Chase has sent out an e-mail to Ink cardholders offering the ability to cashout points via Paypal. Unfortunately you only get 0.8¢ per point, making this pointless as you can redeem for statement credit at 1¢ per point. I’m actually a bit surprised Chase is even offering this as it’s sure to leave a bad taste in business owners mouth when they eventually realize they could get 1¢ per point.
Hat tip to mikep4
View Comments (18)
Lousy redemption value for sure.
Wayne Sosin of Worksman Cycles probably has a hard time running his business with his monitor not being connected to anything. Probably why he fell for the 0.8% cash out option.
Haha, thanks for the laugh.
They booked these on their balance sheet at $0.01 cost and want to dump it off at $0.008? No way Chase....
Don't underestimate the stupidity of people.
This
Looks like the genius who was behind the new Ink card is in charge at Chase.
This is a trap for noobs, so it makes plenty of cents.
With Paypal starting to report transactions to the guvmint in 2022, that one more source of "income" that might have to be explained to the IRS.
it's even worse, because credit card points are considered "rebates" instead of "income" and thus are not taxable.
PayPal has always reported. For at least a decade. It just depends on the volume, and that threshold has gone lower. If it helps catch people who have been underreporting their eBay income or side hustles, all the better.
wow..... all the while infuriating/insulting 95% of the readers of this venerable site who do much ms.... to "earn" travel rewards, miles, & points.... none of which was taxable or reportable..... and yes, threshold dove from 20k per year to 600. (putting even minor two bit players into the crosshairs of having to 'splain to the gvnment just why their dosh two-bits aren't taxable)
You apparently are unaware at how egregiously inaccurate Paypal's reporting info is.
Hmmmm, very Amex of them.
Definitely pointless, pun intended.
You’ve got 0.8¢ of a point here
Glad they were able to give us their
28 cents.You missed the “point”