Seems logical, isn't it?

On top of that, ain't the T&Cs of all banks said the points are not your properties?

When Citi sends out its 1099, despite the initial blunder in way-overvalued the AA miles at 2.5c, at least it has proper programming subsequently to correctly identify that only the bonuses from banking products are reported as taxable income, as well as only report it when the points are REDEEMED - it is until then, those become YOURS and benefit you.

Despite how we like to blast how poor Citi IT is, seems to me the outsourced Chase IT at least part of it, is much worse, in the sense that there is NO thorough check on the logic and correctness of the outcome it produced.