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Meeting 4K Spending on CSR - Question

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Moderator

Re: Meeting 4K Spending on CSR - Question


@elim wrote:

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


Not bad 1.98% CC as always i will owe taxes this year Smiley Sad.  Dang gov't loves blowing my money 

Message 31 of 56
Valued Contributor

Re: Meeting 4K Spending on CSR - Question

Why not just do the spend legitimately, and not play games?
😇
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 32 of 56
Super Contributor

Re: Meeting 4K Spending on CSR - Question


@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? 

 

**apologies in advance if this offends anyone.


Yea don't do this. Good way to get your chase accounts shut down. Before apping for a card you should pretty much know how you are going to meet the min spend. If you have to resort to these type of tactics then this may not be the right game for you. You can however use payment services to pay for things that you normally can't pay for with credit card. For example, if you have rent you can pay via plastiq etc. The problem with these services are the fees they charge can eat up your rewards but sometimes it is worth it. Someone also mentioned using it for a tax bill, you can do that as well and that is perfectly legit and would avoid alarms with chase.  

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 33 of 56
Established Contributor

Re: Meeting 4K Spending on CSR - Question

The real issue here is taxes.  You might get caught and shut down by Chase.  Even if you do, no huge consequences really.  Adding an extra $4K to your 1099 taxable income, real consequence of increased tax liability.  I'm not sure what your tax bracket it, but it will most likely cost you upwards of $1K.

Message 34 of 56
Super Contributor

Re: Meeting 4K Spending on CSR - Question


@sillykitty1 wrote:

The real issue here is taxes.  You might get caught and shut down by Chase.  Even if you do, no huge consequences really.  Adding an extra $4K to your 1099 taxable income, real consequence of increased tax liability.  I'm not sure what your tax bracket it, but it will most likely cost you upwards of $1K.


+1 yea don't do something where you will need to explain to the IRS later on what you were doing. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 35 of 56
Mega Contributor

Re: Meeting 4K Spending on CSR - Question


@red259 wrote:

@sillykitty1 wrote:

The real issue here is taxes.  You might get caught and shut down by Chase.  Even if you do, no huge consequences really.  Adding an extra $4K to your 1099 taxable income, real consequence of increased tax liability.  I'm not sure what your tax bracket it, but it will most likely cost you upwards of $1K.


+1 yea don't do something where you will need to explain to the IRS later on what you were doing. 


It's not getting caught, just the cost.  There is nothing to explain to the IRS, just OP would have a higher tax bill doing this than otherwise

Message 36 of 56
Mega Contributor

Re: Meeting 4K Spending on CSR - Question


@red259 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? 

 

**apologies in advance if this offends anyone.


Yea don't do this. Good way to get your chase accounts shut down. Before apping for a card you should pretty much know how you are going to meet the min spend. If you have to resort to these type of tactics then this may not be the right game for you. 


I think we also need to be realistic with the warnings.   A single episode of $4K spend, which is probably going to look perfectly fine, isn't going to get Chase to shut down your cards.   For that , you need to be doing some obvious MS (where spending doesn't fit with declared income), illegal transfer or selling of URs, bad things with Chase banking etc.

 

And while in general it is best to meet minimum spend organically, there are also times like this where you might have considered the CSR for later on, then hear that you only have a few days to apply before the bonus is halfed.   You might already be doing obvious things to meet spend on another card, or just don't have these expenses available to meet the $4K.    Then, to me, taking risks with other methods might be a reasonable choice.

 

That said, taxes rule out the proposed approach as being worthwhile.

Message 37 of 56
Valued Member

Re: Meeting 4K Spending on CSR - Question

Are people still have issues with CSR showing as cash advance on Plastiq? 

Message 38 of 56
Mega Contributor

Re: Meeting 4K Spending on CSR - Question


@masseffect wrote:

Are people still have issues with CSR showing as cash advance on Plastiq? 


Was a purchase for me

Message 39 of 56
Moderator

Re: Meeting 4K Spending on CSR - Question


@masseffect wrote:

Are people still have issues with CSR showing as cash advance on Plastiq? 


Call CSR and lower your cash advance CL to 100 if you are worried about this and would declined.  Have my Ritz/CSR at $100 Cash Advance CL as first I would never use a cash advance on these cards and secondly for this reason

Message 40 of 56
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