topic Re: BofA Premium Rewards Elite Annual Fee Credit in Credit Cards

BofA Premium Rewards Elite Annual Fee Credit

sftechiegirl — Tue, 27 Jun 2023 17:36:00 GMT

I signed up for the BofA Premium Rewards Elite card last month and was charged $550 annual fee. When the statement cut off this month I was credited the $550 AF. Description says MLA annual fee credit. I'm not in the military and never was.

Any idea why I would have received the credit?

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Tue, 27 Jun 2023 19:41:39 GMT

Are you a Merrill Lynch client? My Elite has the Merrill logo on the back.

I had the same happen to me this month on both my Elite and Alaska card for a total of $645 in AF credits. Maybe if you're an ML client they waive the AF for cards now? At least that's what I'm assuming the MLA Annual Fee Credit stands for. Mine just says "ANNUAL FEE ADJUSTMENT" though. Nothing about MLA.

Re: BofA Premium Rewards Elite Annual Fee Credit

sftechiegirl — Tue, 27 Jun 2023 19:45:03 GMT

Aha. Yes I am. That makes total sense now. I haven't heard anywhere that they are going to do that for ML clients. MLA- Merrill Lynch Advisory, not Military Lending Act

Re: BofA Premium Rewards Elite Annual Fee Credit

Aim_High — Tue, 27 Jun 2023 20:09:21 GMT

@sftechiegirl wrote:
Aha. Yes I am. That makes total sense now. I haven't heard anywhere that they are going to do that for ML clients. MLA- Merrill Lynch Advisory, not Military Lending Act

Thanks for the clarification, @northway and welcome to My Fico Forums, @sftechiegirl.

Now I'm curious. ML has (1) Self-Directed Invested; (2) Guided Investing, (3) Wealth Management, and (4) Private Bank. Which levels are both of you to be getting this fee waiver? I'm Preferred Rewards Platinum Honors and have considered converting my Premium Rewards to the Elite or just applying for it outright. While I get the $100 airline fee credit on my PR which more than reimburses the $95 AF, I don't get any MLA credit, but maybe that is only on the Elite card? Thanks!

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Tue, 27 Jun 2023 20:13:57 GMT

@Aim_High wrote:

Thanks for the clarification, @northwayand welcome to My Fico Forums, @sftechiegirl.

Now I'm curious. ML has (1) Self-Directed Invested; (2) Guided Investing, (3) Wealth Management, and (4) Private Bank. Which levels are both of you to be getting this fee waiver? I'm Preferred Rewards Platinum Honors and have considered converting my Premium Rewards to the Elite or just applying for it outright. While I get the $100 airline fee credit on my PR which more than reimburses the $95 AF, I don't get any MLA credit, but maybe that is only on the Elite card? Thanks!

I used to have investments with ML before I moved them over to MS, but my accounts are still open with like $20 in them. I was a former Wealth Management client which is what my account is still coded as when I log in and call in to BoA. I'm always directed to the ML Wealth Management division for service or the "Preferred Client" department.

Header says "Wealth Management Banking Client" above my name when I login.

Re: BofA Premium Rewards Elite Annual Fee Credit

CreditCuriosity — Tue, 27 Jun 2023 22:39:19 GMT

Yes this is interesting. I have some IRA's with Merill and have the old Merill + CC as well, but if could get the better one and AF waived I would PC, but not in their wealth management division by any means.

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Tue, 27 Jun 2023 23:24:35 GMT

"Wealth Management" isn't as big and scary as it sounds. It's roughly $200K in investable assets to get started with an advisor, which sure, is double the Preferred Rewards Platinum tier, but less than the $250K that Wells/Citi/etc will usually ask for to get started in that tier.

And apparently it sticks around if your advisor is lazy and never properly closes out your accounts.

Re: BofA Premium Rewards Elite Annual Fee Credit

CreditCuriosity — Tue, 27 Jun 2023 23:35:17 GMT

@northway wrote:
"Wealth Management" isn't as big and scary as it sounds. It's roughly $200K in investable assets to get started with an advisor, which sure, is double the Preferred Rewards Platinum tier, but less than the $250K that Wells/Citi/etc will usually ask for to get started in that tier.

And apparently it sticks around if your advisor is lazy and never properly closes out your accounts.

right althouh gotta pick your poison of whom you want your money with.. I have about 50k parked with BofA, but most of my investments are other places

Re: BofA Premium Rewards Elite Annual Fee Credit

Jayy — Tue, 27 Jun 2023 23:41:48 GMT

I saw the same thing posted outside MF (I'm going to assume it was @sftechiegirl based on the username there). The language that appeared on the statement once it posted was "In accordance with the Military Lending Act (MLA), you will notice a MLA Credit Adjustment in the Transaction section of this billing cycle's statement. Thank you for your service." so I'm inclined to think it's an incorrect coding of some users rather than a newly discovered Merrill Lynch Advisory perk. Do you see any language like that on your statement too @northway?

Re: BofA Premium Rewards Elite Annual Fee Credit

sftechiegirl — Wed, 28 Jun 2023 00:34:23 GMT

@Jayy wrote:
I saw the same thing posted outside MF (I'm going to assume it was @sftechiegirl based on the username there). The language that appeared on the statement once it posted was "In accordance with the Military Lending Act (MLA), you will notice a MLA Credit Adjustment in the Transaction section of this billing cycle's statement. Thank you for your service." so I'm inclined to think it's an incorrect coding of some users rather than a newly discovered Merrill Lynch Advisory perk. Do you see any language like that on your statement too @northway?

That's me. I lost my original myFICO account and had to create a new one. I don't understand how they could have me coded as military. I'm more inclined to think it has to do with Merrill, but I don't understand the military line on that credit card statement either.

Re: BofA Premium Rewards Elite Annual Fee Credit

Trikoret — Wed, 28 Jun 2023 01:03:26 GMT

If you go under account info on the website and scroll down where it has the annual fee. Does it say $550 or something else?

Re: BofA Premium Rewards Elite Annual Fee Credit

sftechiegirl — Wed, 28 Jun 2023 01:08:53 GMT

@Trikoret wrote:
If you go under account info on the website and scroll down where it has the annual fee. Does it say $550 or something else?It

It says $550.

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Wed, 28 Jun 2023 01:09:18 GMT

Mine happened after the statement cycled (closed 6/13), and it just appears as "ANNUAL FEE ADJUSTMENT" (posted 6/20) in the activity line items in OLB. Happened on both Alaska and Elite cards.

Annual Fee appears correctly in Information & Services.

Re: BofA Premium Rewards Elite Annual Fee Credit

Aim_High — Wed, 28 Jun 2023 01:12:52 GMT

@sftechiegirl wrote:
@Jayy wrote:
I saw the same thing posted outside MF (I'm going to assume it was @sftechiegirl based on the username there).
That's me. I lost my original myFICO account and had to create a new one.

What was your other My FICO user name, @sftechiegirl?

Anybody we would recognize?

Re: BofA Premium Rewards Elite Annual Fee Credit

sftechiegirl — Wed, 28 Jun 2023 01:14:02 GMT

@Aim_High wrote:
@sftechiegirl wrote:
@Jayy wrote:
I saw the same thing posted outside MF (I'm going to assume it was @sftechiegirl based on the username there).
That's me. I lost my original myFICO account and had to create a new one.
What was your other My FICO user name, @sftechiegirl?
Anybody we would recognize?

techiegirl

Re: BofA Premium Rewards Elite Annual Fee Credit

Trikoret — Wed, 28 Jun 2023 02:20:17 GMT

@northway wrote:
Mine happened after the statement cycled (closed 6/13), and it just appears as "ANNUAL FEE ADJUSTMENT" (posted 6/20) in the activity line items in OLB. Happened on both Alaska and Elite cards.

Annual Fee appears correctly in Information & Services.

So you are not in the military? What services you have with BofA to get these credits?

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Wed, 28 Jun 2023 02:30:42 GMT

@Trikoret wrote:
@northway wrote:
Mine happened after the statement cycled (closed 6/13), and it just appears as "ANNUAL FEE ADJUSTMENT" (posted 6/20) in the activity line items in OLB. Happened on both Alaska and Elite cards.

Annual Fee appears correctly in Information & Services.
So you are not in the military? What services you have with BofA to get these credits?

Ex-ML Wealth Management that's still coded as such since the account is still open with a small balance. No Preferred Rewards status.

That's the only thing that I can assume that's shared between us.

Re: BofA Premium Rewards Elite Annual Fee Credit

northway — Wed, 28 Jun 2023 19:19:11 GMT

Update: Long story short, I confirmed with ML that this is a Wealth Management/Private Bank tier perk.

Re: BofA Premium Rewards Elite Annual Fee Credit

Aim_High — Wed, 28 Jun 2023 19:49:42 GMT

@northway wrote:
Update: Long story short, I confirmed with ML that this is a Wealth Management/Private Bank tier perk.

Good to know, @northway!

I don't think this perk is advertised or at least gets much attention.

Re: BofA Premium Rewards Elite Annual Fee Credit

Trikoret — Wed, 28 Jun 2023 21:16:50 GMT

@northway wrote:
Update: Long story short, I confirmed with ML that this is a Wealth Management/Private Bank tier perk.

Who did you confirm with? I want to see if I qualify for this perk. I'm platinum honors with IRA.