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better balance rewards bank of america minimum spending

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Moderator

Re: better balance rewards bank of america minimum spending


@gdale6 wrote:

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??


This is a great question.  Smiley Happy

 

I've never heard of anybody getting a 1099 of any type from BoA for credit card rewards, but it seems to be a 'thing' with some banks - particularly with Citi, who has been known to send out a 1099-MISC for credit card points (not even cash, but actual points).  Their valuation of 'points' is subjective (according to some) which makes the practice even more questionable.

 

Here's an interesting article on it:  http://money.usnews.com/money/blogs/my-money/articles/2016-03-21/credit-card-rewards-arent-taxable-i...

 

Message 11 of 13
Senior Contributor

Re: better balance rewards bank of america minimum spending

What is the proper way to automate the BBR minimum payments? Can you use e-bill, and choose to pay as soon as the e-bill arrives, ie, is the e-bill the same as the statement being generated?

 

Or are people automating a fixed payment amount?





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 12 of 13
Moderator

Re: better balance rewards bank of america minimum spending


@UncleB wrote:

@gdale6 wrote:

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??


This is a great question.  Smiley Happy

 

I've never heard of anybody getting a 1099 of any type from BoA for credit card rewards, but it seems to be a 'thing' with some banks - particularly with Citi, who has been known to send out a 1099-MISC for credit card points (not even cash, but actual points).  Their valuation of 'points' is subjective (according to some) which makes the practice even more questionable.

 

Here's an interesting article on it:  http://money.usnews.com/money/blogs/my-money/articles/2016-03-21/credit-card-rewards-arent-taxable-i...

 


Thanks, I had written more than this twice and lost it with forum errors not going to type it a 3rd time.

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- Rhonda Byrne

Message 13 of 13
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