Originally Posted by
gnomie
I also received this offer and applied and was accepted for the Biz plat - card should be arriving this afternoon.
I was looking into also opening a checking account and noticed the following in the T&C that is not mentioned for the card.
The Welcome Bonus may be taxable income to you and may be reported on IRS Form 1099. You are responsible for any federal or state taxes resulting from the offer. Please consult your tax advisor if you have questions about the tax treatment of the Welcome Bonus.
Yes, checking account bonuses are pretty much always taxable because they are considered to be interest payments. Credit card bonuses have generally been held to not be taxable because they are tied to purchases, and thus counted as rebates on purchases, not income. But referral bonuses over $600 usually get 1099'd because there is no spending associated with the bonus, so it's considered income