topic Re: BOA Premium Rewards Kick In Period in Personal Finance

BOA Premium Rewards Kick In Period

credit_endurance — Wed, 02 Dec 2020 18:42:43 GMT

First off I just want to say to the moderators please feel free to move this thread if you must. Wasn't quite sure where to place it so starting here. 😆

I have been working very hard over last 6-7 months trying to position myself to snag the premium rewards card from BOA.

Started out around July making healthy deposits into both my checking/savings accounts to get to the premium rewards status first. Then next year strike for the card. I know I remember getting an email from them giving me the opportunity to enroll in the program and once air meet the requirements they would notify me of the same.

So here we are in the month of December and I am getting a little impatient (as usual) 😀 trying to get an update.

So my question to the BOA gurus specifically @coldfusion when should I expect the premium rewards status to kick in? And where exactly on the webpage would I be able to check on this status?

Re: BOA Premium Rewards Kick In Period

coldfusion — Wed, 02 Dec 2020 20:11:57 GMT

@credit_endurance wrote:
First off I just want to say to the moderators please feel free to move this thread if you must. Wasn't quite sure where to place it so starting here. 😆

I have been working very hard over last 6-7 months trying to position myself to snag the premium rewards card from BOA.

Started out around July making healthy deposits into both my checking/savings accounts to get to the premium rewards status first. Then next year strike for the card. I know I remember getting an email from them giving me the opportunity to enroll in the program and once air meet the requirements they would notify me of the same.

So here we are in the month of December and I am getting a little impatient (as usual) 😀 trying to get an update.

So my question to the BOA gurus specifically @coldfusion when should I expect the premium rewards status to kick in? And where exactly on the webpage would I be able to check on this status?

You can see if you've reached Preferred Rewards status by logging in online and looking in the upper right corner of the splash page.

What was the exact date when you first crossed the $20K threshold in total deposits/assets across BoA and/or Merrill accounts, and have you maintained at least $20K every day since then?

Re: BOA Premium Rewards Kick In Period

credit_endurance — Wed, 02 Dec 2020 22:09:44 GMT

I finished up my req

@coldfusion wrote:
@credit_endurance wrote:
First off I just want to say to the moderators please feel free to move this thread if you must. Wasn't quite sure where to place it so starting here. 😆

I have been working very hard over last 6-7 months trying to position myself to snag the premium rewards card from BOA.

Started out around July making healthy deposits into both my checking/savings accounts to get to the premium rewards status first. Then next year strike for the card. I know I remember getting an email from them giving me the opportunity to enroll in the program and once air meet the requirements they would notify me of the same.

So here we are in the month of December and I am getting a little impatient (as usual) 😀 trying to get an update.

So my question to the BOA gurus specifically @coldfusion when should I expect the premium rewards status to kick in? And where exactly on the webpage would I be able to check on this status?

You can see if you've reached Preferred Rewards status by logging in online and looking in the upper right corner of the splash page.

What was the exact date when you first crossed the $20K threshold in total deposits/assets across BoA and/or Merrill accounts, and have you maintained at least $20K every day since then?

I finished up my $20k Threshold on or around Aug 15 or so. And have maintained it for that point forward.

And thanks for the tip, I will check this out as soon as I get home and report back.

Re: BOA Premium Rewards Kick In Period

coldfusion — Wed, 02 Dec 2020 22:29:22 GMT

@credit_endurance wrote:
I finished up my req
@coldfusion wrote:
@credit_endurance wrote:
First off I just want to say to the moderators please feel free to move this thread if you must. Wasn't quite sure where to place it so starting here. 😆

I have been working very hard over last 6-7 months trying to position myself to snag the premium rewards card from BOA.

Started out around July making healthy deposits into both my checking/savings accounts to get to the premium rewards status first. Then next year strike for the card. I know I remember getting an email from them giving me the opportunity to enroll in the program and once air meet the requirements they would notify me of the same.

So here we are in the month of December and I am getting a little impatient (as usual) 😀 trying to get an update.

So my question to the BOA gurus specifically @coldfusion when should I expect the premium rewards status to kick in? And where exactly on the webpage would I be able to check on this status?

You can see if you've reached Preferred Rewards status by logging in online and looking in the upper right corner of the splash page.

What was the exact date when you first crossed the $20K threshold in total deposits/assets across BoA and/or Merrill accounts, and have you maintained at least $20K every day since then?

I finished up my $20k Threshold on or around Aug 15 or so. And have maintained it for that point forward.

And thanks for the tip, I will check this out as soon as I get home and report back.

Which means you just reached your 3 month window. They process newly qualified members on like the 1st or 2nd Tuesday of the month, I forget the exact timing.

Go to this URL below then scroll toward the bottom and sign in to make sure you're enrolled.

https://www.bankofamerica.com/preferred-rewards/faq/

Re: BOA Premium Rewards Kick In Period

credit_endurance — Thu, 03 Dec 2020 04:28:00 GMT

@coldfusion wrote:
@credit_endurance wrote:
I finished up my req
@coldfusion wrote:
@credit_endurance wrote:
First off I just want to say to the moderators please feel free to move this thread if you must. Wasn't quite sure where to place it so starting here. 😆

I have been working very hard over last 6-7 months trying to position myself to snag the premium rewards card from BOA.

Started out around July making healthy deposits into both my checking/savings accounts to get to the premium rewards status first. Then next year strike for the card. I know I remember getting an email from them giving me the opportunity to enroll in the program and once air meet the requirements they would notify me of the same.

So here we are in the month of December and I am getting a little impatient (as usual) 😀 trying to get an update.

So my question to the BOA gurus specifically @coldfusion when should I expect the premium rewards status to kick in? And where exactly on the webpage would I be able to check on this status?

You can see if you've reached Preferred Rewards status by logging in online and looking in the upper right corner of the splash page.

What was the exact date when you first crossed the $20K threshold in total deposits/assets across BoA and/or Merrill accounts, and have you maintained at least $20K every day since then?

I finished up my $20k Threshold on or around Aug 15 or so. And have maintained it for that point forward.

And thanks for the tip, I will check this out as soon as I get home and report back.
Which means you just reached your 3 month window. They process newly qualified members on like the 1st or 2nd Tuesday of the month, I forget the exact timing.

Go to this URL below then scroll toward the bottom and sign in to make sure you're enrolled.

https://www.bankofamerica.com/preferred-rewards/faq/

When I sign in to the link provided it gives me this message:

You are making progress towards Preferred Rewards

My email is checked off to be notified when status is reached so maybe there is a lag behind. Or perhaps like you mentioned above they will get it done 2nd Tuesday which would be next week?

Re: BOA Premium Rewards Kick In Period

coldfusion — Thu, 03 Dec 2020 13:12:11 GMT

I would say give them a call, no need to sit on your hands and wait. There was a specific day of the month that they processed newly qualified members through but I haven't thought about it in a while and don't remember all the details.

Re: BOA Premium Rewards Kick In Period

credit_endurance — Fri, 04 Dec 2020 00:03:59 GMT

@coldfusion wrote:
I would say give them a call, no need to sit on your hands and wait. There was a specific day of the month that they processed newly qualified members through but I haven't thought about it in a while and don't remember all the details.

Okay @coldfusion I will give them a call tomorrow and see if I can get the full scoup and report back.

Re: BOA Premium Rewards Kick In Period

credit_endurance — Fri, 04 Dec 2020 16:11:27 GMT

Update: Just called the number for the program and mentioned to the rep of my account deposits getting me to the threshold in August. And she then went on to notate the same. Then immedietely enrolled me in the program no other questions asked.

So now this puts me in at least a more favorable place to apply again for the PR Visa next year. Just now to debate on just how early that will be.

Just looking over my accounts, I should be 6/12 by Jan 2021. Not including a couple PL's I have on report in which those should not count towards the supposed 7/12 rule? I am counting a line of credit towards the 6/12 which could very well count towards it.

Re: BOA Premium Rewards Kick In Period

coldfusion — Fri, 04 Dec 2020 16:11:39 GMT

I"m glad you called. Congrats!

The Premium Rewards is kind of a funny one because there doesn't appear to be a truly clear path to success when applying. A lot of people with thick profiles and 800+ scores have been denied for the card (there have been trails of tears on FlyerTalk) and there are also a number of success stories from applicants with very good, yet thinner profiles with scores in the mid-700s.

I would think that if your DTI and overall utilization were in good places any time after Jan 1 when your online session shows you're a Preferred member would be a good time to apply.

Re: BOA Premium Rewards Kick In Period

credit_endurance — Fri, 04 Dec 2020 16:46:26 GMT

@coldfusion wrote:
I"m glad you called. Congrats!

The Premium Rewards is kind of a funny one because there doesn't appear to be a truly clear path to success when applying. A lot of people with thick profiles and 800+ scores have been denied for the card (there have been trails of tears on FlyerTalk) and there are also a number of success stories from applicants with very good, yet thinner profiles with scores in the mid-700s.

I would think that if your DTI and overall utilization were in good places any time after Jan 1 when your online session shows you're a Preferred member would be a good time to apply.

Thanks @coldfusion. That's such the mystery of this card. Lol I was denied a couple months ago for specifically the new recent accounts, even though I had substantial assets with them. Going to fine tune a couple of things on my DTI for this month just to play it safe. Let things reflect and might just give it a whirl next month. Keep you updated 😁 Thanks again!

Re: BOA Premium Rewards Kick In Period

ccquest — Sun, 06 Dec 2020 02:38:54 GMT

You don't need to be in Preferred Rewards to get the Premium Rewards card do you? Just a "suggestion" isn't it?

Congrats either way on establishing the relationship!

Re: BOA Premium Rewards Kick In Period

credit_endurance — Sun, 06 Dec 2020 03:47:40 GMT

@ccquest wrote:
You don't need to be in Preferred Rewards to get the Premium Rewards card do you? Just a "suggestion" isn't it?

Congrats either way on establishing the relationship!

Thanks @ccquest . No. You don't have to be an preferred rewards customer to obtain the premium rewards card but, it will give you a leg up in the application process as data points have been confirmed of this. Hope that helps!

Re: BOA Premium Rewards Kick In Period

Anonymous — Fri, 11 Dec 2020 04:51:35 GMT

They can't even figure out themselves when you will get the status, and you need to call and push for it if you want it sooner.

When I enrolled in it a few years ago I qualified by moving an investment account into Merrill Edge. The money in there counts towards the PR status. So then I waited for the status, and after three months--still no status.

So I called them, and tried getting someone to explain the calculation to me. I escalated through several people, each one of which gave me a different story about how it was calculated. Each time I threw their formula into a spreadsheet and it always showed I should qualify. Finally I got to some manager and he put my numbers in his own spreadsheet--and couldn't figure out why I didn't qualify. So he eventually just flipped the status on for me.

Earlier this year I liquidated the investment account and used the money as down payment to buy a house, so, I don't qualify for preferred rewards status anymore because I don't have the money there (mortage not with them either). Guess what? Six months later--I still have status. This time I'm not escalating Let's see how long it takes them to figure that out.

Re: BOA Premium Rewards Kick In Period

coldfusion — Fri, 11 Dec 2020 12:58:11 GMT

@Anonymous wrote:
They can't even figure out themselves when you will get the status, and you need to call and push for it if you want it sooner.

When I enrolled in it a few years ago I qualified by moving an investment account into Merrill Edge. The money in there counts towards the PR status. So then I waited for the status, and after three months--still no status.

So I called them, and tried getting someone to explain the calculation to me. I escalated through several people, each one of which gave me a different story about how it was calculated. Each time I threw their formula into a spreadsheet and it always showed I should qualify. Finally I got to some manager and he put my numbers in his own spreadsheet--and couldn't figure out why I didn't qualify. So he eventually just flipped the status on for me.

Earlier this year I liquidated the investment account and used the money as down payment to buy a house, so, I don't qualify for preferred rewards status anymore because I don't have the money there (mortage not with them either). Guess what? Six months later--I still have status. This time I'm not escalating Let's see how long it takes them to figure that out.

It reads like you don't fully understand the program either.

Once an individual qualifies for membership, they remain a member for at least 12 months even if their investment total drops below the membership threshold.

Probably more relevant in your particular case, a current member whose investment total drops below the membership threshold will continue to hold membership through the rest of that calendar year even if their investment total remains below the threshold.

After the 1st week of February if you're still listed as a current member it's open season.

Re: BOA Premium Rewards Kick In Period

Anonymous — Fri, 11 Dec 2020 19:11:34 GMT

Ah ok, well that makes sense.

I still stand by that BoA employees have no idea what makes you qualify, based on no-one being able to explain it back when I qualified, up to and including some 3rd level manager who put what he believed into a spreadsheet and concluded I should have qualified, but didn't.

Re: BOA Premium Rewards Kick In Period

coldfusion — Fri, 11 Dec 2020 22:01:33 GMT

BoA is much like Verizon in many ways lol

as a customer they can often come across as a bunch of buffoons but when you reach deep [not speaking as a customer here] they have the organizational and technical wherewithal including brainpower to accomplish the near-impossible. Extremely clueful and resourceful at their respective cores.

Re: BOA Premium Rewards Kick In Period

TSlop — Thu, 17 Dec 2020 19:29:52 GMT

I lucked out and got an email from Merrill Lynch Wealth Management about a $300 SUB for a checking account back in November. I was already waiting for my 3 month average to kick in for Preferred Rewards (this month), so I don't know if that had anything to do with the timing of the offer.

Anyway, I talked with someone yesterday over the phone to open the checking account and to ensure that I have the 3 month average, and already today it is showing the Preferred Rewards status in the upper right of my account screen. I was signed up for emails to alert me when I met the criteria, but I never received one when it took hold. I don't know what would have happened if I didn't mention it to the rep and just let it play its course.

Time to take my BoA PR out of the SD and start using it! I just requested a new card so that I can have a contactless one.

Re: BOA Premium Rewards Kick In Period

credit_endurance — Fri, 18 Dec 2020 18:25:32 GMT

@TSlop wrote:
I lucked out and got an email from Merrill Lynch Wealth Management about a $300 SUB for a checking account back in November. I was already waiting for my 3 month average to kick in for Preferred Rewards (this month), so I don't know if that had anything to do with the timing of the offer.

Anyway, I talked with someone yesterday over the phone to open the checking account and to ensure that I have the 3 month average, and already today it is showing the Preferred Rewards status in the upper right of my account screen. I was signed up for emails to alert me when I met the criteria, but I never received one when it took hold. I don't know what would have happened if I didn't mention it to the rep and just let it play its course.

Time to take my BoA PR out of the SD and start using it! I just requested a new card so that I can have a contactless one.

Congrats on your PR status upgrade sucess! Mine is showing a January 2021 enrollment although the status has been obtained a couple weeks ago. Can't wait to grab the card and combine that with my cash rewards for some major savings.

Re: BOA Premium Rewards Kick In Period

TSlop — Sun, 20 Dec 2020 00:30:56 GMT

@credit_endurance wrote:
@TSlop wrote:
I lucked out and got an email from Merrill Lynch Wealth Management about a $300 SUB for a checking account back in November. I was already waiting for my 3 month average to kick in for Preferred Rewards (this month), so I don't know if that had anything to do with the timing of the offer.

Anyway, I talked with someone yesterday over the phone to open the checking account and to ensure that I have the 3 month average, and already today it is showing the Preferred Rewards status in the upper right of my account screen. I was signed up for emails to alert me when I met the criteria, but I never received one when it took hold. I don't know what would have happened if I didn't mention it to the rep and just let it play its course.

Time to take my BoA PR out of the SD and start using it! I just requested a new card so that I can have a contactless one.
Congrats on your PR status upgrade sucess! Mine is showing a January 2021 enrollment although the status has been obtained a couple weeks ago. Can't wait to grab the card and combine that with my cash rewards for some major savings.

Mine shows a January 2021 enrollment as well... but I think I can get the bonus rewards now? The rep made it sound like I was immediately enrolled. I'll have to make a test purchase this week.

Re: BOA Premium Rewards Kick In Period

Curious_George2 — Fri, 01 Jan 2021 20:16:48 GMT

@TSlop wrote:
@credit_endurance wrote:
@TSlop wrote:
I lucked out and got an email from Merrill Lynch Wealth Management about a $300 SUB for a checking account back in November. I was already waiting for my 3 month average to kick in for Preferred Rewards (this month), so I don't know if that had anything to do with the timing of the offer.

Anyway, I talked with someone yesterday over the phone to open the checking account and to ensure that I have the 3 month average, and already today it is showing the Preferred Rewards status in the upper right of my account screen. I was signed up for emails to alert me when I met the criteria, but I never received one when it took hold. I don't know what would have happened if I didn't mention it to the rep and just let it play its course.

Time to take my BoA PR out of the SD and start using it! I just requested a new card so that I can have a contactless one.
Congrats on your PR status upgrade sucess! Mine is showing a January 2021 enrollment although the status has been obtained a couple weeks ago. Can't wait to grab the card and combine that with my cash rewards for some major savings.
Mine shows a January 2021 enrollment as well... but I think I can get the bonus rewards now? The rep made it sound like I was immediately enrolled. I'll have to make a test purchase this week.

How is this going?

TPG says says Merrill Lynch branded cards aren't eligible for the Preferred Rewards bonus. (Link) That sounds questionable but I thought it was worth mentioning.

I see from your sig that your Premium Rewards card is ML branded. Have you checked it and/or your Cash Rewards for the bonus yet?