Originally Posted by
ctle
well you'll also be taxed on the $35 you gain interest, but at the same time if we the monthly fee doesn't count against the engagement bonus then we're taxed on that as well. So for better for worse it seems like in general for most people it's just a hassle to maintain after the first year. it's more like another amex plat to churn, that's now not really an option for most people.
I agree, but if you already have it set up and use the account for cash/checking, then it's not a real burden. If you are paying monthly fees, it offsets the engagement bonus, so they do not send a 1099 for that. Either way, I agree it can be too much work for the benefit. I would not sign up a new account today, but plan to keep using it since I set it up a few years ago and use the account for daily banking.