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Meeting 4K Spending on CSR - Question

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Super Contributor

Re: Meeting 4K Spending on CSR - Question


@12velectronics wrote:
But wouldn't that also affect your taxes at the end of the year? You now made $4K more money as far as the IRS is concerned.

This just seems too shady and too messy. I'd try to meet the spend in a normal manner.

THIS!!!  ^

 

OP, bad idea.  You will get the card bonus, then be really sad a year from now to find out you owe about $1,000 in additional income tax. 

 

To heck with the 1.3% Square fee, think of the IRS and your likely 25% marginal tax bracket! 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 21 of 56
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Senior Contributor

Re: Meeting 4K Spending on CSR - Question


@longtimelurker wrote:

@redpat wrote:

@longtimelurker wrote:

@redpat wrote:

@xseriox wrote:

@redpat wrote:

Remember you get burned when you play with fire.

 

This is a no, no here!


 I am taking in all advices and opinions here. Thanks for your advice!


MS isn't a discussion of advice on these boards......


While it is MS in the sense that nothing is really being bought, it's not a general method applicable to others (unless xseriox wants to name the generous company so we can all apply!)

 


Uhh! If it looks like a duck, quakes like a duck then it's a duck.......MS is MS isn't.

 

Two parties are in Kahoots......


Compare and contrast:    My friend is about to buy a $5K computer.   I buy it on my card.   He gives me the money.    Is that MS?  Two people in cahoots.   Or is the (fairly arbitrary) "someone got something" make it a myfico approved transaction....


No not even close, someone is out 5k it is the same effect as having an AU.  Comon Man............Really!  OP transaction is a CA!

Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 22 of 56
Highlighted
New Member

Re: Meeting 4K Spending on CSR - Question

Whoa. Didnt know this was against the rules to post. I am not against spending the required amount at all just wanted input.

Message 23 of 56
Highlighted
Senior Contributor

Re: Meeting 4K Spending on CSR - Question


@xseriox wrote:

Whoa. Didnt know this was against the rules to post. I am not against spending the required amount at all just wanted input.


Sorry xseriox, it's just a pet peeve of mine and hate to see it going on that's all.

Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 24 of 56
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Senior Contributor

Re: Meeting 4K Spending on CSR - Question


@wanderingbuilder wrote:

@xseriox wrote:

Hello and thanks for looking.

 

I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.

 

I was wondering are there any repurcussions to do this? 


Pretty sure Chase would either catch you early and close your account, or catch you later and charge you back as well as close your account.

 

Being shady with large financial institutions is not a great idea.


+1000, wanderingbuilder



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
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Message 25 of 56
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Senior Contributor

Re: Meeting 4K Spending on CSR - Question


@CreditCuriousity wrote:

This isn't a good idea as other suggested and talking about how tp perform MS on this board which this kinda is are against the forum rules and really frowned upon.  You can google other forums where this is allowed and get input from them.  


+1000 CC



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 26 of 56
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Valued Contributor

Re: Meeting 4K Spending on CSR - Question

I woudn't recommend it, Chase has become very savy with rooting out semi shady transactions like this.

Gardening until September 2019
Next app: Mortgage in September 2019
Message 27 of 56
Mega Contributor

Re: Meeting 4K Spending on CSR - Question

I think that tax argument is the reason not to do this (didn't think of that in my first post).   

 

 

Message 28 of 56
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Senior Contributor

Re: Meeting 4K Spending on CSR - Question

4k / 11 weeks = 363 per week.   easy peasy lemon squeezy

 

Groceries, gas, lunch, car ins, med ins, cable bill, utilities, cell bill, etc.  Do all those first and square the balance (if needed).

 

4k goes pretty quick.


Message 29 of 56
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Senior Contributor

Re: Meeting 4K Spending on CSR - Question

If you owe any tax bill... that's a churn or two going through payusatax.com etc.


Message 30 of 56
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