UR points -are- taxable at that rate if received for opening a bank account or as a referral bonus. The tax status has nothing to do with "doing something" to earn them, it is specifically related to spending.
Exactly.
The IRS considers a
rebate or discount to be a non-taxable event. On the other hand, an
incentive payment, such as for account opening or for referring new accounts, is taxable (regardless of whether worth more or less than $600).