Rewards earned through banking activity other than card spending may be taxable. Did you ask if Chase will issue a 1099 for the points?
From the email:
The Ultimate Rewards points transferred to you under the terms of the Program are considered interest received from Chase. Therefore we will send you, and file with the IRS, a Form 1099-INT (Interest Income) or a Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which the points are posted to your account. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
There is no indication of what dollar value will be imputed to 50k points. Who wants to take one for the team?
