Looking for a Sign up bonus for upcoming big spend ~$1000
Is it smart no open as many 'no annual fee" cards with sign up bonuses as possible?
Got my first credit card—should I spend $1,000 just for bonus points?
Cards w No Annual Fee and Welcome Bonus OVER $200?
Are credit card sign-up bonuses taxable?
For credit cards, generally no. Sign-up bonuses are considered rebates on purchases, not income -- so they aren't taxed.
Bank account bonuses, on the other hand, are a different story. Those typically are taxable and will show up on a 1099-INT if you earn more than $10.
Does the annual fee count toward the minimum spending requirement?
Fees and interest charges typically do not count toward meeting your credit card's minimum spending requirement. This includes the annual fee.
When will the bonus rewards show up in my account?
Your welcome bonus rewards typically post to your account after the close of the billing cycle where you met the minimum spending. If you meet your spending requirement on the 5th day of the month and your statement closes on the 25th day of the month, you most likely won't receive your rewards until after the 25th.
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Current cards: (list cards, limits, opening date)
Discover IT Student: $3,250 limit, September 2022 (5% Rotating)
PNC Cash Rewards: $9,400.00 limit, May 2023 (4% Gas, 3% Restaurant, 2% Grocery)
Chase Freedom Unlimited: $3,900 limit, September 2023 (3% Restaurant, 3% Drugstore, 1.5% Other)
Chase Amazon Prime: $3,000 limit, November 2023 (5% Amazon 2% Restaurant, Gas, Transit)
Bilt Rewards Mastercard: $2,500 limit, February 2024 (3x Restaurant, 2x Travel 1x Rent)
FICO Score: Experian: 762, 3 Inquiries
Oldest account age: 2 Years, 1 Month
Chase 5/24 status: 4/24
Income: $30,000 (Fulltime student so counting finaid + internship)
Average monthly spend and categories: Not exactly sure but
dining $200
groceries: $400
gas: $0
travel: $0
Rent: $700
Utilities: $100 (Charge CC Fees)
other: $200
Open to Business Cards: No
What's the purpose of your next card? Looking for a sign up bonus for some upcoming spending, I'd like it to be a car I can hold onto as well.
Do you have any cards you've been looking at? I was looking at the new Capital 1 Savor, and Venture X. I'm pre-approved for both and for the $250 SUB on the savor. Also pre-approved for the Sapphire Preferred with elevated SUB. I was also looking at the USBAR but I'm not confident I could get approved for that one. I'm hesitant to do something like the VX because I don't know for certain if I'll use the credits this year (I haven't gotten an internship yet).
Are you OK with category spending or do you want a general spending card? Open to suggestions for both!
Additional Note: I'm not completely certain, but I may need to take out an auto-loan in the next couple months, is it still worth it? Please make recommendations regardless!