The Bank of America Preferred Rewards program might be the holy grail of cash back credit cards rewards. There are high credit card rewards when you reach top tier status with Bank of America. And those make for some of the best cash back credit cards you can ask for. But even knowing that, my reason wasn’t complicated in fact it was fairly simple.
00:00 – Start
00:28 – Preferred Reward Program
2:39 – My Bank of America Credit Card
3:20 – simplifying Finances
5:50 – Evaluating options
8:21 – The Simple Answer
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31 comments
Oh dang I just saw Shifu post a collab with you at the same time! I’ll be back with comment #2 after I’m done watching that one 😄👊
Consolidating all your investment and banking accounts? Haha, I don't know what I would do with all my free time if I did that.
Good timing! I just saw this in my feed after watching your collab with Ben.
Totally get it. I too have money everywhere & management becomes quite time consuming. On Team Cash Back, strict loyalty to 1 banking program isn’t necessary. Welcome to the next chapter! 🌴✌️
Thanks for the info. I feel simpler is better
I told you a year ago Merrill was not a happy place. I have $98k in a target fund and $2k in checking and never give it much attention. If I were ex-military or Gronk USAA might be an option, but BofA is still my card home, even though I mostly hate them.
If I had a 2.5% back USAA card, would probably give up my BofA cards, but for now I am fine sitting on some vanguard ETFs in Merrill, and any money over 100k, I can invest in separate accounts. I'm also consolidating, but I'm consolidating between Merrill and Schwab.
Good to see you back posting, Dustin! I look forward to more Waller's Wallet!!
Thanks for this video, Dustin! I had the same feeling about simplifying your finances. This is something I've tried my best to do.
Some of the challenges with this:
1. You might be tempted to complicate your finances again with things like a new credit card/bank account offer, a rotating category on a Chase Freedom, or a special Amex offer.
2. I think some people may feel that one way to simplify finances is to close credit card accounts. This may remove the temptation to pick up the card again, but at the same time, they have to consider how that would impact credit utilization and average age of accounts.
I can see the value in simplicity. I respect that you are making moves that fit your situation.
I agree, it really would be great for other banks to do what Bank of America does with boosts in earnings like that. I think you made a great choice because simplicity is something that not many people value enough. In your situation, it looks like it makes sense, plus like you said, there's always those minimum spend requirements that will have you just using one card for everything during those times. Great video 👍
Great perspective. We are talking about slimming some of our cards and accounts down too. It’s a lot of work to manage it all, and time is more valuable then an extra multiplier.
More time to workout 🏋️♀️!
I have way more bank accounts than I need, and it's been somewhat of a struggle. I only go for what I consider larger bank bonuses, and those tend to have direct deposit or funding requirements, so I end up with money all over the place. I try to be good about closing things up when the account is no longer needed, but sometimes I procrastinate.
So happy to see you in both Shifu's video and here, at basically a same time upload! You've got one helluva setup Dustin!! Hope you and the fam are doing amazing 😁😁
Alas I was motivated to open Bank of America and have plans to get multiple cash cards after seeing your video and now you make me nervous saying that you are ditching Bank of America.. not all have access to USAA so the flat cashback is the biggest attraction and that is where most of the miscellaneous spending happens…
But you have a good point about having too many accounts. I am considering leaving a note for my wife just in case because it's a good point with too many logins and too many accounts. She won't have any clue what is where.. though a treasure hunt is a good option too 😂
I'm behind you on this. I don't really care for bank of America personally. My wife and I just recently closed all of our accounts with them except for our credit cards and have moved to Navy Federal. Now, I just wish I could get my hands on that 2.5% limitless card! 😄 take care Dustin and keep moving forward!
I've gone thur the economic of letting BoA and Morgan Stanley hold my money for their percentage & Amex A.F. and like u it didn't make sense in the long run. In our hobby and wealth bracket it pays gor us to have liquidity for new opportunities.
And I just got my second cash rewards card and in the process of transferring 100k from vanguard to BoA 😅.
Great analysis of your choice to simplify! Giving up a small amount of rewards is worth it for your sanity if everything is everywhere.
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I'm thinking though some of the same things, too. Too much "financial clutter"
Sounds like a good setup Dustin! I’m always excited when you release a new video 😀
That USAA card that gets 2.5% is sweet. I think you talked about that before, and you mentioned it's not available anymore. It's funny because I'm in the boat next to you; I'm leaving USAA to go with BoA. I think USAA is like putting your money in a drawer; they offer nothing for me. I've been with them the 18 years I've been in the military, but BoA at least gives you the preferred rewards when you have money with them. I have a Merrill Lynch account, and I'm happy with it. My adviser's been making me money while staying conservative. It's a personal choice; there's no wrong answer. I value simplicity, too, and that's why I'm going to BoA. Move the cash back to my Merrill Lynch account to get re-invested. To each their own. I think the important thing is to think things through, and find a solution that's best for you. Love the channel btw. Looking forward to more content!
I dont blame you. Definitely advantageous to keeping things simple. Im thinking about changing up my banking strategy to.
BOA is the End Game set up!
This maybe a good idea. BofA fired me as a customer and closed all my credit cards even though I was a Plat Honors member. Good riddance.
Have you highlighted the added benefits of the airlines dining club miles? We use it for American Air miles as they aren’t transfer partner with Chase or AmEx points. Downside is that only some places participate but when we dine at one I get 3 Chase points and 5 AA miles. A very good return.
B of A is surprisingly forgiving before lowering your status tier. Even if balances dip, you keep the same tier for 12 months. Then there's another 3 month grace period before you get "demoted". So basically 15 months before you get the boot.
Thanks for the update