Overpaying taxes for rewards

[elim]

you can get 422,000,000 MR's for buying a cup.

took him 24 swipes on his centurion, lmao

http://www.bloomberg.com/news/2014-07-18/chinese-gets-422-million-amex-points-with-36-million-cup.ht...

[CreditCuriosity]

---

@Involver wrote:
This would never be done for cash back. The profit margin is far too low.

And I will never understand why people get so bent out of shape over things like this.

---

Cause the poor small banks that the tax payers bail out time and time again are getting bent over, geeze you should know this.. lol

[Anonymous]

@Involver. Agreed.

[Involver]

Yeah why would anyone possibly want to turn paying taxes into a beneficial scenario?

CC gets their swipe fees, Uncle Sam gets his cash, processing company skims off the top, a few UR points in your pocket. Everybody wins.

[yfan]

---

@Anonymous wrote:

@Anonymous,

I have payed taxes with my chase cards these past few years and have gotten rewards(Not what OP suggested/wants to discussed). My accountant said I am better off this way for busiess taxes. It does not disallow rewards for tax payments and it is not considered a cash equivalent.

---

You're right actually. At least the CSP T&C doesn't prohibit earning rewards for paying taxes, even though it's not a bonus category either. I take that back.

[kdm31091]

I know the reason why I am upset - it's because honest people like me go to work everyday, make not a ton of money, and could never even AFFORD to overpay $20 THOUSAND dollars on taxes to net maybe a hundred bucks in rewards. So yes, the fact that people can just casually throw an extra 20 grand on their tax payment, to make a small reward, does make me mad, because they are wasting someone's money to do it. Credit is after all, someone else's money at the end of the day, so you are using someone else's money to overpay a bill by thousands, to net a tiny reward. It's greedy and selfish, I don't see how "everybody wins". Now, if you are talking about simply paying your tax balance with a CC, that makes sense - you get some rewards, the CC issuer gets paid, your taxes are paid, everybody DOES win there. Overpaying? Pure greed, and speaks to why cards get nerfed, or why AA happens to people who then just cannot understand why.

When people do things like this, this is why cards get nerfed. Finding every possible way to twist a situation to get rewards is not "everybody winning", IMO, it's going to lead to issues for everyone down the line. Hopefully I'm wrong, though.

[CreditCuriosity]

---

@yfan wrote:

---

@Anonymous wrote:

@Anonymous,

I have payed taxes with my chase cards these past few years and have gotten rewards(Not what OP suggested/wants to discussed). My accountant said I am better off this way for busiess taxes. It does not disallow rewards for tax payments and it is not considered a cash equivalent.

---

You're right actually. At least the CSP T&C doesn't prohibit earning rewards for paying taxes, even thou it's not a bonus category either. I take that back.

---

Thanks for admitting it...  Good quality when a person can realize that he is wrong.  I realize this typically everyday in my life about something. being I am typically wrong.

[Gunnar419]

---

@Involver wrote:
Yeah why would anyone possibly want to turn paying taxes into a beneficial scenario?

CC gets their swipe fees, Uncle Sam gets his cash, processing company skims off the top, a few UR points in your pocket. Everybody wins.

---

"Everybody wins" until (as others have said) the overpayment is credited back to the card and the reward points get subtracted along with it.

And I'm wondering why nobody has brought up a potentially even more serious win ending situation. Somebody overpays their taxes by $20k. If their taxes due are $1,000,000, nobody thinks much of it. If the taxes due are $4k or $5k or $10k, the IRS starts asking, "What's with this guy? Maybe we need to start looking closer at him." Believe me, you don't want the IRS looking closer at you even if you're as innocent as Snow White.

[Involver]

Lol ok, well I go to work everyday too and I have nowhere near $20k in spare money lying around.

Calm yourself.

This is a hypothetical scenario.

Sorry to ruffle your feathers. Yikes.

[Anonymous]

If someone has the means to do this, Then that is their business.

They work and pay their taxes too. A much larger proportion at that too.