BOA Premium Rewards Kick In Period

[Curious_George2]

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@coldfusion wrote:

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@credit_endurance wrote:

I finished up my req

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@coldfusion wrote:

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@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?

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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? 

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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.

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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/

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Mathematically, I qualified as of the end of December. I had signed up to receive an email when eligible. Didn't hear

or see anything, so I called yesterday to ask about it. The garden variety CSR was clueless. She said she would prompt a relationship manager to email me. That didn't happen, but today the gray square appeared on the website and two clicks later I was enrolled. 

So, I don't know if my call triggered something (doubtful) or if their system automatically processed new eligibilities at the end of the first Tuesday (yesterday) or during the day on the first Wednesday of the month. 

[coldfusion]

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@Curious_George2 wrote:

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@coldfusion wrote:

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@credit_endurance wrote:

I finished up my req

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@coldfusion wrote:

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@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/

---

Mathematically, I qualified as of the end of December. I had signed up to receive an email when eligible. Didn't hear

or see anything, so I called yesterday to ask about it. The garden variety CSR was clueless. She said she would prompt a relationship manager to email me. That didn't happen, but today the gray square appeared on the website and two clicks later I was enrolled. 

So, I don't know if my call triggered something (doubtful) or if their system automatically processed new eligibilities at the end of the first Tuesday (yesterday) or during the day on the first Wednesday of the month. 

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They do process the validations of eligibility once per month and it is done on a Tuesday night,  but from memory there's also a qualifier something like the Tuesday after the 1st weekend of the month. 

[Curious_George2]

Update: Around noon Eastern Time today, I received an email from BofA notifying me that I qualify to join Preferred Rewards. Today is the second Tuesday of the month.

Of course this is a bit silly because I joined a week ago, but it's good to know the process of requesting an email when eligible works, albeit on a delay. 

[Namaste7]

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@Curious_George2 wrote:

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[...]

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.

[...]

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Calling: @Curious_George2 , @coldfusion, @credit_endurance , @simplynoir, @Aim_High, @TSlop :

1. Can anyone confirm if the Merrill Lynch branded cards are excluded from the Preferred Rewards bonus?

2. Did anyone have issues transferring the qualifying deposit (e.g., holds or large transfer reporting triggers)?

On the latter question, I'm finally ready to go all in but want to make the qualifying deposit transfer as smooth as possible. If there is anything I can do to simplify the process (i.e, transfer in batches), I'll follow through on the recommendations.

Thanks

[Curious_George2]

I don't have any ML branded cards, so I can't speak to that. Sure seems strange that they would exclude those. Hopefully someone here can clarify.

On your second question, my experience with moving funds to Merrill was the opposite of smooth. The transfers did ultimately succeed, but the setup process took about a month, with weekly phone calls by me to identify and eliminate  obstacles. I was using 529 plans, and my particular travails are probably limited to that scenario. Generally, I would say be prepared for holding periods of a week or so, don't expect much communication or transparency, and call both ML and the sending FI often to confirm that the process is proceeding.

Good luck!

[credit_endurance]

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@Namaste7 wrote:

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@Curious_George2 wrote:

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[...]

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.

[...]

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Calling: @Curious_George2 , @coldfusion, @credit_endurance , @simplynoir, @Aim_High, @TSlop :

1. Can anyone confirm if the Merrill Lynch branded cards are excluded from the Preferred Rewards bonus?

2. Did anyone have issues transferring the qualifying deposit (e.g., holds or large transfer reporting triggers)?

On the latter question, I'm finally ready to go all in but want to make the qualifying deposit transfer as smooth as possible. If there is anything I can do to simplify the process (i.e, transfer in batches), I'll follow through on the recommendations.

Thanks

@Namaste7  I also can't speak to any of the co-branded products either but agree as well they shouldn't be excluded if you have reached the status. Maybe @coldfusion could provide a solid answer to your question.

[coldfusion]

I don't remember if my Merrill+ got the Preferred Rewards uplift or not.  I had PC'd it to a Cash Rewards Visa at least 3 years ago as I never put much spend on it after I collected the 50,000 point SUB. 

I've never had an issue with transferring money into BoA/Merrill either with standard funds or multiple 6-figure brokerage-to-brokerage transfers of IRA money; I had the ML rep at one of the local branches fill out the forms, and the 2nd time he did it I was technically not eligible for another bonus but he lobbied for me and I got an extra $900.

Even though I have a self-directed portfolio the local ML investment advisors still know who I am and do not-too-frequently-for-my taste routinely touch base.  No hard sell, only making sure there aren't issues and emphasizing that I'm free to call or email if I ever need anything. 

[Aim_High]

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@Namaste7 wrote:

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@Curious_George2 wrote:

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[...]

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.

[...]

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Calling: @Curious_George2 , @coldfusion, @credit_endurance , @simplynoir, @Aim_High, @TSlop :

1. Can anyone confirm if the Merrill Lynch branded cards are excluded from the Preferred Rewards bonus?

2. Did anyone have issues transferring the qualifying deposit (e.g., holds or large transfer reporting triggers)?

On the latter question, I'm finally ready to go all in but want to make the qualifying deposit transfer as smooth as possible. If there is anything I can do to simplify the process (i.e, transfer in batches), I'll follow through on the recommendations.

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@Namaste7, as @Curious_George2 and @credit_endurance, I can't speak to the co-branded card question. 

I moved non-IRA holdings to Merrill to establish Preferred Rewards Platinum Honors status.  Just over the $100K minimum.  Even though it was what should have been a fairly simple - although large - funds transfer, I was unable to process it to fund the new account without Merrill assistance.  This was during early covid and there were a lot of reps working at home.  I called and believe I was on hold, had to speak to a CSR, and then she took my information for a broker to call me back.  Those calls from home leave something to be desired from a connection standpoint sometimes.   My impression was that it was cumbersome compared to today's standards with other transactions.  I've never dealt in person with Merrill people or had anyone call me, but I elected the Merrill Edge Self-directed investment option.  I don't know if it would have mattered if I broke it down into smaller increments.  From my recollection, I tried that but the system still wouldn't process it automatically based on my entries.  

[Curious_George2]

@TSlop: Were you able to tell if your Merrill Lynch co-branded Premium Rewards card gets the rewards bonus from Preferred Rewards? TPG says co-brands don't, but that doesn't sound right to me.  

[TSlop]

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@Curious_George2 wrote:

@TSlop: Were you able to tell if your Merrill Lynch co-branded Premium Rewards card gets the rewards bonus from Preferred Rewards? TPG says co-brands don't, but that doesn't sound right to me.  

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@Curious_George2 I do get the Preferred Rewards bonus with it. Unless TPG specifically mentioned that the Merrill Lynch version of the PR being included as a co-branded card, I never would have thought it would be considered co-branded. If anything, I'd consider it an "affinity" card, like alumni versions of the CR card, or those other CR cards like MLB. I'm assuming co-branded BoA cards are the cruise and airline cards, and possibly the discontinued Merrill Lynch bull card.