For the past few months, the online system wasn’t allowing American Express Business Platinum cashouts at 1 cent-per-point, and it required calling in. Reddit reports indicate that the online cashout option has now returned.
The 1:1 cashout option is a special benefit that Business Platinum cardholders get if they also have an Amex business checking account.
Would never ever do this option. Transfer and travel In luxury gives double value. Bad option in my opinion
I cash out all the time. Generate many millions more MR a year than I can reasonably spend within the same timeframe.
Just tried this and can confirm it’s working again. Thanks DoC!
Does anyone know if cashing out Ultimate Rewards points generate a 1099?
No it shouldn’t as points aren’t taxable unless it’s from a referral. cashing them out is just another way to redeem your points AFAIK
Bad move unless no plans ever to travel at all, easy to double the redemption value
Some of us have literally millions of MR points but are low on cash. We can use these both to pay medical bills and have plenty more to travel.
Every year you pay $695 in annual fees to keep the game alive. Cashing out simplifies life and the hoop jumping can end.
Can anyone confirm if the points transfer to checking triggers the 1099 and if so at what threshhold?
Looking at my 1099 for 2023, it doesn’t appear to trigger a 1099.
All that shows is normal interest and I’ve cashed out at least $1K in points.
If there is a threshold, I haven’t hit it yet. Would honestly be surprised if there was a 1099 generated.
Not sure it would considering it would be considered a rebate.
I never got a 1099
must be getting 1099 for cashing out so 20% gone, and making AGI high if you have millions of MR points.
I haven’t seen taxes need to be paid out on cashouts for any points before considering its a rebate and not income.
I never got a 1099 for cashing out points with Amex
SUBs aren’t taxable even if converted to cash through cash out methods. They are rebates. High AGI but low accounting knowledge go figure.
Checkout meaning checking? Or something else?
Fixed now
Same here….I cashed out $5200 in MR points and put it all into T-Bills.
I have nearly $8,000 worth in Amex points at 1:1, over $5,000 with Chase. Someone convince me to cash out. Getting 5.5-7% interest in banks right now.
Sounds like you don’t like money.
I do, but I have plenty of it. Credit and bank offers are sufficient cash to fund all my cash-cost international vacations.
Do it, i cashed out my 3M MR points using at 1.1 cents using Charles schwab and put it in T bills
I’m not smart enough to understand T bills.
Is that unicorn high cpp redemption you’ve been “saving” the points for really going to come along, or is it time to face the music because the jig is up and you’ve been incurring an opportunity cost the whole time you’ve been deluding yourself by not cashing out?
I hate your logic even if it’s probably dead on (I think I have this conversation with my wife every six months… “Should I just cash it out? You hate to travel, but want to do a safari someday”)
the logic works in most but not all cases.
Yes. I don’t keep cards I lose money on and track realistic value contra AF. The 35% back in MR points and amazing deals I’ve found on the Amex travel portal has already netted thousands already.
How are you getting 7% interest at banks?
Doctor of Credit, of course!
Maxed out Cnext + DCU + Poppy * 2 player
Translation please “Cnext + DCU + Poppy”
CNext bank, DCU bank, Poppy bank. All on docofcredit
What banks? Thanks
See above
Still not working for me!
You can (and I believe have always been able to) do it via chat. Super easy. I did it a few weeks back before they fixed the online redemption.
Super easy? The two or three times I did it via chat I was transferred back and forth between reps before I got one that knew how to do it. I think the worst one was 7 or 8 transfers.