@ptatohed wrote:
@ReturnOfTheCredi wrote:Hi all!
So, need to make a larger purchase in the next day or so ($3,400ish) and wanted to pick up a card offering a good 0% intro offer so I can float it for a bit until after the market reacts to election results next week. Could pay it in cash, but why not get cash back and the $200 SUB while I do it and since most of my cash is in investments, I don't want to pull anything while the market is trending downward and could do more of the same after the election.
Searched for any cards that would be appealing for longer-term use, but just not a lot we don't already have. Tried the US Bank Cash+ and got the immedaite "we're reviewing your application and will be in touch" message. I expected that result on pretty much everything or else a lower credit line as I'm carrying a couple of larger balances right now until we get to the new year, and have another "card" that's really a $12k lawnmower financed on a YardCard. Looks like a card (IS a card), but it's really not. Kinda sucks. That balance is down to less than $6k now, but it still looks big on paper. I've also opened a bunch of cards over the last year, too. I'd have to count them up, but well past the 5/24. Still, I decided to try apping the BoA Customized Cash Card right after I got the message from US Bank and.....holy cow.....instant approval at $19k!!! I have ZERO relationships with BoA, so I was shocked at this. It's awesome, though, and their generosity here kinda makes me want to explore ways to use this card as a potential everyday spend card. That said, no way I'm moving any money to their checking and savings products with their junk fees and bad interest rates.
So all of that said, tell me why I, as a person with no plan to open any big money accounts with BoA anytime soon, would benefit from utilizing this card for my monthly spend? I hear the online shopping category is very broad, so that makes sense. But I also have an Amazon Prime card that gets 5% where I do the most online shopping. It's nice that the grocery stores category also includes wholesale clubs. But what else is there? I see a lot of positive reviews out there for it but trying to understand why since, on paper, it's not an eye-popping card.
I don't think you'll receive a new card in time for a big purchase in the next day or so.
You are correct. I was hoping to get digital credentials because they are apparently a thing, but not all cards have them available in the app. That said, I spoke with the merchant and they are fine waiting on the new card to arrive to charge me, so all good on that front.
@ReturnOfTheCredi wrote:
@unsungivy wrote:The Travel category is secretly really good as well, including travel AGENTS and tour groups, zoos, museums, etc (IE things you might DO while traveling). And while I wouldn't use it for things I want travel protection on, it is great for straight cashback.
Honestly don't underestimate the ability to change the category every calender month. It makes it really flexible on YOUR schedule.
Okay, these are GREAT points! Going to Canada later this month and darn, I'd use it for some of the stuff we're doing if not for the foreign transaction fees. Ah, well......I can use it for domestic trips next year. This is really good to know. And changing on a whim month-to-month, yeah.....that is kinda underrated I guess.
See if you're able to pre-book some of the stuff. FTF is dependent on where the vendor is located, not where the actual event is located. For example, a river cruise in Paris was booked via Viator, and did not have a FTF, because Viator was a US agent.
Sock - 
Chopping Block - 
Debit Cards - 
@unsungivy wrote:
@ReturnOfTheCredi wrote:
@unsungivy wrote:The Travel category is secretly really good as well, including travel AGENTS and tour groups, zoos, museums, etc (IE things you might DO while traveling). And while I wouldn't use it for things I want travel protection on, it is great for straight cashback.
Honestly don't underestimate the ability to change the category every calender month. It makes it really flexible on YOUR schedule.
Okay, these are GREAT points! Going to Canada later this month and darn, I'd use it for some of the stuff we're doing if not for the foreign transaction fees. Ah, well......I can use it for domestic trips next year. This is really good to know. And changing on a whim month-to-month, yeah.....that is kinda underrated I guess.
See if you're able to pre-book some of the stuff. FTF is dependent on where the vendor is located, not where the actual event is located. For example, a river cruise in Paris was booked via Viator, and did not have a FTF, because Viator was a US agent.
Good point. I think most of what we're doing will be facilitated by agencies in Canda, but I will definitely check. Thanks!
@ReturnOfTheCredi wrote:So all of that said, tell me why I, as a person with no plan to open any big money accounts with BoA anytime soon, would benefit from utilizing this card for my monthly spend? I hear the online shopping category is very broad, so that makes sense. But I also have an Amazon Prime card that gets 5% where I do the most online shopping. It's nice that the grocery stores category also includes wholesale clubs. But what else is there? I see a lot of positive reviews out there for it but trying to understand why since, on paper, it's not an eye-popping card.
the online shopping category is more broad than the BCE, and it's not limited to paypal like the PPMC
other than that you're right, it's a pretty meh card.
based on online experiences though with the US bank brokerage, if you're planning to keep $100k somewhere, I'd certianly do BoA over US Bank. Which is a shame because smartly was so promising.
For whatever the transfer fee is at your current brokerage, usually $75, you can all or part of an IRA or brokerage account to a self directed IRA or CMA at Merrill to qualify for the Preferred Rewards program, and not have any fees whatsoever moving forward.
The CMA account comes with a deferred debit card too, which can come in handy!
At Platinum Honors and above, the 3% category becomes 5.25%.
@markbeiser wrote:For whatever the transfer fee is at your current brokerage, usually $75, you can all or part of an IRA or brokerage account to a self directed IRA or CMA at Merrill to qualify for the Preferred Rewards program, and not have any fees whatsoever moving forward.
The CMA account comes with a deferred debit card too, which can come in handy!
At Platinum Honors and above, the 3% category becomes 5.25%.
I assume the CMA being referred to is the account that Merrill's equivalent of a HYSA, which is currently at 4.18% (as of Oct 31). It takes the full 100k to open initially, but you don't need to keep that much in there after opening. No fees etc. That's where my qualifying amount currently lives.
@unsungivy wrote:
@markbeiser wrote:For whatever the transfer fee is at your current brokerage, usually $75, you can all or part of an IRA or brokerage account to a self directed IRA or CMA at Merrill to qualify for the Preferred Rewards program, and not have any fees whatsoever moving forward.
The CMA account comes with a deferred debit card too, which can come in handy!
At Platinum Honors and above, the 3% category becomes 5.25%.I assume the CMA being referred to is the account that Merrill's equivalent of a HYSA, which is currently at 4.18% (as of Oct 31). It takes the full 100k to open initially, but you don't need to keep that much in there after opening. No fees etc. That's where my qualifying amount currently lives.
No, CMA stands for Cash Management Account, it is a brokerage account that can also be used as a checking account, with uninvested cash being swept into an FDIC insured account.
Gives access to institutional class money market mutual funds, without the huge minimum deposit requirements those funds normally have, as well as the full range of stocks and ETFs, etc..
The CMA Edge account is entirely self directed.
@markbeiser wrote:
@unsungivy wrote:
@markbeiser wrote:For whatever the transfer fee is at your current brokerage, usually $75, you can all or part of an IRA or brokerage account to a self directed IRA or CMA at Merrill to qualify for the Preferred Rewards program, and not have any fees whatsoever moving forward.
The CMA account comes with a deferred debit card too, which can come in handy!
At Platinum Honors and above, the 3% category becomes 5.25%.I assume the CMA being referred to is the account that Merrill's equivalent of a HYSA, which is currently at 4.18% (as of Oct 31). It takes the full 100k to open initially, but you don't need to keep that much in there after opening. No fees etc. That's where my qualifying amount currently lives.
No, CMA stands for Cash Management Account, it is a brokerage account that can also be used as a checking account, with uninvested cash being swept into an FDIC insured account.
Gives access to institutional class money market mutual funds, without the huge minimum deposit requirements those funds normally have, as well as the full range of stocks and ETFs, etc..
The CMA Edge account is entirely self directed.
🤨
I didn't say it WAS a HYSA. I said it was their equivalent. And it is, in that I can park my money there and it's earning far and above what BofA offers in interest rates for their savings accounts with doing exactly nothing.