I'd suggest you get it sooner than later. Not sure how much longer it will be offered :sharebeer
Why do you think that?
I'll leave it at that. Not sure if 100% accurate or not.
Rustum
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rustum »

I am planning to open ME trading account and get preferred rewards status. Do i need to open BofA checking account as well? If we open joint trading account, both of us can take advantage of preferred reward status. Are there any good sweep options for money sitting in ME account?
Thanks
xerxes101
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by xerxes101 »

Rustum wrote: Tue Jun 16, 2020 2:02 pm I am planning to open ME trading account and get preferred rewards status. Do i need to open BofA checking account as well? If we open joint trading account, both of us can take advantage of preferred reward status. Are there any good sweep options for money sitting in ME account?
Thanks
In my experience the checking account is not a requirement but it is convenient to have for the following two reasons:

1. you can cash out the B of A credit card rewards and have them deposit it into your checking account (although you may simply opt for a statement credit depending on the type of cc you choose. For example, for the Travel Rewards cc, it makes more sense to use the reward points against travel expenditures).

2. once you you establish the preferred reward status and have an associated B of A checking account, the checking account comes with a debit card. and you never pay any ATM fees when using the debit card... not even in a foreign country. So in my opinion it is worth it (although one time they charged me a foreign country ATM fee and I had to credit the fee).

As far as I know, the sweep options at ME do not pay good interest rates (not a surprise these days). It may be worthwhile to find a short term bond/treasury ETF with stable value to get maximum amount of interest on your cash.
SS Rambo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SS Rambo »

I recently noticed they provide a 2% discount on currency exchange rates, and plan to take advantage of that before the next trip abroad. Has anyone looked into whether the quoted exchange rates at BoA are competitive (with or without the rewards discount)?
Rustum
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rustum »

xerxes101 wrote: Tue Jun 16, 2020 2:22 pm
In my experience the checking account is not a requirement but it is convenient to have for the following two reasons:

1. you can cash out the B of A credit card rewards and have them deposit it into your checking account (although you may simply opt for a statement credit depending on the type of cc you choose. For example, for the Travel Rewards cc, it makes more sense to use the reward points against travel expenditures).

2. once you you establish the preferred reward status and have an associated B of A checking account, the checking account comes with a debit card. and you never pay any ATM fees when using the debit card... not even in a foreign country. So in my opinion it is worth it (although one time they charged me a foreign country ATM fee and I had to credit the fee).

As far as I know, the sweep options at ME do not pay good interest rates (not a surprise these days). It may be worthwhile to find a short term bond/treasury ETF with stable value to get maximum amount of interest on your cash.
Thanks for the information. i am planning to open Joint trading account to invest our savings. That will give preferred rewards status for both if needed. We have IRA/Roth/HSA with Vanguard, Fidelity and Schwab. They have options to invest money sitting in trading account into VMFXX, SPRXX and SWVXX. Vanguard and Fidelity are keeping money automatically. With Schwab, i need to see SWVXX to cover my purchase. Is there any similar options in ML.
Thanks
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

rascott wrote: Mon Jun 01, 2020 2:35 pm
Leesbro63 wrote: Mon Jun 01, 2020 12:32 pm
rascott wrote: Mon Jun 01, 2020 11:56 am If you want the Premium Rewards card.. I'd suggest you get it sooner than later. Not sure how much longer it will be offered :sharebeer
Why do you think that?
I'll leave it at that. Not sure if 100% accurate or not.
I wouldn't be surprised. I'm sure BofA doesn't make any money off of the card considering the AF and amount of cash back you can rack up using it.
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

SS Rambo wrote: Tue Jun 16, 2020 2:48 pm I recently noticed they provide a 2% discount on currency exchange rates, and plan to take advantage of that before the next trip abroad. Has anyone looked into whether the quoted exchange rates at BoA are competitive (with or without the rewards discount)?
ATM once you land is less expensive. Schwab and fidelity offer accounts that refund atm surcharges, even abroad.
xerxes101
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by xerxes101 »

Rustum wrote: Tue Jun 16, 2020 2:58 pm
Thanks for the information. i am planning to open Joint trading account to invest our savings. That will give preferred rewards status for both if needed. We have IRA/Roth/HSA with Vanguard, Fidelity and Schwab. They have options to invest money sitting in trading account into VMFXX, SPRXX and SWVXX. Vanguard and Fidelity are keeping money automatically. With Schwab, i need to see SWVXX to cover my purchase. Is there any similar options in ML.
Thanks
Looks like the cash does automatically get swept into a money market account and you don't have to sell anything when you purchase securities ...but like I said don't expect much as far as returns.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

xerxes101 wrote: Tue Jun 16, 2020 2:22 pm In my experience the checking account is not a requirement
I don’t think this is correct. From the ME website:

There are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:
An eligible Bank of America personal checking account
Three-month average combined balances of $20,000 or more in qualifying Merrill investments accounts and/or Bank of America deposit accounts. Visit the Bank of America learning center for more information.

https://www.merrilledge.com/preferred-rewards
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