1099s for Credit Card Signup Bonus

[Joel]

https://www.doctorofcredit.com/report-bank-of-america-sending-out-1099-misc-for-credit-card-signup-bonus/

Ouch. Is this only BOA or other banks will follow?

[btab]

Not only on credit cards. I opened a checking/savings account with a $100 promotion when you open. I just got a 1099 for that as well.

[AsherO]

https://www.doctorofcredit.com/report-bank-of-america-sending-out-1099-misc-for-credit-card-signup-bonus/

Ouch. Is this only BOA or other banks will follow?

@Dan wasn't your argument always that on CCs the signup bonus is a rebate (because of the spend requirement)? It was that just the x-miles-per-dollar-spent that is considered a rebate?

[Joel]

Not only on credit cards. I opened a checking/savings account with a $100 promotion when you open. I just got a 1099 for that as well.

Bank bonuses have always been sent a 1099 also some referrals get 1099.
Credit card sign ups are new

[btab]

Bank bonuses have always been sent a 1099 also some referrals get 1099.
Credit card sign ups are new

Did not know this. This was the first time I have ever been mailed a statement for a bank bonus.

Thanks for letting me mnow