What the Merrill Lynch Credit Card offers

Merrill Lynch does not issue its own credit card. Instead, Bank of America offers the Bank of America Premium Rewards Card to Merrill Lynch clients — a card designed specifically for people who hold Merrill Lynch brokerage or investment accounts. The card earns cash back on all purchases and offers higher rewards rates for certain spending categories, plus benefits tied to your Merrill Lynch account balance.

If you hold a Merrill Lynch account and are looking for a card that integrates with your investment relationship, this card connects your spending rewards directly to your Merrill Lynch account. The rewards structure and benefits change based on how much you have invested with Merrill Lynch, which is the main reason this card exists — it rewards clients who maintain larger account balances.

Key Takeaways

  • The Bank of America Premium Rewards Card is available only to Merrill Lynch clients and requires an active Merrill Lynch account to open and maintain.
  • Rewards rates increase based on your Merrill Lynch account balance, ranging from 1.5% to 2.625% cash back on all purchases.
  • The card earns bonus rates on specific categories like travel and dining, with rates that also scale to your account balance.
  • There is no annual fee, but you must keep your Merrill Lynch account open to keep the card active.

How rewards scale with your Merrill Lynch balance

Your cash back rate depends on your combined Merrill Lynch account balance. The card starts at 1.5% cash back on all purchases if your balance is below $20,000. At $20,000 to $49,999, the rate rises to 1.75%. At $50,000 to $99,999, you earn 2%. At $100,000 to $249,999, the rate is 2.25%. At $250,000 or higher, you earn 2.625% cash back on all purchases.

Bonus categories also scale the same way. For example, dining and travel earn an additional 1% to 1.125% on top of your base rate, depending on your account tier. This means a client with $250,000 invested could earn up to 3.75% on dining and travel purchases, while someone with $20,000 would earn 2.75% on the same purchases.

Your tier is determined by your combined balance across all Merrill Lynch accounts — brokerage, retirement, and advisory accounts all count. The bank reviews your tier quarterly, so your rewards rate can change if your balance moves between tiers.

Annual fee and basic terms

There is no annual fee for the Bank of America Premium Rewards Card. However, the card requires an active Merrill Lynch account. If you close your Merrill Lynch account, Bank of America will close the card as well.

Cash back is deposited directly into your Merrill Lynch account as a credit, not as a separate payment. You can use the cash back to pay down your card balance, invest it, or withdraw it. There is no minimum redemption amount, so you can redeem even small amounts of cash back.

Who this card makes sense for

This card is most useful if you already have a Merrill Lynch account and plan to keep it open. The rewards rates are competitive only if your account balance is substantial — at balances below $50,000, the base rate of 1.75% is available from many other cards without requiring an investment account. The card's real value comes at higher tiers, where the 2.25% to 2.625% base rate and bonus category rates become competitive with premium cards that charge annual fees.

If you are a Merrill Lynch client who spends heavily on travel and dining, the bonus categories can add meaningful value. A client at the $250,000 tier earning 3.75% on $5,000 in annual dining and travel spending would earn $187.50 in cash back from those categories alone, compared to $100 from a flat 2% card.

If you do not have a Merrill Lynch account and are not planning to open one, this card is not an option. Bank of America offers other cash back cards without the investment account requirement, such as the Bank of America Cash Rewards Card, which may be a better fit.

How to open the card

You must have an active Merrill Lynch account to open this card. If you already have a Merrill Lynch account, you can request the card through your Merrill Lynch online account or by calling your Merrill Lynch advisor. The process process is typically faster than a standard credit card process because Bank of America already has your financial information from your Merrill Lynch relationship.

If you do not have a Merrill Lynch account, you will need to open one first. This involves setting up a brokerage account, which requires an initial deposit (the minimum varies but is often $1,000 to $10,000, depending on the account type). Once your account is open and funded, you can then request the credit card.

Comparing this card to other cash back options

The Bank of America Premium Rewards Card competes with cards like the Chase Freedom Unlimited, which offers 1.5% cash back on all purchases with no annual fee and no account balance requirement. At lower Merrill Lynch balances, the Freedom Unlimited is often a better choice because the rewards rate is the same but you do not need to maintain an investment account.

At higher balances — $100,000 and above — the Merrill Lynch card's 2.25% to 2.625% base rate becomes competitive with premium cards like the Chase Sapphire Preferred (which charges a $95 annual fee) or the American Express Gold Card (which charges $250 annually). The advantage of the Merrill Lynch card is that there is no annual fee, so the higher rewards rate is pure benefit if you already maintain the account balance.

If you are a Merrill Lynch client deciding between this card and a general-purpose cash back card, the decision comes down to your account balance and spending patterns. Below $100,000, a card with no account requirement usually offers better value. At $100,000 and above, the Merrill Lynch card's rewards rate and integration with your account make it worth considering.

Frequently Asked Questions

What happens to my card if I close my Merrill Lynch account?

Bank of America will close the credit card when your Merrill Lynch account closes. If you want to keep a Bank of America credit card, you would need to switch to a different Bank of America card that does not require a Merrill Lynch account, such as the Bank of America Cash Rewards Card.

Can I earn rewards on my Merrill Lynch investments themselves?

No. This card earns cash back only on credit card purchases — spending at stores, restaurants, travel, and online. Investment activity within your Merrill Lynch account is separate and does not earn credit card rewards.

How often does my rewards tier update?

Bank of America reviews your tier quarterly based on your combined Merrill Lynch account balance. If your balance moves to a higher or lower tier, your rewards rate will change at the start of the next quarter. Your current tier is visible in your Merrill Lynch account.

Is there a sign-up bonus?

Bank of America does not currently offer a sign-up bonus for the Premium Rewards Card. The card's primary benefit is the ongoing rewards rate that scales with your account balance, not an introductory offer.

Can I use this card if I have a Merrill Lynch retirement account?

Yes. Your retirement account balance counts toward your tier, so a combined balance across your brokerage and retirement accounts determines your rewards rate. You do not need a specific account type — any active Merrill Lynch account qualifies.