Author Topic: Merill Edge  (Read 1130 times)

HBFIRE

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Merill Edge
« on: April 18, 2018, 09:46:46 PM »
Not sure if this is an investment topic per se, but I wasn't sure where to put it.

Has anyone put their funds with Merill Edge to take advantage of the BoA 75% credit card bonus at the 100+K (Platinum) level?  From what I can gather you can have your vanguard funds with them (no additional cost) along with a bonus for transferring there?

From what I've read, this allows the following credit card rewards:

BoA Cash Rewards
5.25% gas
3.5% groceries (including Costco)

BoA Premium Rewards
3.5% travel
3.5% restaurants
2.625% everything else
« Last Edit: April 20, 2018, 10:32:35 PM by dustinst22 »

alanB

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Re: Merill Edge
« Reply #1 on: April 20, 2018, 10:26:52 AM »
Not sure if this is an investment topic per say, but I wasn't sure where to put it.

Has anyone put their funds with Merill Edge to take advantage of the BoA 75% credit card bonus at the 100+K (Platinum) level?  From what I can gather you can have your vanguard funds with them (no additional cost) along with a bonus for transferring there?

From what I've read, this allows the following credit card rewards:

BoA Cash Rewards
5.25% gas
3.5% groceries (including Costco)

BoA Premium Rewards
3.5% travel
3.5% restaurants
2.625% everything else

I have considered it, but then I decided that I already get enough from sign-up bonuses+normal cashback that it is not worth it.  I guess it would be easier to just have 2 credit cards though.

Is it a taxable acct or IRA? Even in an in-kind transfer I would worry about them selling off fractional shares and properly reporting cost basis.  Also, transfer out from Merrill Edge is not free.

If you own Vanguard funds you are already indirectly paying for the customer service, online interface, etc.  Might as well get your money's worth and keep your funds there ;)

You might have better luck researching this topic on Bogleheads, here is one thread that is relevant.

HBFIRE

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Re: Merill Edge
« Reply #2 on: April 20, 2018, 06:35:54 PM »
Sounds like it might not be worth the hassle.  The CC reward edge is modest if you optimize the right cards.  I already use an Alliant for general spend (3% until first year is up)/BlueCash Pref 6% for grocery/Amazon card 5%/uber 4% on restaurants/Costco for 4% grocery.  So the bonus increase is pretty minimal.  Plus I'll likely ramp up my churning again at the end of this year.  The main benefit to this I guess is the bonus they give for transferring over (sometimes 1K bonus).
« Last Edit: April 20, 2018, 07:04:00 PM by dustinst22 »

Toad

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Re: Merill Edge
« Reply #3 on: April 20, 2018, 06:49:02 PM »
I have had my money parked at BoA and Merrill Edge for a while.  Don't have any issues for the most part unless I am trying to buy a mutual fund or stock that ME deems "risky" (MJ being the most recent one that was nixed by their system for me).  I have a different brokerage account for the ones ME doesn't let me buy so it works out but is annoying.

Yes you can buy Vanguard funds.  I have some VOO currently with ME.  Also, all trades are free (essentially) when you are at platinum level...I think technically you get 100 per month.

I just recently got the cash rewards card for my daily spend:

5.25% gas
3.50% grocery
1.75% everything else

Don't know about the premium one since I didn't look at it...wanted a non-annual fee card for my go to card.