Broke above 1,000,000 Chase UR for the first time

[kayvebear]

With no trips planned for at least a year.

 

Wish there was a way to collect interest on miles. Or maybe a way to invest them in Bitcoin

[Tavares]

WOW! 1,000,000? That's worth about $20,000.00

 

Congratulations!

[thesaintly]

Goodness! Congrats on building up so many. What on earth are you charging so much to have built up that many? What do you use your CSR/CSP for and what are you using for other cards?

 

I tend to redeem my cashback, points and miles once I hit the minimum threshold, because you never know when they'll change the redemption value. Aren't you due for a long vacation right about now?

Edited March 5, 2018 by thesaintly

[kayvebear]

WOW! 1,000,000? That's worth about $20,000.00

 

Congratulations!

 

I think worth about $10k if I converted to cash... and a lot more than $20,000 if used on first class flights

[kayvebear]

Goodness! Congrats on building up so many. What on earth are you charging so much to have built up that many? What do you use your CSR/CSP for and what are you using for other cards?

 

I tend to redeem my cashback, points and miles once I hit the minimum threshold, because you never know when they'll change the redemption value. Aren't you due for a long vacation right about now?

 

Most of the miles come from my INK ... and truth be told it is mostly business spending that has gotten me here so I have a big advantage in the miles dept. over people with traditional careers.

 

On the flip side the irony of owning your own company is you become too busy to travel so you have all the miles in the world and no time to spend them.

[spacemule]

Can you sell them?

[kayvebear]

Can you sell them?

 

You can but you can get in a lot of trouble

[thesaintly]

They don't expire, do they? If not, then no sweat. Worse case, you just convert to cash, even at the lower payout if you have no need to travel?

[moosetracks]

Way to go. I'm not sure I myself would want that many to build up, rewards programs can be canceled at the drop of a hat.

[fixinmycrediks]

If you have employees, you could use portion of it for reward system, challenge/kind of incentive. To win 2 first class roundtrip tickets to XYZ. Motivating and rewarding/give back to them. You may already be a great boss, up your caliber another notch!!!

 

Maybe do this challege/contest etc...quarterly. That way it keeps rebuilding as you use the card for the company and gets additional results at work.

 

Maybe look into it with your accountant to see if said incentive can be written off...win/win.

 

Otherwise, I wouldn't mind a first class round trip to Europe

[kayvebear]

Way to go. I'm not sure I myself would want that many to build up, rewards programs can be canceled at the drop of a hat.

 

I don't see Chase outright cancelling their reward system.

[clutchcargo]

 

Way to go. I'm not sure I myself would want that many to build up, rewards programs can be canceled at the drop of a hat.

 

I don't see Chase outright cancelling their reward system.

 

 

Probably not, but they could close your card(s) and call it a business decision.

 

I always redeem cashback when it reaches the minimum amount. Like you said, it doesn't earn any interest.

 

Miles and travel, I redeem when I reach a goal, but you say don't have any so...

 

Congrats.

[Konrad2012]

Worse case, you just convert to cash, even at the lower payout if you have no need to travel?

Converting 1mm UR to $10K? I just had one of those back of the throat vomit moments.

[kayvebear]

 

Worse case, you just convert to cash, even at the lower payout if you have no need to travel?

Converting 1mm UR to $10K? I just had one of those back of the throat vomit moments.

 

 

You know I wouldn't do that to you.

 

And Chase would never close my credit lines. This isn't M$. This is real business spending across 7 employee cards

[Chris58]

 

 

On the flip side the irony of owning your own company is you become too busy to travel so you have all the miles in the world and no time to spend them.

 

 

I also own my business and there's an old saying, "When you own a business, the business owns you as well". LOL....

 

 

 

 

This isn't M$. This is real business spending across 7 employee cards

 

 

I assume you're aware that the IRS views CC rewards, (cashback, Airline specific FF miles, convertible points like UR/MR/TYP), as rebates and therefore they're not taxable as income.

 

However, in the case of CC rewards earned by a business entity, (whether LLC, Sole Prop, or whatever), those rewards are earned and owned by the business entity.

 

Obviously, you're free to use these million UR's however you see fit, but in the interest of keeping a "Clean Set of Books" you might want to consult a proper tax attorney about how to treat converting a business asset to a personal asset.

 

I'm not saying you couldn't use this asset however you see fit, "Up to You", I'd only advise you be fully aware of any tax implications.

[kayvebear]

 

 

 

On the flip side the irony of owning your own company is you become too busy to travel so you have all the miles in the world and no time to spend them.

 

 

I also own my business and there's an old saying, "When you own a business, the business owns you as well". LOL....

 

 

 

 

This isn't M$. This is real business spending across 7 employee cards

 

 

I assume you're aware that the IRS views CC rewards, (cashback, Airline specific FF miles, convertible points like UR/MR/TYP), as rebates and therefore they're not taxable as income.

 

However, in the case of CC rewards earned by a business entity, (whether LLC, Sole Prop, or whatever), those rewards are earned and owned by the business entity.

 

Obviously, you're free to use these million UR's however you see fit, but in the interest of keeping a "Clean Set of Books" you might want to consult a proper tax attorney about how to treat converting a business asset to a personal asset.

 

I'm not saying you couldn't use this asset however you see fit, "Up to You", I'd only advise you be fully aware of any tax implications.

 

 

Thanks for the heads up. As an S Corp being the share holder it all passes through to me anyways, but you are right that there could be tax implications. I will ask the CPA,