topic Re: BofA better balance rewards? in Credit Cards

BofA better balance rewards?

Anonymous — Mon, 09 Feb 2015 03:47:06 GMT

If I redeem my quarterly $25 into my savings to get a quarterly $30, will I have to pay taxes on that $30?

Anonymous — Mon, 09 Feb 2015 03:48:06 GMT

@Anonymous wrote:
If I redeem my quarterly $25 into my savings to get a quarterly $30, will I have to pay taxes on that $30?

I don't believe so as it's a CC bonus, Not a bank account bonus or interest generated.

Peteyglad — Mon, 09 Feb 2015 13:01:44 GMT

I did not get any tax forms for my BBR card and I have it deposited into a BOA savings account.

kayvee_ — Sun, 15 Feb 2015 23:41:04 GMT

@Anonymous wrote:
If I redeem my quarterly $25 into my savings to get a quarterly $30, will I have to pay taxes on that $30?

Nope

Open123 — Sun, 15 Feb 2015 23:42:25 GMT

No, since there's a condition to make a purchase before earning the rewards.