Can I pay Federal taxes to hit $30K min for 150K sign-up bonus for Venture X Biz?
Sep 20, 2023, 8:09 am
#1
Original Poster
Join Date: Jun 2012
Posts: 249
Can I pay Federal taxes to hit $30K min for 150K sign-up bonus for Venture X Biz?
Let's say it's $30K, I assume that will be another 2x miles so 60K points plus the 150K sign-up bonus? Any rules against using this for tax payment (yes, while incurring the credit card fee on the tax payment side)
Thank you!
Thank you!
)
Sep 29, 2023, 7:51 pm
#3
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,596
If you owe a lot of estimated taxes then you can do it quarterly, for most people, at least once a year
The best times to get a card (or cards) for the SUB is just before you are ready to pay the tax.
e.g., if you pay in April, get the cards in early March, hit spend with tax in April and get refund by June
If you time it after the statement closes in April, you get ~60 days interest free and then about 30 days of coverage using a home equity line or savings
e.g., if you pay in April, get the cards in early March, hit spend with tax in April and get refund by June
If you time it after the statement closes in April, you get ~60 days interest free and then about 30 days of coverage using a home equity line or savings
Oct 4, 2023, 9:30 am
#4
Join Date: Feb 2013
Location: PHX
Programs: AA EXP, IHG Diamond, IC Amb
Posts: 5,515
Oct 6, 2023, 12:26 am
#5
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,318
There are data points for folks getting denied Amex Subs if the transaction that crosses the spend threshold is a tax payment. For me, that was always the fee, so it worked.
Paying income tax doesn't qualify for welcome bonus?
Chase has a web page saying specifically it works for meeting spend thresholds.
I'd do more research for Cap 1 before I did it.
Paying income tax doesn't qualify for welcome bonus?
Chase has a web page saying specifically it works for meeting spend thresholds.
I'd do more research for Cap 1 before I did it.
Feb 17, 2024, 2:08 am
#6
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,318
Well, did it work?
Would love some data points, especially if the transaction that went to $30k (or $20k on a 150kmiles for $20k spend like it is now).
Would love some data points, especially if the transaction that went to $30k (or $20k on a 150kmiles for $20k spend like it is now).
Mar 14, 2024, 10:20 am
#9
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,596
Mar 14, 2024, 12:33 pm
#10
Join Date: May 2006
Posts: 1,433
It's a no-go. Only 10k limit per transaction on the card. No way to pay 100k in taxes 10k at a time. I never thought of this, ohh well.
Mar 14, 2024, 12:38 pm
#12
Join Date: May 2006
Posts: 1,433
Yes. Personal venture x can spend 40k+, but when I do "check spending limit" on the business charge card, it says 10k will be approved, and 15k will not be approved. The check spending power link is on the main business account landing page under my accounts.
With the 2 payment limit for the tax processors, this will end up being a waste of time. Might just burn the tax bill on medallion status instead, don't know. This is very unfortunate. I called them to raise the limit and they weren't very helpful.
With the 2 payment limit for the tax processors, this will end up being a waste of time. Might just burn the tax bill on medallion status instead, don't know. This is very unfortunate. I called them to raise the limit and they weren't very helpful.
Mar 14, 2024, 8:04 pm
#13
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,596
Capital One looks at history of spend and payments
A
If you do 10k at a time and pay it off at once, and do it a couple of times
- then check for 15k a day or two later, it often allows that charge next
you can work it up to 20
B
Another option is to send 5k to it from your bank account to the card first - Effective limit goes to 15k = x6 is 90k done
(it is not as good as Amex which often allowed me to spend 120k on a Delta Reserve last year with a 5k line by paying ahead)
or send 10k spend 20k - pay off 10k (in fact I think cap1 allows payments above balance - so you can pay off 20k - do it daily x 5 days
C
what is the hurry - you can do 6x10k now and 4x 10k in July - within 6 months = bonus done
A
If you do 10k at a time and pay it off at once, and do it a couple of times
- then check for 15k a day or two later, it often allows that charge next
you can work it up to 20
B
Another option is to send 5k to it from your bank account to the card first - Effective limit goes to 15k = x6 is 90k done
(it is not as good as Amex which often allowed me to spend 120k on a Delta Reserve last year with a 5k line by paying ahead)
or send 10k spend 20k - pay off 10k (in fact I think cap1 allows payments above balance - so you can pay off 20k - do it daily x 5 days
C
what is the hurry - you can do 6x10k now and 4x 10k in July - within 6 months = bonus done
Yes. Personal venture x can spend 40k+, but when I do "check spending limit" on the business charge card, it says 10k will be approved, and 15k will not be approved. The check spending power link is on the main business account landing page under my accounts.
With the 2 payment limit for the tax processors, this will end up being a waste of time. Might just burn the tax bill on medallion status instead, don't know. This is very unfortunate. I called them to raise the limit and they weren't very helpful.
With the 2 payment limit for the tax processors, this will end up being a waste of time. Might just burn the tax bill on medallion status instead, don't know. This is very unfortunate. I called them to raise the limit and they weren't very helpful.
Mar 15, 2024, 12:10 am
#14
Join Date: May 2006
Posts: 1,433
Capital One looks at history of spend and payments
A
If you do 10k at a time and pay it off at once, and do it a couple of times
- then check for 15k a day or two later, it often allows that charge next
you can work it up to 20
B
Another option is to send 5k to it from your bank account to the card first - Effective limit goes to 15k = x6 is 90k done
(it is not as good as Amex which often allowed me to spend 120k on a Delta Reserve last year with a 5k line by paying ahead)
or send 10k spend 20k - pay off 10k (in fact I think cap1 allows payments above balance - so you can pay off 20k - do it daily x 5 days
C
what is the hurry - you can do 6x10k now and 4x 10k in July - within 6 months = bonus done
A
If you do 10k at a time and pay it off at once, and do it a couple of times
- then check for 15k a day or two later, it often allows that charge next
you can work it up to 20
B
Another option is to send 5k to it from your bank account to the card first - Effective limit goes to 15k = x6 is 90k done
(it is not as good as Amex which often allowed me to spend 120k on a Delta Reserve last year with a 5k line by paying ahead)
or send 10k spend 20k - pay off 10k (in fact I think cap1 allows payments above balance - so you can pay off 20k - do it daily x 5 days
C
what is the hurry - you can do 6x10k now and 4x 10k in July - within 6 months = bonus done
Mar 16, 2024, 3:46 am
#15
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,318