Bank of America MERRILL+ Visa Signature Review (discontinued for new applications)
Updated May 6, 2017.
The Facts
The Math
The earning rate on this card is between 1% and 2% for general purchases. You may only achieve 2% by redeeming for tickets that are exactly $500 each. In reality, as it would be more reasonable to achieve a redemption value of 1.6 cents per point, this card won't be as good as 2% cashback cards like Citi Double Cash and Fidelity Visa.
Plus Level or not? While it is good to have $200 travel credit or Sky Club membership, if you spend $50K a year, you are actually loosing around $200 compared to a 2% card, considering a redemption value of 1.6 cents. However, if you value Sky Club Executive membership more than $200, it is worthwhile to spend $50K to retain it.
The Conclusion
Other than the great signup bonus, we won't recommend this card for general spending, unless you value Sky Club Executive more than $200.
The Facts
- Annual Fee: none
- Signup Bonus: none. Historical Best Bonus of the card: 50,000 points (our value ~$800) after spending $3,000 within 3 months of new account opening.
- Rewards: 1x everywhere
- Best Use of Merrill Lynch points: Normally the points can be redeemed for gift cards or cash/statement credit at 1 cent each; however, it is also possible to redeem points for round-trip airfare from U.S. on American, United, Delta, and British at up to 2 cents each (25,000 points for up to $500 in airfare & the fare portion above $500 must be redeemed at up to 1 cent each, i.e., in increment of 2,500 points for up to $25) or on other airlines at up to 1.67 cents each (30,000 points for up to $500 in airfare).
- Plus Level: if you spend at lease $50,000 per year, you will achieve Plus Level which includes benefits such as: (1) receive $200 travel incidental credit or complimentary Delta Sky Club Executive membership which normally costs $695 and allows your and two guests to access more than 1,300 Delta and partner lounges worldwide; (2) savings or two-class upgrade with Hertz.
- Other Benefits: (1) waived foreign transaction fees, with an embedded EMV chip. (2) 24/7 concierge service. (3) Savings with Delta Air Lines on economy, first, or business class tickets on certain routes. (4) Private Jet Program. (5) Standard Visa Signature benefits including luxury hotel privileges and museum savings.
- Other Facts: Even though it is branded as a Merrill Lynch product, looks like you don't need an existing Merrill Lynch relationship to apply and get approved for this card.
The Math
The earning rate on this card is between 1% and 2% for general purchases. You may only achieve 2% by redeeming for tickets that are exactly $500 each. In reality, as it would be more reasonable to achieve a redemption value of 1.6 cents per point, this card won't be as good as 2% cashback cards like Citi Double Cash and Fidelity Visa.
Plus Level or not? While it is good to have $200 travel credit or Sky Club membership, if you spend $50K a year, you are actually loosing around $200 compared to a 2% card, considering a redemption value of 1.6 cents. However, if you value Sky Club Executive membership more than $200, it is worthwhile to spend $50K to retain it.
The Conclusion
Other than the great signup bonus, we won't recommend this card for general spending, unless you value Sky Club Executive more than $200.