What is your favorite credit card benefit that isn’t a headline item for it? (I.e. not asking about something like the Centurion lounge access with Amex Plat).
For me, I love the Ritz Carlton card because it is technically a JP Morgan card and not Chase, which means there is no phone tree to jump through trying to figure out how to crack it to reach a representative - you get a quick “this call is being recorded” and it sends you straight to an agent.
In the same vein as you, everyone knows the Bank of America cards get you great rewards when you have a lot of money with Merrill and are otherwise shit. It’s the whole reason a lot of people invest with Merrill and have those cards. But, like in your case, nobody knows how beneficial that can be. Merrill Lynch runs your card. Merrill does your banking.
One time I was trying to get a certification on a document from the bank, a medallion signature. It took 6 trips and 3 months because the bank manager has to do it, and forward it to the internal team and so on and so forth, who then take weeks to deny it. I mentioned it to my financial advisor and he said “oh Jeff can do those. Give me the forms.” I got them back in 40 seconds. Another time, I inherited nearly 100k. It was going to take 3 weeks to clear a check of that size. That’s like 4 years of my salary. I was impatient so I called my advisor and he said “okay hold on.” And it was available. “So you want to put that all in VT?” “Yep.”
My mom told me to never call Bank of America for anything during normal business hours and to just call the Merrill guys cause they can do everything and they don’t bother with the BS. I didn’t realize how true that was.
@LizCampbell
That sounds fantastic! Your Mom knows what she’s talking about and similar to my parents instructing me in college that no matter what happens, NEVER cancel my USAA membership because that was handed down and once I sever all ties, I can never become a full member again without enlisting.
@Devan
Oh that’s a good one! I hope someone here sees it who can use it.
The one like that that my dad gave me was “never ever get rid of your motorcycle endorsement even if you get rid of your motorcycle because you will have you take the test again.” That got banged into my head a lot as a young kid for some reason. Apparently for some dumb reason, people just get new driver’s licenses and tell the person at the counter to remove their motorcycle endorsement.
@LizCampbell
I see it and I can use it, so thanks!
@Devan
This is so true. I’m a USAA member and people are always surprised and ask if I served. My grandfather was in WWII so that’s how I got it. I qualified because my parent (Mom) was a member via her parent (Dad). I have them for my auto insurance and they have Nordstrom-level service when it comes to paying claims. Will never leave.
@Freeman
I literally just started my auto insurance with USAA yesterday (I’m an Army Vet) and I started to worry immediately after signing up with them because I didn’t compare or check reviews of USAA or anything first. I just went with them because they were cheaper than what I had. So I’m glad to see that you have good experiences with them!
@LizCampbell
Those BoA preferred rewards can get you other benefits as well. When I got my last mortgage they offered a “loan origination discount” at a certain level. Made the origination costs really cheap.
I didn’t even end up going with BoA for the loan, but the lender I did go with (who had really good rates on ARMS) matched their origination pricing. Saved a $thousand+.
Approval process was really smooth too because they had a lot of banking and investment info already.
@LizCampbell
Are you paying advisory fees? Or is that all Merrill Edge?
Reid said:
@LizCampbell
Are you paying advisory fees? Or is that all Merrill Edge?
No, Merrill Edge is essentially an online service only. While they do end up handling your banking, you just talk to whoever they give you. Which is fine. But the level of service isn’t there for the stuff I mentioned, which depended on a personal relationship with an advisor in an office, though you’ll still get Merrill on the phone which is 5 times better than BofA.
At Merrill Lynch, there is a $125 annual fee for a cash management account, but IRAs have no fees. There is a commission for buying and selling but it’s fairly small for my activity and money amount. Reinvestment has no fees and there are no fees for cash near equivalents like TFDXX. This year I bought 45k and sold 45k and my commission fees were $690. If you do a lot of buying and selling you can get a managed account which has no commission and they charge you a half percent of your total amount in the system or something.
Following the Boglehead philosophy of low cost index funds and just sitting on them should keep your fees quite low while still reaping the benefits of a personal advisory team. This year, with the exception of the 45k that I changed to something else, I have just maxed out my work 401k and HSA and I’m letting the rest of money sit in Merrill, as I am diversified and don’t really need to do anything else. So until I stop working this job, or I get sufficient raises where I am paid enough to max out the 401k, an IRA and HSA and meet my spending needs, all I ever pay is $135 a year for the cash management account plus the commission on the IRA maximum, which is like $50. The CMA is like a checking account but with funds in it, but I get access to the bullshit free financial advisors.
@LizCampbell
yep, Merrill Reps are leagues above the BoA ones
@LizCampbell
Hey could you explain a bit about part of ML in banking and card with BofA?
Can DM as well if you want
Holt said:
@LizCampbell
Hey could you explain a bit about part of ML in banking and card with BofA?
Can DM as well if you want
what do you want explained?
on the back of my credit card it has the bull and says Merrill where it would normally have BofA info.
@LizCampbell
Shhhhhh. I don’t want normal people to congest Merrill Lynch lines…
All the alcohol in Centurion lounges is free, so I don’t look like a weirdo trying to figure out what drinks in the SkyClub are extra.
Other than that, phone insurance. Easily $50 a month in savings for a family plan.
It’s not sexy, but when you need travel insurance, it’s invaluable.
Patrice said:
It’s not sexy, but when you need travel insurance, it’s invaluable.
I tried the travel insurance on my United Explorer card a few months ago when we had to leave Jamaica due to hurricane Beryl. After 1-2 months of back and forth they denied my claim TWICE because I rebooked my flight PRIOR to United sending out their hurricane warning waiver, despite the US embassy and the Jamaican government telling everyone to get the hell out.
It got to the point where I didn’t even want to argue with them anymore and just gave up, which is what they probably wanted lol.
@Sable
No doubt about that. I guess it just isn’t on the world elite MasterCard.
Patrice said:
It’s not sexy, but when you need travel insurance, it’s invaluable.
Is travel insurance on all travels if using platinum?
I don’t know off the top of my head, sorry.
Chase Sapphire Preferred Online Grocery 3%
Works for Kroger and Publix Pay, but most importantly works with Walmart’s Scan and Go if you have Walmart+.