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4X points on Bank of America Visa

KelJ

By KelJ,
in Royal Caribbean International

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KelJ

KelJ

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Just got this email.  Here are the T&Cs:

 

You will earn a total of 4 MyCruise® points (1 base point and 1 bonus point, plus 2 incremental bonus points from this promotion) for every $1 spent from November 10, 2023 through December 10, 2023 on eligible Royal Caribbean and Celebrity Cruise Lines Net Purchases, except purchases made onboard cruise ships. Earn points when you use this card to make purchases; returns, credits and adjustments to this card will be deducted from purchases, even if this card was not the original payment method (“Net Purchases”). Returns and adjustments applied during the reward period will be deducted from the qualifying total, regardless of the original purchase date. Cash Advances and Balance Transfers are not considered purchases and do not apply for purposes of this offer. Eligible Net Purchases include those where Royal Caribbean or Celebrity Cruise Lines must be identified as the merchant and appear as such on your monthly statement, with one of the following merchant category codes (MCC): CRUISE OR STEAMSHIP LINES (MCC 4411) or DIRECT MARKETERS (NEC) (MCC 5969). Merchants are assigned an MCC based on the merchant's primary line of business. We do not determine which MCC a merchant chooses to classify itself or the state where the transaction is processed as it appears on your billing statement (or digital rendering). We group similar MCCs into categories to help you earn rewards on purchases made at specific merchants. Your purchase may not qualify to receive bonus points if the merchant does not process transactions under these MCCs or your purchase is processed through a third-party payment account, mobile/wireless card reader, digital wallet not supported by Bank of America or similar technology where the technology does not support transmission of MCCs. For those Net Purchases, you will earn 1 base point per $1. Not all merchants accept all credit cards. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward. Please consult your tax advisor, as neither we, nor our affiliates, provide tax advice. Limitations: All of the following conditions are applicable throughout the entire promotional period, which is inclusive of the date the offer begins through the date the promotional points are fulfilled. Your account must be open and have active charging privileges in order to receive the promotional points as a result of this offer. If your account is converted to a different card program other than Royal Caribbean/Celebrity Cruise Lines during the offer period, the offer is no longer valid. This offer is non-transferable. All terms of your Program Rules apply. After qualifying transactions post, allow 1 – 2 billing cycles from the end of the promotion for the incremental points to post to the recipient’s Royal Caribbean/Celebrity Cruise Lines account. Transactions made to the accounts on or after November 10, 2023 and through midnight ET December 10, 2023 will qualify for the incremental points. Other advertised promotional offers can vary from this promotion and may not be substituted. This offer will not apply to any Preferred Rewards bonus, customer bonus or account opening bonus, if applicable.

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KelJ

KelJ

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Just now, moposh said:

I got the email.  I have a payment due on Christmas Eve.  I tried to read through the guidelines.  If I pay my final payment before December 10, will I get the bonus points?

 

Yes, it appears that way.

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KelJ

KelJ

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2 minutes ago, smokeybandit said:

The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward.

 

I have never received a 1099 for any credit card rewards.

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MisterBill99

MisterBill99

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48 minutes ago, moposh said:

I got the email.  I have a payment due on Christmas Eve.  I tried to read through the guidelines.  If I pay my final payment before December 10, will I get the bonus points?

 

The 10th is a Sunday. I'd do it on Friday the 8th just to be safe.

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HERDFAN

HERDFAN

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2 minutes ago, Cigar King said:

I'll bet the payment needs to post with BoA before the 10th.  I'd make it a week early just to give myself some wiggle room.

I agree. I have seen charges remain as pending to my card for four or five days before posting.

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HBE4

HBE4

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Posted (edited)
4 hours ago, smokeybandit said:

The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward.

 

4 hours ago, KelJ said:

 

I have never received a 1099 for any credit card rewards.

 

4 hours ago, smokeybandit said:

Maybe that's just the requisite legal mumbo jumbo then.

 

Uhh, maybe. Or maybe not.  Tax laws are constantly being tweaked every year. I found this out when I tried to resell tickers to several sporting events I could not attend.  Never had an issue in years past until last year. New IRS rule says that anything over $600  (I think) is taxable income.  And I was just over the threshold.

 

For credit card rewards point, they are not taxable as it's considered a rebate. Unless it comes from a sign-on bonus with no spending requirements or other strings attached.  So in the vast majority of cases, not taxable.

 

Disclaimer: I am not a tax specialist or attorney by any stretch of the imagination. Just a guy that uses Goggle. I'd triple check my sources & seek out your own.  I will not be held accountable nor reimburse anyone that takes my advice.  You'll find out if you owe taxes when your credit card company sends you a 1099-MISC.

 

https://www.investopedia.com/ask/answers/110614/are-credit-card-rewards-considered-taxable-income-irs.asp

 

https://www.cnet.com/personal-finance/credit-cards/advice/are-credit-card-rewards-taxable/

 

https://www.bankrate.com/finance/credit-cards/credit-card-rewards-count-taxable-income/

Edited by HBE4
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MisterBill99

MisterBill99

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25 minutes ago, HBE4 said:

 

 

 

Uhh, maybe. Or maybe not.  Tax laws are constantly being tweaked every year. I found this out when I tried to resell tickers to several sporting events I could not attend.  Never had an issue in years past until last year. New IRS rule says that anything over $600  (I think) is taxable income.  And I was just over the threshold.

 

For credit card rewards point, they are not taxable as it's considered a rebate. Unless it comes from a sign-on bonus with no spending requirements or other strings attached.  So in the vast majority of cases, not taxable.

 

Disclaimer: I am not a tax specialist or attorney by any stretch of the imagination. Just a guy that uses Goggle. I'd triple check my sources & seek out your own.  I will not be held accountable nor reimburse anyone that takes my advice.  You'll find out if you owe taxes when your credit card company sends you a 1099-MISC.

 

This is a perfect example of overanalyzing. Credit card rebates and rewards for opening a credit card are not currently taxable.  I've never heard of anyone getting a 1099-MISC for credit card rewards, even if over $600

 

Rewards for opening a deposit account (checking, savings) ARE taxable.

 

The $600 limit you're discussing with your ticket resale has nothing to do with either of these. And anything over $600 was ALWAYS taxable income. Just most people never reported it since nothing was sent to the government. And presumably you would only have to pay taxes on the amount above what you paid for the tickets.

Edited by MisterBill99
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MisterBill99

MisterBill99

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I just wanted to say that this is a rare case where this credit card is not a poor choice. You can easily do better than the 1% it offers on everyday purchases and 2% on cruise line purchases. And you can get it back in cash instead of having to wait to redeem it on a cruise.

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HBE4

HBE4

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18 minutes ago, MisterBill99 said:

The $600 limit you're discussing with your ticket resale has nothing to do with either of these.

 

My only purpose for bringing this up is as an example of something that was never taxable before but now is.  Tax rules change every year.  The only iffy, maybe is if you sign up for a new credit card and get a sign-up bonus that is paid out in cash & does not require any spending in X amounts of days.  Rare, I know but it must've happen as the IRS has rules for it.  At least that is what I was able to discern from the 3 links I posted. Not sure if you looked at them.

 

Honestly, the tax implications of using a few hundred dollars  of BOA RC rewards when booking a cruise is something I'll never think about.

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MisterBill99

MisterBill99

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31 minutes ago, HBE4 said:

 

My only purpose for bringing this up is as an example of something that was never taxable before but now is.  Tax rules change every year.  The only iffy, maybe is if you sign up for a new credit card and get a sign-up bonus that is paid out in cash & does not require any spending in X amounts of days.  Rare, I know but it must've happen as the IRS has rules for it.  At least that is what I was able to discern from the 3 links I posted. Not sure if you looked at them.

 

Honestly, the tax implications of using a few hundred dollars  of BOA RC rewards when booking a cruise is something I'll never think about.

 

There will be tremendous pushback against any change that would make credit card rewards taxable. And I've been doing credit card rewards for a long time and cannot remember seeing an offer that did not require a minimum spend to get the sign-up bonus.

 

And FYI, you might want to check those sites you referenced to see what they say about cruise line credit cards. Here's one from The Points Guy which explains why you can do better with other cards.

 

Should you get a cruise line credit card? Here's a closer look - The Points Guy

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HERDFAN

HERDFAN

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34 minutes ago, looking4info said:

So, if I am reading this correctly a $750 direct payment to RCI that say posted on November 17th will be awarded 3,000 points? Thanks

That's the way I see it. I'm paying my March cruise off a month early. 6000 pts. Yea!

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  • 2 months later...
laonabeach

laonabeach

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Where will the points/onboard credit appear?  I got a BofA credit card with $300 onboard credit but I dont see the points yet.  Spent required amount.  Does the payment need to clear first?  Thank you 

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HERDFAN

HERDFAN

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6 hours ago, laonabeach said:

Where will the points/onboard credit appear?  I got a BofA credit card with $300 onboard credit but I dont see the points yet.  Spent required amount.  Does the payment need to clear first?  Thank you 

Should show up on your next statement. Do you have BofA app?

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