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Personal Finance (Not Investing) • Bank of America/Merrill Edge - Preferred Rewards

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1 Because I put pretty much everything on my cards, $50k+ annual, I am thinking that getting PRE or USBAR will get me more cash back, since I don't live the miles/points route for award travel. Also maybe the perks for these high AF cards maybe useful. With PRE cash back, I could get 3.3% redemption cash, and with USBAR 4.5%, agreed with more hoops.
Just to make sure you're aware of the option, the BoA Unlimited Cash Rewards card would get you 2.625% cash back on everything with no annual fee. There is a foreign transaction fee, though.
Understood, but I think the PR is superior to the UCR, except in edge cases.

The AF can be offset by GE and the incidentals credit, which is reasonable to achieve since it is only $100.

With no FTF, and slightly better protections, enables one to use it extensively WW [worldwide] (including in the US) without worry and a lot of transactions get coded as 'travel or dining' which gets me back 3.5% instead of 2.625%

Of course, with PRE, PR is redundant.
That makes sense, but my current fleet consists of
-- One Customized Cash Reward (CCR) Visa with a grandfathered no FTF (inherited from the awesome old Schwab Visa 2% card which then migrated through FIA to BankAmericard!)
-- One CCR MasterCard (converted from a 10 year veteran Better Balance MC which was previously an affinity card)
-- One Unlimited Cash Reward (UCR) MasterCard (also auto converted from a 10 year veteran Better Balance MC which was previously an affinity card for many years)

I plan to use UCR for 2.65% cash back for all domestic purchases, except for categories or deals available on other cards
Then use CCR Mastercard for category 1 and CCR Visa for category 2. When traveling, set UCR Visa category to Travel and use it with 0 FTF until category spending is maxed out. Then use Fidelity 2% (also 0 FTF) if necessary.

I also use PenFed for 5% gasoline cashback and Chase and Discover for categories, which can be lucrative. I use Amex Blue for grocers and some great Amex offers.

My old USAA (formerly 2.5% now 1.5% cashback, 0 FTF) and Capital One Quicksilver (1.5% cashback, 0 FTF) will be sock drawered except for monthly small balance credit charges to stay active and get that $1/month credit.

The demise of the USAA 2.5% card inspired me to revisit Bank of America with Merrill Edge. Thanks USAA!

PR sounds great, but I don't need any more cards and the annual fee has very limited utility for my existing card collection.

Statistics: Posted by criticalmass — Fri Dec 22, 2023 12:23 am — Replies 6368 — Views 749727



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