That strategy is a bridge too far for my spouse.Thus adds up to 7.25%, not 7.5%. And you are giving up some float on the amount of Costco shop cards.If you have BoA Custom Cash Reward CC and you have BoA Platinum Honors level Preferred Rewards status, you can get 5.25% cash back on online shopping. Purchases of Costco gift cards from their website would qualify. If you also have Costco Executive Membership, then you also get 2% cash back from Costco, so that effectively gives you 7.5% cash back for a Costco gift card (which can be used at Costco).Sorry for my ignorance but not sure how get 7.25%. My math on your steps 1 to 5 above says: 3%+0.75%+2%+0%=5.75%. not 7.25%, what am I missing?This may have already been said, but to my knowledge this one is easy and has a hands down clear winning method:
1. BoA Custom Cash rewards credit card
2. BoA Preferred rewards (75% rewards bonus achieved with $100k assets at Merrill Edge)
3. Costco Executive membership
4. Buy Costco cash cards online, shop in store (or just shop online for larger specific items)
5. 7.25% total cash back (including credit card and executive membership).
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Granted, it does take a little effort to setup, and you have to buy the cash cards, but it's all super easy and takes pretty minimal effort.
We just buy stuff at Costco with 1 of our 3 BoA Customize Cash Rewards Visas. We have BoA Platinum Honors tier Preferred Rewards Status and Costco Executive membership, so we get 5.5% (3.5% + 2%) cash back. We do take advantage of the institutional class money market funds at Merrill Edge, currently using TTTXX getting 5.2% yield that has been around 95% exempt from state/local taxes.
Statistics: Posted by anon_investor — Wed May 01, 2024 6:20 am — Replies 47 — Views 3231