I did get my transfer Smartly credit card and it did show a $25,000 limit. Now to fund $100,000 in an investment account. Not clear whether to make it an IRA or regular brokerage account. I notice they have a 90 day averaging rule before you qualify for the 4%. I think they have fees for IRA’s and maintenance fees unless you have at least $250,000. This might call for putting over $100,000 in to quickly reach goal.
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I am not sure how US Bank does the averaging rule. I transferred close to $200k in assets to USBI, and the cashback was updated to 4% in two days.
I use a taxable brokerage account. Many people believe/were told that if you have $100k in the brokerage account, there will be no fees. If you fail this test, another no-fee qualification is if you have $250k in all accounts. This can include your bank accounts / CDs.
calendar days or business days? How long did you have the brokerage empty?
Me transferred fund settled on 12/30 it appears. Its still 2%. But account was empty for like a month.
I started the ACAT transfer a day or two after brokerage account was opened. I believe the asset transfer was completed within a week of account opening.
Cashback increased to 4% in two days (those are week days).
I am debating whether to go to the trouble to open an IRA with them and transfer securities in (have opened regular brokerage account, but still to be funded). This way the taxes on the earnings of the securities would be postponed. They appear to have a IRA close out fee, but my required annual withdrawals are large enough so I could sell the securities and take it out as cash, which apparently would avoid the fee.
Does anyone know if they would limit the payments to be made on card to a set amount? I have a $25,000 limit, but one child’s payments on college expenses could be about $15,000 per month (before the automatic payment of the statement balance was made, there would be inadequate borrowing power to cover the next month’s payments), and items such as taxes and other expenses could increase the month’s spending. It appears that rather than just paying it off on the due date, earlier payments might be worthwhile to keep spending power available.
I opened IRA and am transferring enough stock stock to meet their $100,000 requirement with a safety margin in case market declines, and also so that with the averaging I will soon reach the 4% on the credit card. The IRA choice means there will not be the income tax cost of holding securities in a taxable account.
I also put about $50,000 in savings so the goal will be met quicker. Because of their transfer limits ($5,000 per weak) removing this will be slow, but I can use their bill pay to speed it up. The transfer procedure was hard and eventually I had someone talk me through it and had to change browsers.
CITI has new promotions on the old terms, such as $5,000 for bringing in $2,000,000 and $500 for $50,000. The most attractive aspect is the short holding period.
CITI Wealth has the major problems of requiring a phone call to make ACH withdrawals from an IRA (over 30 minutes on hold), and complexities in linking outside bank accounts if not single owner ones (a joint account with a wife, or a living trust are two complex types that their system does not handle well). Their transfer procedures for securities are complex and time consuming.
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Robinhood match is back for IRA/401k transfers, 2% this time. Opportunity cost of getting on the Smartly bandwagon 
.
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Push/pull from outside.
Yes, I presume that would work.
Alas there are opportunity costs to taking any offers.
In my case, the advantages of a 4% credit card with an annual tuition of about $90,000 per year for one son and a second son to start college in September make the US\Bank deal very attractive.
Apparently the Robinhood match is actually now 3%
See Robinhood, Webull Offer 3% to 3.5% Bonuses on IRA Contributions, Rollovers, and Transfers
These offers involve tying up IRA money for years, while the CITI offer may free up your money after only 4 months. At least one of these offers pay off after a year, which leaves more flexibility.“Webull pays out its 3.5% bonus in five equal installments, on April 1 of 2025, 2026, and so forth, until 2029”
No, that article and offers are from last year. RH is 2% and webull doesn’t appear to have anything.
Unless you moved funds in a taxable account from Merrill Edge to qualify for the Platinum honors tier to US Bank. Then you’re only replacing the credit card perk of one brokerage by another higher one.
One definite opportunity cost for me is that of opening a credit card account that will count for 2 years against Chase 5/24 rule.
Chase has so few cards that are interesting to me that I don’t even care about this anymore. The Sapphire preferred bonus is great but you can only get it every 4 years. The Inks are cool but well kind of dried up on that also.
I product changed a different US Bank to Smartly though, a new account with no SUB is not appealing to me.
Questions on Smartly cc:
- A review on Doctor of Credit says that he was told an investment account with $100K will have no fees. Anyone able to confirm?
- What US Bank no-fee and no-load mutual funds are available in the US Bank investment account? Is there a list or can I search for specific funds somewhere?
- Are any Money Market mutual funds available for no fee, such as from Vanguard, Schwab etc?
I wouldn’t bother with any USBank funds, they couldn’t possibly be competitive with the well-known low-expense-ratio funds. I also wouldn’t bother with any mutual funds, since usually there are similar or lower expense-ratio ETFs available for the same thing. You get 100 free stock/ETF trades per year.
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I buy GABXX at USBI. No fees.
Other people have also reported no fees with Vanguard MMFs on the Bogleheads forum, even though a $25 fee was apparently shown.
Did you manage to set up DRIP easily? I read this was an issue for USBI.
The money market fund was set to reinvest dividends. I don’t have DRIP on any stock or ETF.
No one will be able to confirm until the first year is up. Card hasn’t been around that long.