@Anonymous wrote:I think the Merrill card is structured so it ALREADY has the higher, premium reward rate, and they only give you the card if you have enough investments with Merrill that you would qualify for preferred startus.
So then they say it doesn't qualify for preferred rewards because it already has them, and they don't want you to think it can stack and get the preferred rewards twice.
I could be mistaken, but that's what I think is going on with the excluded language
My PR came branded with Merrill Lynch and I did not qualify for Preferred Rewards when I opened it a few years ago. I only just opened up my checking account and qualified this past January.
However, my parents use Merrill Lynch and I am included as a Wealth Management Client, since it extends to immediate family. Usually you have to have at least $100k in investments to have wealth advisor. I was surprised to see that branding on my PR when I got it years ago, and assumed it was because of my IRA, but maybe the trigger was Wealth Management.
@coldfusion wrote:
@Curious_George2 wrote:
@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/
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.
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.
Updating with a DP. Eligibility I earned in December first appeared sometime in the evening of Wednesday, January 5.
This is basically consistent with @coldfusion's recollection, and suggests January 1 & 2 counts as a weekend. I was watching it pretty closely all day yesterday. It definitely didn't update before noon, Pacific time, and I'm pretty sure it still hadn't updated as of 7:00 p.m. Not sure how to reconcile the late-day update with the concept of overnight batch processing. Maybe there was a delay in applying the updates this month.
As an aside, I noticed that BofA's Schedule of Fees publication says "Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements."