𝐓𝐚𝐱𝐞𝐬 𝐨𝐧 𝐩𝐨𝐢𝐧𝐭𝐬? 🧐

Yes, bonus points earned from credit card referrals are taxable. Yes, those bonus points are still more than worth it! 🙌🏼

@upgradedpoints (sponsor of this post 🙏) has a complete guide to referral bonuses for the major banks and the best referral bonuses available right now! Just search “Referral Bonus” on upgradedpoints.com or checkout the link in bio! 🔗

When you use your card to earn points, it’s considered a purchase rebate - which isn’t taxable. But referrals are considered taxable since they’re not a rebate from a purchase! 💰

Earning referral bonuses are very simple…visit the “refer a friend” page on your online account, copy or send the link to a friend, and if they’re approved, you’ll get a large sum of points! ✅

A few things to know:

🧢 There’s an annual cap on the amount of points you can earn each year for referrals (typically 100k points per card)
📊 The referral bonus amount varies by bank and card. More premium cards tend to have higher referral bonuses
📈 Referral links often have better signup bonuses than publicly available offers! For example, some AMEX Gold referrals have a 90k bonus (public offer is 60k) and some AMEX Platinum referrals have a 150k bonus (public offer is 80k).
🤝 There’s no restriction on referring spouses or even those that are an authorized user on the same card
💳 Some banks allow you to “cross-refer” cards. For example, you could send someone an AMEX Gold referral link, and then they could apply for ANY AMEX card from that link (by choosing “view all cards”) and you’d still get a referral bonus!
🔒 Always have your friend open the link in a private/incognito browser - this sometimes gets them an even higher offer!
🗣️ Don’t be shy about sharing referral links! When your friends and family see you traveling for nearly free thanks to #pointsandmiles, they’ll probably ask more about it! There’s no better way to help them get started than to refer them to a great card!

Any questions? Comment below! 💬

*this is not tax, legal, or financial advice*

#traveltipsandtricks #creditcardpoints #budgettravel #traveladvice #pointsandmiles #frequentflyers #americanexpress #capitalone

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Upgraded Points, Points and Miles, travel hacking, travel hack, point hacking, credit card refferals