What credit card should I get next?

[markhs777]

As stated you reached your goal card. No reason at least for now to get any additional ones. Be patient and if an opportunity arises go for it but don't apply for anything less than your next goal.

[Anonymous]

I vote for the Elan / US Bank 5% on 2 categories for $2k per quarter.  I do utilities & internet/streaming.  So I get 5% back on my electric and natual gas bill, and pay them in big chunks like $1k or $750 (gas is limited to this) then toggle to other categories. 

I prefer the ELAN version of this card - one can redeem ANY amount over $25, where the USBank version only in multiples of $25.

$150 SUB after $500 spend, and within 45 days of applying I had the $150 in my grubby hands.

Has really cool categories besides the 2 I mentioned already, like Electronic Stores, Department Stores, Cell phones, Fast Food, etc.

I was mining crypto for quite some time and at one point had $1600 electric bills.  I have 2 USBANK (1 me, 1 my wife) and an ELAN (me).

Don't make the mistake I made though my wife bought something on this card as her AOD wasn't working.  That charge alone with the SUB put me over the $600 mark for the year.  Hello, taxes. 

[Anonymous]

The Internet / Streaming covers:

YoutubeTV

Youtube Premium

Spotify

Apple Music

My main Internet provider

and a bunch of others (Netflix, you name it).

[xenon3030]

It looks like you already have the cards that you want. If the Amex ecosystem is the optimum one for your spends, there is no point to go for e.g. cashback ecosystems (like rotating category cashback cards).

Also, gardening is an effective way to maximize Fico score.

[Anonymous]

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@Anonymous wrote:

Don't make the mistake I made though my wife bought something on this card as her AOD wasn't working.  That charge alone with the SUB put me over the $600 mark for the year.  Hello, taxes. 

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How do taxes enter the equation here?

[Remedios]

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@Anonymous wrote:

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@Anonymous wrote:

Don't make the mistake I made though my wife bought something on this card as her AOD wasn't working.  That charge alone with the SUB put me over the $600 mark for the year.  Hello, taxes. 

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How do taxes enter the equation here?

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They think they have to pay taxes on SUBs/rewards.

Since I seldom have anything nice to say, please allow me to announce SUBs/Cashback isn't considered income, it's "rebate" 

Having to report transactions over $600 has nothing to do with CC rewards 

There, I said something nice with 30 days to spare 

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Don't make the mistake I made though my wife bought something on this card as her AOD wasn't working.  That charge alone with the SUB put me over the $600 mark for the year.  Hello, taxes. 

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How do taxes enter the equation here?

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They think they have to pay taxes on SUBs/rewards.

Since I seldom have anything nice to say, please allow me to announce SUBs/Cashback isn't considered income, it's "rebate" 

Having to report transactions over $600 has nothing to do with CC rewards 

There, I said something nice with 30 days to spare 

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Well, here's what I'm seeing.

From Jan 2022 - Sept 2022 I had extremely large electric bills, to the point I was hitting my cap each quarter (2,000 x 5%).  Last bill I charged was in October for a big amount. 

Now, of note, my USBANK card I didn't get until Jan 2022.  So the $200 SUB + 4 quarters/$8000 * .05 = $600.  Then, as I stated earlier, my wife put a couple of purchases on the card when AOD was declined at a store.  So actually $608 in total rewards; remember USBANK does "1% on everything else".

So my last statement (see attachment) - it's now showing "Interest Earned $500".  My wife's USBANK I got back a close to $500 for this year; it says nothing of the sort about interest earned.

The USBANK Gold checking account I kept $10 in it.  I'd ACH over a payment / Zelle over a payment to myself to pay the bill after the charge went through.  It pays a whopping .01% interest, and I'm not a millionaire.

If that's not going to cost me a 1099-MISC with the "Interest Paid this year $500" then that's great.  Of note, 2020/2021 there are 0 statements that showed this interest earned amount at all.

[Anonymous]

I was looking at this page:

https://www.investopedia.com/ask/answers/110614/are-credit-card-rewards-considered-taxable-income-ir...

• Whether credit card rewards are taxable as income depends on how the rewards are received.
• If earned through the use of the card, like a cash-back bonus, the rewards are viewed by the IRS as a rebate and not taxable income.
• Rewards provided as an incentive just for opening an account (without you spending any money) could be considered taxable income.
• Taxes also generally come into play with rewards totaling over $600 annually, for which you'd receive a Form 1099-MISC.

So is this site wrong then?  Just curious.

Shawn

[Anonymous]

Of course, I could be completely wrong, and they're saying I PAID $500 in interest this year.  Which is a misprint.  I haven't paid .02 in credit card interest since 2009. 

I'm starting to think it's a misprint or something.  I'm tired, boss.

[Anonymous]

Ok it's all coming back to me.  First of all, I was probably wrong, even though the article I linked said otherwise.  To the person that is being nice, here's why I was confused:

With USBANK you have to "sign up" for your bonuses prior to the quarter starting.  I got my copy of the card in Dec 2021, so I selected my utilities as I'd been doing with my wife's account.  Double, triple checked to make sure the categories were selected.

At the end of the first quarter 2022, I didn't get any rewards at all.

I called USBANK they said my categories hadn't been selected.  I sent her a copy of the email confirmation I got from USBANK saying they were.  So she said "Best I can do is credit you $50".

All the way back on my March statement I see this:

So thank you for this - I was worried I'd get hit with the tax bill.  But apparently it *is* possible.  Just probably not here.