Bank of America/Merrill Edge - Preferred Rewards

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rama13
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rama13 »

I keep $0 in the checking account and use it to auto-redeem my cash rewards every month then move those cash rewards back to my credit card as a bill pay.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tj wrote: Fri Jul 23, 2021 8:08 pm
j9j wrote: Fri Jul 23, 2021 7:54 pm I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.
Yeah, plus it's convenient ot have the checking account to auto-deposit all the cash back from your cards.
While I concur it is convenient and it is what I do, when I go to redeem the cash back on my cards, my ME taxable CMA is available as a destination.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

anon_investor wrote: Fri Jul 23, 2021 8:02 pm
j9j wrote: Fri Jul 23, 2021 7:54 pm I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.
Do they wait the monthly fee on the checking for having $100k in a ME account?
Yes. You don't even need $100k. Gold level is enough for them to waive fees on up to 4 checking/saving accounts.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/

Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...

Advantage Relationship seems like the best one?
GoPackGo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoPackGo »

Marseille07 wrote: Sat Jul 24, 2021 12:48 am Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/

Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...

Advantage Relationship seems like the best one?
Yeah, I have Advantage Relationship because it's "the best" and like you mentioned, there is no monthly fee with Preferred Rewards anyways. I keep $25 in the checking account.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

GoPackGo wrote: Sat Jul 24, 2021 12:58 am
Marseille07 wrote: Sat Jul 24, 2021 12:48 am Which checking account do people use? I see 3 here: https://www.bankofamerica.com/deposits/ ... e-banking/

Seems like any of them would waive the monthly fee so long as I'm enrolled in Preferred Rewards...

Advantage Relationship seems like the best one?
Yeah, I have Advantage Relationship because it's "the best" and like you mentioned, there is no monthly fee with Preferred Rewards anyways. I keep $25 in the checking account.
Thanks. I'll probably open Relationship too then. Still waiting for the travel card; it's approved but still in transit and I don't know my credit line yet.
j9j
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j9j »

anon_investor wrote: Fri Jul 23, 2021 8:02 pm
j9j wrote: Fri Jul 23, 2021 7:54 pm I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.
Do they wait the monthly fee on the checking for having $100k in a ME account?
Correct, No low balance fees on the checking account when there is 100k+ on ME account.
bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

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
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

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
I've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?
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bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

MikeG62 wrote: Sat Jul 24, 2021 8:28 am
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
I've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?
it seems to be hit or miss. even in my linked thread, some got auto-upgraded and others didn't. since i was such an early adopter of the program (merrill edge was just launched at the time), maybe i got assigned a rep while newer accounts didn't. memory is imperfect, but i can't rule out getting an upsell call even before i met the $100k balance.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

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
As far as I know, the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. https://i.imgur.com/t6wUnJc.png is a summary from several years ago when free trades were still a specific benefit.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bling wrote: Sat Jul 24, 2021 8:32 am
MikeG62 wrote: Sat Jul 24, 2021 8:28 am
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
I've been with Merrill Edge for about 18 months and I've never received a call or e-mail from them looking to up-sell me anything. I do only have a little over $100K sitting in a bond fund, so not even close to the level of their wealth management cutoff. Maybe that's the reason?
it seems to be hit or miss. even in my linked thread, some got auto-upgraded and others didn't. since i was such an early adopter of the program (merrill edge was just launched at the time), maybe i got assigned a rep while newer accounts didn't. memory is imperfect, but i can't rule out getting an upsell call even before i met the $100k balance.
I don’t get the calls, but I also have Do Not Solicit on my customer profile. So I don’t know if I would get the calls if didn’t have DNS on.
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
Whoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...

I don't even understand how you *lose* benefits by having more money with them.
presto987
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by presto987 »

I've had over $250k with ME for quite a few years and have never lost benefits or had any issues.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Marseille07 wrote: Sat Jul 24, 2021 12:46 pm
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
Whoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...

I don't even understand how you *lose* benefits by having more money with them.
We never got "upgraded." I also don't think we get calls, but then DH never answers his phone, so who knows.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

If I just want to fly low and want to collect 1.5% on the Travel Rewards card, I just need a credit card account and view my statement online & pay, correct? I don't need to open a checking / ME for using the rewards and what not?

Given the uncertainty surrounding the Wealth Management program, I might start off small and figure out as I go.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

I have three accounts all over 250k and there has been no conversion or upsell.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.

I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Marseille07 wrote: Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.

I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
It no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.

And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

BrandonBogle wrote: Sat Jul 24, 2021 2:12 pm
Marseille07 wrote: Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.

I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
It no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.

And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Thank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call me :-D
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Marseille07 wrote: Sat Jul 24, 2021 2:14 pm
BrandonBogle wrote: Sat Jul 24, 2021 2:12 pm
Marseille07 wrote: Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.

I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
It no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.

And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Thank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call me :-D
Every bank, brokerage, and credit card company I interact with I had them add it. Makes life easier as I don’t want them calling me. I’ll reach out if I want something. :)
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

BrandonBogle wrote: Sat Jul 24, 2021 2:16 pm
Marseille07 wrote: Sat Jul 24, 2021 2:14 pm
BrandonBogle wrote: Sat Jul 24, 2021 2:12 pm
Marseille07 wrote: Sat Jul 24, 2021 1:54 pm It seems like the Wealth Management upgrade situation depends on your rep, which you have no control over. Knowing my luck, I probably get upsold before opening my ME account.

I'll probably start off small, maybe opening ME and test the waters before diving head on with the Preferred Rewards program.
It no longer really matters getting upgraded to Wealth Management. Previously, WM didn’t come with free trades while ME gave a certain number of trades free. Now the entire platform has free stock/etf free trades, so you don’t lose anything.

And all banks have a “do not solicit” option you can have customer service apply to the account. Then you don’t have to worry about upsells, if they would even have thought about it.
Thank you. The "do not solicit" option is actually good to know, not just ME but elsewhere as well. I might hit up TDA to not ever call me :-D
Every bank, brokerage, and credit card company I interact with I had them add it. Makes life easier as I don’t want them calling me. I’ll reach out if I want something. :)
Is this a setting you can update online, or do you have to call them to activate that setting?
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Sat Jul 24, 2021 12:46 pm
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
Whoa...this is extremely concerning. I was going to transfer my QQQ holdings but those are above 250K from the get go...

I don't even understand how you *lose* benefits by having more money with them.
As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

student wrote: Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
I see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.

If my credit line turned out to be low then all bets are off.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Sat Jul 24, 2021 3:44 pm
student wrote: Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
I see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.

If my credit line turned out to be low then all bets are off.
If you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

student wrote: Sat Jul 24, 2021 3:53 pm
Marseille07 wrote: Sat Jul 24, 2021 3:44 pm
student wrote: Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
I see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.

If my credit line turned out to be low then all bets are off.
If you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.
I see. Yeah one good thing about BofA is that there are branches everywhere, including where I live. I learned this the hard way when I was with Citibank 1000 miles away and they demanded that I show up in person...

A poster mentioned upthread there is some "do not solicit" option we can ask for as well.
GoPackGo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoPackGo »

Marseille07 wrote: Sat Jul 24, 2021 3:56 pm
student wrote: Sat Jul 24, 2021 3:53 pm
Marseille07 wrote: Sat Jul 24, 2021 3:44 pm
student wrote: Sat Jul 24, 2021 3:30 pm As I noted above, you no longer lose benefits as the only benefit that one used to lose is the free trades but it is not relevant anymore, as everyone gets free trades. However one does gain benefits. See https://i.imgur.com/t6wUnJc.png which is a summary from several years ago when free trades were still a specific benefit.
I see, this is reassuring. If Merrill Edge credits deposits quickly like TDA then I can move my entire BH portfolio over there and never have to worry about falling out of Wealth Management, or at least Platinum Honors. I'll test it out once I receive the Travel Rewards card & making sure my credit line is sufficient.

If my credit line turned out to be low then all bets are off.
If you have a BoA branched nearby, I recommend talking to an Merrill "advisor" in branch. Let him/her know that you will be transferring. If there is any issue during the transfer, you only have to talk to this one person, and he/she will help you contact the back office to resolve any issues. In my case, after the transfer, I told her that I do not need investment help and thank her for the assistance in the transfer. When I emailed her with questions, she responded promptly. I did not receive any sales call.
I see. Yeah one good thing about BofA is that there are branches everywhere, including where I live. I learned this the hard way when I was with Citibank 1000 miles away and they demanded that I show up in person...

A poster mentioned upthread there is some "do not solicit" option we can ask for as well.
BofA isn't quite everywhere. There are no BofA or Citibank branches in Wisconsin for example. For each the nearest to me is outside the Chicago area.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.

Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.

As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Marseille07 wrote: Tue Jul 27, 2021 10:42 pm I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.

Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.

As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
Sure, the branch can cancel your card. They also can likely update your address.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Tue Jul 27, 2021 10:46 pm
Marseille07 wrote: Tue Jul 27, 2021 10:42 pm I received the Travel Rewards card but the CL was extremely low and I don't seem to be able to set a separate mailing address from my physical address.

Setting primary residence works. But when I select "Add mailing address," SHTF. First, I can't proceed without selecting the card account; second, doing so prompts a message that says "We will remove this account from Primary residence" and that's what happens. Instead of adding a mailing address in addition to my primary address, the mailing address takes over, that's not what I'm looking for.

As such, I want to just go ahead and cancel the card. Rather than dealing with phone support, can I go ahead and get it taken care of at the branch?
Sure, the branch can cancel your card. They also can likely update your address.
Thank you. I might just cancel it. I'm already outraged that when I select "add mailing address," they come back with "The address you confirmed is recognized as a Commercial Mail Receiving Agency (CMRA) by the USPS and cannot be used for your profile information. You can go back and enter a valid physical address (non CMRA) for your Primary Residence Address." (notice I'm trying to add a mailing address, not Primary Residence - but because they force me to select the card account, which replaces the address, I see this message).

The help message on addresses say "You can add additional addresses to your profile and we will deliver all future statements and correspondence for a specific account to those addresses based on your settings. Additional addresses can be a PO Box."

I'm just shaking my head that I run into nonsense like this from the get go. Adding a mailing address should not be difficult...
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

I called the number at the back of the card and they've done some magic to straighten out my address situation. They say it might take 24 hours to get the changes reflected. I am holding onto the card for another day. Crisis averted.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

My address issues are somewhat fixed. The customer support person manually added my mailing address and fixed up the format of addresses in a way I wasn't able to because of the restrictions placed by the site.

Now I have a Primary residence address, not associated with any account, and an "Address 2" address (I asked to add a mailing address) associated with my card account.

My CL is low but at this point it's good enough to get started with the Travel Rewards card. I need to spend $1000 in 90 days to get 25000 bonus points.
Last edited by Marseille07 on Wed Jul 28, 2021 5:27 pm, edited 1 time in total.
flyingcows
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by flyingcows »

On a related note, wanted to just share my recent experiences getting enrolled in this program.

My oldest credit card was aquired by BoA some years ago, I stopped using it because BoA nerfed the reward down to 1% (was formerly a 2% rewards card from Schwab)…however they recently sent me an offer to switch my existing useless BoA card to the “Unlimited Cash Rewards card”: it’s a 1.5% base cashback card which can then be amplified 75% to 2.625% via plat honors tier rewards status as I have seen others mention here before, better than the 2% citi card I have been using. Just wanted to share incase others have old/nerfed BoA cards they were holding on to, you may also have the opportunity to upgrade the existing card into something useful. This upgrade doesn’t require a credit check or an application process, it’s the same credit card account

I also had an unused Merril account, so I’ve just transfered funds into that to meet the balance requirement. I spoke with a customer service agent and they said BoA will test to see if your average aggregate balance meets the requirement for a tier increase every month (fair enough), but they will only remove you from the program if you don’t meet the average aggregate balance requirement each month for 1 year :confused :confused , which seems overly generous, is that right?
This content is for entertainment purposes only
calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

flyingcows wrote: Wed Jul 28, 2021 4:14 pm I also had an unused Merril account, so I’ve just transfered funds into that to meet the balance requirement. I spoke with a customer service agent and they said BoA will test to see if your average aggregate balance meets the requirement for a tier increase every month (fair enough), but they will only remove you from the program if you don’t meet the average aggregate balance requirement each month for 1 year :confused :confused , which seems overly generous, is that right?
This is correct and is well known. If you time it right you could have 15 months before you lose your status. https://www.doctorofcredit.com/bank-of- ... purchases/
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

Marseille07 wrote: Wed Jul 28, 2021 9:06 pm A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
No, CMA = cash management account. That's their standard brokerage account.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

02nz wrote: Wed Jul 28, 2021 9:11 pm
Marseille07 wrote: Wed Jul 28, 2021 9:06 pm A dumb question, but I thought I went ahead and opened a Merrill Edge individual brokerage account. But their welcome mail says "Merrill Edge® Self-Directed CMA that you applied for" and my account number also starts with CMA-Edge-XYZ. Did something go south during the process?
No, CMA = cash management account. That's their standard brokerage account.
Thank you! I'm reassured what's supposed to happen happened :beer

Little I knew they took some time to create my account too, I was trying user/pass combo to no avail (they hadn't created the account) and got locked out lol.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

I'm planning to park some VOO shares in ME and call it a day. With checking + Travel Rewards card, I should be able to enroll in the Preferred Rewards program Platinum Honors :moneybag

Well, turned out I want to reduce the # of shares to transfer...but they don't let me cancel unless I provide a free-format document indicating I want to cancel it, signed & dated. Just whoa...I think I'll let the transfer stand and then transfer back some shares :oops:
tomsense76
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Marseille07 wrote: Wed Jul 28, 2021 11:14 pm I'm planning to park some VOO shares in ME and call it a day. With checking + Travel Rewards card, I should be able to enroll in the Preferred Rewards program Platinum Honors :moneybag

Well, turned out I want to reduce the # of shares to transfer...but they don't let me cancel unless I provide a free-format document indicating I want to cancel it, signed & dated. Just whoa...I think I'll let the transfer stand and then transfer back some shares :oops:
Congrats! :sharebeer

Now just wait and watch the rewards roll in :greedy
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tomsense76 wrote: Thu Jul 29, 2021 2:18 am Congrats! :sharebeer

Now just wait and watch the rewards roll in :greedy
Thanks. 2.62% anywhere is just too good to pass up :beer
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

They didn't honor my free-form letter to cancel my VOO transfer (I wanted to modify the # of shares but they don't let me modify, the only option was to cancel). Oh well, not the end of the world I guess...
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
island
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
I'm new to this thread, what's Advantage Relationship and Advantage Plus?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

island wrote: Thu Jul 29, 2021 4:12 pm
Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
I'm new to this thread, what's Advantage Relationship and Advantage Plus?
https://www.bankofamerica.com/deposits/ ... e-banking/
island
Posts: 1971
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by island »

tj wrote: Thu Jul 29, 2021 4:18 pm
island wrote: Thu Jul 29, 2021 4:12 pm
Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
I'm new to this thread, what's Advantage Relationship and Advantage Plus?
https://www.bankofamerica.com/deposits/ ... e-banking/
Thanks tj
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
My checking account is labeled Adv Plus Banking.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

placeholder wrote: Thu Jul 29, 2021 6:22 pm
Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
My checking account is labeled Adv Plus Banking.
Mine is Adv SafeBalance Banking
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Thu Jul 29, 2021 6:23 pm
placeholder wrote: Thu Jul 29, 2021 6:22 pm
Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
My checking account is labeled Adv Plus Banking.
Mine is Adv SafeBalance Banking
Can we change the account type after opening? Also, any repercussions if we leave the account at $0, provided I'm a Platinum Honors customer?
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Thu Jul 29, 2021 6:40 pm
tj wrote: Thu Jul 29, 2021 6:23 pm
placeholder wrote: Thu Jul 29, 2021 6:22 pm
Marseille07 wrote: Thu Jul 29, 2021 3:54 pm As far as checking, I think I need an Advantage Relationship account, not Advantage Plus. I can't enroll in Preferred Rewards just yet, and Advantage Plus requires $1500 in checking whereas Relationship lets me use ME as show-the-money account.
My checking account is labeled Adv Plus Banking.
Mine is Adv SafeBalance Banking
Can we change the account type after opening? Also, any repercussions if we leave the account at $0, provided I'm a Platinum Honors customer?
My understanding is you can change the account type after opening. I would suggest leaving >= $10 there so it is not $0.
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

FWIW, I have $0 in my safe balance 99.9% of the time unless I'm redeeming rewards to it and then pay a bill or Zelle the money to Ally.
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