Bank of America/Merrill Edge - Preferred Rewards

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Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Sun Aug 01, 2021 10:07 pm BofA charges fees for sending ACH's, so it's pretty dumb to use them if you have alternative options:

https://www.bankofamerica.com/online-ba ... at5_topic2
My use cases will be inbound only. Paying my Travel Rewards from Ally, or transferring $1 to park in Relationship.

I'll take notes about outbound being charged though :beer
Last edited by Marseille07 on Sun Aug 01, 2021 10:13 pm, edited 1 time in total.
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

anon_investor wrote: Sun Aug 01, 2021 10:09 pm
tj wrote: Sun Aug 01, 2021 10:07 pm
Marseille07 wrote: Sun Aug 01, 2021 9:43 pm
tj wrote: Sun Aug 01, 2021 9:27 pm Don't link it on the BofA site, link it from the other bank.
Whenever I pay CC, I generally let my CC pull from checking. I guess I could try BillPay from Ally, but what's the issue with what I'm trying to do?

Also, iirc somewhere along the sign-up process they asked to transfer money but I was able to simply skip it and now the balance is $0. Is this simply a bluff? "The minimum opening deposit for this account is $100."

I'm trying to transfer some money but they aren't letting me, whining that I don't have a debit card on file (what does it have to do with adding an external bank account anyway, especially when they let me opt-out of a debit card :confused)
BofA charges fees for sending ACH's, so it's pretty dumb to use them if you have alternative options:

https://www.bankofamerica.com/online-ba ... at5_topic2
Are these fees waived with Platinum Honors/Relationship checking?
No, they are not. This is how we pay our rent and every two months the landlord fails to send us the water bill in time to include it with the rent, so we end up paying the extra $3 :(
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

I'm not pleased by how they handle the Debit card. They let me opt-out during the sign-up process, but apparently this is necessary to hook up an external account. Now trying to add, I'm facing this message:
This account isn't eligible to order cards online. For help, please call 800.432.1000 or visit a banking center.
What a joke this is.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Does anyone have this setup or have an idea if this setup would work to qualify for Platinum Honors:

#1 get qualifying BoA CC (under my name) with spouse only as an authorized user

#2 open Merrill Edge individual brokerage account (under my name) and transfer in-kind $100k+ worth of ETFs

#3 open BoA Advantage Relationship checking (joint account with spouse)

After qualifying for Platinum Honor would all charges on my own BoA CC and my spouse's BoA authorized user CC qualify for the 75% boost to cashback?
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Sun Aug 01, 2021 10:30 pm After qualifying for Platinum Honor would all charges on my own BoA CC and my spouse's BoA authorized user CC qualify for the 75% boost to cashback?
Bank of America does not issue cards with different numbers for authorized users, they are all the same. So they have no way of knowing whose card is used. Thus, all charges on the account get the bonus.
flyingcows
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by flyingcows »

Marseille07 wrote: Sun Aug 01, 2021 10:19 pm I'm not pleased by how they handle the Debit card. They let me opt-out during the sign-up process, but apparently this is necessary to hook up an external account. Now trying to add, I'm facing this message:
This account isn't eligible to order cards online. For help, please call 800.432.1000 or visit a banking center.
What a joke this is.
For what its worth, if you have a debit card attached to an account you can set daily limits and lock/unlock it through the website. I have one on one of my BoA checking account but I just leave it locked
This content is for entertainment purposes only
exigent
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

Does anyone happen to know when they update your “qualifying three-month average daily balance”? They just say that it’s updated monthly with no further details. I moved a substantial chunk to Merrill Edge last month and was curious to see where things now stand, but nothing changed after the first of the month. Perhaps it won’t change until the end of the first business day of the month, or maybe they do it on a certain date? Not sure.

Not a huge deal, but it’s piqued my curiosity.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

exigent wrote: Mon Aug 02, 2021 7:19 am Does anyone happen to know when they update your “qualifying three-month average daily balance”? They just say that it’s updated monthly with no further details. I moved a substantial chunk to Merrill Edge last month and was curious to see where things now stand, but nothing changed after the first of the month. Perhaps it won’t change until the end of the first business day of the month, or maybe they do it on a certain date? Not sure.

Not a huge deal, but it’s piqued my curiosity.
Around the 5th business day of the month.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sailaway wrote: Sun Aug 01, 2021 10:44 pm Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
Thanks, that makes sense. What is the benefit of a co-borrower on the CC? So the card does not get deactivated when one spouse dies?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

flyingcows wrote: Mon Aug 02, 2021 6:49 am
Marseille07 wrote: Sun Aug 01, 2021 10:19 pm I'm not pleased by how they handle the Debit card. They let me opt-out during the sign-up process, but apparently this is necessary to hook up an external account. Now trying to add, I'm facing this message:
This account isn't eligible to order cards online. For help, please call 800.432.1000 or visit a banking center.
What a joke this is.
For what its worth, if you have a debit card attached to an account you can set daily limits and lock/unlock it through the website. I have one on one of my BoA checking account but I just leave it locked
I see. I wish they didn't provide an option to opt-out when opting out renders my account useless. There was no fine print indicating I can't link external accounts w/o it (and I still don't comprehend why a debit card matters in this regard).
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Mon Aug 02, 2021 8:15 am
flyingcows wrote: Mon Aug 02, 2021 6:49 am
Marseille07 wrote: Sun Aug 01, 2021 10:19 pm I'm not pleased by how they handle the Debit card. They let me opt-out during the sign-up process, but apparently this is necessary to hook up an external account. Now trying to add, I'm facing this message:
This account isn't eligible to order cards online. For help, please call 800.432.1000 or visit a banking center.
What a joke this is.
For what its worth, if you have a debit card attached to an account you can set daily limits and lock/unlock it through the website. I have one on one of my BoA checking account but I just leave it locked
I see. I wish they didn't provide an option to opt-out when opting out renders my account useless. There was no fine print indicating I can't link external accounts w/o it (and I still don't comprehend why a debit card matters in this regard).
Your experience perfectly illustrates why people hate big banks... I am have reservations if I even want to try this Platinum Honors scheme. Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Mon Aug 02, 2021 8:24 am Your experience perfectly illustrates why people hate big banks... I am have reservations if I even want to try this Platinum Honors scheme. Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
Btw I'm not 100% sure if debit card is the problem. When I go to "Add account," there's a pop-up that says
Unable to add Secure Transfer. We are unable to identify a valid debit card on your profile
After closing the pop-up, I can go ahead and fill out my account information; but the "Add account" button at the bottom of the page never becomes clickable. I'm filling out all the required fields.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bling wrote: Sat Jul 24, 2021 7:57 am i signed up for merrill the moment i found out about preferred awards, which was like 5-6 years ago. they easily have the best cashback credit cards in the industry -- it's not even close. they call me once a year to try to upsell, but other than the 2 minute thanks but no thanks response they leave me alone. but other than that, no complaints. transfers in/out from the brokerage handle cost basis correctly.

one thing to keep in mind though is not to have too much money with them (more than 250k), otherwise you might get "upgraded" to wealth management and you lose some perks: viewtopic.php?t=218460
My shares show up in ME but haven't left the source brokerage. No cost basis on the ME side. Hopefully they're still doing something, though I don't mind doubling my shares this way :moneybag
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

anon_investor wrote: Mon Aug 02, 2021 7:57 am
sailaway wrote: Sun Aug 01, 2021 10:44 pm Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
Thanks, that makes sense. What is the benefit of a co-borrower on the CC? So the card does not get deactivated when one spouse dies?
In this case, so that as much household spending as possible is filtered through the cards with the best deal.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sailaway wrote: Mon Aug 02, 2021 9:02 am
anon_investor wrote: Mon Aug 02, 2021 7:57 am
sailaway wrote: Sun Aug 01, 2021 10:44 pm Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
Thanks, that makes sense. What is the benefit of a co-borrower on the CC? So the card does not get deactivated when one spouse dies?
In this case, so that as much household spending as possible is filtered through the cards with the best deal.
But how does that work any better as a co-borrower vs. authorized user?
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

anon_investor wrote: Mon Aug 02, 2021 9:18 am
sailaway wrote: Mon Aug 02, 2021 9:02 am
anon_investor wrote: Mon Aug 02, 2021 7:57 am
sailaway wrote: Sun Aug 01, 2021 10:44 pm Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
Thanks, that makes sense. What is the benefit of a co-borrower on the CC? So the card does not get deactivated when one spouse dies?
In this case, so that as much household spending as possible is filtered through the cards with the best deal.
But how does that work any better as a co-borrower vs. authorized user?
Ah, sorry, we only have authorized user, didn't realize there was another option.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon Aug 02, 2021 8:24 am
Marseille07 wrote: Mon Aug 02, 2021 8:15 am
flyingcows wrote: Mon Aug 02, 2021 6:49 am
Marseille07 wrote: Sun Aug 01, 2021 10:19 pm I'm not pleased by how they handle the Debit card. They let me opt-out during the sign-up process, but apparently this is necessary to hook up an external account. Now trying to add, I'm facing this message:
This account isn't eligible to order cards online. For help, please call 800.432.1000 or visit a banking center.
What a joke this is.
For what its worth, if you have a debit card attached to an account you can set daily limits and lock/unlock it through the website. I have one on one of my BoA checking account but I just leave it locked
I see. I wish they didn't provide an option to opt-out when opting out renders my account useless. There was no fine print indicating I can't link external accounts w/o it (and I still don't comprehend why a debit card matters in this regard).
Your experience perfectly illustrates why people hate big banks... I am have reservations if I even want to try this Platinum Honors scheme. Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
There's usually a Merrill Edge promo going on. Whether there's one going on right now or not, I have no idea.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sailaway wrote: Mon Aug 02, 2021 9:19 am
anon_investor wrote: Mon Aug 02, 2021 9:18 am
sailaway wrote: Mon Aug 02, 2021 9:02 am
anon_investor wrote: Mon Aug 02, 2021 7:57 am
sailaway wrote: Sun Aug 01, 2021 10:44 pm Although not the order we did it in, this is basically our setup and the authorized user does earn the rewards, but does not get the bump up on their own rewards.
Thanks, that makes sense. What is the benefit of a co-borrower on the CC? So the card does not get deactivated when one spouse dies?
In this case, so that as much household spending as possible is filtered through the cards with the best deal.
But how does that work any better as a co-borrower vs. authorized user?
Ah, sorry, we only have authorized user, didn't realize there was another option.
Yeah, I did not know there was even a co-borrower option, just trying to understand why someone would do that.
island
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

MisterBill wrote: Sun Aug 01, 2021 1:10 am
FrugalProfessor wrote: Sat Jul 31, 2021 8:49 pm Every year I buy $100 of American airlines egift cards to take advantage of the $100 airline incidental credit and sell them for about 85 bucks. So the net cost of earning that car is about 10 bucks for me. But I also get the global entry credit every 4 years, so it's even better.
And if you fly and pay baggage fees on domestic airlines, there's not even any need to do that. Just charge your fees and they will be refunded. The gift cards are only a backup plan if you don't have another use for the credit.
Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

island wrote: Mon Aug 02, 2021 9:57 am
MisterBill wrote: Sun Aug 01, 2021 1:10 am
FrugalProfessor wrote: Sat Jul 31, 2021 8:49 pm Every year I buy $100 of American airlines egift cards to take advantage of the $100 airline incidental credit and sell them for about 85 bucks. So the net cost of earning that car is about 10 bucks for me. But I also get the global entry credit every 4 years, so it's even better.
And if you fly and pay baggage fees on domestic airlines, there's not even any need to do that. Just charge your fees and they will be refunded. The gift cards are only a backup plan if you don't have another use for the credit.
Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
The Premium Rewards card gives you $100 in travel credit that can only be used on certain things, including baggage.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

island wrote: Mon Aug 02, 2021 9:57 am Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
It's the Premium Rewards card. That's what the $100 travel incidentals credit is intended for. That it works on AA gift cards is a lucky coincidence for those who don't use it otherwise. I'd imagine that the qualifying airlines are mentioned in here, if not check Flyertalk or Doctorofcredit.
Last edited by MisterBill on Mon Aug 02, 2021 10:28 am, edited 1 time in total.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Mon Aug 02, 2021 8:24 am Your experience perfectly illustrates why people hate big banks... I am have reservations if I even want to try this Platinum Honors scheme. Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
So don't open the account. Don't take advantage of the 75% multiplier on credit card rewards and get 5.25% back on up to $2500 in charges each quarter. I'm sure no one here will care, and BofA won't care, either. Personally, I am very pleased with the benefits I get from my relationship with BofA/ME, and other than credit cards, they are neither my primary bank nor brokerage.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Mon Aug 02, 2021 10:08 am
anon_investor wrote: Mon Aug 02, 2021 8:24 am Your experience perfectly illustrates why people hate big banks... I am have reservations if I even want to try this Platinum Honors scheme. Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
So don't open the account. Don't take advantage of the 75% multiplier on credit card rewards and get 5.25% back on up to $2500 in charges each quarter. I'm sure no one here will care, and BofA won't care, either. Personally, I am very pleased with the benefits I get from my relationship with BofA/ME, and other than credit cards, they are neither my primary bank nor brokerage.
Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
island
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

tj wrote: Mon Aug 02, 2021 9:59 am
island wrote: Mon Aug 02, 2021 9:57 am
MisterBill wrote: Sun Aug 01, 2021 1:10 am
FrugalProfessor wrote: Sat Jul 31, 2021 8:49 pm Every year I buy $100 of American airlines egift cards to take advantage of the $100 airline incidental credit and sell them for about 85 bucks. So the net cost of earning that car is about 10 bucks for me. But I also get the global entry credit every 4 years, so it's even better.
And if you fly and pay baggage fees on domestic airlines, there's not even any need to do that. Just charge your fees and they will be refunded. The gift cards are only a backup plan if you don't have another use for the credit.
Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
The Premium Rewards card gives you $100 in travel credit that can only be used on certain things, including baggage.
Thanks TJ, I wasn't aware of that, good to know! And the refund is automatic?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

island wrote: Mon Aug 02, 2021 10:14 am
tj wrote: Mon Aug 02, 2021 9:59 am
island wrote: Mon Aug 02, 2021 9:57 am
MisterBill wrote: Sun Aug 01, 2021 1:10 am
FrugalProfessor wrote: Sat Jul 31, 2021 8:49 pm Every year I buy $100 of American airlines egift cards to take advantage of the $100 airline incidental credit and sell them for about 85 bucks. So the net cost of earning that car is about 10 bucks for me. But I also get the global entry credit every 4 years, so it's even better.
And if you fly and pay baggage fees on domestic airlines, there's not even any need to do that. Just charge your fees and they will be refunded. The gift cards are only a backup plan if you don't have another use for the credit.
Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
The Premium Rewards card gives you $100 in travel credit that can only be used on certain things, including baggage.
Thanks TJ, I wasn't aware of that, good to know! And the refund is automatic?
Yes.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

anon_investor wrote: Mon Aug 02, 2021 8:24 am Does anyone know if Merrill Edge has any available bonuses for bringing over $100k in assets? It looks like there used to be a $300 bonus. I found a $100 signup bonus for setting up direct deposit on a new BoA checking account, that might be worth it for people trying for this Platinum Honors scheme. If I am going to move $100k from Vanguard, I kind of want to get paid.
I was told by two different ME reps this spring that they would no longer do bonuses going forward. Not even individual custom offers, which they were always willing to do in the past. And indeed there has been no promo since the last one expired in April, I believe.
island
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

MisterBill wrote: Mon Aug 02, 2021 10:01 am
island wrote: Mon Aug 02, 2021 9:57 am Which card are you referring to that will refund baggage fee refund? Is that done automatically? For any (and all) domestic flights on any airline? Thanks.
It's the Premium Rewards card. That's what the $100 travel incidentals credit is intended for. That it works on AA gift cards is a lucky coincidence for those who don't use it otherwise. I'm imagine that the qualifying airlines are mentioned in here, if not check Flyertalk or Doctorofcredit.
MisterBill thanks for the info and will check out those 2 websites.
This thread is a wealth of knowledge and what's clear is I'm not taking advantage of all the perks available on this card that I've had for years! :oops:

TJ thanks for confirming auto credit on the baggage fee!
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

island wrote: Mon Aug 02, 2021 10:19 am MisterBill thanks for the info and will check out those 2 websites.
This thread is a wealth of knowledge and what's clear is I'm not taking advantage of all the perks available on this card that I've had for years! :oops:

TJ thanks for confirming auto credit on the baggage fee!
You're paying $95 a year for the Premium Rewards card and not taking advantage of the rebate that pays for the card?

Here's the airline list from the DoC site:

United
American Airlines
East/West Airline (Australia)
Delta
US Airways
Southwest
Frontier
Jet Blue
Hawaiian
Alaskan
Last edited by MisterBill on Mon Aug 02, 2021 10:41 am, edited 3 times in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

MisterBill wrote: Mon Aug 02, 2021 10:32 am
anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Transfer a Roth IRA, the bonus isn't taxable.
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MilburnJr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MilburnJr »

2. I only buy low cost Vanguard/iShares ETF (and occasionally a Schwab ETF). ER is never more than .12 on any fund. I get 100 free stock/ETF trades per month. I know about the 10% redemption fee for partial shares...I solve that by not reinvesting dividends..I take my dividends, and rebuy after they post and buying up to the next whole share so that doesn't happen. I know they make something on the buy/ask spread on ETF's, but I think with Vanguard, it's pretty small, and for a long-term it's going to be negligible, and it's still cheaper than paying a commission to a broker.

What is this 10% redemption fee for partial shares you are speaking of? I have never heard of / or experienced this with Merrill Edge as it related to DRIP.
Last edited by MilburnJr on Mon Aug 02, 2021 11:24 am, edited 2 times in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon Aug 02, 2021 10:34 am
MisterBill wrote: Mon Aug 02, 2021 10:32 am
anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Transfer a Roth IRA, the bonus isn't taxable.
Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon Aug 02, 2021 12:29 pm
tj wrote: Mon Aug 02, 2021 10:34 am
MisterBill wrote: Mon Aug 02, 2021 10:32 am
anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Transfer a Roth IRA, the bonus isn't taxable.
Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
No, it's earnings. Why would it be a contribution?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Mon Aug 02, 2021 10:32 am
anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Thanks, it sounds like ME isn't giving bonuses anymore anyway, so I would be waiting a long time :shock: .

The Premium Rewards card looks good, though I am also looking at the new Unlimited Cash Rewards card, since it does not have the annual fee, though it sounds like the Premium Rewards would pay for itself with any kind of air travel, not to mention the bonus is currently $300 more.

Has anyone tried to get the $100 bonus for the checking for doing direct deposit?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon Aug 02, 2021 12:32 pm
anon_investor wrote: Mon Aug 02, 2021 12:29 pm
tj wrote: Mon Aug 02, 2021 10:34 am
MisterBill wrote: Mon Aug 02, 2021 10:32 am
anon_investor wrote: Mon Aug 02, 2021 10:11 am Is there a current bonus for moving $100k to ME? Which BoA CCs do you have?
I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Transfer a Roth IRA, the bonus isn't taxable.
Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
No, it's earnings. Why would it be a contribution?
I forget which brokerage in was in reference to, but in another thread someone mentioned their tax form coded their sign up bonus in a way that treated it like a IRA contribution.
island
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

MisterBill wrote: Mon Aug 02, 2021 10:30 am
island wrote: Mon Aug 02, 2021 10:19 am MisterBill thanks for the info and will check out those 2 websites.
This thread is a wealth of knowledge and what's clear is I'm not taking advantage of all the perks available on this card that I've had for years! :oops:

TJ thanks for confirming auto credit on the baggage fee!
You're paying $95 a year for the Premium Rewards card and not taking advantage of the rebate that pays for the card?

Here's the airline list from the DoC site:

United
American Airlines
East/West Airline (Australia)
Delta
US Airways
Southwest
Frontier
Jet Blue
Hawaiian
Alaskan
Thanks for the list .
I have platinum preferred rewards, but not the premium rewards card w fee. Didn't realize that's the card you were referring to. So I assume the free checked bag doesn't apply in my case.

I haven't traveled in over a year, but will revisit other card options if makes sense. I think we get free bad check on American, but don't always fly on them.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

anon_investor wrote: Mon Aug 02, 2021 12:34 pm
tj wrote: Mon Aug 02, 2021 12:32 pm
anon_investor wrote: Mon Aug 02, 2021 12:29 pm
tj wrote: Mon Aug 02, 2021 10:34 am
MisterBill wrote: Mon Aug 02, 2021 10:32 am

I have the Customized Cash Rewards card (3 of them, actually, set to different categories), Travel Rewards (don't use it) and Premium Rewards. And even if you can't get a bonus for transferring your assets, you can get bonuses for signing up for the credit cards, and they won't be taxable like the brokerage bonus would be.
Transfer a Roth IRA, the bonus isn't taxable.
Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
No, it's earnings. Why would it be a contribution?
I forget which brokerage in was in reference to, but in another thread someone mentioned their tax form coded their sign up bonus in a way that treated it like a IRA contribution.
As noted it's moot, but I can confirm that Merrill Edge IRA bonuses are not reported on the 1099 and do not count toward contribution limit. In a tax-deferred account, of course, you pay taxes on the amount plus growth at withdrawal, but on the Roth IRA it's entirely tax-free. Every other brokerage I've gotten a bonus from (Ally Invest, Schwab, TD Ameritrade, E*Trade) handles this the same way.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

02nz wrote: Mon Aug 02, 2021 1:08 pm
anon_investor wrote: Mon Aug 02, 2021 12:34 pm
tj wrote: Mon Aug 02, 2021 12:32 pm
anon_investor wrote: Mon Aug 02, 2021 12:29 pm
tj wrote: Mon Aug 02, 2021 10:34 am

Transfer a Roth IRA, the bonus isn't taxable.
Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
No, it's earnings. Why would it be a contribution?
I forget which brokerage in was in reference to, but in another thread someone mentioned their tax form coded their sign up bonus in a way that treated it like a IRA contribution.
As noted it's moot, but I can confirm that Merrill Edge IRA bonuses are not reported on the 1099 and do not count toward contribution limit. In a tax-deferred account, of course, you pay taxes on the amount plus growth at withdrawal, but on the Roth IRA it's entirely tax-free. Every other brokerage I've gotten a bonus from (Ally Invest, Schwab, TD Ameritrade, E*Trade) handles this the same way.
Thanks for the datapoint. Now I just need to settle on which CC to aim for, I am considering either the Premium Rewards or the Unlimited Cash Rewards. Does anyone know if there is any benefit with going into a local branch to talk to someone, are there any extra perks they can hook you up with?
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

anon_investor wrote: Mon Aug 02, 2021 1:14 pm
02nz wrote: Mon Aug 02, 2021 1:08 pm
anon_investor wrote: Mon Aug 02, 2021 12:34 pm
tj wrote: Mon Aug 02, 2021 12:32 pm
anon_investor wrote: Mon Aug 02, 2021 12:29 pm

Would that bonus count as part of an IRA contribution? It sounds like a moot point anyway since someone else posted they are not doing ME bonuses anymore.
No, it's earnings. Why would it be a contribution?
I forget which brokerage in was in reference to, but in another thread someone mentioned their tax form coded their sign up bonus in a way that treated it like a IRA contribution.
As noted it's moot, but I can confirm that Merrill Edge IRA bonuses are not reported on the 1099 and do not count toward contribution limit. In a tax-deferred account, of course, you pay taxes on the amount plus growth at withdrawal, but on the Roth IRA it's entirely tax-free. Every other brokerage I've gotten a bonus from (Ally Invest, Schwab, TD Ameritrade, E*Trade) handles this the same way.
Thanks for the datapoint. Now I just need to settle on which CC to aim for, I am considering either the Premium Rewards or the Unlimited Cash Rewards. Does anyone know if there is any benefit with going into a local branch to talk to someone, are there any extra perks they can hook you up with?
Premium Rewards has a much larger signup bonus. Get that at least for the first year, you can product change after that if you don't think the annual fee is worth paying.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

anon_investor wrote: Mon Aug 02, 2021 1:14 pm Thanks for the datapoint. Now I just need to settle on which CC to aim for, I am considering either the Premium Rewards or the Unlimited Cash Rewards. Does anyone know if there is any benefit with going into a local branch to talk to someone, are there any extra perks they can hook you up with?
I've read in the past that BofA only does one pull a day, so you might consider applying for both the Premium Rewards and Customized Cash Rewards cards since they are both useful, assuming it does not put you in 5/24 risk.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

MisterBill wrote: Mon Aug 02, 2021 2:24 pm
anon_investor wrote: Mon Aug 02, 2021 1:14 pm Thanks for the datapoint. Now I just need to settle on which CC to aim for, I am considering either the Premium Rewards or the Unlimited Cash Rewards. Does anyone know if there is any benefit with going into a local branch to talk to someone, are there any extra perks they can hook you up with?
I've read in the past that BofA only does one pull a day, so you might consider applying for both the Premium Rewards and Customized Cash Rewards cards since they are both useful, assuming it does not put you in 5/24 risk.
Has anyone one else tried that? I would be affraid of both getting rejected.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FrugalProfessor »

anon_investor wrote: Mon Aug 02, 2021 2:41 pm
MisterBill wrote: Mon Aug 02, 2021 2:24 pm
anon_investor wrote: Mon Aug 02, 2021 1:14 pm Thanks for the datapoint. Now I just need to settle on which CC to aim for, I am considering either the Premium Rewards or the Unlimited Cash Rewards. Does anyone know if there is any benefit with going into a local branch to talk to someone, are there any extra perks they can hook you up with?
I've read in the past that BofA only does one pull a day, so you might consider applying for both the Premium Rewards and Customized Cash Rewards cards since they are both useful, assuming it does not put you in 5/24 risk.
Has anyone one else tried that? I would be affraid of both getting rejected.
I applied for multiple versions of the cash rewards on the same day. I was approved for at least two. I don't remember if I tried a third the same day. I'd say keep applying until denied. Start with your preferred one first.

If you are a big spender, 2.625%/3.5% PR is great. If you are a smaller spender, 5.25% multiple (C)CR is fantastic. I'm a pretty small spender with access to 5 (C)CR cards. One quarter we got close to maxing the 5x$2.5k/quarter out (I sometimes pass through the discount for friends with big-ticket purchases). Most quarters we don't come close, but the 5 (C)CR cards allows us to cast a larger net with the 5.25% rewards (e.g. online + gas + restaurants).
I blog here: https://www.frugalprofessor.com/
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Marseille07 wrote: Mon Aug 02, 2021 5:18 pm Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
There is no difference. All those cards are the same. Komen, MLB, etc. That's another way to have additional cards with more bonus categories.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Mon Aug 02, 2021 6:43 pm
Marseille07 wrote: Mon Aug 02, 2021 5:18 pm Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
There is no difference. All those cards are the same. Komen, MLB, etc. That's another way to have additional cards with more bonus categories.
Thank you. I love Bank of America!

The only regret is I couldn't mention to enable the "do not solicit" checkbox on my profile. It's not so easy when you just met a BofA banker for the first time and they're trying to sell you investment advisors in your face.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Mon Aug 02, 2021 6:44 pm
tj wrote: Mon Aug 02, 2021 6:43 pm
Marseille07 wrote: Mon Aug 02, 2021 5:18 pm Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
There is no difference. All those cards are the same. Komen, MLB, etc. That's another way to have additional cards with more bonus categories.
Thank you. I love Bank of America!

The only regret is I couldn't mention to enable the "do not solicit" checkbox on my profile. It's not so easy when you just met a BofA banker for the first time and they're trying to sell you investment advisors in your face.
Can you update online in your account?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Mon Aug 02, 2021 6:50 pm
Marseille07 wrote: Mon Aug 02, 2021 6:44 pm
tj wrote: Mon Aug 02, 2021 6:43 pm
Marseille07 wrote: Mon Aug 02, 2021 5:18 pm Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
There is no difference. All those cards are the same. Komen, MLB, etc. That's another way to have additional cards with more bonus categories.
Thank you. I love Bank of America!

The only regret is I couldn't mention to enable the "do not solicit" checkbox on my profile. It's not so easy when you just met a BofA banker for the first time and they're trying to sell you investment advisors in your face.
Can you update online in your account?
I wish if it were that easy! This is a hidden option.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Mon Aug 02, 2021 6:51 pm
anon_investor wrote: Mon Aug 02, 2021 6:50 pm
Marseille07 wrote: Mon Aug 02, 2021 6:44 pm
tj wrote: Mon Aug 02, 2021 6:43 pm
Marseille07 wrote: Mon Aug 02, 2021 5:18 pm Why does BofA have so many cards? For example, I can't figure out the difference between U.S. Pride® Customized Cash Rewards Credit Card vs Bank of America® Customized Cash Rewards Credit Card. Is it just the plastic design?
There is no difference. All those cards are the same. Komen, MLB, etc. That's another way to have additional cards with more bonus categories.
Thank you. I love Bank of America!

The only regret is I couldn't mention to enable the "do not solicit" checkbox on my profile. It's not so easy when you just met a BofA banker for the first time and they're trying to sell you investment advisors in your face.
Can you update online in your account?
I wish if it were that easy! This is a hidden option.
Good future tip, check do not solicit…
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Mon Aug 02, 2021 6:54 pm Good future tip, check do not solicit…
I'm going off of what another poster mentioned on this thread. I can confirm TDA has one though, as I pinged their chat support for the hell of it and they found & turned it on.
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