Apologies, should've noted that I was first tipped off to this because of frugalprofessor. He runs a great blog: https://frugalprofessor.com/FrugalProfessor wrote: ↑Mon Dec 07, 2020 5:57 pm+1.snailderby wrote: ↑Mon Dec 07, 2020 1:44 pmA 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.jrbdmb wrote: ↑Mon Dec 07, 2020 12:52 pmQuick 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%.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/
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 $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
I was similarly disappointed when I saw that news. I'll stick around for 50% multiplier. I'll move my assets from Merrill Lynch if they revoke that multiplier altogether.
I'd be thrilled if they kept the 75% multiplier but increased the assets required from $100,000 to $250k or greater.
Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
Are you saying that they announced that there will still be a 75% multiplier for accounts over $250K, or is this just your wishful thinking?FrugalProfessor wrote: ↑Mon Dec 07, 2020 5:57 pm+1.snailderby wrote: ↑Mon Dec 07, 2020 1:44 pmA 50% multiplier would still give you 4.5% on online shopping (or another bonus category), 3% on groceries, and 2.25% on everything else. If BoA took away the multiplier altogether, I would seriously consider switching to a straight 2% cashback card.jrbdmb wrote: ↑Mon Dec 07, 2020 12:52 pmQuick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.charis23 wrote: ↑Mon Dec 07, 2020 12:43 pm Has anyone else heard whether BofA is reducing their preferred rewards program? https://www.doctorofcredit.com/survey-b ... -5-25-etc/
This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
Nothing wishful about that thinking, That's going to cut a lot of people off.Leesbro63 wrote: ↑Tue Dec 08, 2020 3:26 pmAre you saying that they announced that there will still be a 75% multiplier for accounts over $250K, or is this just your wishful thinking?FrugalProfessor wrote: ↑Mon Dec 07, 2020 5:57 pm+1.snailderby wrote: ↑Mon Dec 07, 2020 1:44 pmA 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.jrbdmb wrote: ↑Mon Dec 07, 2020 12:52 pmQuick 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%.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/
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 $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
I was similarly disappointed when I saw that news. I'll stick around for 50% multiplier. I'll move my assets from Merrill Lynch if they revoke that multiplier altogether.
I'd be thrilled if they kept the 75% multiplier but increased the assets required from $100,000 to $250k or greater.
- FrugalProfessor
- Posts: 535
- Joined: Thu May 25, 2017 11:34 am
- Contact:
Re: Bank of America/Merrill Edge - Preferred Rewards
Completely wishful thinking. As is the reduction in the multiplier to 50%. Sorry for ambiguity.tj wrote: ↑Tue Dec 08, 2020 3:54 pmNothing wishful about that thinking, That's going to cut a lot of people off.Leesbro63 wrote: ↑Tue Dec 08, 2020 3:26 pmAre you saying that they announced that there will still be a 75% multiplier for accounts over $250K, or is this just your wishful thinking?FrugalProfessor wrote: ↑Mon Dec 07, 2020 5:57 pm+1.snailderby wrote: ↑Mon Dec 07, 2020 1:44 pmA 50% multiplier would still give you 4.5% on online shopping (or another bonus category), 3% on groceries, and 2.25% on everything else. If BoA took away the multiplier altogether, I would seriously consider switching to a straight 2% cashback card.jrbdmb wrote: ↑Mon Dec 07, 2020 12:52 pm
Quick summary is that BoA sent out a survey asking about potential changes to the Preferred Rewards program, and one proposed change is to reduce the Platinum Honors multiplier from 1.75x to 1.5x. That means that Cash Rewards categories could fall from 5.25% to 4.5%, and Premium Rewards cashback on all purchases could fall from 2.625% to 2.25%.
This will definitely affect whether I continue to pay $95 for the Premium Rewards when I can get 2% with no AF for Citi Double Cash. To be clear nothing has been announced yet, and perhaps new benefits could be added. I do hope BoA realizes how much $$$ they could lose from Merrill Edge if they devalue the Preferred Rewards program.
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.
I think the writing is on the wall and gravy train is ending. Bummer. RiP 5.25% off most of my life and the relative simplicity of it all (no rotating categories to bother with, etc).
But hopefully these rumors are completely unfounded?
I blog here: https://www.frugalprofessor.com/
Re: Bank of America/Merrill Edge - Preferred Rewards
Yeah, if it changes from 75% to 50%, I don't tink I would change a thing. Except Maybe go back to PenFed Cash Rewards to be my gas card.FrugalProfessor wrote: ↑Tue Dec 08, 2020 8:36 pmCompletely wishful thinking. As is the reduction in the multiplier to 50%. Sorry for ambiguity.tj wrote: ↑Tue Dec 08, 2020 3:54 pmNothing wishful about that thinking, That's going to cut a lot of people off.Leesbro63 wrote: ↑Tue Dec 08, 2020 3:26 pmAre you saying that they announced that there will still be a 75% multiplier for accounts over $250K, or is this just your wishful thinking?FrugalProfessor wrote: ↑Mon Dec 07, 2020 5:57 pm+1.snailderby wrote: ↑Mon Dec 07, 2020 1:44 pm 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.
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.
I think the writing is on the wall and gravy train is ending. Bummer. RiP 5.25% off most of my life and the relative simplicity of it all (no rotating categories to bother with, etc).
But hopefully these rumors are completely unfounded?
-
- Posts: 396
- Joined: Wed Sep 15, 2010 11:52 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Ditto. I don't like them as a company and will leave immediately after they stop being useful to me.runswithscissors wrote: ↑Tue Dec 08, 2020 3:28 am 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.
Re: Bank of America/Merrill Edge - Preferred Rewards
Has anyone heard anything new about whether the Preferred Rewards program is going to be canceled?
Re: Bank of America/Merrill Edge - Preferred Rewards
I don’t think anything has been announced. As recently as last month I’ve heard ads mentioning up to 5.25% back with the Cash Rewards card and Preferred Rewards.
If anything is announced or if there are any updated rumors I’m sure this thread will be updated shortly afterwards.
Re: Bank of America/Merrill Edge - Preferred Rewards
Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
-
- Posts: 1169
- Joined: Thu Dec 24, 2015 2:21 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
I think that the rumors were based on a survey that was sent out, at least the one where they would cut the multiplier from 75% to 50. While it doesn't mean that it won't happen, it also doesn't mean that it definitely will. They're probably just considering their options. Given that free trades are no longer a valuable benefit, you'd think they would want to enhance the program in other ways, not further cripple it.Lyrrad wrote: ↑Sat Jan 02, 2021 5:15 pmI don’t think anything has been announced. As recently as last month I’ve heard ads mentioning up to 5.25% back with the Cash Rewards card and Preferred Rewards.
If anything is announced or if there are any updated rumors I’m sure this thread will be updated shortly afterwards.
Re: Bank of America/Merrill Edge - Preferred Rewards
+1. Though it's not hard to imagine that BoA is losing money on the 5.25% category rewards, or the 2.625% rewards on everything with the Premium Rewards card. I agree we will get plenty of advance notice on any changes.MisterBill wrote: ↑Tue Feb 09, 2021 12:11 pmI think that the rumors were based on a survey that was sent out, at least the one where they would cut the multiplier from 75% to 50. While it doesn't mean that it won't happen, it also doesn't mean that it definitely will. They're probably just considering their options. Given that free trades are no longer a valuable benefit, you'd think they would want to enhance the program in other ways, not further cripple it.Lyrrad wrote: ↑Sat Jan 02, 2021 5:15 pmI don’t think anything has been announced. As recently as last month I’ve heard ads mentioning up to 5.25% back with the Cash Rewards card and Preferred Rewards.
If anything is announced or if there are any updated rumors I’m sure this thread will be updated shortly afterwards.
-
- Posts: 1039
- Joined: Tue Aug 04, 2020 2:13 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
removed by author
Last edited by BogleFan510 on Fri Jul 09, 2021 6:38 pm, edited 1 time in total.
-
- Posts: 161
- Joined: Tue Jan 16, 2018 12:12 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
Another option BofA might be considering is to increase the qualifying balance to earn the 75% multiplier. I agree that free trades aren't worth what they were several years ago when the program started. Maybe raise the qualifying balance for the top credit card multiplier. They could also ease the pain by throwing in free ACH transfers. I would like it if they included free outgoing wire transfers at some higher level. Citigold and Chase CPC are already at the $200k-$250k level. Citigold also has a Private Client level at $1,000,000 that has free outgoing wire transfers, no NSF fees and larger limits.MisterBill wrote: ↑Tue Feb 09, 2021 12:11 pmI think that the rumors were based on a survey that was sent out, at least the one where they would cut the multiplier from 75% to 50. While it doesn't mean that it won't happen, it also doesn't mean that it definitely will. They're probably just considering their options. Given that free trades are no longer a valuable benefit, you'd think they would want to enhance the program in other ways, not further cripple it.Lyrrad wrote: ↑Sat Jan 02, 2021 5:15 pmI don’t think anything has been announced. As recently as last month I’ve heard ads mentioning up to 5.25% back with the Cash Rewards card and Preferred Reward
If anything is announced or if there are any updated rumors I’m sure this thread will be updated shortly afterwards.
Platinum Honors requirements are quite low by comparison.
- JDCarpenter
- Posts: 1800
- Joined: Tue Sep 09, 2014 2:42 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
We've been sitting at 250+ (me) and 500+ (dw) for around six months with nothing changing. We have Merrill edge accounts, FWIW.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
-
- Posts: 161
- Joined: Tue Jan 16, 2018 12:12 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
When you get to 7 digits at Merrill Edge, you can receive Premium Elite. That includes a separate number, a designated representative etc. It's more for personalized service as opposed to free stuff. It definitely came in handy when handling my FILs estate.JDCarpenter wrote: ↑Tue Feb 09, 2021 1:45 pmWe've been sitting at 250+ (me) and 500+ (dw) for around six months with nothing changing. We have Merrill edge accounts, FWIW.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
-
- Posts: 296
- Joined: Thu Jun 07, 2007 12:56 am
Re: Bank of America/Merrill Edge - Preferred Rewards
What happens if you drop back down to 6 digits?ChicagoBear7 wrote: ↑Tue Feb 09, 2021 1:50 pm When you get to 7 digits at Merrill Edge, you can receive Premium Elite. That includes a separate number, a designated representative etc. It's more for personalized service as opposed to free stuff. It definitely came in handy when handling my FILs estate.
Re: Bank of America/Merrill Edge - Preferred Rewards
How many cash rewards credit cards are you allowed to maximize the 5% categories? Thanks!
Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you for the data point. I also have an edge account so I won’t hold my breath thenJDCarpenter wrote: ↑Tue Feb 09, 2021 1:45 pmWe've been sitting at 250+ (me) and 500+ (dw) for around six months with nothing changing. We have Merrill edge accounts, FWIW.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
-
- Posts: 161
- Joined: Tue Jan 16, 2018 12:12 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
No idea. I do not believe this is a "published program", so there are no defined rules. At least when we first qualified several years ago, one of my wife's accounts was the first to reach 7 digits. They indicated that family members could be added, so I got the status even though I was not yet at 7 digits. (We split our assets into separate trusts years ago when the estate tax exemption was @600k and my wife has left more jobs, and therefore has more 401k rollovers than me.)jpmorganfunds wrote: ↑Tue Feb 09, 2021 3:59 pmWhat happens if you drop back down to 6 digits?ChicagoBear7 wrote: ↑Tue Feb 09, 2021 1:50 pm When you get to 7 digits at Merrill Edge, you can receive Premium Elite. That includes a separate number, a designated representative etc. It's more for personalized service as opposed to free stuff. It definitely came in handy when handling my FILs estate.
-
- Posts: 1169
- Joined: Thu Dec 24, 2015 2:21 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
I have two plain and one MLB. I don't know that there is a limit.MisterBill wrote: ↑Tue Feb 09, 2021 4:54 pmAt least three. I could probably get more if I wanted. Just be sure to get one of each of the co-brands. So I have one plain, one MLB and one Susan G. Komen.
Re: Bank of America/Merrill Edge - Preferred Rewards
I was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
Re: Bank of America/Merrill Edge - Preferred Rewards
Would also be interested in hearing if the benefits exist without an advisor relationship. I've seen people get their plastic black Premium Rewards card upgraded to the metal version, but is there any benefit that actually matters?atdharris wrote: ↑Wed Feb 10, 2021 8:47 amI was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
Re: Bank of America/Merrill Edge - Preferred Rewards
I had no idea a metal version existed. I do believe the benefits did exist, at least a few years ago, without an advisor, but people lost free trades. Now that free trades are universal, I can't imagine Merrill would remove them if you are bumped up a tier.SS Rambo wrote: ↑Wed Feb 10, 2021 4:57 pmWould also be interested in hearing if the benefits exist without an advisor relationship. I've seen people get their plastic black Premium Rewards card upgraded to the metal version, but is there any benefit that actually matters?atdharris wrote: ↑Wed Feb 10, 2021 8:47 amI was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
Re: Bank of America/Merrill Edge - Preferred Rewards
My BofA premium rewards CC is gray not black, but I wonder what the criteria is for getting a metal version of the card (if that is still a thing)? I'll admit that metal cards have a certain coolness factor to them
Real Knowledge Comes Only From Experience
Re: Bank of America/Merrill Edge - Preferred Rewards
It’s still a thing, and I’m not 100% familiar with the exact criteria, but it also comes with a Merrill logo on the card (in addition to a metal composite). You definitely feel the difference.
https://www.ml.com/solutions/premium-re ... -card.html
Re: Bank of America/Merrill Edge - Preferred Rewards
I'll take your word for it that the card is metal. Otherwise it looks the same as mine, except for the Merrill logo (as you rightly point out). Benefits appear exactly the same as for premium rewards members who are Platinum Honors level status at BofA. So, does the extra $150,000 in investable assets at Merrill get one anything more WRT this card than a metal composite card?SS Rambo wrote: ↑Sat Feb 13, 2021 10:18 amIt’s still a thing, and I’m not 100% familiar with the exact criteria, but it also comes with a Merrill logo on the card (in addition to a metal composite). You definitely feel the difference.
https://www.ml.com/solutions/premium-re ... -card.html
Real Knowledge Comes Only From Experience
-
- Posts: 136
- Joined: Tue Aug 04, 2020 2:43 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Anyone happen to use a Bank of America preferred rewards credit card with the Microsoft company store? In the past, purchases there used to be categorized as online. However, I just made a purchase there last week, and it wasn't in the online category.
Obviously it's not a big deal, but it is mildly annoying. I wonder if there's an easy easy way to send a request for a category change. The only thing I've found is their main credit card help line.
Obviously it's not a big deal, but it is mildly annoying. I wonder if there's an easy easy way to send a request for a category change. The only thing I've found is their main credit card help line.
Re: Bank of America/Merrill Edge - Preferred Rewards
I ran into the same issue with an Apple purchase. The merchant title was literally “apple.com online shopping” but it didn’t register with BofA as online shopping. I remember calling to ask, and they put in a change order and it ended up being corrected. Annoying but fixable.euphonious wrote: ↑Sat Feb 13, 2021 8:11 pm Anyone happen to use a Bank of America preferred rewards credit card with the Microsoft company store? In the past, purchases there used to be categorized as online. However, I just made a purchase there last week, and it wasn't in the online category.
Obviously it's not a big deal, but it is mildly annoying. I wonder if there's an easy easy way to send a request for a category change. The only thing I've found is their main credit card help line.
- BrandonBogle
- Posts: 4467
- Joined: Mon Jan 28, 2013 10:19 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
I think you might mean the Cash Rewards credit card. If you did actually mean the Preferred Rewards card, may I ask why this matters to you? Wouldn’t the purchase have the same 2.625% earnings regardless of it being an online purchase or not?euphonious wrote: ↑Sat Feb 13, 2021 8:11 pm Anyone happen to use a Bank of America preferred rewards credit card with the Microsoft company store? In the past, purchases there used to be categorized as online. However, I just made a purchase there last week, and it wasn't in the online category.
I know the Cash Rewards card has an Online Shopping category, but I thought Premium Rewards has a higher tier for food and travel.
-
- Posts: 136
- Joined: Tue Aug 04, 2020 2:43 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks for the feedback and letting me know you were able to get them to change it. I'm more motivated to do something about it now!
Yes, you're right. I have two Cash Rewards credit cards, and the Preferred Rewards program is the only reason I signed up for those, so the two ended up being synonymous in my mind. Thanks for pointing that out!
(I have online shopping and restaurants as my two 5.25% categories on the Cash Rewards cards.)
Re: Bank of America/Merrill Edge - Preferred Rewards
So what are the chances that I could get that ML card in addition to the same BofA card? That $500 sign up bonus is enticing.
SS Rambo wrote: ↑Sat Feb 13, 2021 10:18 amIt’s still a thing, and I’m not 100% familiar with the exact criteria, but it also comes with a Merrill logo on the card (in addition to a metal composite). You definitely feel the difference.
https://www.ml.com/solutions/premium-re ... -card.html
Re: Bank of America/Merrill Edge - Preferred Rewards
I haven’t been automatically upgraded. Debating calling in based on previous threads of posters losing out on free trades.
atdharris wrote: ↑Wed Feb 10, 2021 8:47 amI was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
Re: Bank of America/Merrill Edge - Preferred Rewards
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.Shorty wrote: ↑Sun Feb 14, 2021 10:01 pm So what are the chances that I could get that ML card in addition to the same BofA card? That $500 sign up bonus is enticing.
SS Rambo wrote: ↑Sat Feb 13, 2021 10:18 amIt’s still a thing, and I’m not 100% familiar with the exact criteria, but it also comes with a Merrill logo on the card (in addition to a metal composite). You definitely feel the difference.
https://www.ml.com/solutions/premium-re ... -card.html
Re: Bank of America/Merrill Edge - Preferred Rewards
Wait, what? The only reason I opened a Schwab account is for the global ATM reimbursement. The Preferred Rewards page says "in the U.S. and U.S. territories".atdharris wrote: ↑Wed Feb 10, 2021 8:47 amI was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not
(https://web.archive.org/web/20210129052 ... ed-rewards)4 Preferred Rewards Platinum and Platinum Honors tiers members using a Bank of America® debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, balance inquiries and balance transfers (1 each per statement cycle for Platinum tier members, unlimited for Platinum Honors tier members) from non-Bank of America ATMs in the U.S. and U.S. territories.
Where can I find fine print for international ATM fee reimburesement? (To be fair, the Schwab works great; I don't even carry my BofA ATM card any more, and I risk manage it being a debit card by keeping a nominal balance in the account.)
-
- Posts: 296
- Joined: Thu Jun 07, 2007 12:56 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Cash Rewards gets you 5.25%BrandonBogle wrote: ↑Sun Feb 14, 2021 11:05 am I think you might mean the Cash Rewards credit card. If you did actually mean the Preferred Rewards card, may I ask why this matters to you? Wouldn’t the purchase have the same 2.625% earnings regardless of it being an online purchase or not?
-
- Posts: 1428
- Joined: Wed Oct 14, 2020 1:52 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Recall seeing this before. Yeah requires $250k in assets, cash, etc.. Found it here:lairdb wrote: ↑Mon Feb 15, 2021 6:56 pmWait, what? The only reason I opened a Schwab account is for the global ATM reimbursement. The Preferred Rewards page says "in the U.S. and U.S. territories".atdharris wrote: ↑Wed Feb 10, 2021 8:47 amI was wondering this too. The only benefit I'd care about if I got bumped was free international ATM withdrawals. I remember years ago, some people here were automatically bumped up, but I am not sure if that is still going on. I should clear the $250k average next month unless the market crashes.hap_ca wrote: ↑Thu Feb 04, 2021 7:51 pm Has anyone been bumped to the “Wealth Management “ tier recently for having a balance over $250k? I had that previously and I think you get a separate line to call for better support. I’m not sure if they’re only doing it for customers with managed Merrill accounts or not(https://web.archive.org/web/20210129052 ... ed-rewards)4 Preferred Rewards Platinum and Platinum Honors tiers members using a Bank of America® debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, balance inquiries and balance transfers (1 each per statement cycle for Platinum tier members, unlimited for Platinum Honors tier members) from non-Bank of America ATMs in the U.S. and U.S. territories.
Where can I find fine print for international ATM fee reimburesement? (To be fair, the Schwab works great; I don't even carry my BofA ATM card any more, and I risk manage it being a debit card by keeping a nominal balance in the account.)
https://www.ml.com/solutions/preferred- ... ement.htmlTravel without compromise
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
- BrandonBogle
- Posts: 4467
- Joined: Mon Jan 28, 2013 10:19 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes, you’ve made the same point I did. 5.25% is for the Cash Rewards card. euphonious has already responded saying s/he misspoke and meant the Cash Rewards card as I suspected.jpmorganfunds wrote: ↑Mon Feb 15, 2021 7:10 pmCash Rewards gets you 5.25%BrandonBogle wrote: ↑Sun Feb 14, 2021 11:05 am I think you might mean the Cash Rewards credit card. If you did actually mean the Preferred Rewards card, may I ask why this matters to you? Wouldn’t the purchase have the same 2.625% earnings regardless of it being an online purchase or not?
euphonious wrote: ↑Sun Feb 14, 2021 12:11 pmYes, you're right. I have two Cash Rewards credit cards, and the Preferred Rewards program is the only reason I signed up for those, so the two ended up being synonymous in my mind. Thanks for pointing that out!
(I have online shopping and restaurants as my two 5.25% categories on the Cash Rewards cards.)
Re: Bank of America/Merrill Edge - Preferred Rewards
Based on their web site, they don’t reimburse international ATM fees, only domestic ones. In my experience, in some countries it is uncommon for ATMs to charge withdrawal/transaction fees. Personally I used other accounts that reimburse international ATM fees such as Fidelity Cash Management or Schwab, so I don’t plan to use BoA for international ATM withdrawals.tomsense76 wrote: ↑Mon Feb 15, 2021 7:21 pmRecall seeing this before. Yeah requires $250k in assets, cash, etc.. Found it here:
Travel without compromise
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.
https://www.ml.com/solutions/preferred- ... ement.html
Re: Bank of America/Merrill Edge - Preferred Rewards
Regarding foreign ATM fees, Schwab is best for no balance reqs. Transferwise might be useful. Also, no fees for Chase Sapphire ($75k), Private Client ($250k). They have a military version with lower requirements (but direct deposit) as well.
Lyrrad wrote: ↑Mon Feb 15, 2021 8:14 pmBased on their web site, they don’t reimburse international ATM fees, only domestic ones. In my experience, in some countries it is uncommon for ATMs to charge withdrawal/transaction fees. Personally I used other accounts that reimburse international ATM fees such as Fidelity Cash Management or Schwab, so I don’t plan to use BoA for international ATM withdrawals.tomsense76 wrote: ↑Mon Feb 15, 2021 7:21 pmRecall seeing this before. Yeah requires $250k in assets, cash, etc.. Found it here:
Travel without compromise
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.
https://www.ml.com/solutions/preferred- ... ement.html
Re: Bank of America/Merrill Edge - Preferred Rewards
It says on the website that Preferred Rewards for WM also includes international ATM fees and no FTFs using your debit card. That seems to be the only additional perk, but it's still unclear if you are auto enrolled into that program or not. It seems to be random, and I won't be calling the bank to ask or they'll try to push an advisor on me.Lyrrad wrote: ↑Mon Feb 15, 2021 8:14 pmBased on their web site, they don’t reimburse international ATM fees, only domestic ones. In my experience, in some countries it is uncommon for ATMs to charge withdrawal/transaction fees. Personally I used other accounts that reimburse international ATM fees such as Fidelity Cash Management or Schwab, so I don’t plan to use BoA for international ATM withdrawals.tomsense76 wrote: ↑Mon Feb 15, 2021 7:21 pmRecall seeing this before. Yeah requires $250k in assets, cash, etc.. Found it here:
Travel without compromise
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.
https://www.ml.com/solutions/preferred- ... ement.html
Re: Bank of America/Merrill Edge - Preferred Rewards
I can't find a citation for this on the website. While ATM fees are not charged by Bank of America (with the Platinum Honors Preferred Rewards tier) for any ATM, and US ATM fees are reimbursed, I don't see an indication that international ATM fees (charged by the ATM or ATM network) are reimbursed.atdharris wrote: ↑Tue Feb 16, 2021 11:11 am It says on the website that Preferred Rewards for WM also includes international ATM fees and no FTFs using your debit card. That seems to be the only additional perk, but it's still unclear if you are auto enrolled into that program or not. It seems to be random, and I won't be calling the bank to ask or they'll try to push an advisor on me.
https://www.ml.com/solutions/preferred-rewards-for-wealth-management.html wrote:Pay no monthly maintenance fees, and enjoy unlimited, no-fee ATM banking at non-Bank of America ATMs throughout the U.S.
[...]
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.
https://mlaem.fs.ml.com/content/dam/ml/articles/pdf/ml_preferred-rewards-for-wealth-management-fact-sheet.pdf wrote: Third-party fees may be assessed by the ATM operator or network at international ATMs
Re: Bank of America/Merrill Edge - Preferred Rewards
I just interpreted the last statement to mean that the ATM operator may charge a fee, but BofA would reimburse just as they do in the US.Lyrrad wrote: ↑Tue Feb 16, 2021 11:31 amI can't find a citation for this on the website. While ATM fees are not charged by Bank of America (with the Platinum Honors Preferred Rewards tier) for any ATM, and US ATM fees are reimbursed, I don't see an indication that international ATM fees (charged by the ATM or ATM network) are reimbursed.atdharris wrote: ↑Tue Feb 16, 2021 11:11 am It says on the website that Preferred Rewards for WM also includes international ATM fees and no FTFs using your debit card. That seems to be the only additional perk, but it's still unclear if you are auto enrolled into that program or not. It seems to be random, and I won't be calling the bank to ask or they'll try to push an advisor on me.
https://www.ml.com/solutions/preferred-rewards-for-wealth-management.html wrote:Pay no monthly maintenance fees, and enjoy unlimited, no-fee ATM banking at non-Bank of America ATMs throughout the U.S.
[...]
Get more from every trip with no foreign exchange transaction or Bank of America ATM fees when using your Bank of America debit card while traveling internationally.https://mlaem.fs.ml.com/content/dam/ml/articles/pdf/ml_preferred-rewards-for-wealth-management-fact-sheet.pdf wrote: Third-party fees may be assessed by the ATM operator or network at international ATMs
Re: Bank of America/Merrill Edge - Preferred Rewards
Has anyone ever taken advantage of the golf tickets perk with the PGA cash rewards card? Can you sell them if you can't go?
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes. TPC rewards. I think it also gets you a discount on tpc courses
-
- Posts: 73
- Joined: Mon Dec 26, 2016 2:04 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
I am moving enough money to Merrill Edge from Vanguard to qualify for Preferred Rewards. I was only doing it for the bonus, but now I am reading through this thread and, besides being sad I did not read it before converting VTSAX to the ETF since it seems ME may have taken their admiral shares, I am noticing how beneficial this program could be for me as it is currently constituted.
1. I pay my condo fee via an ACH transfer directly from my checking account since it is free. A credit card charge is 2.5% through their online portal. If I apply for a BoA Cash Rewards card and choose online as my rotating category each month, does anyone know if my condo fee would likely count for online? It would effectively give me $30+ back a month in rewards without me changing any of my current spend. Even if I kept all other spend the same (I just use the 2% Fido cashback for everything), I'd earn the $200 bonus and then around ~$375 a year in cash back just from this!
2. I opened up a BoA checking account in 2019 for a bonus. I followed all the rules and completely closed it out once I collected the bonus and waited the requisite time. Do I need to open up another checking account to fully take advantage of Preferred Rewards? Or is it only necessary if I wanted something like to get a free safety deposit box? Could I even get the credit cards without banking directly with BoA?
2A. If I do want to open up a BoA account, what is the best way to do it? All three versions say they are free with Preferred Rewards:
https://www.bankofamerica.com/deposits/ ... e-banking/
Since I am wholly satisfied with using Schwab for all my checking needs, am I correct in thinking the "Bank of America Advantage SafeBalance Banking" option is the one to open since it only requires a $25 deposit and the other two require $100? Or is there no minimum daily balance required since I will be Preferred Rewards and I should just get the Relationship Banking since it has a few more features (in case I ever decided to actually bank with them) and I can transfer out my deposit after it is open and have $0 or like $1 in there?
3. Since my 100k+ is already en route to Merrill Edge and will be there by next week, I think I qualify for the Preferred Rewards come whenever they check status in early March (since 1/3 of the balance I transferred is over the minimum for gold). Would it make sense to just wait until after that date to then open the BoA checking account and/or the credit cards so it just shows I am preferred from the start? Or for the credit cards would I need to have them open themselves for a few months to max out the rewards regardless of having the cash parked at ME already?
Thanks everyone!
1. I pay my condo fee via an ACH transfer directly from my checking account since it is free. A credit card charge is 2.5% through their online portal. If I apply for a BoA Cash Rewards card and choose online as my rotating category each month, does anyone know if my condo fee would likely count for online? It would effectively give me $30+ back a month in rewards without me changing any of my current spend. Even if I kept all other spend the same (I just use the 2% Fido cashback for everything), I'd earn the $200 bonus and then around ~$375 a year in cash back just from this!
2. I opened up a BoA checking account in 2019 for a bonus. I followed all the rules and completely closed it out once I collected the bonus and waited the requisite time. Do I need to open up another checking account to fully take advantage of Preferred Rewards? Or is it only necessary if I wanted something like to get a free safety deposit box? Could I even get the credit cards without banking directly with BoA?
2A. If I do want to open up a BoA account, what is the best way to do it? All three versions say they are free with Preferred Rewards:
https://www.bankofamerica.com/deposits/ ... e-banking/
Since I am wholly satisfied with using Schwab for all my checking needs, am I correct in thinking the "Bank of America Advantage SafeBalance Banking" option is the one to open since it only requires a $25 deposit and the other two require $100? Or is there no minimum daily balance required since I will be Preferred Rewards and I should just get the Relationship Banking since it has a few more features (in case I ever decided to actually bank with them) and I can transfer out my deposit after it is open and have $0 or like $1 in there?
3. Since my 100k+ is already en route to Merrill Edge and will be there by next week, I think I qualify for the Preferred Rewards come whenever they check status in early March (since 1/3 of the balance I transferred is over the minimum for gold). Would it make sense to just wait until after that date to then open the BoA checking account and/or the credit cards so it just shows I am preferred from the start? Or for the credit cards would I need to have them open themselves for a few months to max out the rewards regardless of having the cash parked at ME already?
Thanks everyone!
-
- Posts: 580
- Joined: Mon Jun 16, 2014 10:44 am
Re: Bank of America/Merrill Edge - Preferred Rewards
Depends on what your condo fee is categorized. If you've paid it in the past with a CC, look up the category. My guess is that it would not count as online. Hopefully I'm wrong. You could always do a test of $1 to see what it is.sassy_penguin wrote: ↑Fri Feb 19, 2021 6:27 pm I am moving enough money to Merrill Edge from Vanguard to qualify for Preferred Rewards. I was only doing it for the bonus, but now I am reading through this thread and, besides being sad I did not read it before converting VTSAX to the ETF since it seems ME may have taken their admiral shares, I am noticing how beneficial this program could be for me as it is currently constituted.
1. I pay my condo fee via an ACH transfer directly from my checking account since it is free. A credit card charge is 2.5% through their online portal. If I apply for a BoA Cash Rewards card and choose online as my rotating category each month, does anyone know if my condo fee would likely count for online? It would effectively give me $30+ back a month in rewards without me changing any of my current spend. Even if I kept all other spend the same (I just use the 2% Fido cashback for everything), I'd earn the $200 bonus and then around ~$375 a year in cash back just from this!
You can get credit cards without banking with BoA. I did even before I got into Preferred Rewards. I believe Preferred Rewards requires you to have a checking account. I opened the SafeBalance to qualify.2. I opened up a BoA checking account in 2019 for a bonus. I followed all the rules and completely closed it out once I collected the bonus and waited the requisite time. Do I need to open up another checking account to fully take advantage of Preferred Rewards? Or is it only necessary if I wanted something like to get a free safety deposit box? Could I even get the credit cards without banking directly with BoA?
2A. If I do want to open up a BoA account, what is the best way to do it? All three versions say they are free with Preferred Rewards:
https://www.bankofamerica.com/deposits/ ... e-banking/
https://www.bankofamerica.com/preferred-rewards/faq/
"All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts."
I keep exactly $0 in my checking all the time unless I'm redeeming credit card rewards to it or transferring dividends from Merrill.Since I am wholly satisfied with using Schwab for all my checking needs, am I correct in thinking the "Bank of America Advantage SafeBalance Banking" option is the one to open since it only requires a $25 deposit and the other two require $100? Or is there no minimum daily balance required since I will be Preferred Rewards and I should just get the Relationship Banking since it has a few more features (in case I ever decided to actually bank with them) and I can transfer out my deposit after it is open and have $0 or like $1 in there?
I would open the checking account asap so you can qualify for Preferred Rewards sooner at the highest tier so your CC spending earns up to 5.25% (cash rewards) or 3.5% for the Premium Rewards or 2.625% for Travel Rewards.3. Since my 100k+ is already en route to Merrill Edge and will be there by next week, I think I qualify for the Preferred Rewards come whenever they check status in early March (since 1/3 of the balance I transferred is over the minimum for gold). Would it make sense to just wait until after that date to then open the BoA checking account and/or the credit cards so it just shows I am preferred from the start? Or for the credit cards would I need to have them open themselves for a few months to max out the rewards regardless of having the cash parked at ME already?
Thanks everyone!
-
- Posts: 73
- Joined: Mon Dec 26, 2016 2:04 pm
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks for your response! Good idea on paying $1 right now with my CC just to see how it processes!stilllurking wrote: ↑Fri Feb 19, 2021 6:38 pm
Depends on what your condo fee is categorized. If you've paid it in the past with a CC, look up the category. My guess is that it would not count as online. Hopefully I'm wrong. You could always do a test of $1 to see what it is.
https://www.bankofamerica.com/preferred-rewards/faq/
"All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts."
I keep exactly $0 in my checking all the time unless I'm redeeming credit card rewards to it or transferring dividends from Merrill.Since I am wholly satisfied with using Schwab for all my checking needs, am I correct in thinking the "Bank of America Advantage SafeBalance Banking" option is the one to open since it only requires a $25 deposit and the other two require $100? Or is there no minimum daily balance required since I will be Preferred Rewards and I should just get the Relationship Banking since it has a few more features (in case I ever decided to actually bank with them) and I can transfer out my deposit after it is open and have $0 or like $1 in there?
I would open the checking account asap so you can qualify for Preferred Rewards sooner at the highest tier so your CC spending earns up to 5.25% (cash rewards) or 3.5% for the Premium Rewards or 2.625% for Travel Rewards.
So, dumb question. How long will it take BoA to sync up or acknowledge I have Preferred Rewards qualifications? Until that happens, it looks like I'd owe the $4.95 maintenance fee for the SafeBalance account. Or should the system recognize immediately since the ME account would be linked and it would be fine?
If not, I guess I could do the Relationship Banking since I found this part on another FAQ (https://www.bankofamerica.com/deposits/ ... d-balances):
When you maintain a combined balance of at least $10,000 or more each statement cycle on your Bank of America Advantage Relationship Banking® account, the monthly maintenance fee is waived. Combined balances include:
The average daily balance in eligible linked checking and savings accounts for the statement cycle
The current balances in linked personal CDs and IRAs at the end of the Advantage Relationship Banking statement cycle
The current balance (2 business days before the end of the Advantage Relationship Banking statement cycle) in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts
-
- Posts: 580
- Joined: Mon Jun 16, 2014 10:44 am
Re: Bank of America/Merrill Edge - Preferred Rewards
sassy_penguin wrote: ↑Fri Feb 19, 2021 7:14 pmThanks for your response! Good idea on paying $1 right now with my CC just to see how it processes!stilllurking wrote: ↑Fri Feb 19, 2021 6:38 pm
Depends on what your condo fee is categorized. If you've paid it in the past with a CC, look up the category. My guess is that it would not count as online. Hopefully I'm wrong. You could always do a test of $1 to see what it is.
https://www.bankofamerica.com/preferred-rewards/faq/
"All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts."
I keep exactly $0 in my checking all the time unless I'm redeeming credit card rewards to it or transferring dividends from Merrill.Since I am wholly satisfied with using Schwab for all my checking needs, am I correct in thinking the "Bank of America Advantage SafeBalance Banking" option is the one to open since it only requires a $25 deposit and the other two require $100? Or is there no minimum daily balance required since I will be Preferred Rewards and I should just get the Relationship Banking since it has a few more features (in case I ever decided to actually bank with them) and I can transfer out my deposit after it is open and have $0 or like $1 in there?
I would open the checking account asap so you can qualify for Preferred Rewards sooner at the highest tier so your CC spending earns up to 5.25% (cash rewards) or 3.5% for the Premium Rewards or 2.625% for Travel Rewards.
So, dumb question. How long will it take BoA to sync up or acknowledge I have Preferred Rewards qualifications? Until that happens, it looks like I'd owe the $4.95 maintenance fee for the SafeBalance account. Or should the system recognize immediately since the ME account would be linked and it would be fine?
If not, I guess I could do the Relationship Banking since I found this part on another FAQ (https://www.bankofamerica.com/deposits/ ... d-balances):When you maintain a combined balance of at least $10,000 or more each statement cycle on your Bank of America Advantage Relationship Banking® account, the monthly maintenance fee is waived. Combined balances include:
The average daily balance in eligible linked checking and savings accounts for the statement cycle
The current balances in linked personal CDs and IRAs at the end of the Advantage Relationship Banking statement cycle
The current balance (2 business days before the end of the Advantage Relationship Banking statement cycle) in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts
It took me 3 months to get Platinum Honors status in 2019. Even though I transferred $200K in. They did charge the $4.95 fee but they refunded it after I asked. If you're in no rush, then you can let your ME account settle for 2-3 months and then open up the checking account. Though, I think you're probably looking for a bonus so if you don't feel like asking for the refund, then one of the other options may be better with the minimum balance. Keep in mind, they're not paying much, if anything on your $10K.