BofA better balance rewards? - myFICO® Forums - 3788718

myFICO® Forums

Get Access Now

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

Message 1 of 5

4 REPLIES 4

@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.

Message 2 of 5

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

Chase Sapphire Preferred 20k | Amex Delta Platinum 20k | Amex Hilton Aspire 20k | US Bank Cash+ 25k | Chase Amazon Prime 25k | Barclaycard Aviator Red 40k | Bank of America Alaska Airlines 42k | Chase Marriott 50k | Discover It 50.3k | Amex EDP 52k | Citi Thank You Premier 56K | Bank of America BBR 57.9k

Message 3 of 5

@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

Message 4 of 5

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

Message 5 of 5