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."
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 keep exactly $0 in my checking all the time unless I'm redeeming credit card rewards to it or transferring dividends from Merrill.
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.
Thanks for your response! Good idea on paying $1 right now with my CC just to see how it processes!
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?
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.
stilllurking wrote: ↑Fri Feb 19, 2021 7:49 pm
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.
Thanks again. You are very helpful and I appreciate it.
I am in no rush for any of these other benefits. Just excited that they exist! So I think I will just wait until ME has settled and then open up the checking account. This way I have time to look more closely at the math on the different credit cards and see if one does the trick or if some combo would better fit my needs.
I used the mid-tier Advantage account and just had a partial direct deposit go into it until my Preferred Rewards Platinum status was reflected. This was I didn’t need to engage to ask for a fee refund if things didn’t get set up in time.
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."
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 keep exactly $0 in my checking all the time unless I'm redeeming credit card rewards to it or transferring dividends from Merrill.
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.
Thanks for your response! Good idea on paying $1 right now with my CC just to see how it processes!
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?
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.
You should check, but I believe you need a checking account to qualify for Preferred Rewards.
AnEngineer wrote: ↑Sat Feb 20, 2021 7:37 am
You should check, but I believe you need a checking account to qualify for Preferred Rewards.
I did mention to the OP about that upstream. Though the offer they are participating in didn't mention the need for Preferred Rewards. https://www.merrilledge.com/offers/me1000
That way they'll still get the bonus and can wait the three months to get a high enough balance, open the SafeBalance checking with no fee and not need the higher tiered accounts to waive the initial fee.
sassy_penguin wrote: ↑Fri Feb 19, 2021 6:27 pm
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!
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.
The merchant category came back as "REAL ESTATE AGENTS AND MANAGERS-RENTALS" which is too bad. The only reference to online was under purchase method where it said "Online, Mail, or Phone." Oh well, it was worth a try, haha.
Strangely, I checked something else purchased online at a ".com" address that still had a Merchant Category other than "online" listed.
Regardless, at least it simplifies the credit card aspect. Since the surcharge for the condo fee is 2.5%, and either the Travel Rewards or Premium Rewards could still give me just over $7 a month for paying my condo fee, I guess the dream is not fully dead once I am in the highest category for Preferred Rewards if I decide it is worth the trouble to switch over my payment
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: ↑Wed Feb 10, 2021 4:57 pmI've seen people get their plastic black Premium Rewards card upgraded to the metal version, but is there any benefit that actually matters?
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
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
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
sassy_penguin wrote: ↑Mon Feb 22, 2021 9:09 pm
The merchant category came back as "REAL ESTATE AGENTS AND MANAGERS-RENTALS" which is too bad. The only reference to online was under purchase method where it said "Online, Mail, or Phone." Oh well, it was worth a try, haha.
Strangely, I checked something else purchased online at a ".com" address that still had a Merchant Category other than "online" listed.
The category is different from whether it's considered an online charge (or not). It's always going to have a category. According to the program document (linked below) your charge category WOULD count towards the 3%/5.25% rebate on the Cash Rewards card. But a bigger problem for you is likely that you won't get the 5.25% on more than $2500 in charges per quarter. So unless your rent is really cheap, it's not going to cover the full amount.
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.
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
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
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
With phone apps and online purchases, it is rare for me to ever pull out a physical credit card. Once when a card was replaced I destroyed the old "metal" one. If there as any metal in ot, it must have been a trace. It cut up just like plastic. Not that I cared. I have never had a credit card wear out.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either |
--Swedroe |
We assume that markets are efficient, that prices are right |
--Fama
sassy_penguin wrote: ↑Mon Feb 22, 2021 9:09 pm
The merchant category came back as "REAL ESTATE AGENTS AND MANAGERS-RENTALS" which is too bad. The only reference to online was under purchase method where it said "Online, Mail, or Phone." Oh well, it was worth a try, haha.
Strangely, I checked something else purchased online at a ".com" address that still had a Merchant Category other than "online" listed.
The category is different from whether it's considered an online charge (or not). It's always going to have a category. According to the program document (linked below) your charge category WOULD count towards the 3%/5.25% rebate on the Cash Rewards card. But a bigger problem for you is likely that you won't get the 5.25% on more than $2500 in charges per quarter. So unless your rent is really cheap, it's not going to cover the full amount.
Wow! Thanks for tracking that down for me. It is right there in black and white. It is unexpected to me that "REAL ESTATE AGENTS AND MANAGERS-RENTALS" is listed under Travel, but damn. I will take it.
This is actually not rent, since I have a mortgage (which I can't pay by credit card.) It is the condo association fee. If I subtract the fee they tack on for using a credit card, I will still net a reward of $16.45 a month without changing anything else in my spending since I pay it via check currently. This is pretty cool, and still leaves around $700 a quarter of untouched value that I can also get that 5.25% on within the Travel category. Incredible.
Heck, I could probably just use that to buy a $700 gift card for a random airline I plan to travel in during that cycle and really maximize it.
sassy_penguin wrote: ↑Thu Feb 25, 2021 7:37 pm
Wow! Thanks for tracking that down for me. It is right there in black and white. It is unexpected to me that "REAL ESTATE AGENTS AND MANAGERS-RENTALS" is listed under Travel, but damn. I will take it.
This is actually not rent, since I have a mortgage (which I can't pay by credit card.) It is the condo association fee. If I subtract the fee they tack on for using a credit card, I will still net a reward of $16.45 a month without changing anything else in my spending since I pay it via check currently. This is pretty cool, and still leaves around $700 a quarter of untouched value that I can also get that 5.25% on within the Travel category. Incredible.
Heck, I could probably just use that to buy a $700 gift card for a random airline I plan to travel in during that cycle and really maximize it.
Anyway, thanks again.
Happy to help! I actually had not noticed that it was under travel, just that it was listed. It is possible, even likely, that it will qualify under both the travel and online categories since many things have double-dip categories, like Uber and in my experience even cruise lines if they show up as an online charge. You could start out with travel and verify that BofA shows it as an online charge. If it does, switch to online as your 3% category, which could potentially be more useful for your extra $700 per quarter.
So I finally got my 1099 from ME and neither the $150 bonus I received for transferring in additional assets nor the $150 they reimbursed me for what the other brokerage charged to close the account were reported on the 1099-MISC (which had all $0's). Someone on another thread said that they got a $900 bonus, and it was reported. Is it possible that Merrill is not reporting it as taxable if it's under $600? I can see not issuing a 1099-MISC if it's under $600, but not issuing one with $0's filled in. Not that I am complaining, of course.
MisterBill wrote: ↑Fri Feb 26, 2021 12:20 am
So I finally got my 1099 from ME and neither the $150 bonus I received for transferring in additional assets nor the $150 they reimbursed me for what the other brokerage charged to close the account were reported on the 1099-MISC (which had all $0's). Someone on another thread said that they got a $900 bonus, and it was reported. Is it possible that Merrill is not reporting it as taxable if it's under $600? I can see not issuing a 1099-MISC if it's under $600, but not issuing one with $0's filled in. Not that I am complaining, of course.
My $900 bonus was reported on line 3 (Other Income) of the 1099-MISC I received for 2020.
MisterBill wrote: ↑Fri Feb 26, 2021 12:20 am
So I finally got my 1099 from ME and neither the $150 bonus I received for transferring in additional assets nor the $150 they reimbursed me for what the other brokerage charged to close the account were reported on the 1099-MISC (which had all $0's). Someone on another thread said that they got a $900 bonus, and it was reported. Is it possible that Merrill is not reporting it as taxable if it's under $600? I can see not issuing a 1099-MISC if it's under $600, but not issuing one with $0's filled in. Not that I am complaining, of course.
My $900 bonus was reported on line 3 (Other Income) of the 1099-MISC I received for 2020.
I likewise got a 1099-MISC with the $900 reported on line 3.
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
MisterBill wrote: ↑Fri Feb 26, 2021 12:20 am
So I finally got my 1099 from ME and neither the $150 bonus I received for transferring in additional assets nor the $150 they reimbursed me for what the other brokerage charged to close the account were reported on the 1099-MISC (which had all $0's). Someone on another thread said that they got a $900 bonus, and it was reported. Is it possible that Merrill is not reporting it as taxable if it's under $600? I can see not issuing a 1099-MISC if it's under $600, but not issuing one with $0's filled in. Not that I am complaining, of course.
My $900 bonus was reported on line 3 (Other Income) of the 1099-MISC I received for 2020.
I likewise got a 1099-MISC with the $900 reported on line 3.
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
Are you talking about the "Describe the reason for this 1099-MISC" ? I entered "Merrill Edge Offer". But I don't think TurboTax adds it to any form -- at least when I searched the PDF of all my filed forms, I don't see it anywhere. The 1099-MISC info filed to the IRS has the payer's name and EIN, and box 3 shows the amount and the "Other Income" box is checked. This is also reflected on Schedule 1, line 8.
BrandonBogle wrote: ↑Fri Feb 26, 2021 10:49 am
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
Are you talking about the "Describe the reason for this 1099-MISC" ? I entered "Merrill Edge Offer". But I don't think TurboTax adds it to any form -- at least when I searched the PDF of all my filed forms, I don't see it anywhere. The 1099-MISC info filed to the IRS has the payer's name and EIN, and box 3 shows the amount and the "Other Income" box is checked. This is also reflected on Schedule 1, line 8.
Not the written description, but the selections in that section on the next page or two. Is it related to your primary work activity - No, and then there are like 8 or so options to choose from to identify the kind of income it is, such a gambling earnings, lawsuits, etc.
BrandonBogle wrote: ↑Fri Feb 26, 2021 10:49 am
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
Are you talking about the "Describe the reason for this 1099-MISC" ? I entered "Merrill Edge Offer". But I don't think TurboTax adds it to any form -- at least when I searched the PDF of all my filed forms, I don't see it anywhere. The 1099-MISC info filed to the IRS has the payer's name and EIN, and box 3 shows the amount and the "Other Income" box is checked. This is also reflected on Schedule 1, line 8.
Not the written description, but the selections in that section on the next page or two. Is it related to your primary work activity - No, and then there are like 8 or so options to choose from to identify the kind of income it is, such a gambling earnings, lawsuits, etc.
The next page is "Does one of these uncommon situations apply?" and I picked "None of these apply."
BrandonBogle wrote: ↑Fri Feb 26, 2021 10:49 am
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
Are you talking about the "Describe the reason for this 1099-MISC" ? I entered "Merrill Edge Offer". But I don't think TurboTax adds it to any form -- at least when I searched the PDF of all my filed forms, I don't see it anywhere. The 1099-MISC info filed to the IRS has the payer's name and EIN, and box 3 shows the amount and the "Other Income" box is checked. This is also reflected on Schedule 1, line 8.
Not the written description, but the selections in that section on the next page or two. Is it related to your primary work activity - No, and then there are like 8 or so options to choose from to identify the kind of income it is, such a gambling earnings, lawsuits, etc.
The next page is "Does one of these uncommon situations apply?" and I picked "None of these apply."
I did the same -- "None of these apply". On the screens that followed, I answered:
- No it didn't involve work like my main job
- I got it in 2020
- No, it didn't involve an intent to earn money **
** I found this question confusing but if you answer "yes" TurboTax puts the Merrill bonus on Schedule C and mentions something about self-employment tax so I backed up and changed my answer to "No". I checked the forms afterwards (1040 and Schedule 1) and the bonus amount appeared in all the right places.
BrandonBogle wrote: ↑Fri Feb 26, 2021 10:49 am
Anyone using TurboTax, what description of what the income was for did you select? It's a challenge trying to figure out how to answer their questions to properly record it. I ended just using that this was a manufacturer's incentive as it seemed the closest in my mind.
Are you talking about the "Describe the reason for this 1099-MISC" ? I entered "Merrill Edge Offer". But I don't think TurboTax adds it to any form -- at least when I searched the PDF of all my filed forms, I don't see it anywhere. The 1099-MISC info filed to the IRS has the payer's name and EIN, and box 3 shows the amount and the "Other Income" box is checked. This is also reflected on Schedule 1, line 8.
Not the written description, but the selections in that section on the next page or two. Is it related to your primary work activity - No, and then there are like 8 or so options to choose from to identify the kind of income it is, such a gambling earnings, lawsuits, etc.
The next page is "Does one of these uncommon situations apply?" and I picked "None of these apply."
I did the same -- "None of these apply". On the screens that followed, I answered:
- No it didn't involve work like my main job
- I got it in 2020
- No, it didn't involve an intent to earn money **
** I found this question confusing but if you answer "yes" TurboTax puts the Merrill bonus on Schedule C and mentions something about self-employment tax so I backed up and changed my answer to "No". I checked the forms afterwards (1040 and Schedule 1) and the bonus amount appeared in all the right places.
Thank you. I’ll use this pattern. I tried “None of these apply” first and got scared off when the Schedule C popped up.
I was approved online for BoA's Advantage Relationship checking account. I called and asked the local branch about it first, and they said since I have to provide my social for the checking account, their system should automatically link to my MerrillEdge account for Preferred Rewards purposes. Now to wait 4-6 business days for my checking account info to arrive so I can get everything setup online...
Unfortunately this particular branch has such a long waiting list for safe deposit boxes she would not even tell me a timeframe, haha. So I guess I will need to call around and hope another not too far has an opening.
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
It's been a while since I opened my accounts with them but seeing all the accounts under either login is convenient. Then if you need to transact on the other side of BoA or MR, it will SSO you to the other site as necessary. You would want everything combined to get preferred rewards since you need the checking account to qualify plus your balances at ME to get your multipliers.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
I did essentially the same. I moved $250k to Merrill Edge with their $900 promo they had last year (they started the $1,000 promo a week later), waited to earn my bonus, then transfer all but $125k of VTI elsewhere. So I got the brokerage bonus + the signup bonuses on the credit cards ($200 for the 5.25% card and $500 for the 2.625% card). I wish those could be repeated a few times. Nice to get such bonuses!
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
It's been a while since I opened my accounts with them but seeing all the accounts under either login is convenient. Then if you need to transact on the other side of BoA or MR, it will SSO you to the other site as necessary. You would want everything combined to get preferred rewards since you need the checking account to qualify plus your balances at ME to get your multipliers.
Ok, I’ll go ahead and link them just in case and for convenience . Thanks!
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
Thanks, my plan is definitely to meet qualifications with ETFs in Merrill Edge, just not sure whether linking online accounts/logins needs to be done to meet requirements that way (vs it happening automatically as both are under same SSN anyway).
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
I did essentially the same. I moved $250k to Merrill Edge with their $900 promo they had last year (they started the $1,000 promo a week later), waited to earn my bonus, then transfer all but $125k of VTI elsewhere. So I got the brokerage bonus + the signup bonuses on the credit cards ($200 for the 5.25% card and $500 for the 2.625% card). I wish those could be repeated a few times. Nice to get such bonuses!
Thanks. Doing up to $900 bonus too but don’t have quite the investments in non employer funds (well some is actually stuck with another firm that paid bonus but 12 month hold period) to max out. Will do CC apps once get preferred rewards.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
I did essentially the same. I moved $250k to Merrill Edge with their $900 promo they had last year (they started the $1,000 promo a week later), waited to earn my bonus, then transfer all but $125k of VTI elsewhere. So I got the brokerage bonus + the signup bonuses on the credit cards ($200 for the 5.25% card and $500 for the 2.625% card). I wish those could be repeated a few times. Nice to get such bonuses!
Me as well, although I did two $900 bonuses. Kept the IRA portion of the funds at ME to secure the 2.625% rate on the BofA premium rewards card. Love that card. The funds in the other (brokerage) account were transferred to Chase (along with other funds) for their $2,000 bonus offer.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.
I did essentially the same. I moved $250k to Merrill Edge with their $900 promo they had last year (they started the $1,000 promo a week later), waited to earn my bonus, then transfer all but $125k of VTI elsewhere. So I got the brokerage bonus + the signup bonuses on the credit cards ($200 for the 5.25% card and $500 for the 2.625% card). I wish those could be repeated a few times. Nice to get such bonuses!
Thanks again for your thoughts!
I saw in one of your (I believe) earlier posts that you had seen some datapoints about the BoA checking account having to be at least 90 days old to activate Preferred Rewards. Are you aware if this (still) is the case?
I ask as I opened my ME account slightly before my BoA account, so if there is really a 90 day condition from BoA opening to get Preferred Rewards, I may need to wait a little longer before I initiate transfer of IRA & taxable accounts to ME to make sure I am Preferred Rewards by 90 days after transfer...
It's very unclear to me how the timing works. Is it possible to accelerate preferred rewards membership by depositing enough to make the three month average met in two months. For example:
Month 1: Average balance $5,000.
Month 2: Average balance $50,000
Month 3: Average balance $50,000
Will you be gold after month three or do you have to wait until you've actually had a fourth month with over $20,000? What's the relevant date?
lkar wrote: ↑Thu Apr 01, 2021 2:38 pm
It's very unclear to me how the timing works. Is it possible to accelerate preferred rewards membership by depositing enough to make the three month average met in two months. For example:
Month 1: Average balance $5,000.
Month 2: Average balance $50,000
Month 3: Average balance $50,000
Will you be gold after month three or do you have to wait until you've actually had a fourth month with over $20,000? What's the relevant date?
The balance is recalculated once a month, and is a 3-month running average. In this example, your balance would be (5,000+50,000+50,000)/3 = 35,000 at the end of month 3, and thus you would qualify for gold tier at that point.
After the 4th month you would be further upgraded to platinum tier, if you maintain the $50,000 balance.
lkar wrote: ↑Thu Apr 01, 2021 2:38 pm
It's very unclear to me how the timing works. Is it possible to accelerate preferred rewards membership by depositing enough to make the three month average met in two months. For example:
Month 1: Average balance $5,000.
Month 2: Average balance $50,000
Month 3: Average balance $50,000
Will you be gold after month three or do you have to wait until you've actually had a fourth month with over $20,000? What's the relevant date?
The balance is recalculated once a month, and is a 3-month running average. In this example, your balance would be (5,000+50,000+50,000)/3 = 35,000 at the end of month 3, and thus you would qualify for gold tier at that point.
After the 4th month you would be further upgraded to platinum tier, if you maintain the $50,000 balance.
Excellent -- just what I was hoping to know. Thanks.
So I found the quote re 90 days of BoA checking account being OPEN to get ANY Preferred Rewards (vs the description here suggesting someone would get Preferred Rewards right away if they have $20k average 30 day balance) in another thread:
BrandonBogle wrote: ↑Fri Jun 19, 2020 10:19 am
W.r.t. membership vs. balance, it seems that for the Merrill bonus for moving $200k, the requirements are to be a Preferred Rewards member, but not necessarily a platinum honors level. Given that others have had issues getting any Preferred Rewards status prior to their checking out being at least 90 days old, that is why I opened my checking account early and set up direct deposit to avoid monthly charges there. I am ok with not having the benefits of Platinum Honors for 90 days if I at least qualify for the $900 bonus from Merrill.
need403bhelp wrote: ↑Thu Apr 01, 2021 5:07 pm
So I found the quote re 90 days of BoA checking account being OPEN to get ANY Preferred Rewards (vs the description here suggesting someone would get Preferred Rewards right away if they have $20k average 30 day balance) in another thread:
BrandonBogle wrote: ↑Fri Jun 19, 2020 10:19 am
W.r.t. membership vs. balance, it seems that for the Merrill bonus for moving $200k, the requirements are to be a Preferred Rewards member, but not necessarily a platinum honors level. Given that others have had issues getting any Preferred Rewards status prior to their checking out being at least 90 days old, that is why I opened my checking account early and set up direct deposit to avoid monthly charges there. I am ok with not having the benefits of Platinum Honors for 90 days if I at least qualify for the $900 bonus from Merrill.
I will saw that I made this comment based on threads I read. While I don’t recall the thread, I can tell you it was either here on the Bogleheads or at Doctor of Credit in the comments.
Plenty of posts were of people not getting accelerated Platinum Honors and getting charged a monthly fee or two for the checking account before the average balance triggered things.
My timeline:
- 6/25 opened checking
- 7/15 started ACAT transfer (over $200k)
- 9/5 Preferred Rewards enrollment
So it didn’t take 90 days for me, but it did take over 45 days from my transfer before the balance triggered preferred rewards eligibility. I suspect it actually needs the partial billing cycle to end, then the preferred rewards processing 3-4 business days into the month providing at least the minimum tier.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I can tell you there was one instance that this was helpful. For some reasons, I had an error logging to my ME account but I could logged on to my BoA account and then clicked ME.
need403bhelp wrote: ↑Thu Apr 01, 2021 5:07 pm
So I found the quote re 90 days of BoA checking account being OPEN to get ANY Preferred Rewards (vs the description here suggesting someone would get Preferred Rewards right away if they have $20k average 30 day balance) in another thread:
BrandonBogle wrote: ↑Fri Jun 19, 2020 10:19 am
W.r.t. membership vs. balance, it seems that for the Merrill bonus for moving $200k, the requirements are to be a Preferred Rewards member, but not necessarily a platinum honors level. Given that others have had issues getting any Preferred Rewards status prior to their checking out being at least 90 days old, that is why I opened my checking account early and set up direct deposit to avoid monthly charges there. I am ok with not having the benefits of Platinum Honors for 90 days if I at least qualify for the $900 bonus from Merrill.
I will saw that I made this comment based on threads I read. While I don’t recall the thread, I can tell you it was either here on the Bogleheads or at Doctor of Credit in the comments.
Plenty of posts were of people not getting accelerated Platinum Honors and getting charged a monthly fee or two for the checking account before the average balance triggered things.
My timeline:
- 6/25 opened checking
- 7/15 started ACAT transfer (over $200k)
- 9/5 Preferred Rewards enrollment
So it didn’t take 90 days for me, but it did take over 45 days from my transfer before the balance triggered preferred rewards eligibility. I suspect it actually needs the partial billing cycle to end, then the preferred rewards processing 3-4 business days into the month providing at least the minimum tier.
need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm
I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
I can tell you there was one instance that this was helpful. For some reasons, I had an error logging to my ME account but I could logged on to my BoA account and then clicked ME.
A quick question on ME: do they have a low expense ratio (ER) mutual fund (not ETF) for short term bonds? I have an online account with 0.50 NWP CDs I would consider moving to ME if I could get a reasonably close match. I've had a BoA account for many years.
They have very few funds below 0.50% ER that are no transaction fee. However, T Rowe Price short term bond (PRWBX) may fit the bill, although much higher expense ratio than the Vanguard equivalents. Maybe just purchase the ETF or stick with what you have now.
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.
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
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
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
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.
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
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Interesting that the words preferred rewards are not on 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.
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
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Odd, I also received the new card and it's thin plastic as usual. I am also platinum honors.
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.
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Interesting that the words preferred rewards are not on it.
I’d say zero. It’s a status added to the card, not a separate card based on how my friend obtained it.
Has anyone here ever obtained the metal ML version of the card? It still seems random that people get put into "preferred rewards for WM" and I certainly don't want to lose free trades or be forced to use an advisor. Otherwise, I'd like to be in the program, but I think calling into the bank will result in them pushing me to an advisor.
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Interesting that the words preferred rewards are not on it.
percolate wrote: ↑Wed Apr 21, 2021 3:07 pm
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Odd, I also received the new card and it's thin plastic as usual. I am also platinum honors.
Did both of you apply for the card on Bank of America's main website, or through Merrill? I probably shouldn't care, but a metal card sounds nice.
percolate wrote: ↑Wed Apr 21, 2021 3:07 pm
My latest replacement card had a new design with a very thin metal core. I'm Platinum Honors but definitely not in Wealth Management territory.
Odd, I also received the new card and it's thin plastic as usual. I am also platinum honors.
Did both of you apply for the card on Bank of America's main website, or through Merrill? I probably shouldn't care, but a metal card sounds nice.
I've had the card since it came out, and I applied through Bank of America. I'm Platinum Honors and my card is definitely not metal in the slightest.