I'm not being sarcastic, but want to know why. I keep my receipts until I have used that money to pay the CC or any other bills/purchases, once it is posted as paid I no longer keep anything. Am I missing something?

It is a long shot, but if any members of the Alphabet come knocking at your door, you'll want to have good records of what you've been up to.

OK, I can understand that, but I can show them the same thing just by pulling up the history of my BB account, correct? Or don't they store the history for long?

Unless you are doing obscene MS, I don't think you need to keep records. And even then, I wonder. IMO, the main risk is shutdown by Chase or amex FR. Once cards are loaded and cc is paid, they're gone. But everyone should do what they feel comfortable with.

Me, I'm small time. About 10k/month on amex PRG and ink/CSP mainly with an occasional minimum spend mixed in here and there.

i just met min spend on my citi executive .. no issues with beans .. scared to do it with chase or amex with all the horror stories

LOL, please do tell us of these horror stores you have heard? BTW, I did 150K of MS on Chase last year, without a problem..... Amex could be a problem if they do a financial review on you...

You can easily do 1.5x to 2x your stated income on each of your credit cards.

You are silly not to keep detailed records.

Let's say you went wild. Stars aligned and someone decided to check you out, or say you were randomly chosen for an IRS audit.... Which they are looking to increase 3x over current.

There is a good chance those receipts will come in handy.

You need to run ms as a business, and that means knowing all your numbers and being able to defend them.

It's like the business owner who does not keep books or records, one day he will be screwed.

If you do more than a few k a month, you need to keep records.

...esp if you are a business owner or running through business accounts, checking or credit.

But again how does keeping the receipts and cards help, I can still show that I loaded these and payed my CC bills with them. I just made sure to print my monthly history in case it isn't stored. My history shows I loaded w/ VR's bought w/ a CC and paid right back to CC. How is saving a receipt going to help? All it shows is that you purchased VR's not what you did with it. I agree with you if you are a business owner it could really screw up your books but not so sure if you are just doing MS.

That thread about the guy getting 300k points taken and all his cards closed. Plenty of people in that thread having their accounts closed. On DDF .. there is a long thread with people getting their accounts and cards closed and they didn't even MS

^ Not sure why the IRS would even care about MS. As long as you are paying taxes on all your legitimate income, the fact that you bought a bunch of gc's or beans with cc is irrelevant to the IRS. I don't even print out statements. Just save the screenshots.

I'm not an IRS expert, but if someone who claims they make $40k/year on their tax forms, but somehow spends $100k/year on MS, the IRS might suspect there's a lot of unreported income that they don't know about.

^

If you gain a trip worth 5k then you need to report it as MS and pay taxes on it.

The man is watching you,

Bank are making SAR reports and the numbers are alarming.

I agree in theory, but as someone who uses personal cards for reimbursement travel expenses from my company, I can see CC spend exceeding income by a substantial amount..