Merrill Lynch Credit Cards: Structure and Rewards
Merrill Lynch offers credit cards through a partnership with Bank of America. The cards are designed primarily for investors and wealth management clients, though anyone can open one. The main card is the Merrill+ Card, which earns cash back on purchases and offers bonus rewards tied to your Bank of America or Merrill Lynch account activity.
The card structure differs from standard consumer credit cards because rewards are often paid as cash back into a Merrill Lynch investment account rather than as statement credits. This means the card is built around the assumption that you have or will open an investment account with Merrill Lynch or Bank of America. If you do not have one, you can still use the card, but the rewards structure may not work as intended.
The Merrill+ Card has no annual fee, which is standard for cards in this category. Rewards rates vary depending on your account tier with Bank of America or Merrill Lynch — higher account balances or investment amounts can unlock higher cash back percentages on certain categories.
Key Takeaways
- Merrill Lynch credit cards are issued by Bank of America and are designed to work alongside a Bank of America checking account or Merrill Lynch investment account.
- The Merrill+ Card earns cash back on all purchases, with higher rates available if you maintain certain account balances or investment amounts with Bank of America or Merrill Lynch.
- Rewards are typically deposited into a Merrill Lynch investment account, not as a statement credit, so you need to decide what to do with the cash back you earn.
- The card has no annual fee, but the rewards structure is most valuable if you already use Bank of America for banking or Merrill Lynch for investing.
How Rewards Work and Account Tiers
The Merrill+ Card rewards structure is tied to your Preferred Rewards status with Bank of America. This status is determined by your combined account balance across Bank of America checking, savings, and investment accounts. The higher your balance, the higher your cash back rate on the card.
Base cash back on the Merrill+ Card is typically 1.5% on all purchases. However, if you have a Preferred Rewards status — which starts at $20,000 in combined balances — your rate increases. At higher tiers, you can earn 2% or more on all purchases. The exact rates change periodically, so you should check Bank of America's current terms before opening the card.
Cash back earned is deposited into a Merrill Lynch investment account as a credit that you can then invest, withdraw, or leave as cash. This is different from cards that straightforward reduce your statement balance. You have control over what happens to the cash back, but you do need a Merrill Lynch account to receive it.
Who This Card Makes Sense For
The Merrill+ Card is most useful if you already bank with Bank of America or invest with Merrill Lynch. If you maintain a substantial balance in either place, the rewards tier boost makes the card competitive with other cash back cards. The lack of an annual fee removes a barrier to opening it even if you do not use it heavily.
The card is less compelling if you do not have a Bank of America account or Merrill Lynch investment account. You can still open the card and earn cash back, but the rewards will be deposited into a new Merrill Lynch account you would need to create, adding a step to the process. If you prefer straightforward cash back that posts directly to your statement, other cards may be easier to use.
Investors who already use Merrill Lynch for portfolio management may find the card convenient because rewards stay within the same ecosystem. You can reinvest cash back into your portfolio without moving money between accounts.
Annual Fees and Other Costs
The Merrill+ Card has no annual fee. This is true regardless of your account tier or how much you use the card. You will not be charged straightforward for holding it.
Like all credit cards, the Merrill+ Card charges interest on balances you carry from month to month. The interest rate (APR) varies based on your creditworthiness and current market conditions. If you pay your full statement balance each month, you will not pay interest. The card also charges standard fees for cash advances and late payments, which are disclosed in the card's terms.
How to Open a Merrill Lynch Credit Card
You can open a Merrill+ Card through Bank of America's website or by visiting a Bank of America branch. The process process is straightforward: you provide personal information, Social Security number, and income details. Bank of America will check your credit report to decide whether to approve you.
If you do not already have a Bank of America checking account, you can open one at the same time. If you do not have a Merrill Lynch investment account, you will need to open one to receive your cash back rewards. Merrill Lynch accounts have no minimum balance requirement to open, though some investment products have minimums.
Approval typically happens within a few minutes to a few business days. Once approved, your card will be mailed to you, usually within 7 to 10 business days. You can use the card when ready if you set up a temporary digital card number through the Bank of America app.
Comparing Merrill Lynch Cards to Other Options
The Merrill+ Card's main competition is other no-annual-fee cash back cards like the Chase Freedom Unlimited or Capital One SavorOne. Those cards offer flat cash back rates (typically 1.5% to 2%) without requiring you to maintain account balances elsewhere. The advantage of the Merrill+ Card is that your rate can increase if you already bank with Bank of America, but the disadvantage is that you must have a Merrill Lynch account to receive rewards.
If you are already a Bank of America customer with a substantial balance, the Merrill+ Card's tiered rewards may beat a flat-rate card. If you are not, a simpler cash back card from another issuer may be easier to use. The decision depends on whether you value the integration with Bank of America and Merrill Lynch or prefer a standalone card.
Some investors use the Merrill+ Card specifically because rewards stay within Merrill Lynch, making it straightforward to reinvest. Others view this as an unnecessary complication and prefer cards that offer cash back as a statement credit.
Frequently Asked Questions
Do I need a Merrill Lynch account to open the card?
You do not need one to open the card, but you will need to open one to receive your cash back rewards. The account has no minimum balance and no annual fee, so the cost of opening it is zero. If you do not want a Merrill Lynch account, you may want to choose a different credit card.
What happens to my cash back if I do not invest it?
Cash back deposited into your Merrill Lynch account can sit as cash without being invested. You can withdraw it to your bank account at any time. There is no requirement to invest it, though Merrill Lynch may offer investment options within the account.
Does the card offer travel or purchase protections?
The Merrill+ Card includes standard credit card protections such as fraud liability protection and purchase dispute resolution. Specific protections like travel insurance or extended warranty coverage vary and should be reviewed in the card's full terms before opening it.
Can I earn higher rewards if I increase my Bank of America balance?
Yes. Your Preferred Rewards tier is recalculated monthly based on your combined balance across Bank of America accounts. If you increase your balance, your cash back rate on the Merrill+ Card will increase at the next tier level, usually within one billing cycle.
What credit score do I need to be approved?
Bank of America does not publish a minimum credit score for the Merrill+ Card. Approval depends on your full credit profile, including payment history, existing debt, and income. Generally, a score of 670 or higher improves your chances, but approval is not may provide at any score.