Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks, anon_investor. That makes sense. I'm single, don't have convenient access to Costco, and eat out all the time, so it looks like our needs are definitely somewhat different.
You said you can't get another card for 9 months. Is that because of BoA's 2/3/4 rule, Chase's 5/24 rule, or something else? I got my second CCR in June and would like to apply for a third. I thought I read that I can't apply for another CCR for 24 months, but I've had trouble finding online corroboration of that.
You said you can't get another card for 9 months. Is that because of BoA's 2/3/4 rule, Chase's 5/24 rule, or something else? I got my second CCR in June and would like to apply for a third. I thought I read that I can't apply for another CCR for 24 months, but I've had trouble finding online corroboration of that.
Re: Bank of America/Merrill Edge - Preferred Rewards
at 2500 spend per quarter, CCR would give me ~$70 more a quarter. The hassle of carrying or even thinking about another card isn’t worth it to me. YYMV, but it’s not as simple as comparing 5.25% and 3.5%FedGuy wrote: ↑Thu Nov 11, 2021 4:08 pmOf course, if you're Platinum Honors, you can get 5.25% in dining and/or travel with the Customized Cash Rewards card.anon_investor wrote: ↑Thu Nov 11, 2021 4:01 pmThe $95 fees is easily justified by getting 3.5% cash back (instead of just 2.62%) on dinning/travel
I'm actually about to apply for the Premium Rewards card because I have a large upcoming expense that will allow me to collect the sign-up bonus, but I honestly wrestle with that aspect of Premium Rewards. I already have two CCR cards, which I usually use for dining and online purchases. I understand that Premium Rewards has certain insurance protections and no FTF, but generally I'd rather get 5.25% cash back instead of 3.5% cash back.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I am referring to the BoA 2/3/4 rule, but I might have my wait period wrong (it might be longer, but I don't have plans to get a 4th BoA card, but I will check more carefully if I do).FedGuy wrote: ↑Thu Nov 11, 2021 4:31 pm Thanks, anon_investor. That makes sense. I'm single, don't have convenient access to Costco, and eat out all the time, so it looks like our needs are definitely somewhat different.
You said you can't get another card for 9 months. Is that because of BoA's 2/3/4 rule, Chase's 5/24 rule, or something else? I got my second CCR in June and would like to apply for a third. I thought I read that I can't apply for another CCR for 24 months, but I've had trouble finding online corroboration of that.
I applied for and got both the PR+red CCR about 4 months ago. I got my 2nd CCR (Susan G Komen) last month. So I am done with any new CCs for a while.
I plan to downgrade my Chase Sapphire Preferred next year before the annual fee hits to the Chase Freedom Flex. I have no plans for any new CCs.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks, anon_investor!
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Re: Bank of America/Merrill Edge - Preferred Rewards
Buy a candy bar and find out.camper1 wrote: ↑Thu Nov 11, 2021 10:00 am Not sure if this has been discussed in this thread because I haven't read all the posts, but has anyone used Kroger Pay, where your CC is saved on Kroger app and you scan QR code on your phone to pay at self checkout? If my Platinum Honors card has online purchases as it's category, would a Kroger Pay charge show up as online purchase and pay 5.25% reward?
Re: Bank of America/Merrill Edge - Preferred Rewards
Does anyone know the dimensions of the free deposit box one is supposed to get under Preferred Rewards Platinum Honors ? I'm looking to see if it can fit 3.5in hard drives for offline backups, since my Internet upload speed is hopeless compared to the amount of data I backup, and cloud backup isn't an option.
According to Wikipedia, 3.5 inch drives measure approximately 4 inches wide, 5.8 inches long and 0.8 inches thick.
I would probably need to store at least 3 of them.
According to Wikipedia, 3.5 inch drives measure approximately 4 inches wide, 5.8 inches long and 0.8 inches thick.
I would probably need to store at least 3 of them.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I think it's 3x5, not sure of the length, but probably standard safe deposit length.madbrain wrote: ↑Thu Nov 11, 2021 11:49 pm Does anyone know the dimensions of the free deposit box one is supposed to get under Preferred Rewards Platinum Honors ? I'm looking to see if it can fit 3.5in hard drives for offline backups, since my Internet upload speed is hopeless compared to the amount of data I backup, and cloud backup isn't an option.
According to Wikipedia, 3.5 inch drives measure approximately 4 inches wide, 5.8 inches long and 0.8 inches thick.
I would probably need to store at least 3 of them.
Definitely smaller than the box we had at TD, but I finally got my wife to agree to make the switch when TD raised their price on us and t was hard to justify spending extra money when BofA was offering it for free. Fortunately, my local branch had the small boxes available. The upcharge to go to the next highest size box was ridiculously expensive.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks for the advice, but rather than changing my card category, signing up for Kroger Pay, and driving down to buy something, I was hoping with all the great information on this thread there might be someone who has tried this! Why reinvent the wheel?spammagnet wrote: ↑Thu Nov 11, 2021 11:14 pmBuy a candy bar and find out.camper1 wrote: ↑Thu Nov 11, 2021 10:00 am Not sure if this has been discussed in this thread because I haven't read all the posts, but has anyone used Kroger Pay, where your CC is saved on Kroger app and you scan QR code on your phone to pay at self checkout? If my Platinum Honors card has online purchases as it's category, would a Kroger Pay charge show up as online purchase and pay 5.25% reward?
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes, I use the Kroger app all the time now to pay in-store - it shows up as an online payment for the full online bonus.camper1 wrote: ↑Thu Nov 11, 2021 10:00 am Not sure if this has been discussed in this thread because I haven't read all the posts, but has anyone used Kroger Pay, where your CC is saved on Kroger app and you scan QR code on your phone to pay at self checkout? If my Platinum Honors card has online purchases as it's category, would a Kroger Pay charge show up as online purchase and pay 5.25% reward?
Re: Bank of America/Merrill Edge - Preferred Rewards
Great! Thanks for the info!danaht wrote: ↑Fri Nov 12, 2021 7:03 amYes, I use the Kroger app all the time now to pay in-store - it shows up as an online payment for the full online bonus.camper1 wrote: ↑Thu Nov 11, 2021 10:00 am Not sure if this has been discussed in this thread because I haven't read all the posts, but has anyone used Kroger Pay, where your CC is saved on Kroger app and you scan QR code on your phone to pay at self checkout? If my Platinum Honors card has online purchases as it's category, would a Kroger Pay charge show up as online purchase and pay 5.25% reward?
Re: Bank of America/Merrill Edge - Preferred Rewards
I just got a box at my local BofA this week. It is a 3" high, 5" wide, and 24" deep box. I put in some documents and a portable (2.5" laptop style) USB Hard Drive. My hard drive fit in with the box/padding as well. Naked 3.5" drives would probably fit.madbrain wrote: ↑Thu Nov 11, 2021 11:49 pm Does anyone know the dimensions of the free deposit box one is supposed to get under Preferred Rewards Platinum Honors ? I'm looking to see if it can fit 3.5in hard drives for offline backups, since my Internet upload speed is hopeless compared to the amount of data I backup, and cloud backup isn't an option.
According to Wikipedia, 3.5 inch drives measure approximately 4 inches wide, 5.8 inches long and 0.8 inches thick.
I would probably need to store at least 3 of them.
Re: Bank of America/Merrill Edge - Preferred Rewards
Other little expensive option is get a smaller Samsung 1TB disk which is ~$100. I'm sure that would fit in there. Here is the link: https://www.costco.com/sandisk-nvme-ext ... 80552.htmlmadbrain wrote: ↑Thu Nov 11, 2021 11:49 pm Does anyone know the dimensions of the free deposit box one is supposed to get under Preferred Rewards Platinum Honors ? I'm looking to see if it can fit 3.5in hard drives for offline backups, since my Internet upload speed is hopeless compared to the amount of data I backup, and cloud backup isn't an option.
According to Wikipedia, 3.5 inch drives measure approximately 4 inches wide, 5.8 inches long and 0.8 inches thick.
I would probably need to store at least 3 of them.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks. PH seems like the best, I'm not sure how anyone can justify transferring 1M+ for those new tiers...Lastrun wrote: ↑Fri Nov 12, 2021 1:25 pm It’s live
https://www.ml.com/solutions/preferred-rewards.html
Re: Bank of America/Merrill Edge - Preferred Rewards
Their tagline is: "It's not just rewards — it's recognition."
That's code for "The rewards aren't worth much."
That's code for "The rewards aren't worth much."
Re: Bank of America/Merrill Edge - Preferred Rewards
Well...they don't seem to be. Maybe there will be something amazing in that "lifestyle benefits" category, but it is as vague as vague can be right now and I doubt I have much in common lifestyle wise with someone who is willing and able to park one to ten million in one place. Their big perk in one of the lifestyle examples is helping someone set up direct deposit with their new job. Uh, yeah, I think I can handle that one, since HR will likely shove it at me as part of the signing on process - previously known as intake paperwork, but there just isn't much paper involved these days.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Yeah probably not. Thought they might add a $250k tier with some goodies, which may be worth more consideration. Seems they didn't do that.Marseille07 wrote: ↑Fri Nov 12, 2021 1:31 pmThanks. PH seems like the best, I'm not sure how anyone can justify transferring 1M+ for those new tiers...Lastrun wrote: ↑Fri Nov 12, 2021 1:25 pm It’s live
https://www.ml.com/solutions/preferred-rewards.html
Do we know what the check plus symbol means?
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Re: Bank of America/Merrill Edge - Preferred Rewards
Meh. I have $1M+ at Merrill and was hoping for something better than the current Preferred Honors card. I don't see any REAL new benefits for bigger customers.tomsense76 wrote: ↑Fri Nov 12, 2021 2:07 pmYeah probably not. Thought they might add a $250k tier with some goodies, which may be worth more consideration. Seems they didn't do that.Marseille07 wrote: ↑Fri Nov 12, 2021 1:31 pmThanks. PH seems like the best, I'm not sure how anyone can justify transferring 1M+ for those new tiers...Lastrun wrote: ↑Fri Nov 12, 2021 1:25 pm It’s live
https://www.ml.com/solutions/preferred-rewards.html
Do we know what the check plus symbol means?
Re: Bank of America/Merrill Edge - Preferred Rewards
I removed an off-topic post. As a reminder, see: General Etiquette
At all times we must conduct ourselves in a respectful manner to other posters. Attacks on individuals, insults, name calling, trolling, baiting or other attempts to sow dissension are not acceptable.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks. Too expensive given how many TB I need to backup - at least 15TB. 20-30 would be better. A few >10TB 3.5in drives would be best if they could fit. I don't need the fastest media for the offsite backup, so I was thinking HDD rather than SSD.bandoba wrote: ↑Fri Nov 12, 2021 10:26 am Other little expensive option is get a smaller Samsung 1TB disk which is ~$100. I'm sure that would fit in there. Here is the link: https://www.costco.com/sandisk-nvme-ext ... 80552.html
Looks like 2.5in HDDs would fit. Seagate makes a 5TB USB drive which I bought years ago at Costco for about $120. It goes on sale for less sometimes for under $100.
It looks like this one. https://www.amazon.com/Seagate-Portable ... B01M00UHV8
I really hate its case, because it uses the micro-USB 3.0 connector. Haven't tried to shuck it to see if it's a standard SATA connector inside or not. I keep in its case for travel use.
Wish Seagate would switch to using USB-C on the enclosure side. Sad to see they still haven't after all these years. They provide an adapter for USB-C on the computer side.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you. Looks like I might have to use 2.5in drives, then.MisterBill wrote: ↑Fri Nov 12, 2021 12:30 am I think it's 3x5, not sure of the length, but probably standard safe deposit length.
Definitely smaller than the box we had at TD, but I finally got my wife to agree to make the switch when TD raised their price on us and t was hard to justify spending extra money when BofA was offering it for free. Fortunately, my local branch had the small boxes available. The upcharge to go to the next highest size box was ridiculously expensive.
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes. As someone without a mortgage, I don't really see it.Marseille07 wrote: ↑Fri Nov 12, 2021 1:31 pmThanks. PH seems like the best, I'm not sure how anyone can justify transferring 1M+ for those new tiers...Lastrun wrote: ↑Fri Nov 12, 2021 1:25 pm It’s live
https://www.ml.com/solutions/preferred-rewards.html
The only interesting thing is the unlimited foreign ATM refunds for the two new tiers. But not worth parking $1M at BofA/Merrill when you can get that for $0 at Fidelity or Schwab.
Re: Bank of America/Merrill Edge - Preferred Rewards
Nice, CC sweeteners remain unchanged for plat honors.Lastrun wrote: ↑Fri Nov 12, 2021 1:25 pm It’s live
https://www.ml.com/solutions/preferred-rewards.html
Nothing motivates me at all for diamond, talk about a buildup and then…… yawn.
Re: Bank of America/Merrill Edge - Preferred Rewards
New tiers couldn’t be more underwhelming, but at least all the concerns about nerfing platinum honors were unfounded
Re: Bank of America/Merrill Edge - Preferred Rewards
I don't think so. If you read the fine print for the page on the new tiers, under item 3, about ATM fees, there is a reference to the lower "Platinum" tier, not "Platinum Honors". I think BofA just didn't put all the tiers on a single page.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I didn’t see the gold (25k) and platinum (50k) tiers on the new link. Did they eliminate the lower tiers?
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Re: Bank of America/Merrill Edge - Preferred Rewards
I don't think so. PH and up were mentioned on ME because they had announced that their 250K tier is going away. They are targeting wealth management peeps from the get go.
Meanwhile, BofA has Gold / Platinum customers who don't / can't consider PH and up.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
I am plenty happy with PH. 75% cash back boost is what I care about.Marseille07 wrote: ↑Fri Nov 12, 2021 5:03 pmI don't think so. PH and up were mentioned on ME because they had announced that their 250K tier is going away. They are targeting wealth management peeps from the get go.
Meanwhile, BofA has Gold / Platinum customers who don't / can't consider PH and up.
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Re: Bank of America/Merrill Edge - Preferred Rewards
There are lots of customers out there who think Platinum is the best because they only need to park 50K and get 50%.anon_investor wrote: ↑Fri Nov 12, 2021 5:12 pm I am plenty happy with PH. 75% cash back boost is what I care about.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
They probably don't have $100k+ available to move around. Most people have all their investments in their 401k, you can't move that until you leave your job.Marseille07 wrote: ↑Fri Nov 12, 2021 5:16 pmThere are lots of customers out there who think Platinum is the best because they only need to park 50K and get 50%.anon_investor wrote: ↑Fri Nov 12, 2021 5:12 pm I am plenty happy with PH. 75% cash back boost is what I care about.
Re: Bank of America/Merrill Edge - Preferred Rewards
Agreed. If there was a $250,000 tier that offered 100% or something, that would be a tempting goal for me. But adding $900,000 for free international ATM withdrawals? Not so much.anon_investor wrote: ↑Fri Nov 12, 2021 5:12 pmI am plenty happy with PH. 75% cash back boost is what I care about.
Re: Bank of America/Merrill Edge - Preferred Rewards
Underwhelming is a generous opinion.
The ONLY extra value of Diamond level is the “lifestyle rewards” and after reading Footnote 8, the benefits are elusive at best. $10 million dollar customer may get something but $5 million dollar guy probably has to pound sand.
8 You must be enrolled in the Diamond or Diamond Honors tiers of Preferred Rewards to be eligible for these benefits or events. Due to limited availability, some offers may be open only to a limited number of Preferred Rewards members.
Last edited by Glamdring on Fri Nov 12, 2021 6:25 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Haha. How much does one need at Fidelity to get free Turbo Tax Premiere? That sounds like a more useful perk than Diamond or Diamond Honors can offer.Glamdring wrote: ↑Fri Nov 12, 2021 5:53 pmUnderwhelming is a generous opinion.
The ONLY extra value of is the “lifestyle rewards” and after reading Footnote 8, the benefits are elusive at best. 10 million dollar customer may get something but $5 million dollar guy probably has to pound sand.
8 You must be enrolled in the Diamond or Diamond Honors tiers of Preferred Rewards to be eligible for these benefits or events. Due to limited availability, some offers may be open only to a limited number of Preferred Rewards members.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Haha, MisterBill my buddy!MisterBill wrote: ↑Fri Nov 12, 2021 7:12 pmYes, indeed. At least now, the poster who said that they were losing sleep over the possible changes can rest easy.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I'm not sure if that's an actual or rhetorical question. But yes, you generally need to have $1m at Fidelity to get TurboTax for free.anon_investor wrote: ↑Fri Nov 12, 2021 6:22 pm Haha. How much does one need at Fidelity to get free Turbo Tax Premiere? That sounds like a more useful perk than Diamond or Diamond Honors can offer.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I also would have considered a $250k tier, assuming there was something of value.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Kind of a joke, but ask yourself, would you rather have free turbo tax premier or the Diamond perks? I'd rather have PH and free turbo tax premier.MisterBill wrote: ↑Fri Nov 12, 2021 7:19 pmI'm not sure if that's an actual or rhetorical question. But yes, you generally need to have $1m at Fidelity to get TurboTax for free.anon_investor wrote: ↑Fri Nov 12, 2021 6:22 pm Haha. How much does one need at Fidelity to get free Turbo Tax Premiere? That sounds like a more useful perk than Diamond or Diamond Honors can offer.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thinking of the ML advisers who were begging for something to offer clients with Project Thunder and BOA takes months to come up with
“tell your clients they get the recognition of diamond with worldwide ATM reimbursement”
“tell your clients they get the recognition of diamond with worldwide ATM reimbursement”
Re: Bank of America/Merrill Edge - Preferred Rewards
I think the big news here for pretty much all of us is that they didn’t cheapen and of the existing tiers when they did this. Tbh, I’m a bit surprised that they didn’t. That’s the typical M.O. when rolling out “enhancements” to popular, consumer-friendly programs.
Thrilled that I can still just park a big chunk of VWIUX at Merrill Edge and get the Platinum Honors benefits.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Even for the Diamond level BofA has a foreign transaction fee for debit card.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I for one was expecting zero change to the lower tiers and expected nothing except for collapsing the ML Premium Honors program into the BofA Premium Honors program, sans the $250k tier.exigent wrote: ↑Fri Nov 12, 2021 9:17 pmI think the big news here for pretty much all of us is that they didn’t cheapen and of the existing tiers when they did this. Tbh, I’m a bit surprised that they didn’t. That’s the typical M.O. when rolling out “enhancements” to popular, consumer-friendly programs.
Thrilled that I can still just park a big chunk of VWIUX at Merrill Edge and get the Platinum Honors benefits.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Hi All,
I'm hoping to start the transfer process to Merrill Edge today. I'm trying to decide the best course of action for transferring 100k.
My taxable account has the following funds (approx 120k, at Fidelity):
VTI
VT
VXUS
SPY
My Roth IRA has the following funds (approx 30k, at fidelity)
FZROX
GBTC (Grayscale Bitcoin trust)
ETHE (Grayscale Ethereum trust)
Is there any advice or reasoning in these 40+ pages of discussion as to how to transfer 100k?
I could do...
A) part taxable and entire Roth IRA.
or
B) entire taxable
or
C) 100k of taxable (and leave the remaining amount at fidelity)
Thoughts?
Thanks so much!
I'm hoping to start the transfer process to Merrill Edge today. I'm trying to decide the best course of action for transferring 100k.
My taxable account has the following funds (approx 120k, at Fidelity):
VTI
VT
VXUS
SPY
My Roth IRA has the following funds (approx 30k, at fidelity)
FZROX
GBTC (Grayscale Bitcoin trust)
ETHE (Grayscale Ethereum trust)
Is there any advice or reasoning in these 40+ pages of discussion as to how to transfer 100k?
I could do...
A) part taxable and entire Roth IRA.
or
B) entire taxable
or
C) 100k of taxable (and leave the remaining amount at fidelity)
Thoughts?
Thanks so much!
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
Move $100k from the taxable account and use the ME750 promo code to get a $350 bonus for moving $100k to a new account.Cranberry44 wrote: ↑Sat Nov 13, 2021 9:32 am Hi All,
I'm hoping to start the transfer process to Merrill Edge today. I'm trying to decide the best course of action for transferring 100k.
My taxable account has the following funds (approx 120k, at Fidelity):
VTI
VT
VXUS
SPY
My Roth IRA has the following funds (approx 30k, at fidelity)
FZROX
GBTC (Grayscale Bitcoin trust)
ETHE (Grayscale Ethereum trust)
Is there any advice or reasoning in these 40+ pages of discussion as to how to transfer 100k?
I could do...
A) part taxable and entire Roth IRA.
or
B) entire taxable
or
C) 100k of taxable (and leave the other
Thoughts?
Thanks so much!
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Re: Bank of America/Merrill Edge - Preferred Rewards
What is your preference for future use of the current accounts?Cranberry44 wrote: ↑Sat Nov 13, 2021 9:32 am... I could do...
A) part taxable and entire Roth IRA.
or
B) entire taxable
or
C) 100k of taxable (and leave the other
Thoughts?
Thanks so much!
Re: Bank of America/Merrill Edge - Preferred Rewards
Here's the extent of "check plus" from the "personal schedule of fees":
- Unlimited additional checking accounts (as opposed to four for Platinum)
- Unlimited additional savings accounts (as opposed to four for Platinum)
That is literally it. They still charge for ACH out which no other bank in my experience does, although this is easily evaded by running the funds through Merrill.
https://www.bankofamerica.com/salesserv ... dule-fees/
Re: Bank of America/Merrill Edge - Preferred Rewards
Honest question: why would one person need multiple checking accounts and/or multiple savings accounts at the same bank?
Re: Bank of America/Merrill Edge - Preferred Rewards
A few other banks do charge for ACH transfers, for example, Bank of the West.
Some only charge for outgoing transfers (push), not incoming (pull).
Is the transfer to Merrill instant, in order to avoid the ACH fee ? Or do you have to wait an extra business day ?
In any case, my Merrill account is a Roth IRA, so that won't work for me.