I love credit cards so much! v4.0 - 2021 (see first page for add'l details)

[SouthFayetteFan]

Does anyone know when the AF is charged when you first open a CSP? I just got mine earlier this month.

It will hit on the first day of the following month. So for you Feb 1st. Next year it will again hit on the same day.

 

[wendow]

Off topic but my sweet dd was accepted to Georgia Tech!!!

Congrats!!!!

 

[havaneselover]

Ok, I need help. Paypal sent me a 1099-K for $2400. It includes ebates, dosh, retail me not, swagbucks, and mypoints payments. I know the first three are basically rebates as well as parts of the last two. Has anyone dealt with this before?

 

[disfanforlife]

Ok, I need help. Paypal sent me a 1099-K for $2400. It includes ebates, dosh, retail me not, swagbucks, and mypoints payments. I know the first three are basically rebates as well as parts of the last two. Has anyone dealt with this before?

I was just reading about some other people getting hit with them who sold purses. They were upset because they felt they already paid tax when they bought the purse and then didn’t want it for some reason so sold it to another person ( for less money than they paid ) and now have to pay tax again. I am not accountant so I don’t know what the rules are or why this is happening now. Hopefully someone else can help.

 

[havaneselover]

I was just reading about some other people getting hit with them who sold purses. They were upset because they felt they already paid tax when they bought the purse and then didn’t want it for some reason so sold it to another person ( for less money than they paid ) and now have to pay tax again. I am not accountant so I don’t know what the rules are or why this is happening now. Hopefully someone else can help.

Looks like I can net out dosh, ratuken, retailmenot, swagbucks shopping, mypoints shopping, etc. Will be a pain in the butt. Shouldn't be much left once I subtract out all "rebates."

 

[disfanforlife]

Looks like I can net out dosh, ratuken, retailmenot, swagbucks shopping, mypoints shopping, etc. Will be a pain in the butt. Shouldn't be much left once I subtract out all "rebates."

Good to know you can do that! I get RMN and rakuten through PayPal but not enough to generate the 1099.

 

[Alexle2007]

Ok, I need help. Paypal sent me a 1099-K for $2400. It includes ebates, dosh, retail me not, swagbucks, and mypoints payments. I know the first three are basically rebates as well as parts of the last two. Has anyone dealt with this before?

Nice payback!

 

[palhockeymomof2]

Ok, I need help. Paypal sent me a 1099-K for $2400. It includes ebates, dosh, retail me not, swagbucks, and mypoints payments. I know the first three are basically rebates as well as parts of the last two. Has anyone dealt with this before?

I guess you are in one of the few states that requires PayPal to send a 1099K if you receive over $600...most states are $20k and 200 transactions.
for 2021 can you change your payout method requesting a check to avoid the 1099 ?

 

[havaneselover]

Nice payback!

A lot of it was vaping supplies (I don't vape nor does anyone I know).

 

[havaneselover]

I guess you are in one of the few states that requires PayPal to send a 1099K if you receive over $600...most states are $20k and 200 transactions.
for 2021 can you change your payout method requesting a check to avoid the 1099 ?

Yes, good idea.

 

[happ]

The AF just hit on my Delta Gold Business card. I haven't flown on Delta since I got the card. I'd like to use the points to fly to Europe when things open up again after COVID. I'm not sure the benefits are worth the $95 fee right now, if i knew we were flying this year I'd probably keep it for the free checked bag and priority boarding.

I am considering cancelling but I don't want to make the AMEX Gods unhappy and head to pop up land. Any thoughts? Is it dangerous to cancel? I don't use the card unless it has a good offer on it.

Have you tried asking for a retention offer? You can do that by chat or call. They may offer something that makes it worth keeping. It's difficult to know exactly what causes the pop-ups. Personally, I wouldn't pay a fee for a card that I didn't find value in.

 

[elgerber]

Have you tried asking for a retention offer? You can do that by chat or call. They may offer something that makes it worth keeping. It's difficult to know exactly what causes the pop-ups. Personally, I wouldn't pay a fee for a card that I didn't find value in.

There is also a lower fee Delta Biz card. I had no idea till I chatted with them last year on p2 Biz. I took it to try to keep Amex happy for a year. I can’t remember what the fee was. $69 or something.

 

[havaneselover]

Oh, goodness. Mypoints activity only goes back to August so no clue how to figure out what's what. I guess I'm sampling and estimating.

I decided I'll just be conservative and assume all activities before August were taxable. Looks like I have about $800 of taxable activity.

 

[wisconsinmom]

Have you tried asking for a retention offer? You can do that by chat or call. They may offer something that makes it worth keeping. It's difficult to know exactly what causes the pop-ups. Personally, I wouldn't pay a fee for a card that I didn't find value in.

I just sent a chat and he suggested chatting again tomorrow when the retention team is available (M-F). We'll see what they say!

 

[DetroitDisney]

Ok, I need help. Paypal sent me a 1099-K for $2400. It includes ebates, dosh, retail me not, swagbucks, and mypoints payments. I know the first three are basically rebates as well as parts of the last two. Has anyone dealt with this before?

I’m not extremely familiar with all those things that are generating the 1099, but the general rules are this. If you are selling items or performing actions that generate money, it’s generally taxable. Most of the time it’s so small that it flys under the radar and nobody cares. Your state laws likely required this 1099 to be created, which means you have to deal with it.

If you can document that the sales/activity you had was not income generating, then you can exclude it from your tax return. Just know that the 1099 income will be reported to the irs, so the chances of them sending you a letter asking for money are real. You will be expected to either document that it’s not real income or pay the taxes plus penalties/fees.

 

[havaneselover]

I’m not extremely familiar with all those things that are generating the 1099, but the general rules are this. If you are selling items or performing actions that generate money, it’s generally taxable. Most of the time it’s so small that it flys under the radar and nobody cares. Your state laws likely required this 1099 to be created, which means you have to deal with it.
If you can document that the sales/activity you had was not income generating, then you can exclude it from your tax return. Just know that the 1099 income will be reported to the irs, so the chances of them sending you a letter asking for money are real. You will be expected to either document that it’s not real income or pay the taxes plus penalties/fees.

Got it. There are mypoints and swagbucks activites that are not taxable. The cash back portals are also nontaxable. So I have to report the income shown on the 1099-K then net out the nontaxable income (which is about 70% of what is reported). It's a hassle and my taxes are already complicated because I'm not a w-2 employee.

 

[IamGroot]

Got it. There are mypoints and swagbucks activites that are not taxable. The cash back portals are also nontaxable. So I have to report the income shown on the 1099-K then net out the nontaxable income (which is about 70% of what is reported). It's a hassle and my taxes are already complicated because I'm not a w-2 employee.

Having dealt with the IRS on several occasions when they initially disagreed with my creative accounting, its such a pain. For an amount this small, its not extremely likely they will come after you, but who knows.

 

[JAMIESMITH]

I finally got a letter regarding the CSP denial for DH. I don't think there's much I can do.

Equifax Score: 768
Decision based on:
Length of time since oldest credit card was opened is too short. (He is an AU on my oldest two cards from 2009 & 2011, but the oldest card in just his name is from 03/18)

Total available credit on credit cards is too low. ($9000 total credit available on his cards)

Insufficient installment loan information. (There is one open installment loan at our credit union in both our names $8000 current balance/$11000 original balance. The mortgage is in my name alone).

One or more revolving accounts have a high balance compared to the credit line. (Home Depot card is close to maxed out. He's taking advantage of the 12 month same as cash promotion on a tool box).

I'm not sure what our next course of action should be. I earned my last Capital One Venture bonus 10/18, I think I could go for that again. We can swing a $3-4K per month spend. We have a surplus of SWRR points.

Me: Discover Opened 09/09
Disney Chase Opened 05/11
Barclay Arrival Plus Opened 02/19, Closed 01/21 by Barclay for inactivity
Chase Ink Unlimited Opened 09/19
Chase Sapphire Preferred Opened 05/20
So currently 02/05

DH: Capital One Venture One Opened 03/18
Chase Southwest Rapid Rewards Opened 05/19, Closed 09/19
Chase Ink Unlimited Opened 12/19
Citi Home Depot Opened 12/20
So currently 03/05

Any advice very much appreciated!

 

[Calfan]

I have an add-on offer under my BBP to add an Amex Biz Plat and receive 100,000 MRs after $15k in purchases in the first 3 months. I have the personal Plat and have had the Biz Plat in the past. I can't remember exactly when I cancelled it, but probably in 2018 or 2019. I am tempted to do this add-on because I am anticipating a sizable tax bill so could easily meet the MSR, and it would be nice to get the 1.5x points and not have to worry about a credit limit. But I would want to make sure I would get the 100k bonus MRs. Here is the language from the offer. I don't see any lifetime language. What do folks think about my eligibility for the bonus?

†Offer Terms

To be eligible to earn the points associated with this offer you must charge $15,000 (the "Threshold Amount") of eligible purchases* during the first 3 months of membership on an eligible Business Platinum Card from American Express. Eligible purchases can be made by the Basic Card Member and any Employee Card Members on a single Card Account. Limit one offer per Card Account. Offer may not be combined with any other special offer. Your Card account must not be canceled or past due at the time of fulfillment of any offers. The 100,000 Membership Rewards points will be credited to your Membership Rewards account 8-12 weeks after you have met the Threshold Amount.

If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome offer (s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit Membership Rewards® Points to, we may freeze Membership Rewards® Points credited to, or we may take away Membership Rewards® Points from your account. We may also cancel this Card account and other Card accounts you may have with us.

*Eligible purchases are purchases for goods and services minus returns and other credits. Eligible purchases do NOT include fees or interest charges, purchases of traveler's checks, purchases or reloading of prepaid cards, purchases of gift cards, person-to-person payments, or purchases of any cash equivalents.

You can earn 100,000 Membership Rewards® points after you spend $15,000 on qualifying purchases with the Business Platinum Card within the first three months of Card Membership starting from the date your account is approved. In rare instances, your period to spend $15,000 may be shorter than three months if there is a delay in receiving your Card. Also, purchases may fall outside of the three months period in some cases, such as a delay in merchants submitting transactions to us or if the purchase date differs from the date you made the transaction. (For example, if you buy goods online, the purchase date may be the date the goods are shipped). Points will be credited to your Membership Rewards account within 8-12 weeks after the last eligible purchase you made to meet the Threshold Amount appears on your monthly billing statement.

 

[elgerber]

I have an add-on offer under my BBP to add an Amex Biz Plat and receive 100,000 MRs after $15k in purchases in the first 3 months. I have the personal Plat and have had the Biz Plat in the past. I can't remember exactly when I cancelled it, but probably in 2018 or 2019. I am tempted to do this add-on because I am anticipating a sizable tax bill so could easily meet the MSR, and it would be nice to get the 1.5x points and not have to worry about a credit limit. But I would want to make sure I would get the 100k bonus MRs. Here is the language from the offer. I don't see any lifetime language. What do folks think about my eligibility for the bonus?

†Offer Terms

To be eligible to earn the points associated with this offer you must charge $15,000 (the "Threshold Amount") of eligible purchases* during the first 3 months of membership on an eligible Business Platinum Card from American Express. Eligible purchases can be made by the Basic Card Member and any Employee Card Members on a single Card Account. Limit one offer per Card Account. Offer may not be combined with any other special offer. Your Card account must not be canceled or past due at the time of fulfillment of any offers. The 100,000 Membership Rewards points will be credited to your Membership Rewards account 8-12 weeks after you have met the Threshold Amount.

If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome offer (s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit Membership Rewards® Points to, we may freeze Membership Rewards® Points credited to, or we may take away Membership Rewards® Points from your account. We may also cancel this Card account and other Card accounts you may have with us.

*Eligible purchases are purchases for goods and services minus returns and other credits. Eligible purchases do NOT include fees or interest charges, purchases of traveler's checks, purchases or reloading of prepaid cards, purchases of gift cards, person-to-person payments, or purchases of any cash equivalents.

You can earn 100,000 Membership Rewards® points after you spend $15,000 on qualifying purchases with the Business Platinum Card within the first three months of Card Membership starting from the date your account is approved. In rare instances, your period to spend $15,000 may be shorter than three months if there is a delay in receiving your Card. Also, purchases may fall outside of the three months period in some cases, such as a delay in merchants submitting transactions to us or if the purchase date differs from the date you made the transaction. (For example, if you buy goods online, the purchase date may be the date the goods are shipped). Points will be credited to your Membership Rewards account within 8-12 weeks after the last eligible purchase you made to meet the Threshold Amount appears on your monthly billing statement.

I have never done this with a Plat, but I have done it multiple times with my Delta cards. I have upgraded and downgraded from Delta Blue to Gold or Platinum at least twice on each of our cards, when they give us offers like that. I have gotten the bonus everytime. Of course it's been a couple of years since they have offered, but it has been find in the past.