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Cancelled Cards Lost 450K Membership Rewards

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Old May 19, 2019, 10:53 pm
  #1  
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Cancelled Cards Lost 450K Membership Rewards

Lost my cards for gaming the rewards.
Any way to recoup the 450k MRs like a 1099 misc showing a loss?
JRStewart is offline  
Old May 19, 2019, 11:25 pm
  #2  
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Originally Posted by JRStewart
Lost my cards for gaming the rewards.
Any way to recoup the 450k MRs like a 1099 misc showing a loss?
What kind of "gaming" did you engage in?

I think your chances of getting Amex to give you a 1099 showing a loss due to confiscation of MR points due to violating their T&Cs (in their eyes) is about 1%.
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Old May 20, 2019, 9:02 am
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Originally Posted by krazykanuck
What kind of "gaming" did you engage in?

I think your chances of getting Amex to give you a 1099 showing a loss due to confiscation of MR points due to violating their T&Cs (in their eyes) is about 1%.
Closer to 0.01%, how did you even reach 1%?
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Old May 20, 2019, 10:30 am
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Originally Posted by Gasolin
Closer to 0.01%, how did you even reach 1%?
... especially since a 1099-MISC is used to report income. I don't see how voiding of MR points constitutes income to the former cardholder.
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Old May 20, 2019, 12:27 pm
  #5  
 
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Sorry for your loss. Don't know of a way. As many of us have significant stashes of MRs accrued through MS we'd like to keep, what specifically caused or do you suspect caused your shutdown? Reports of AMEX shutdowns, unlike clawbacks and financial reviews, are rare.
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Old May 20, 2019, 1:23 pm
  #6  
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Originally Posted by JRStewart
Lost my cards for gaming the rewards.
Any way to recoup the 450k MRs like a 1099 misc showing a loss?
A 1099-MISC reports potential *income* to you, not losses. Also, your cost basis in the points is zero, so you don't have a loss for tax purposes.
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Old May 20, 2019, 1:59 pm
  #7  
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Originally Posted by JRStewart
Any way to recoup the 450k MRs like a 1099 misc showing a loss?
Because credit card rewards are not taxable, so you can't really do something in reverse.
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