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For every card I've had, it builds up in a separate pool, and every so often you either have it deposited to a bank account or applied as credit toward the bill
by SaberTail 4y ago
For every card I've had, it builds up in a separate pool, and every so often you either have it deposited to a bank account or applied as credit toward the bill.
- nnurmanov 4y agoDoes it require spinning off a transaction? I wonder if there any transaction costs associated? There is another thing, if money deposited to an account, should this be considered an additional income?
- toast0 4y agoCredit card companies have been successful at having this considered a discount, so it's not income. At least, the IRS hasn't significantly challenged this treatment yet. I've had a card that automatically processed it as a statement credit one statement behind, and my current cashback card automatically deposits to a linked brokerage account once the accumulated points reaches a threshold. All transactions have a cost, but for these, it's negligible and hidden from the account holder.