cancel
Showing results for 
Search instead for 
Did you mean: 

Chase Sapphire Checking 60,000 UR points question

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Established Member

Chase Sapphire Checking 60,000 UR points question

Chase Sapphire Checking is offering 60,000 UR points for 75K new money. This does not conflict with CPC checking. I talked to my CPC banker last week and get this offer. 

60000 offer.jpg60,000 Offer Letter

5 REPLIES 5
Established Member

Re: Chase Sapphire Checking 60,000 UR points question

Does anyone know do I need to pay tax on the reward points?

Message 2 of 6
Valued Contributor

Re: Chase Sapphire Checking 60,000 UR points question

Since the bonus is given in the form of UR points which make it akin to a credit card welcome offer, you shouldn’t have to pay tax on it.

But I’m not a tax advisor by any means.




Total Revolving Limits $219,300

FICO 8 scores 04/2019
EX-778
TU-714
EQ-716
Message 3 of 6
Established Contributor

Re: Chase Sapphire Checking 60,000 UR points question

IRS says points obtained from opening new accounts are taxable if the rewards are worth a certain $ amount (forgot the threshold). But points awarded as part of purchasing, are considered rebates and not taxable. 

Message 4 of 6
Moderator

Re: Chase Sapphire Checking 60,000 UR points question


@DrZoidberg wrote:

IRS says points obtained from opening new accounts are taxable if the rewards are worth a certain $ amount (forgot the threshold). But points awarded as part of purchasing, are considered rebates and not taxable. 


+1

 

I would expect the bonus to be taxable at the rate Chase values the points at, which might be interesting.

Message 5 of 6
Moderator Emeritus

Re: Chase Sapphire Checking 60,000 UR points question

Given when I applied (and should receive this offer) they had another that I could've gotten, one or the other, for the same $75K dropped into a checking account I could get $750.

 

The Sapphire Checking UR offer does state I'm going to get a 1099 for it, and I am thinking it will be for $750 as a result.

 

I'll let you know in January Smiley Happy.




        
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.