Bank of America Preferred Rewards - Super Charged Cards For $10MM+

[@RJFinancial]

Thanks for tuning in! Want BofA to give you $500 towards Preferred Rewards? Checkout my bank account bonus channel here - kzbin.info/www/bejne/fJvFf2R4p7V0aM0

[@TheCreditFrog]

Love Bank of America (and their credit cards too)! In terms of Merrill Lynch investing, their self-directed platform Merrill Edge is pretty similar to the typical brokerages like Vanguard/Fidelity/Schwab. The only limitations are that they block certain ETF trades that they deem as an "active investment," which is basically a lot of the ETFs out there, but if you stick with index investing like VTI/VOO, it's not really that noticeable. Thanks for covering this topic!

[@RJFinancial]

Interesting, I didn't know that. Seems somewhat petty of them to block ETF's. I've considered moving some things over to them next time I leave a job and have to rollover a 401k maybe. Problem is for the cards alone its likely not worth it for someone like us.

[@thejokerspeaks]

I'm cutting away from BofA, other than Merrill Edge + Customized Cash, which keeps me in Preferred Rewards. It started with them abandoning my mortgage, and closing my local branch at the exact same time. Having already gone through hell with them once before, I applied for a loan officer online, assuming I wouldn't get another rookie. I was given an immediate 24 hours to turn everything in, which I did, and he's been silent from January 26th and counting.

[@RJFinancial]

I remember you talking about how they screwed you over a few times. Was surprising given their push to be a relationship bank. It never fails, every bank is only out for themselves.

[@Spencerwalker21]

Data point bank of the West 19 states in total has a credit card with 3% on gas dining and grocery stores no sign up bonus.

[@RJFinancial]

That's a solid find. I may put them on a list to do a video on. Thanks for the info sir

[@stanleymartinjr136]

Maybe Citi and Chase are focused on their credit card programs more as opposed to their checking/savings because credit cards are nationwide and anyone can apply for them where ever you are. Whereas with checking and savings accounts, you're more than likely to go in a branch and I don't know how much of a presence they have nationwide. Chase is growing in my area but I only know of one branch that Citi has in the region and it's too far to drive to. BoA seems like they're everywhere.

[@akin242002]

Chase has Fidelity index mutual funds with their investing platform. FSKAX for a Roth IRA or Traditional IRA.

[@RJFinancial]

Fair. Citi is nationwide but they closed a lot of branches over the years. Chase got big when they bought Washington Mutual way back when, that got them the west coast. Chase also has the private client tiers but they don't necessarily advertise it like BofA does.

[@SpencerJohnsonOfficial]

The rewards Bank of America's ecosystem can give you if you have a lot of money under their management are pretty insane. It may be something I consider one day as it seems like their loyalty system is top-notch. I just wish they offered more rewards for people that don't have a ton of money stored with them because it would be nice to get exposure to them early in your credit card/investment journey. If other big banks implemented the same loyalty programs that would be a game-changer for sure.

[@RJFinancial]

They could add another tier. I don't think a $10-$15k starter tier would break things. It may help as I do feel some of the rewards need to be buffed at the higher levels. I like the concept but it needs updating past adding the diamond+ tiers that they did a few months ago

[@kevinmoore9524]

GOOD CONTENT. ENJOY YOUR WEEK RJ.

[@RJFinancial]

Appreciate you sir. I have the debt repayments vid coming your way this Wednesday

[@kevinmoore9524]

Thank You RJ.

[@akin242002]

The only thing that kills this for me is lack of fractional shares for ETFs. If Merrill Edge offered that, they would have the best setup. Someone could still invest into low costing Schwab ETFs to build wealth and earn rewards points. SCHB, SCHF, SCHD, or SCHG. All under $80 per share for each ETF.

[@RJFinancial]

Fair point, I hadn't looked into the accounts much. Seems like they should allow both as those are standard on almost all free platforms these days

[@irosa77]

Nice finally more towards boa ☺️

[@RJFinancial]

Ha they don't give us much to talk about but this topic hasn't been covered a ton.

[@irosa77]

@@RJFinancial true

[@mitchell.9632]

Do you miss the smaller, more local, Michigan National Bank days RJ? On the credit card there is for at least certain accounts BoA gives the un-advertised ten percent bonus for $1,000 or so. Lot less than tying up $20,000 for 25% bonus.

[@RJFinancial]

I had a small CU for my first bank. I dropped them in my late teen years for Chase. It was around the time the app got big and the OG Freedom was hot. Never looked back. I wouldn't mind getting a BofA card at some point. Not high up on the list but that would be a decent spend bonus.

[@mitchell.9632]

@@RJFinancial To clarify there is another tier in the BoA preferred rewards that is less than the $20,000 for 25%.

[@BlackSaiyan24]

Does this include a CD?

[@RJFinancial]

Yes Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

[@Jason_The_Man]

Left BofA about a year ago and never looked back. I think this is one of the worst rewards programs I’ve seen.

[@RJFinancial]

I want it to be good so bad tho! It bugs me when I see potential and the bank does nothing with it.

[@williamgoodpaster5689]

I was the 100th thumbs up. Guess I'm late to the game. lol

[@RJFinancial]

Always right on time. Plus you pull double duty watching both channels... one day you'll get sick of me but until then, I'm happy to have you here any time

[@williamgoodpaster5689]

@@RJFinancial I never get sick of great content. Keep em coming.

[@Spencerwalker21]

Imagine chase preferred rewards rip off but you get point multiplers edit like the flex would earn 5.25x on Quartey caterogies if I had assets with them the unlimited 1.75x on all purchases it would be great but I imagine it would cost chase alot lol 🤣🤣🤣

[@RJFinancial]

It could be a game changer or terrible honestly lol. I'd need 7.5x back I think. 5.25x on the CFF doesn't do it for me. I'd also take higher redemptions on the portal or pay yourself back. That's likely what they'd do is my guess