
Credit card rewards are very valuable, but does that mean you have to pay taxes on them? If you did, how would each mile or point be valued? These are the questions that some people have every year when it comes time to submit their income to the IRS. Interest is also peaked by stories like this one in the Los Angeles Times that reveal that Citibank has been sending out 1099-INT forms to some of its savings and checking account customers who received American Airlines miles. In response, many people are concerned that their credit card rewards in the form of cash back, miles, and points may be taxable.
Cash Back
The IRS has always considered cash back rewards from a credit card to be a discount on the purchase price of goods and services. They view these rewards much like a coupon where the original price is marked down, and a lower price is paid. In all of those instances, the value of the discount is not reported as taxable income. Continue Reading »



Those who pay their credit card balances on time and in full each month should be using a rewards credit card. Although many cardholders enjoy their rewards in the form of loyalty points such as frequent flier miles, cash back remains the most popular type of rewards card.
December may be the time for shopping, but consumers will find that the best credit cards offering 0% balance transfers this month can provide significant long term savings. Many of these credit card offers also come with 0% interest rates on purchases that can reduce the cost of buying holiday gifts on credit.
Although consumers are typically more focused on spending money than saving money with balance transfers during this time of year, credit card companies continue to aggressively pursue new consumers with 0% balance transfer offers. This November, Chase unveiled a
The battle to get to the top of consumer wallets during the holidays is beginning to heat up with the introduction of a new version of the Citi Diamond Preferred card, the Citi Diamond $200. While similar to the
Like Chase, which rolled out hefty sign-up bonuses on two versions of their 

