KelJ Posted November 17, 2023 #1 Share Posted November 17, 2023 1 Link to comment Share on other sites More sharing options...
KelJ Posted November 17, 2023 Author #2 Share Posted November 17, 2023 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. Link to comment Share on other sites More sharing options...
Rare moposh Posted November 17, 2023 #3 Share Posted November 17, 2023 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? Link to comment Share on other sites More sharing options...
KelJ Posted November 17, 2023 Author #4 Share Posted November 17, 2023 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. 1 Link to comment Share on other sites More sharing options...
smokeybandit Posted November 17, 2023 #5 Share Posted November 17, 2023 They issue 1099s for the reward points? Link to comment Share on other sites More sharing options...
KelJ Posted November 17, 2023 Author #6 Share Posted November 17, 2023 2 minutes ago, smokeybandit said: They issue 1099s for the reward points? No. Link to comment Share on other sites More sharing options...
smokeybandit Posted November 17, 2023 #7 Share Posted November 17, 2023 Just now, KelJ said: No. 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. Link to comment Share on other sites More sharing options...
KelJ Posted November 17, 2023 Author #8 Share Posted November 17, 2023 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. 2 Link to comment Share on other sites More sharing options...
smokeybandit Posted November 17, 2023 #9 Share Posted November 17, 2023 Maybe that's just the requisite legal mumbo jumbo then. Link to comment Share on other sites More sharing options...
HERDFAN Posted November 17, 2023 #10 Share Posted November 17, 2023 9 minutes ago, KelJ said: I have never received a 1099 for any credit card rewards. I've cashed in thousands and thousands of points for onboard credit over the years and have never heard a peep from the IRS. 3 Link to comment Share on other sites More sharing options...
MisterBill99 Posted November 17, 2023 #11 Share Posted November 17, 2023 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. Link to comment Share on other sites More sharing options...
Cigar King Posted November 17, 2023 #12 Share Posted November 17, 2023 3 hours ago, moposh said: If I pay my final payment before December 10, will I get the bonus points? 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. Link to comment Share on other sites More sharing options...
HERDFAN Posted November 17, 2023 #13 Share Posted November 17, 2023 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. Link to comment Share on other sites More sharing options...
RFerrington Posted November 17, 2023 #14 Share Posted November 17, 2023 Bummer that this doesn't apply to onboard purchases. We accumulate a LOT of points with casino transactions. 2 Link to comment Share on other sites More sharing options...
HBE4 Posted November 18, 2023 #15 Share Posted November 18, 2023 (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 November 18, 2023 by HBE4 1 Link to comment Share on other sites More sharing options...
MisterBill99 Posted November 18, 2023 #16 Share Posted November 18, 2023 (edited) 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 November 18, 2023 by MisterBill99 1 Link to comment Share on other sites More sharing options...
MisterBill99 Posted November 18, 2023 #17 Share Posted November 18, 2023 1 hour 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. This is incorrect. The purchase date is what matters. I just wouldn't do it on a weekend. Link to comment Share on other sites More sharing options...
MisterBill99 Posted November 18, 2023 #18 Share Posted November 18, 2023 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. Link to comment Share on other sites More sharing options...
HBE4 Posted November 18, 2023 #19 Share Posted November 18, 2023 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. Link to comment Share on other sites More sharing options...
MisterBill99 Posted November 18, 2023 #20 Share Posted November 18, 2023 (edited) 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 Edited November 18, 2023 by MisterBill99 Link to comment Share on other sites More sharing options...
looking4info Posted November 18, 2023 #21 Share Posted November 18, 2023 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 Link to comment Share on other sites More sharing options...
HERDFAN Posted November 18, 2023 #22 Share Posted November 18, 2023 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! 2 Link to comment Share on other sites More sharing options...
laonabeach Posted February 9 #23 Share Posted February 9 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 Link to comment Share on other sites More sharing options...
HERDFAN Posted February 10 #24 Share Posted February 10 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? Link to comment Share on other sites More sharing options...
laonabeach Posted February 10 #25 Share Posted February 10 Thank you for your response. I have the APP. You saved me a trip to the bank. Link to comment Share on other sites More sharing options...
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