formerly known as daveland
Join Date: Oct 2003
Location: NY, NY, USA
Programs: Hyatt Globalist, Marriott LTP, Delta Platinum, Hilton Honors Diamond, Wyndham Diamond
Posts: 2,969
I have reached back out to the CPC banker who has been graciously making phone calls around Chase on my behalf. He did confirm what NSX posted that it is considered as interest income and will be taxable and WILL generate a 1099-INT (because banks use a $10 threshold rather than the $600 "vendor" threshold for a 1099).
I have asked him to make some calls to see if he can find the value that will be assigned explaining that Chase can basically "pick a value" (though I agree 1c/pt would be rational, Citi wasn't rational) and that would greatly affect the value of the promo.
He agreed to try and get back to me later today or tomorrow.