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BoA Premium Rewards Grocery/Dining Credit

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coldfusion
Community Leader
Mega Contributor

Re: BoA Premium Rewards Grocery/Dining Credit

See? I get tonguetied too with all of their vernacular early in the day when I haven't yet been sufficiently caffeinated, which is usually somewhere around noontime. 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 21 of 53
xenon3030
Valued Contributor

Re: BoA Premium Rewards Grocery/Dining Credit

One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.

 


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 22 of 53
K-in-Boston
Credit Mentor

Re: BoA Premium Rewards Grocery/Dining Credit


@Curious_George2 wrote:

@coldfusion wrote:

Insofar as cashback return the Preferred Rewards card really doesn't shine unless you're a BoA Preferred Rewards client. 


I dislike the confusingly similar names BofA uses for this stuff. 

The best thing they offer is a Premium Rewards card with the Platinum Honors tier in the Preferred Rewards program, right?That's a prptprprprplpltplty big mouthful.  They should use clearer names. 


Perhaps people ponder it's preposterous, still Premium Rewards with Preferred Rewards Platinum Honors packs plenty of punch for purchase payments with profitable payback.

Message 23 of 53
coldfusion
Community Leader
Mega Contributor

Re: BoA Premium Rewards Grocery/Dining Credit


@xenon3030 wrote:

One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.

 


You don't get to choose who manages your 401K plan, that's a function of whomever your employer chooses to manage the portfolio and the offerings they choose to include in the plan.   If you're a NetBenefits participant through your employer you can't just decide one day that Merrill is going to manage your 401K account instead of Fidelity.

 

Depending upon your particular circumstance you could make a withdrawal and if eligible (typically because you left your job) roll it over into a rollover IRA account at Merrill or you can take it as a cash distribution. If a cash distribution what you withdraw will be taxed as income for that calendar year and except for under very specific circumstances if you're under 59-1/2 you will also be assessed a penalty equal to 10% of the amount withdrawn.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 24 of 53
wasCB14
Super Contributor

Re: BoA Premium Rewards Grocery/Dining Credit


@K-in-Boston wrote:

@Curious_George2 wrote:

@coldfusion wrote:

Insofar as cashback return the Preferred Rewards card really doesn't shine unless you're a BoA Preferred Rewards client. 


I dislike the confusingly similar names BofA uses for this stuff. 

The best thing they offer is a Premium Rewards card with the Platinum Honors tier in the Preferred Rewards program, right?That's a prptprprprplpltplty big mouthful.  They should use clearer names. 


Perhaps people ponder it's preposterous, still Premium Rewards with Preferred Rewards Platinum Honors packs plenty of punch for purchase payments with profitable payback.


...particularly people previously participating in plural pluripotent points programs, but presently preferring a primary pluripotent points program, plus pecuniary profit on purchases where the purveyor prefers to pass on the popular "patriotic" payment processor.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 25 of 53
K-in-Boston
Credit Mentor

Re: BoA Premium Rewards Grocery/Dining Credit


@coldfusion wrote:

@xenon3030 wrote:

One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.

 


You don't get to choose who manages your 401K plan, that's a function of whomever your employer chooses to manage the portfolio and the offerings they choose to include in the plan.   If you're a NetBenefits participant through your employer you can't just decide one day that Merrill is going to manage your 401K account instead of Fidelity.

 

Depending upon your particular circumstance you could make a withdrawal and if eligible (typically because you left your job) roll it over into a rollover IRA account at Merrill or you can take it as a cash distribution. If a cash distribution what you withdraw will be taxed as income for that calendar year and except for under very specific circumstances if you're under 59-1/2 you will also be assessed a penalty equal to 10% of the amount withdrawn.



Painful penalty for poor planning and premature... OK, OK, I'll stop.  Smiley Very Happy

 

Sorry OP!  Oh, wait... I highjacked my own thread.

Message 26 of 53
longtimelurker
Epic Contributor

Re: BoA Premium Rewards Grocery/Dining Credit


@coldfusion wrote:

@xenon3030 wrote:

One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.

 


You don't get to choose who manages your 401K plan, that's a function of whomever your employer chooses to manage the portfolio and the offerings they choose to include in the plan.   If you're a NetBenefits participant through your employer you can't just decide one day that Merrill is going to manage your 401K account instead of Fidelity.

 

Depending upon your particular circumstance you could make a withdrawal and if eligible (typically because you left your job) roll it over into a rollover IRA account at Merrill or you can take it as a cash distribution. If a cash distribution what you withdraw will be taxed as income for that calendar year and except for under very specific circumstances if you're under 59-1/2 you will also be assessed a penalty equal to 10% of the amount withdrawn.


Right.   Going forward, you could decide not to participate in the employer 401(k) plan and instead fund an IRA at another place, but

usually not a good idea as limits are lower(will take a long time to get to plat honors just on this!)  and you miss out on any company match that an employer provides for the 401(K).

 

 

Message 27 of 53
Anonymous
Not applicable

Re: BoA Premium Rewards Grocery/Dining Credit

I just got approved for this card yesterday! Lol. Guess it's safe to say I want receive this email within the next couple of weeks😖

Message 28 of 53
AllZero
Mega Contributor

Re: BoA Premium Rewards Grocery/Dining Credit


@Anonymous wrote:

I just got approved for this card yesterday! Lol. Guess it's safe to say I want receive this email within the next couple of weeks😖


Congratulations on your approval!

Message 29 of 53
Anonymous
Not applicable

Re: BoA Premium Rewards Grocery/Dining Credit


@Anonymous wrote:

I'm torn on the BOA Premium Rewards.  It's a good SUB play, with a 16.7% return on spend for a card whose annual perks can exceed its annual fee.  So I will probably get it at some point when I resume traveling and can use the incidental credit.

 

But I am not sure I would ever actually use the card.  In terms of noncategory spend, travel insurance and travel earn rates, I already have better options.  

 

Currently, I am trying to collect as many BOA Cash Rewards cards as quickly as possible under the 234 rule.  


Yea I just got approved for this card which I got primarily for the SUB. I honestly don't think I will ever use it after meeting the SUB. Like you, I have much better options.

 

On the bright side, this card does pay you 5$ to just keep it. You can also use the incidental credit on airline gift cards for future use.

Message 30 of 53
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