There seems to be a lot of misunderstanding about CitiBank’s issuance of 1099-MISC. Many are confusing rebates with income. Many banks are offering sign-up bonuses for opening an account. CitiBank ran different promotions where they would give you 25,000 to…
Why does CitiBank get to value 25,000 ThankYou points as a $625 business expense?
Some posters on FlyerTalk and LA Times have said they are receiving 1099 (Misc Income) statements from CitiBank for receiving 25,000 ThankYou points as $625 income. This means that with each bonus they pay out, CitiBank gets to write it…
Are credit card rewards in the form of cash or points taxable?
The Los Angeles Times wrote an article yesterday about CitiBank issuing 1099s to customers that parked their money in their checking or savings products. If you receive a bonus by parking your money in a checking or savings account, I…
PayPal and their in-store POS @ Home Depot
I think PayPal has most potential to eat the bank’s lunch. Their in-store POS means a buyer can pay via PayPal balance. They just need to offer a 2% discount on purchases and you will see adoption rates increase exponentially.…
Dodd-Frank w/ Durbin Amendment: Will it result is lower prices for consumers?
The Dodd-Frank w/ Durbin Amendment did exactly what it was supposed to do. Big banks acted irresponsibly prior to the 2008 financial crisis. Power and money needed to be redirected away from the big banks. You saw that small…
No Fee Balance Transfer with 0% APR
You will encounter many credit cards that offer 0% APR on balance transfers. You will not, however; run across many credit cards that offer both Fee Free Balance Transfer and a 0% APR. Many credit cards will charge you anywhere…
Sallie Mae 2% Cash Back Credit Card
https://www.salliemae.com/landing/signaturecreditcard/default.aspx?SRC_CODE=3IM2O8&TAC_CODE=KWC8FMKQ&PIT_CODE=209877702 Remember, unlike most credit cards, the 0% APR for the first 12 months is only on Balance Transfers. If you make purchases with the card, there is interest on purchases. Sallie Mae. Bottom line, you need $12,500 of…
Credit Card Interest Charges and Payment Due Date
For online credit card statements, I’d like a law where they forced banks to show amounts due based on the “Payment Due Date”. For example, my total credit card bill is $5,000. $2,000 is due 1/18/2012. $3,000 is due 2/18/2012.…
We no longer accept credit cards on eBay.
Choosing a payment method (for buyers). 1 For what it is worth (FWIW), we stopped accepting credit cards on eBay. Too much fraud and no tools to mitigate risk. We just accept Paypal now which is what eBay wants anyway.…
0% Balance Transfer – Difference between Capital One vs Citi Bank
I recently applied for two new credit cards. One was a Citi Bank and another was Capital One. Both offered 0% Balance Transfer for at least up to a year, with a small balance transfer fee (3% or higher). One…