Bank of America/Merrill Edge - Preferred Rewards

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

Post by exarkun »

MisterBill wrote: Mon Aug 15, 2022 2:12 pm Rather disappointed with BofA's credit card people right now. I have one card with a $2500 credit limit, and I tried to get it increased since it really does a number on my credit score when I max out the quarterly spend in one charge, and it gets reported as 100% used. I'd been rejected before, but figured I would try again, since my total credit on all cards is much less than Chase or Citi have given me. I got rejected, and the letter I got in the mail said that it's due to "too many accounts recently opened". Except that they say that they used TransUnion and I have a grand total of one credit card inquiry on there (from March), along with two auto loan inquires on the same day in 2021.

If they had said that it was because of my credit score, I could understand that, since it is much lower than usual because of said 100% utilization and high usage on a different card. Maybe I'll apply again when I get back over 800 in a month or two.
No need for your credit score to take a hit. Pay off all of your balance but one dollar before your statement date.
persona4826
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by persona4826 »

anon_investor wrote: Mon Aug 08, 2022 8:11 pm I would call ME and ask them if they can offer you anything.

Are these funds in a bank account or another brokerage?
j9j wrote: Mon Aug 08, 2022 8:15 pm If you talk to a rep they may offer a bonus. I have gotten bonus to transfer additional funds into existing accounts. I think at the time it was $900 for 200k transfer within the past two years.

You can setup ACH at ME and link it to external checking/savings accounts. No fees but keep in mind There will probably some transfer limits that you might run into.
Looks like there could be some chance of bonus -- I'll have to endure the long wait times to find out. Also, I'd be funding from a bank account. Thanks for the reminder to check on how much I can withdraw.

A follow-up question: many people on this thread have commented that in addition to the ME account, they also use Schwab or Fidelity. Would contributing there have any advantages rather than holding everything at ME?

I have some cushion in my ME taxable to keep me at Platinum Honors, and I brought over my Roth from Vanguard to pare down the number of accounts to monitor. The wrench in the works is my HSA. It's with Ameritrade - yet should become a Schwab account once that merger is complete. I'm going to have investments with two different institutions no matter what (and Schwab would get it all if BoA nerfs the Preferred Rewards).

The tidier answer is to keep the taxable all together, but would there be advantage to holding a part at Schwab?
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

persona4826 wrote: Tue Aug 16, 2022 5:10 pm ...
The tidier answer is to keep the taxable all together, but would there be advantage to holding a part at Schwab?
Yes, you could get a transfer bonus from Schwab too 🙂
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Agree that multiple bonuses would be the major advantage.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

persona4826 wrote: Tue Aug 16, 2022 5:10 pm
anon_investor wrote: Mon Aug 08, 2022 8:11 pm I would call ME and ask them if they can offer you anything.

Are these funds in a bank account or another brokerage?
j9j wrote: Mon Aug 08, 2022 8:15 pm If you talk to a rep they may offer a bonus. I have gotten bonus to transfer additional funds into existing accounts. I think at the time it was $900 for 200k transfer within the past two years.

You can setup ACH at ME and link it to external checking/savings accounts. No fees but keep in mind There will probably some transfer limits that you might run into.
Looks like there could be some chance of bonus -- I'll have to endure the long wait times to find out. Also, I'd be funding from a bank account. Thanks for the reminder to check on how much I can withdraw.

A follow-up question: many people on this thread have commented that in addition to the ME account, they also use Schwab or Fidelity. Would contributing there have any advantages rather than holding everything at ME?

I have some cushion in my ME taxable to keep me at Platinum Honors, and I brought over my Roth from Vanguard to pare down the number of accounts to monitor. The wrench in the works is my HSA. It's with Ameritrade - yet should become a Schwab account once that merger is complete. I'm going to have investments with two different institutions no matter what (and Schwab would get it all if BoA nerfs the Preferred Rewards).

The tidier answer is to keep the taxable all together, but would there be advantage to holding a part at Schwab?
If you make purchases twice a month in taxable, TLH is painful at ME because you can only sell 4 tax lots at a time. I make my regular taxable purchases at Fidelity.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

I currently hold everything aside from my cash savings at BoA/ME, but I am considering beginning to build a relationship at Schwab by adding any new money into a brokerage there and perhaps moving my checking account there.

I am not sure it is worth the trouble. Has anyone done something like this and is it even worth it? I like the features of Schwab's checking (free international ATM fees, etc) and great customer service. I also don't like how ME doesn't allow you to trade certain types of securities.
cowbman
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by cowbman »

atdharris wrote: Wed Aug 17, 2022 10:06 am I currently hold everything aside from my cash savings at BoA/ME, but I am considering beginning to build a relationship at Schwab by adding any new money into a brokerage there and perhaps moving my checking account there.

I am not sure it is worth the trouble. Has anyone done something like this and is it even worth it? I like the features of Schwab's checking (free international ATM fees, etc) and great customer service. I also don't like how ME doesn't allow you to trade certain types of securities.
Absolutely! Many will chase broker bonuses annually
Nummerkins
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nummerkins »

I recently received my 3rd cash bonus from ME. For now I've left the required funds there in VTI to get those juicy CC rewards. I may transfer them back out so I get another bonus in a year (or see if they will pay so I don't move). You keep your Preferred Rewards status for 15 months I think when the balance dips.
Today's high is tomorrow's low.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

cowbman wrote: Wed Aug 17, 2022 10:14 am
atdharris wrote: Wed Aug 17, 2022 10:06 am I currently hold everything aside from my cash savings at BoA/ME, but I am considering beginning to build a relationship at Schwab by adding any new money into a brokerage there and perhaps moving my checking account there.

I am not sure it is worth the trouble. Has anyone done something like this and is it even worth it? I like the features of Schwab's checking (free international ATM fees, etc) and great customer service. I also don't like how ME doesn't allow you to trade certain types of securities.
Absolutely! Many will chase broker bonuses annually
Unfortunately, I don't think Schwab is offering any bonuses, and I'd only move my Roth if anything. It just doesn't seem like I get any additional benefit by keeping substantially more than $100k at ME. There was once a time that some did at $250k, but that is gone.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

atdharris wrote: Thu Aug 18, 2022 10:37 am ..... It just doesn't seem like I get any additional benefit by keeping substantially more than $100k at ME. There was once a time that some did at $250k, but that is gone.
Right, the next benefit tier is north of $1,000,000 and for that I think you get international ATMs and wires, and perhaps some mortgage and car loan discounts. But that is about it.

On the bright side, the cash options are better than they have been in the past so it is easier for folks to reach the upper tier.
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indexfundfan
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

I have been using the BofA Travel Rewards card as a generic 2.625% credit card for several years. I generally do not redeem the points for travel / dining expenses because I usually transfer the points to the BofA AAA credit card (no longer offered) and cash out the points there at 1pt = $0.01.

However, I just received notice that the AAA credit card will be managed by Comenity / Bread Financials starting from October. So I will be losing this source of 1:1 cashback and I am now looking for alternatives.

I see that BofA currently has two 2.625% credit cards (1.5% + 75% preferred rewards bonus). The first is the Unlimited Cash Rewards (UCR) and the second is the Premium Rewards (PR). Which one of these CC do you use and recommend? Are the cash back a straight 1pt = $0.01? Is there a minimum redemption amount?
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sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

indexfundfan wrote: Thu Aug 18, 2022 7:36 pm I have been using the BofA Travel Rewards card as a generic 2.625% credit card for several years. I generally do not redeem the points for travel / dining expenses because I usually transfer the points to the BofA AAA credit card (no longer offered) and cash out the points there at 1pt = $0.01.

However, I just received notice that the AAA credit card will be managed by Comenity / Bread Financials starting from October. So I will be losing this source of 1:1 cashback and I am now looking for alternatives.

I see that BofA currently has two 2.625% credit cards (1.5% + 75% preferred rewards bonus). The first is the Unlimited Cash Rewards (UCR) and the second is the Premium Rewards (PR). Which one of these CC do you use and recommend? Are the cash back a straight 1pt = $0.01? Is there a minimum redemption amount?
I believe the premium has an annual fee, so unless you want some of the other bennies, I would just go with the unlimited. That is our "default" card for purchases that don't fit any of the 5+% categories or exceed the $2500/ quarter limit. (Our grocery card has a $500/month limit that we rarely exceed).
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

sailaway wrote: Thu Aug 18, 2022 7:43 pm
indexfundfan wrote: Thu Aug 18, 2022 7:36 pm I have been using the BofA Travel Rewards card as a generic 2.625% credit card for several years. I generally do not redeem the points for travel / dining expenses because I usually transfer the points to the BofA AAA credit card (no longer offered) and cash out the points there at 1pt = $0.01.

However, I just received notice that the AAA credit card will be managed by Comenity / Bread Financials starting from October. So I will be losing this source of 1:1 cashback and I am now looking for alternatives.

I see that BofA currently has two 2.625% credit cards (1.5% + 75% preferred rewards bonus). The first is the Unlimited Cash Rewards (UCR) and the second is the Premium Rewards (PR). Which one of these CC do you use and recommend? Are the cash back a straight 1pt = $0.01? Is there a minimum redemption amount?
I believe the premium has an annual fee, so unless you want some of the other bennies, I would just go with the unlimited. That is our "default" card for purchases that don't fit any of the 5+% categories or exceed the $2500/ quarter limit. (Our grocery card has a $500/month limit that we rarely exceed).
Thanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?

The UCR has a 3% foreign transaction fee. Does the PR have it too?
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FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

indexfundfan wrote: Thu Aug 18, 2022 7:36 pmI see that BofA currently has two 2.625% credit cards (1.5% + 75% preferred rewards bonus). The first is the Unlimited Cash Rewards (UCR) and the second is the Premium Rewards (PR). Which one of these CC do you use and recommend? Are the cash back a straight 1pt = $0.01? Is there a minimum redemption amount?
I use the PR, but I plan to downgrade to the UCR when my annual fee comes due. I know they define it in terms of points, but the PR, at least, is basically just cash back (with a minimum redemption amount of $25). The PR is basically the same as the UCR, except that the PR adds an annual fee, some travel credits, some travel insurance, higher cash back on travel and dining, and removes the foreign transaction fee. I don't anticipate being able to take advantage of any of the travel benefits anytime soon, though, so I plan to change to the UCR to save myself the annual fee.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

FedGuy wrote: Thu Aug 18, 2022 7:57 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
Thanks. This is very helpful.

The UCR has a $200 signup bonus, while the PR has a $500 signup bonus. I guess it still pays to get the PR now (with the $95 fee), use it for almost one year, then convert to the UCR. Have you confirmed that people have successfully done the PR to UCR product change?
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Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

indexfundfan wrote: Thu Aug 18, 2022 7:51 pm
Thanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?

The UCR has a 3% foreign transaction fee. Does the PR have it too?
A couple of points. Ignoring the AA gift card stuff, the PR card may still be worth the fee if you travel and don't have another premium travel card.

1. You get 3.5% on travel and dining charges, so a bump above the 2.625% flat rate.
2. There are no foreign transaction fees
3. You get the TSA credit
4. It is a Visa Signature card, so you can get some hotel credits, breakfast, etc.

So it may be worth the $95.

You can redeem for cash to your BofA checking or Merrill Edge account.

You redeem in 2,500 point increments at $0.01.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

indexfundfan wrote: Thu Aug 18, 2022 8:05 pmThe UCR has a $200 signup bonus, while the PR has a $500 signup bonus. I guess it still pays to get the PR now (with the $95 fee), use it for almost one year, then convert to the UCR. Have you confirmed that people have successfully done the PR to UCR product change?
They were just rolling out the UCR late last year when I applied for the PR. I considered applying for the UCR instead, but, like you suggest, I was swayed by the PR's $500 sign up bonus (vs. the UCR's $200). I successfully used the AA gift card trick last year and would have been happy to do so again this year and going forward, but with that no longer available I plan to try to product change to the UCR. I haven't tried it yet and don't know of anyone who's done it, so I guess I'll find out in a few months.

Edited to add: Lastrun's points are valid, but since I don't plan to travel (at least not by air, or overseas) anytime soon I just can't justify keeping the PR if switching to the UCR is an option.
calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

The other point would be if you could transfer Travel Rewards (the previous free 2.625%) points to Ultimate Cash Rewards. If you could, I would do that, since I have tens of thousands of stranded TR points. In the past you needed a Premium Rewards to liberate them for cash, although you could always use it to offset for travel.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

Lastrun wrote: Thu Aug 18, 2022 8:08 pm A couple of points. Ignoring the AA gift card stuff, the PR card may still be worth the fee if you travel and don't have another premium travel card.

1. You get 3.5% on travel and dining charges, so a bump above the 2.625% flat rate.
2. There are no foreign transaction fees
3. You get the TSA credit
4. It is a Visa Signature card, so you can get some hotel credits, breakfast, etc.

So it may be worth the $95.

You can redeem for cash to your BofA checking or Merrill Edge account.

You redeem in 2,500 point increments at $0.01.
Thanks for the points on the PR card. But like FedWatch, I don't see much travel charges in the near future.

And to calwatch's point about stranded TR points, I don't have this problem yet because I transfer them to the AAA card and cash out the points @ 1pt=$0.01 (at least for another month before the AAA gets transferred to Comenity).

I see some talk on flyertalk about product change from PR to UCR. But nobody has done it yet.

https://www.flyertalk.com/forum/credit- ... rds-2.html
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tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

FedGuy wrote: Thu Aug 18, 2022 7:57 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
When did they stop letting you sell AA cards?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Thu Aug 18, 2022 11:35 pm
FedGuy wrote: Thu Aug 18, 2022 7:57 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
When did they stop letting you sell AA cards?
None of those gift card sites are buying them any more.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

Lastrun wrote: Thu Aug 18, 2022 8:08 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pm
Thanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?

The UCR has a 3% foreign transaction fee. Does the PR have it too?
A couple of points. Ignoring the AA gift card stuff, the PR card may still be worth the fee if you travel and don't have another premium travel card.

1. You get 3.5% on travel and dining charges, so a bump above the 2.625% flat rate.
2. There are no foreign transaction fees
3. You get the TSA credit
4. It is a Visa Signature card, so you can get some hotel credits, breakfast, etc.

So it may be worth the $95.

You can redeem for cash to your BofA checking or Merrill Edge account.

You redeem in 2,500 point increments at $0.01.
What do you mean by hotel credits and breakfast, etc?
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Leesbro63 wrote: Fri Aug 19, 2022 5:43 am What do you mean by hotel credits and breakfast, etc?
Visa has three hotel programs depending on card level

Visa Signature
Visa Infinite
Luxury Hotel and Resort Collection (Chase Sapphire Reserve Only)

The BofA Premium Rewards card is a Visa SIGNATURE Card and gets you benefits under that program https://www.visasignaturehotels.com/

Each hotel is different but at no additional cost versus the published rate (in my shopping experience), you get:
Breakfast for two and
$25 food and beverage credit

So think breakfast in the morning and drinks the night you arrive, snack at the hotel bar, etc.

They also have other benefits, upgrades, late check-in, check-out, but these are subject to availability, no cash value obviously.

We travel quite a bit and use the infinite program and the Amex program all the time. As a discussion point, on a recent visit to Boston we received, a room upgrade, late check out, breakfast ($36 credit each person each day), and $100 all hotel credit. This offset the $60 a day parking. When I booked the room, the pricing was the same on the Visa site for the room as it was on the hotel site. On a DC visit we received breakfast, and a $150 food and beverage credit. NOTE: These are not signature level benefits, which would have been the $25 a day. These are infinite level benefits.

The ultimate point is, if (1) you do a fair amount of travel, and (2) you don't have another travel card, it's fairly easy to get $95 of cash benefits from this card without manufacturing airline incidental spend or trying to value non-monetary benefits. The additional 0.875% on travel and dining, the TSA credit, and the hotel perks should cover it for someone that has a reasonable amount of travel and dining expenses.

You just have to run the numbers.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

Thanks for the above. I already have the card and and didn't know I'll get free breakfast!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

tj wrote: Thu Aug 18, 2022 11:35 pmWhen did they stop letting you sell AA cards?
Earlier this year. I'm not sure of the exact date.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Lastrun wrote: Fri Aug 19, 2022 6:38 am... When I booked the room, the pricing was the same on the Visa site for the room as it was on the hotel site. ...
From this statement I infer that the benefits arise only if the room is booked through Visa. Correct? Not bad, but an important point.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

OK, so I applied for TSA and have to go to the for my appointment soon. Will they collect the fee there and if I just put it on my BofA Premium Rewards credit card will it automatically reimburse? Or are there other hoops required?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Leesbro63 wrote: Fri Aug 19, 2022 8:02 am... Will they collect the fee there and if I just put it on my BofA Premium Rewards credit card will it automatically reimburse? ...
Banks that offer it typically recognize the charge and reimburse it automatically. That is my experience with Chase and, if memory serves, with BofA.

It doesn't have to be your application fee. As a gift, you can pay your adult kids' (or others') TSA fee with your card, which is something they might not do for themselves.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Thu Aug 18, 2022 11:37 pm
tj wrote: Thu Aug 18, 2022 11:35 pm
FedGuy wrote: Thu Aug 18, 2022 7:57 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
When did they stop letting you sell AA cards?
None of those gift card sites are buying them any more.
Oh ok. You can still use the gift cards though obviously.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

spammagnet wrote: Fri Aug 19, 2022 7:58 am
Lastrun wrote: Fri Aug 19, 2022 6:38 am... When I booked the room, the pricing was the same on the Visa site for the room as it was on the hotel site. ...
From this statement I infer that the benefits arise only if the room is booked through Visa. Correct? Not bad, but an important point.
Yes, you book through the site, and the hotels are typically upper level and limited. https://www.visasignaturehotels.com/

But you need to compare the Signature Rate to the regular hotel rate-in my experience the pricing is about the same, but sometimes they are basically just adding in the cost.

Also, we have sometimes received free room upgrades ( I would not count on it) and we almost always get early check in and late check out.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by walkindude »

Lastrun wrote: Fri Aug 19, 2022 8:32 am
spammagnet wrote: Fri Aug 19, 2022 7:58 am
Lastrun wrote: Fri Aug 19, 2022 6:38 am... When I booked the room, the pricing was the same on the Visa site for the room as it was on the hotel site. ...
From this statement I infer that the benefits arise only if the room is booked through Visa. Correct? Not bad, but an important point.
Yes, you book through the site, and the hotels are typically upper level and limited. https://www.visasignaturehotels.com/

But you need to compare the Signature Rate to the regular hotel rate-in my experience the pricing is about the same, but sometimes they are basically just adding in the cost.

Also, we have sometimes received free room upgrades ( I would not count on it) and we almost always get early check in and late check out.
I guess my mileage varied a lot. I just checked out a random mid-September Tuesday night for the Intercontinental at the Wharf in DC and the price through Visa signature was $619 before taxes and the equivalent room through the hotel's site was $418 pre taxes. I guess I'll just pay for breakfast and the food credit.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Fri Aug 19, 2022 8:10 am
anon_investor wrote: Thu Aug 18, 2022 11:37 pm
tj wrote: Thu Aug 18, 2022 11:35 pm
FedGuy wrote: Thu Aug 18, 2022 7:57 pm
indexfundfan wrote: Thu Aug 18, 2022 7:51 pmThanks. I see the PR card has a $95 annual fee. I think I read somewhere there is a "trick" to reduce this fee? Can anyone please clarify?
It used to be the case that you could buy a $100 American Airlines gift card, get reimbursed by the PR's $100 "airline incidental" credit, and then sell the AA gift card for roughly $80 or so, thus reducing the AF to $15 (even less, since you'd get cash back on the gift card). Apparently AA gift cards can no longer be sold, so that "trick" is no longer valid.
When did they stop letting you sell AA cards?
None of those gift card sites are buying them any more.
Oh ok. You can still use the gift cards though obviously.
Yeah, I heard the AA eGC still triggers the $100 credit. Last year and this year I was still able to resell it for $80. For 2023, I must just accumulate them for the next time I fly AA.
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dual
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by dual »

Re. American Airlines gift cards.
apparently they can be used with many other airlines. has anyone here ever done this?


https://giftcards.aa.com/

Note: Gift Cards are redeemable toward the purchase of air travel wholly on flights operated by American Airlines, American Eagle® and oneworld® carriers for itineraries sold and originating in the U.S., Puerto Rico and U.S. Virgin Islands. Gift Cards may also be used for payment of air travel on any oneworld® partner or Codeshare flights designated in flight listings as AA*. For a complete list of American Airlines codeshare partners as well as other codeshare information, visit www.aa.com/codeshare. They cannot be used for payment of air travel on any other airline. In addition if a credit card is used in conjunction with Gift Card(s), the credit card must have a United States, U.S. Virgin Islands or Puerto Rico billing address. Gift Cards may not be used for upgrades, Admirals Club membership enrollments, Admirals Club One-Day passes, AAdvantage Award Travel or other non-flight products and/or services sold on AA.com.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

dual wrote: Fri Aug 19, 2022 11:45 am Re. American Airlines gift cards.
apparently they can be used with many other airlines. has anyone here ever done this?


https://giftcards.aa.com/

Note: Gift Cards are redeemable toward the purchase of air travel wholly on flights operated by American Airlines, American Eagle® and oneworld® carriers for itineraries sold and originating in the U.S., Puerto Rico and U.S. Virgin Islands. Gift Cards may also be used for payment of air travel on any oneworld® partner or Codeshare flights designated in flight listings as AA*. For a complete list of American Airlines codeshare partners as well as other codeshare information, visit www.aa.com/codeshare. They cannot be used for payment of air travel on any other airline. In addition if a credit card is used in conjunction with Gift Card(s), the credit card must have a United States, U.S. Virgin Islands or Puerto Rico billing address. Gift Cards may not be used for upgrades, Admirals Club membership enrollments, Admirals Club One-Day passes, AAdvantage Award Travel or other non-flight products and/or services sold on AA.com.
I have no experience with it but the partner airlines are listed here.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

Leesbro63 wrote: Fri Aug 19, 2022 8:02 am OK, so I applied for TSA and have to go to the for my appointment soon. Will they collect the fee there and if I just put it on my BofA Premium Rewards credit card will it automatically reimburse? Or are there other hoops required?
I used the PR for my Global Entry renewal last year and it automatically recognized and reimbursed the fee.

But earlier this year I decided to get rid of the PR since I don't travel enough anymore to justify the annual fee. What I did is downgrade the PR to a Travel Rewards (because I want one card without foreign transaction fee for occasional international travel) and applied for a new Ultimate Cash Rewards (as my 2.65% cashback card without redemption hoops to jump through). I think this is a good setup that covers what I need without any annual fees.
need403bhelp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

Eno Deb wrote: Fri Aug 19, 2022 6:58 pm
Leesbro63 wrote: Fri Aug 19, 2022 8:02 am OK, so I applied for TSA and have to go to the for my appointment soon. Will they collect the fee there and if I just put it on my BofA Premium Rewards credit card will it automatically reimburse? Or are there other hoops required?
I used the PR for my Global Entry renewal last year and it automatically recognized and reimbursed the fee.

But earlier this year I decided to get rid of the PR since I don't travel enough anymore to justify the annual fee. What I did is downgrade the PR to a Travel Rewards (because I want one card without foreign transaction fee for occasional international travel) and applied for a new Ultimate Cash Rewards (as my 2.65% cashback card without redemption hoops to jump through). I think this is a good setup that covers what I need without any annual fees.
Can you transfer points from Travel Rewards to Ultimate Cash Rewards to cash them out?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Eno Deb wrote: Fri Aug 19, 2022 6:58 pm
Leesbro63 wrote: Fri Aug 19, 2022 8:02 am OK, so I applied for TSA and have to go to the for my appointment soon. Will they collect the fee there and if I just put it on my BofA Premium Rewards credit card will it automatically reimburse? Or are there other hoops required?
I used the PR for my Global Entry renewal last year and it automatically recognized and reimbursed the fee.

But earlier this year I decided to get rid of the PR since I don't travel enough anymore to justify the annual fee. What I did is downgrade the PR to a Travel Rewards (because I want one card without foreign transaction fee for occasional international travel) and applied for a new Ultimate Cash Rewards (as my 2.65% cashback card without redemption hoops to jump through). I think this is a good setup that covers what I need without any annual fees.
Why not down grade to UCR and apply for TR to get the $250 SUB instead of $200 for UCR?
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

need403bhelp wrote: Fri Aug 19, 2022 7:30 pmCan you transfer points from Travel Rewards to Ultimate Cash Rewards to cash them out?
Not to my knowledge. But it doesn't bother me much. I plan to primarily use the Travel Rewards for things like hotels and rental cars, so it won't be a problem to redeem the points I earn. For everything else I'll use the Ultimate Cash Rewards.
need403bhelp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

Eno Deb wrote: Sat Aug 20, 2022 2:08 pm
need403bhelp wrote: Fri Aug 19, 2022 7:30 pmCan you transfer points from Travel Rewards to Ultimate Cash Rewards to cash them out?
Not to my knowledge. But it doesn't bother me much. I plan to primarily use the Travel Rewards for things like hotels and rental cars, so it won't be a problem to redeem the points I earn. For everything else I'll use the Ultimate Cash Rewards.
I see, thanks so much for the update.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

anon_investor wrote: Fri Aug 19, 2022 7:36 pmWhy not down grade to UCR and apply for TR to get the $250 SUB instead of $200 for UCR?
I didn't originally plan to get the UCR. There's also the issue that you'd first need $250 worth of travel expenses to redeem the points towards. But if you have travel expenses in the near future, that would be a slightly better way to do it.
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indexfundfan
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

indexfundfan wrote: Thu Aug 18, 2022 8:33 pm
Lastrun wrote: Thu Aug 18, 2022 8:08 pm A couple of points. Ignoring the AA gift card stuff, the PR card may still be worth the fee if you travel and don't have another premium travel card.

1. You get 3.5% on travel and dining charges, so a bump above the 2.625% flat rate.
2. There are no foreign transaction fees
3. You get the TSA credit
4. It is a Visa Signature card, so you can get some hotel credits, breakfast, etc.

So it may be worth the $95.

You can redeem for cash to your BofA checking or Merrill Edge account.

You redeem in 2,500 point increments at $0.01.
Thanks for the points on the PR card. But like FedWatch, I don't see much travel charges in the near future.

And to calwatch's point about stranded TR points, I don't have this problem yet because I transfer them to the AAA card and cash out the points @ 1pt=$0.01 (at least for another month before the AAA gets transferred to Comenity).

I see some talk on flyertalk about product change from PR to UCR. But nobody has done it yet.

https://www.flyertalk.com/forum/credit- ... rds-2.html
I ended up getting the UCR card. I think it is also a Visa Signature card, so it should also be eligible for the hotel benefits listed by Lastrun.

https://www.visasignaturehotels.com/
My signature has been deleted.
VanGar+Goyle
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Re: Bank of America/Merrill Edge - Preferred Rewards (credit score)

Post by VanGar+Goyle »

exarkun wrote: Mon Aug 15, 2022 5:54 pm
MisterBill wrote: Mon Aug 15, 2022 2:12 pm If they had said that it was because of my credit score, I could understand that, since it is much lower than usual because of said 100% utilization and high usage on a different card. Maybe I'll apply again when I get back over 800 in a month or two.
No need for your credit score to take a hit. Pay off all of your balance but one dollar before your statement date.
Some of my credit scores dropped 20-30 points due to one card with utilization over 35%, even though it is paid off each month.
I have a few cards, and my overall utilization was still low, but one card dinged my credit score for a few months.
NeedMoreVTI
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by NeedMoreVTI »

The PR card also has extended warranty protection, it doesn't seem that UCR has this.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

NeedMoreVTI wrote: Sat Aug 20, 2022 8:23 pm The PR card also has extended warranty protection, it doesn't seem that UCR has this.
The UCR does have extended warranty protection.

It does not have most of the travel protections that the PR has though, such as rental car CDW.
exarkun
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Re: Bank of America/Merrill Edge - Preferred Rewards (credit score)

Post by exarkun »

VanGar+Goyle wrote: Sat Aug 20, 2022 3:58 pm
exarkun wrote: Mon Aug 15, 2022 5:54 pm
MisterBill wrote: Mon Aug 15, 2022 2:12 pm If they had said that it was because of my credit score, I could understand that, since it is much lower than usual because of said 100% utilization and high usage on a different card. Maybe I'll apply again when I get back over 800 in a month or two.
No need for your credit score to take a hit. Pay off all of your balance but one dollar before your statement date.
Some of my credit scores dropped 20-30 points due to one card with utilization over 35%, even though it is paid off each month.
I have a few cards, and my overall utilization was still low, but one card dinged my credit score for a few months.
You misunderstand. Pay your balance down BEFORE the statement date (the date your bill is generated). If I recall correctly, all banks except US Bank report your balance to the credit bureau within a couple days of the statement date. US Bank reports your balance on the first of the month.
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

NeedMoreVTI wrote: Sat Aug 20, 2022 8:23 pm The PR card also has extended warranty protection, it doesn't seem that UCR has this.
What is the extended warranty deal on the PR card? News to me.
Watts
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Watts »

Leesbro63 wrote: Sun Aug 21, 2022 8:19 am
NeedMoreVTI wrote: Sat Aug 20, 2022 8:23 pm The PR card also has extended warranty protection, it doesn't seem that UCR has this.
What is the extended warranty deal on the PR card? News to me.
https://www.bankofamerica.com/credit-ca ... -benefits/

See "warranty manager service." It doubles your warranty, up to 1 additional year.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

Leesbro63 wrote: Sun Aug 21, 2022 8:19 am
NeedMoreVTI wrote: Sat Aug 20, 2022 8:23 pm The PR card also has extended warranty protection, it doesn't seem that UCR has this.
What is the extended warranty deal on the PR card? News to me.
Check the cardholder benefits guide (you should be able to download it in your account under "Statements & Documents" -> "Notifications and Letters"). Not just the PR, but also all of my other BoA cards (UCR, CCR, TR) have this feature. Haven't used it yet though.
DrMortgage
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Bank of America/Merrill Edge One Stop?

Post by DrMortgage »

So I keep reading throughout this thread of people just keeping enough at Merrill to stay in preferred rewards, while they do all the other banking/trading at Schwab or Fidelity. I have all of my accounts at BofA and Merrill and an very happy with the interface, rewards, and non-existent fees. Am I missing something by not having Fidelity or Schwab? Is BofA that bad that I should not? I have never had an issue in 10 plus years, and just wondering why I see no one talking about BofA as a one stop?
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