Bank of America/Merrill Edge - Preferred Rewards

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

Post by Lastrun »

Leesbro63 wrote: Tue Sep 22, 2020 3:16 pm
I get those calls and generally let them go to voicemail. They might call again but after I ignore them a few times they stop. Sometimes I'll email the "advisor du jour" (they come and go quickly) and let him know I got his call and I'm fine and will contact him if needed.
I talked to an ME guy at a BofA branch once. A couple of points I picked up.

If you go in to the branch with something complicated, they send you into the ME guy to sniff out money on the move (estates, medallions, etc.) instead of the regular bank people. This is not a bad thing since the ME reps are likely better trained and a bit more sophisticated than the rank and file teller folk.

The ME folks work in a branch or call center until they amass enough clients (book) and then they graduate to Merrill Lynch. He did not tell me AUM or number of clients required, but it is a fair model.

But neither he, or the call center folks, ever pushed--just more if there is anything they could help with or if I had anything to transfer in for a bonus. So soft sell.
silvergga
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by silvergga »

How many cash rewards cards (or other bonus eligible reward cards) do you have with BoA? Can you keep applying for and have multiple cash reward cards so you have much more than the $2500 quarterly limit?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

I don't know about a hard limit but I only have two. One was a direct application and one was a product change. This is in addition to the premium rewards card I have.

Your partner could do the same and double or triple up on a specific category depending on your monthly spend.

I use one of my cards as a rotating one in case there's a need for larger spend in home improvement or travel during a month that I haven't made a category change on.
somekevinguy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by somekevinguy »

likashing wrote: Wed Sep 23, 2020 4:29 pm How many cash rewards cards (or other bonus eligible reward cards) do you have with BoA? Can you keep applying for and have multiple cash reward cards so you have much more than the $2500 quarterly limit?
yes- we have 6 between my wife and me- there's the wildlife one, susan komen one, MLB one, regular cash rewards, a freedom/eagle one- so yes, you can have much more than the 2500 quarterly limit (we use most of ours for online, save one for gas/costco, and one that is flexible.
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

There are 5 variations of the Cash Reward card. Between spouses that's potentially 10 cards with $100,000 bonus spend a year. There are indirect ways to use these cards to pay for mortgage, Fed taxes, day to day spend & get the bonus.
Rocky77
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
MikeG62
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Location: New Jersey

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Real Knowledge Comes Only From Experience
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
+1

Also, OP you may want to start a new thread for this question as the best answer depends on your particular situation. Mostly it comes down to your Asset Allocation and what you want to do with the money. You said 30k is for an emergency fund; what do you intend the 50k for?

If it's for your retirement or other long-term retirement goal, invest the money per your AA.
Rocky77
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
Rocky77
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Joined: Thu Aug 27, 2020 6:40 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

sycamore wrote: Thu Sep 24, 2020 7:36 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
+1

Also, OP you may want to start a new thread for this question as the best answer depends on your particular situation. Mostly it comes down to your Asset Allocation and what you want to do with the money. You said 30k is for an emergency fund; what do you intend the 50k for?

If it's for your retirement or other long-term retirement goal, invest the money per your AA.
Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
snailderby
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by snailderby »

Rocky77 wrote: Thu Sep 24, 2020 8:26 am Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
Rocky, I've read several of your threads, one on you and your spouse's 401(k)s, one on HSAs, and one on BoA/Merrill. You may want to consider using one megathread to ask for advice so we have a complete picture of your finances and can answer your questions more holistically. You may get better advice that way. There is actually a template for asking portfolio questions on this forum that you can use if you find that helpful. In any event, welcome to this forum, and hope you find it helpful!
Rocky77
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

snailderby wrote: Thu Sep 24, 2020 8:46 am
Rocky77 wrote: Thu Sep 24, 2020 8:26 am Thanks, I will put up a new thread on this. 50k is for savings other than our 401ks and Roth IRAs. We dont have a taxable account since I am new to the boglehead forums. Thanks for your advice.
Rocky, I've read several of your threads, one on you and your spouse's 401(k)s, one on HSAs, and one on BoA/Merrill. You may want to consider using one megathread to ask for advice so we have a complete picture of your finances and can answer your questions more holistically. You may get better advice that way. There is actually a template for asking portfolio questions on this forum that you can use if you find that helpful. In any event, welcome to this forum, and hope you find it helpful!
Thanks. Yes I will put up a new thread about the overall scenario of our finances. I will keep the questions in this thread limited to the credit card/ BOA / ME part. Thanks again.
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Rocky77 wrote: Thu Sep 24, 2020 8:23 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
I have their Premium Rewards CC which functions differently from the card you are looking at. With the PR card, I get 2.625% cash back on every purchase (3.5% on travel and dining). The PR card carries a $95 annual fee.

To your question, I suppose you could download your monthly activity to excel and track your spend quite easily that way. You can also use the Spending and Budgeting tab on the BofA site (within the credit card account) to see what you have spent and on what. Note that I go the download to excel route so not all that familiar with the reporting on the BofA website.
Real Knowledge Comes Only From Experience
BashDash
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BashDash »

A previous poster mentioned paying the mortgage. Can this poster elaborate? I'm interested unless it is just for reaching the initial spend. How does the math work?
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
dstac
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dstac »

likashing wrote: Mon Sep 21, 2020 10:42 pm I qualify for Platinum through my IRA at ME. I have a 5.25% cashback cards and my spouse has another cashback card, but my spouse does not qualify for Platinum.

If we change my spouse's credit card to be a "joint" card, will it become another 5.25% cashback card?

It is probably more straight forward for me to get another card from BoA. Just wondering though.
Side note, you can hold multiple 5.25% back cards as an individual. This could allow you to have another one that is "your spouse's."
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
So how much do you save by jumping thru those hoops?
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

About 2.5%
Rocky77
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

MikeG62 wrote: Thu Sep 24, 2020 9:03 am
Rocky77 wrote: Thu Sep 24, 2020 8:23 am
MikeG62 wrote: Thu Sep 24, 2020 7:18 am
Rocky77 wrote: Thu Sep 24, 2020 7:05 am I have a BOA preferred rewards joint account with my wife with currently 80k sitting in the checking account. We are enrolled in Preferred Rewards platinum and also have 7k total with ME 529 for two kids. I want to keep 30k for emergency fund as this is our only bank account. What would be the best way to utilize the 50k remaining? What kind of account should i open with ME and where to invest? We have the Cash Rewards card ( one each) and try to maximize the rewards. Also, how do we track the 2,500$ max limit per quarter for the cash back? Thanks a lot for your advice.
Open a brokerage account (they call it a CMA) at Merrill Edge and consider investing the $50,000 into a short-term high quality bond fund. The yield won't be great, but it will be a lot better than what you are getting in your checking account at BofA.

I have both a CMA and IRA with Merrill Edge in order to secure Platinum Honors level status at BofA. The accounts were funded with transfers-in-kind of securities (not cash). So, no cash sitting in a place getting below market yields. I think from another post you indicated that you don't have sufficient securities in a place where you can get them to ME. As a result, you may need to go the short-term high grade bond fund route.
Thanks for the useful advice. I am new to this credit card preferred rewards cash back strategy, so do you know how to track if I am within the 2500$ spending limit for cash back ( I believe its all categories combined) , so do I just check my CC statement ( what are theIr quarters- Jan-Apr, May-Aug and sept- Dec)?
Thanks again for guiding a newbie
I have their Premium Rewards CC which functions differently from the card you are looking at. With the PR card, I get 2.625% cash back on every purchase (3.5% on travel and dining). The PR card carries a $95 annual fee.

To your question, I suppose you could download your monthly activity to excel and track your spend quite easily that way. You can also use the Spending and Budgeting tab on the BofA site (within the credit card account) to see what you have spent and on what. Note that I go the download to excel route so not all that familiar with the reporting on the BofA website.
Thanks for the info. I like to use the app on the phone or the ipad. Is there anyone who uses the app and can guide me as to how to track the 2500$ limit every quarter on the app? The quarters I am guessing are Jan- Apr, May-Aug and Sept- Dec?
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

Thanks for the info. I like to use the app on the phone or the ipad. Is there anyone who uses the app and can guide me as to how to track the 2500$ limit every quarter on the app? The quarters I am guessing are Jan- Apr, May-Aug and Sept- Dec?
[/quote]

There are 4 quarters, Jan-March, April to June, etc. There's a rewards tab on the app where you can keep track of bonus purchases.
presto987
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by presto987 »

VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
That is great - how did you get the Mastercard? I thought they only did Visas.
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

I asked to be issued the MasterCard version.
SpaethCo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SpaethCo »

VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

VCC wrote: Thu Sep 24, 2020 11:20 am I asked to be issued the MasterCard version.
Or in my case, I product changed a decades old MBNA Star Trek MasterCard to a Cash Rewards card. Yes, I don’t get the signup bonus that way, but it was a sock-drawered card anyway, so now it is available for extra room in the bonus categories.
Rocky77
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Rocky77 »

hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Rocky77 wrote: Thu Sep 24, 2020 12:24 pm
hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
The terms and conditions that come with the card outline the quarters. The BofA app lets me see my spending, by category, for current month, last month, last three months, last 12 months. I would expect the website does the same. Also, your statements outline your spending details.
hap_ca
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by hap_ca »

BrandonBogle wrote: Thu Sep 24, 2020 12:27 pm
Rocky77 wrote: Thu Sep 24, 2020 12:24 pm
hap_ca wrote: Thu Sep 24, 2020 11:51 am Is there a way to check your quarterly spend on the cash rewards card? When does it reset exactly? I got my card recently and charged $2500 on the 5.25% category but my billing cycle ends on October 8. I was hoping to take advantage of Q3 and Q4. Am I out of luck?
Thats my question too. How do i know the quarters and how do i track the 2500$ limit of spending limit for cash back? I called the CS and was on hold for 40 mins, then had to hang up due to work.
The terms and conditions that come with the card outline the quarters. The BofA app lets me see my spending, by category, for current month, last month, last three months, last 12 months. I would expect the website does the same. Also, your statements outline your spending details.
Good suggestion about checking the information that came with the card. It mentions calendar quarters and the next one starts October 1st. Based on this it sounds like the purchase I made that posted today should count towards the current quarter and I should be eligible for $2500 of bonus spend for the next quarter that starts on October 1st. The statement due date should not matter
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

hap_ca wrote: Thu Sep 24, 2020 12:41 pm Good suggestion about checking the information that came with the card. It mentions calendar quarters and the next one starts October 1st. Based on this it sounds like the purchase I made that posted today should count towards the current quarter and I should be eligible for $2500 of bonus spend for the next quarter that starts on October 1st. The statement due date should not matter
That is correct. Similarly, if you change categories today, October 1st would be when you can change categories again, not your statement date.
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

SpaethCo wrote: Thu Sep 24, 2020 11:27 am
VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
You can use a different card each month. Use 1 card for Jan, Apr, Jul, Oct. 2nd card used for Feb, May, Aug, Nov. 3rd card Mar, Jun, Sep, Dec.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

VCC wrote: Thu Sep 24, 2020 1:13 pm
SpaethCo wrote: Thu Sep 24, 2020 11:27 am
VCC wrote: Thu Sep 24, 2020 10:58 am
Leesbro63 wrote: Thu Sep 24, 2020 10:48 am
VCC wrote: Thu Sep 24, 2020 10:35 am I use the MasterCard versions of the Cash Rewards card on Plastiq to pay my mortgage using online shopping category. The Visa version won't work. There's a 2.85% Plastiq fee.
So how does this arbitrage on a 2.625% BofA card?
I use the 5.25% card.
With that category capped at $2500/quarter, isn't this basically capped at a $240/year benefit? (and only if you hit exactly $2500. If you go over, the rewards fall to 1.75% so you start losing money)
You can use a different card each month. Use 1 card for Jan, Apr, Jul, Oct. 2nd card used for Feb, May, Aug, Nov. 3rd card Mar, Jun, Sep, Dec.
I'll jump thru hoops for brokerage and credit card rewards, but this sounds like too much for too little.
VCC
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

BrandonBogle wrote: Thu Sep 24, 2020 7:14 pm
tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
But how is that relevant? If your bills are sent jointly, it doesn't matter whose card you use.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VCC »

B of A has a 2/3/4 rule that won't let someone order multiple cards at the same time. It would take over a year to get 3 cards, so if you wanted to use 3 cards to pay the mortgage or HELOC & another card or 2 for gas/groceries you could use your spouse's card(s) for that.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tj wrote: Thu Sep 24, 2020 7:16 pm
BrandonBogle wrote: Thu Sep 24, 2020 7:14 pm
tj wrote: Thu Sep 24, 2020 7:12 pm
VCC wrote: Thu Sep 24, 2020 2:46 pm If you only have 1 Cash Rewards card I wouldn't use it to pay the mortgage. But if you have multiple cards between spouses that are authorized users on each others cards, you can use them to pay the mortgage, Fed taxes, utilities, daily spend, etc.
Of what use is being an authorized user? Authorized user's don't double the caps for the bonus categories.
Legality of Person A using the credit card when Person B is the only one with their name on that credit card #, even if they are spouses.
But how is that relevant? If your bills are sent jointly, it doesn't matter whose card you use.
And let's say a husband and wife are having problems and planning for divorce. Would it not be an "issue" if one spouse is the other's credit card without authorization? I know it sounds esoteric, but there are valid uses for one spouse to be an authorized user of another's that has nothing to do with increasing the available spending room for bonus categories.
charis23
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by charis23 »

Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Nope, your note was the first I’d heard of this. I hope it doesn’t happen. Really enjoy the 2.625% cash back level.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Oh no.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jrbdmb »

charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Quick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.

This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
snailderby
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by snailderby »

jrbdmb wrote: Mon Dec 07, 2020 12:52 pm
charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Quick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.

This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
A 50% multiplier would still give you 4.5% on online shopping (or another bonus category), 3% on groceries, and 2.25% on everything else. If BoA took away the multiplier altogether, I would seriously consider switching to a straight 2% cashback card.
RevFran
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by RevFran »

I would also be likely to switch back — so they’d lose two prongs of my business to fidelity — I’d transfer the money I let sit in Merrill to fidelity, and I’d use the fidelity credit card all the time.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by deltaneutral83 »

The CFU at 1.5% UR becomes quite competitive with the BoA at 2.25% cash back on everyday non categorical purchases. Potentially another bonus for moving my ME taxable to Schwab/Etrade/TDaA/Fido etc. and get a nice signup bonus again, ME got wise and gave me about 60% retention of what the new accounts were offering to stay last year.
jrbdmb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jrbdmb »

This news prompted me to open a savings account at Alliant just in case ... I want to beat the flood of new account / credit card applications in case BoA really does take a hatchet to their Preferred Rewards program. (Alliant card is 2.5% cash back on all purchases, $99 AF.)

If they cut the bonus to 1.5x I probably keep the (no AF) Cash Rewards cards, but would definitely cancel the $95 Preferred Rewards.
Last edited by jrbdmb on Tue Dec 08, 2020 10:43 am, edited 3 times in total.
charis23
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by charis23 »

jrbdmb wrote: Mon Dec 07, 2020 12:52 pm
charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Quick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.

This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
Thanks. I'd probably also move away too in order to consolidate all my brokerages to one place, namely Schwab.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

snailderby wrote: Mon Dec 07, 2020 1:44 pm
jrbdmb wrote: Mon Dec 07, 2020 12:52 pm
charis23 wrote: Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Quick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.

This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
A 50% multiplier would still give you 4.5% on online shopping (or another bonus category), 3% on groceries, and 2.25% on everything else. If BoA took away the multiplier altogether, I would seriously consider switching to a straight 2% cashback card.
+1.

I was similarly disappointed when I saw that news. I'll stick around for 50% multiplier. I'll move my assets from Merrill Lynch if they revoke that multiplier altogether.

I'd be thrilled if they kept the 75% multiplier but increased the assets required from $100,000 to $250k or greater.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by runswithscissors »

Very disappointed to hear this. Have several hundred K in ME and will move it out in a heartbeat if they nix the PH rewards.
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