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Best Credit Cards with Relationship pricing (e.g., keeping high balances at the bank)

Best Credit Cards with Relationship pricing (e.g., keeping high balances at the bank)

Old Jan 28, 20, 8:21 pm
  #1  
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Join Date: Sep 2006
Posts: 486
Best Credit Cards with Relationship pricing (e.g., keeping high balances at the bank)

I've been googling, redditing, and flyertalking. Can't really find any sort of definitive list whatsoever.

I know of the following:
  • Bank of America 75% earn bonus for anyone with $100K+ in balances
  • Schwab Plat Amex - same as regular Amex with $100/$200 statement credit for >$250K/$1mm in balances. Also ability to redeem pts for cash at 1.25 cpp.
  • HSBC Premier World Mastercard - some minor benefits ($50 Uber/Lyft credit, free TSA Pre) for $0 fee with $75K in balances
Anything else that is particularly attractive for those that can move balance around? Thank you.
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FrequentFlyer9000 is offline  
Old Jan 29, 20, 6:46 am
  #2  
 
Join Date: May 2010
Location: Rockin' the Bakken
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Originally Posted by FrequentFlyer9000 View Post
I've been googling, redditing, and flyertalking. Can't really find any sort of definitive list whatsoever.

I know of the following:
  • Bank of America 75% earn bonus for anyone with $100K+ in balances
  • Schwab Plat Amex - same as regular Amex with $100/$200 statement credit for >$250K/$1mm in balances. Also ability to redeem pts for cash at 1.25 cpp.
  • HSBC Premier World Mastercard - some minor benefits ($50 Uber/Lyft credit, free TSA Pre) for $0 fee with $75K in balances
Anything else that is particularly attractive for those that can move balance around? Thank you.
Unless you start to get into the $1mm+ range of the private side of banks, I don't think so. Even then, those benefits aren't usually published and seem sporadic (like the Citi Gold Amazon Prime rebate). And since I'm assuming you're talking about moving a cash balance around rather than investments, the return you'll get is likely far less apart from being able to get into money markets versus a crappy interest rate savings account.

I've looked into this as well. The best I could come up with is moving the deposit amount a couple times a year to whichever bank had a bonus going on for depositing new money. These bonuses though will likely only last you a couple of years at best as there are only so many banks that offer them (or until you're eligible for the bonus again), and I've always received a 1099 for the bonus amount. That's not to mention the horror stories I've read about HSBC, which eliminated a major bonus opportunity for me as I don't think it's worth the headache.

The most lucrative, for me at least, seems to be the BoA/Merrill Edge Preferred Rewards. Keeping a rollover IRA there with a balance of $100k+ should yield a lot more cash back for me. I've debated the Schwab Platinum rebate, but I could only get to the $100/year one for now so I don't think it's worth it (not that I'm leaving Schwab. It's probably the best combo of investments/cash account out there considering the debit card rebate, low/no minimums, and great customer service).

I'd say you have a great start to the list, but there might not be much more out there unless you have $1mm+ balances/investments with banks that offer unique perks for customers.
UVU Wolverine is offline  
Old Jan 29, 20, 7:57 am
  #3  
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Originally Posted by UVU Wolverine View Post
Unless you start to get into the $1mm+ range of the private side of banks, I don't think so. Even then, those benefits aren't usually published and seem sporadic (like the Citi Gold Amazon Prime rebate). And since I'm assuming you're talking about moving a cash balance around rather than investments, the return you'll get is likely far less apart from being able to get into money markets versus a crappy interest rate savings account.

I've looked into this as well. The best I could come up with is moving the deposit amount a couple times a year to whichever bank had a bonus going on for depositing new money. These bonuses though will likely only last you a couple of years at best as there are only so many banks that offer them (or until you're eligible for the bonus again), and I've always received a 1099 for the bonus amount. That's not to mention the horror stories I've read about HSBC, which eliminated a major bonus opportunity for me as I don't think it's worth the headache.

The most lucrative, for me at least, seems to be the BoA/Merrill Edge Preferred Rewards. Keeping a rollover IRA there with a balance of $100k+ should yield a lot more cash back for me. I've debated the Schwab Platinum rebate, but I could only get to the $100/year one for now so I don't think it's worth it (not that I'm leaving Schwab. It's probably the best combo of investments/cash account out there considering the debit card rebate, low/no minimums, and great customer service).

I'd say you have a great start to the list, but there might not be much more out there unless you have $1mm+ balances/investments with banks that offer unique perks for customers.
Thanks. I'm actually thinking of investment balances. To your point, big cash will never be worth the credit card perks if you're getting a low rate. But all these investment brokerage accounts are the same for the most part.
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Old Jan 29, 20, 8:07 am
  #4  
 
Join Date: Aug 2005
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Originally Posted by FrequentFlyer9000 View Post
Thanks. I'm actually thinking of investment balances. To your point, big cash will never be worth the credit card perks if you're getting a low rate. But all these investment brokerage accounts are the same for the most part.
Citigold is not bad to park $200K investment. You get Citi Prestige for $350 and also $200 credit toward amazon prime/costco membership etc.
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Old Jan 29, 20, 8:10 am
  #5  
 
Join Date: May 2010
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Originally Posted by FrequentFlyer9000 View Post
Thanks. I'm actually thinking of investment balances. To your point, big cash will never be worth the credit card perks if you're getting a low rate. But all these investment brokerage accounts are the same for the most part.
Regarding investment balances, you covered the two major ones being Schwab and Merrill/BoA. I think Chase's Youinvest (youinvest, You Invest?) offers banking perks, but they don't even compare to what Schwab offers for having a $0 balance! Granted, some of the wire transfer fees being eliminated might be useful for some, just as I was thinking of getting an HSBC account for the relative ease of having FOREX within my own account.

It's definitely been an evolving landscape the last year. Most major brokers went to commission free trades on stocks and ETFs, and many banks already offered that if you had a certain amount invested. Fidelity is offering the 0% management fee ETFs now. At certain point, I value convenience over cost, but when you're considering how much 0.03% will cost you verus 0%, it get's intriguing (all parts being equal).
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Old Feb 21, 20, 1:56 pm
  #6  
 
Join Date: May 2008
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Originally Posted by snowmt View Post
Citigold is not bad to park $200K investment. You get Citi Prestige for $350 and also $200 credit toward amazon prime/costco membership etc.
Do you have any experice with Citi's brokerage/platform? I'd be appreciative if you can post something about it, or if anyone else can, really. Of current interest to me, but only if the investment angle is worthwhile or at least sufferable. I can't find much about it online - seems like some sort of legacy brokerage service and far from modern online discount brokerages. Nothing other than a $20 commission stands out, though. What does this mean - do you have to find a rotary phone and dial some broker at a dusty old desk or what? Citi doesn't do itself any favors with so little information out there - perhaps they only cater to a select class of individuals and ok, if it works for them.

Since we are on this thread, is it clear then that a Citi Priority account no longer offers any benefits related to credit cards or the ThankYou program? As you mentioned above, the fee decrease is with the Gold account.
AbyssalLoris is offline  
Old Feb 21, 20, 3:32 pm
  #7  
 
Join Date: May 2011
Location: NYC (LGA, JFK, EWR)
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I've heard of Morgan Stanley giving new wealth customers a "free" Amex Platinum, not sure if that means the fee is permanently waived or if it is a first year free thing
Adelphos is offline  
Old Feb 21, 20, 4:47 pm
  #8  
 
Join Date: Sep 2019
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Originally Posted by AbyssalLoris View Post
Do you have any experice with Citi's brokerage/platform? I'd be appreciative if you can post something about it, or if anyone else can, really. Of current interest to me, but only if the investment angle is worthwhile or at least sufferable. I can't find much about it online - seems like some sort of legacy brokerage service and far from modern online discount brokerages. Nothing other than a $20 commission stands out, though. What does this mean - do you have to find a rotary phone and dial some broker at a dusty old desk or what? Citi doesn't do itself any favors with so little information out there - perhaps they only cater to a select class of individuals and ok, if it works for them.

Since we are on this thread, is it clear then that a Citi Priority account no longer offers any benefits related to credit cards or the ThankYou program? As you mentioned above, the fee decrease is with the Gold account.
Citi's brokerage is ok but very bare bones. It took around two weeks to open an account and everything had to be done via phone/email. The rep I worked with was very nice/helpful, but as a point of comparison, Schwab can open an account in minutes. I had a transamerica account that due to a job change had been automatically converted from a 403(b) to an IRA. Since I wanted to move that account and was in the process of switching to Citi for banking, I figured I'd try out their brokerage.

I only traded ETFs and that process is very straightforward. Think each trade was $4.95 as a priority customer, which was a competitive at the time. I never did find a list of available mutual funds or fee schedule for that product class. Ultimately, I closed all of my Citi accounts other than my CC, though this was because of issues with their banking arm and not due to any great unhappiness with their brokerage product.

The only CC related benefit for priority customers is the handful of banking TY points offered each month for things like direct deposit and autosave. These can't be transferred to airline partners but are handy for topping off portal redemptions.
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