Getting slammed by taxes this year...will an app help?

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cashback
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Postby cashback » Wed Apr 24, 2013 11:20 am

So you're paying the 3% fee in order to pay with CC?
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


Sevenfeet
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Postby Sevenfeet » Wed Apr 24, 2013 2:21 pm

cashback wrote:So you're paying the 3% fee in order to pay with CC?


Yes. It was either that or pay the IRS interest.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

selfmadetool
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Postby selfmadetool » Wed Apr 24, 2013 2:49 pm

cashback wrote:Nope. PayPal MyCash cards and PayPal debit card. And sign up for the TYP that is 5% at G/G/D with 12 months 0%.


I wasn't going to say anything, but since this thread is once again active, your method wouldn't have worked for the OP since you can only load $500/day. I don't know the denominations the cash cards come in, but there's an activation fee, too, so it's more than just the debit card fee.

https://www.paypal-cash.com/faqs.html#
Bank of America: BankAmericard Cash Rewards ($10k); Accelerated Cash Rewards ($12k)
Chase: Freedom ($2.6k); Amazon.com Rewards ($5k)
American Express: Blue Card Everyday ($14k)
Citibank: Forward ($7k); ThankYou ($10.5k)
Discover: More ($14.5k)
Barclaycard US: Barclaycard Ring ($9.4k)
GECRB: Banana Republic ($4.5k); Amazon.com Store Card ($10k)
Comenity: J. Crew ($3.6k)

cashback
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Postby cashback » Wed Apr 24, 2013 4:04 pm

selfmadetool wrote:I wasn't going to say anything, but since this thread is once again active, your method wouldn't have worked for the OP since you can only load $500/day. I don't know the denominations the cash cards come in, but there's an activation fee, too, so it's more than just the debit card fee.

https://www.paypal-cash.com/faqs.html#


Wells since I am currently doing this and you are not, I think I would know better. Yes it is $500/day and 4K/mo. OP could add $500 day till he hit 4K in April and then add the rest in May. Then make the payment to the IRS. And when you buy the PP cards with the Citi TYP 5x promo, you make about $21 per card you buy.

So OP could have netted 4% on the $4700 he owed, and not have paid the 3% fee for using CC. Overall, a 7% swing.

You should know what you're talking about before you tell someone they are wrong.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

selfmadetool
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Postby selfmadetool » Wed Apr 24, 2013 4:12 pm

I never said you were wrong, I said your method wouldn't have worked for the OP since he made his post one day before taxes were due. I did fail to take into account the points earned for purchasing the cards at groceries stores; however, even with recouping the fees, I still wouldn't advise your method since you would be paying late, and that in itself, along with potential consequences, wouldn't be worth the rewards to me.
Bank of America: BankAmericard Cash Rewards ($10k); Accelerated Cash Rewards ($12k)
Chase: Freedom ($2.6k); Amazon.com Rewards ($5k)
American Express: Blue Card Everyday ($14k)
Citibank: Forward ($7k); ThankYou ($10.5k)
Discover: More ($14.5k)
Barclaycard US: Barclaycard Ring ($9.4k)
GECRB: Banana Republic ($4.5k); Amazon.com Store Card ($10k)
Comenity: J. Crew ($3.6k)

cashback
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Postby cashback » Wed Apr 24, 2013 4:14 pm

OP was already paying late bc he had to wait for his CC to get to him. He already said he paid 10% of the debt on the 15th and put the rest on the CC when it came.

That is why i suggested my way. Either way, he was going to wait until the CC arrived.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

selfmadetool
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Postby selfmadetool » Wed Apr 24, 2013 4:23 pm

cashback wrote:OP was already paying late bc he had to wait for his CC to get to him. He already said he paid 10% of the debt on the 15th and put the rest on the CC when it came.

That is why i suggested my way. Either way, he was going to wait until the CC arrived.


We weren't aware of that until today. Avoiding a late payment was precisely the reason why I offered the advice I did in my initial post of this thread.

What it comes down to, cashback, is that we seem to have different priorities. Taking a hit of 2-3% to avoid paying late would be worth it for me. Going to the store to purchase cards and reload them for the sake of rewards is not. You feel differently, and that's fine.
Bank of America: BankAmericard Cash Rewards ($10k); Accelerated Cash Rewards ($12k)
Chase: Freedom ($2.6k); Amazon.com Rewards ($5k)
American Express: Blue Card Everyday ($14k)
Citibank: Forward ($7k); ThankYou ($10.5k)
Discover: More ($14.5k)
Barclaycard US: Barclaycard Ring ($9.4k)
GECRB: Banana Republic ($4.5k); Amazon.com Store Card ($10k)
Comenity: J. Crew ($3.6k)

cashback
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Postby cashback » Wed Apr 24, 2013 4:34 pm

The beginning post is the day before tax day and OP was talking about signing up for a CC bc he didn't have the funds available. It was obvious, at least to me, that he wouldnt be paying by the next day, which is why I offered my suggestion.

And our priorities are definitely different. If you like paying the government 7% more than you have to, then be my guest.

Also, I wasn't the one coming on here telling you how your suggestion wouldn't work. (when it actually would)
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

selfmadetool
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Posts: 28
Joined: Tue Mar 26, 2013 9:36 pm
Location: New York

Postby selfmadetool » Wed Apr 24, 2013 5:32 pm

Sevenfeet wrote:The 21 month/0% balance transfer + purchase forbearance is nothing short of awesome, and I get Thank You points unlike some the other Citi products they have been mailing me for months.


Congratulations on the approval, Sevenfeet. In addition to the 21 months of free interest, did you receive any points or promo with this card? It seems like not all of the promos/sign-up bonuses are available at the same time (e.g., I received 20,000 ThankYou points, but nothing more when I applied in January).
Bank of America: BankAmericard Cash Rewards ($10k); Accelerated Cash Rewards ($12k)
Chase: Freedom ($2.6k); Amazon.com Rewards ($5k)
American Express: Blue Card Everyday ($14k)
Citibank: Forward ($7k); ThankYou ($10.5k)
Discover: More ($14.5k)
Barclaycard US: Barclaycard Ring ($9.4k)
GECRB: Banana Republic ($4.5k); Amazon.com Store Card ($10k)
Comenity: J. Crew ($3.6k)

Sevenfeet
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Posts: 532
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Location: United States

Postby Sevenfeet » Wed Apr 24, 2013 9:07 pm

selfmadetool wrote:Congratulations on the approval, Sevenfeet. In addition to the 21 months of free interest, did you receive any points or promo with this card? It seems like not all of the promos/sign-up bonuses are available at the same time (e.g., I received 20,000 ThankYou points, but nothing more when I applied in January).


There were no bonus points on this deal, mainly because the 0% period is so long (nearly two years). The Citi products don't really fit into my overall plan anyway since I had no real need for the Thank You points program as a primary means of credit benefit. But since you do get points with this product (versus the Simplicity which had been offered to me earlier), why not take them? The same points rules also apply (i.e. anniversary bonus points).

The real issue with this product will come sometime in 2015 when this card's 0% period will expire and it will go back to being just another points card. All of my cards in the wallet have a purpose...Amex Plat for travel & Costco, Freedom & Discover for rotating 5%'s, Cash + for selected 5%'s, the BCP for groceries, Penfed for Gas/Groceries and the Fidelity Amex for 2% everything else (which is half my total spending!) and the BofA as the fall back card for places that won't take the Fidelity Amex. But there isn't anything specific that makes the TYPreferred card something that should be whipped out as the card to use (it will never bubble to the top with the Smorecard app on my iPhone). Not sure how it fits in...
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)



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