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Chase Checking Bonus

Community Leader
Valued Contributor

Re: Chase Checking Bonus


@Geniuswrote:

You receive the entire bonus.  But, you'll have to pay taxes on it at the end of the year!


Well, just to clarify, for all bank account bonuses you'll get a 1099-INT form, reporting the bonus as taxable interest income to the IRS. Whether or not you actually pay taxes on it depends on your tax situation. Smiley Happy

 

And FYI, credit card sign up bonuses are NOT reported as taxable income, the IRS considers them a discount on purchases since you have to spend a certain amount to receive them.


Fico 08: 720/721/719 TU/EX/EQ
Message 21 of 26
Established Contributor

Re: Chase Checking Bonus


@DaveInAZwrote:

@Geniuswrote:

You receive the entire bonus.  But, you'll have to pay taxes on it at the end of the year!


Well, just to clarify, for all bank account bonuses you'll get a 1099-INT form, reporting the bonus as taxable interest income to the IRS. Whether or not you actually pay taxes on it depends on your tax situation. Smiley Happy

 

And FYI, credit card sign up bonuses are NOT reported as taxable income, the IRS considers them a discount on purchases since you have to spend a certain amount to receive them.


Thanks for all of the clarification.  I'm no expert!  lol.  I just set up my direct deposit.  I set it up for the first $150 of my weekly checks will be deposited into the new chase account. Should hit in a couple weeks!!

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 22 of 26
Community Leader
Valued Contributor

Re: Chase Checking Bonus

Well, my first direct deposit hit Feb. 28. Terms of the offer says the bonus will be deposited with 10 business days. Got my $300 bonus yesterday, fast turnaround!

 

That gets me up to $500 in bank account bonuses so far this year, next target is Discover Savings for $150, my goal is $1k for the year.  Smiley Tongue

Last year I did $450 in bank account bonuses and $400 in credit card SUBs, cutting back on new CCs this year and focusing on bank accounts.


Fico 08: 720/721/719 TU/EX/EQ
Message 23 of 26
Established Contributor

Re: Chase Checking Bonus

That's awesome, Dave!

 

Thanks for the information, and good luck with your $1k in bank account bonuses!!

 

I might look into that as well.  Heck.  It's free money!!

 

 

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 24 of 26
Established Contributor

Re: Chase Checking Bonus

My first direct deposit hit the new chase checking account this morning. So, according to daves post, hopefully ill see my $300 bonus next Friday!
~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 25 of 26
Established Contributor

Re: Chase Checking Bonus

Also, when I logged on to my mobile chase app this morning, there was a note to check preselected offers.  I had no green checkmarks, but I did notice that my prequalified offers were all 4 back in business!

 

Hope that is a promising sign!!

 

 

~~~Rebuilding Score History~~~
Starting Ficos: EX 541, EQ 493, TU 523 (07/02/2016)
Latest Ficos: EX 659, EQ 696, TU 739 (02/24/2018)
1st Goal Ficos: EX 700, EQ 700, TU 750 (12/31/2018)
~~~Credit lines~~~~
BofA Platinum Plus: $2000
Capital One Platinum: $500
Discover It: $10,500
Chase Freedom Unlimited: $6400
Home Depot: $500
BofA Cash Rewards: $1500
Lowe's: $1000

My Credit Rebuild


Take the myFICO Fitness Challenge
Message 26 of 26