I love credit cards so much! v2.0 (see first page for add'l details)

[Calfan]

Like others, I've got a Chase 1099 in my mail according to Informed Delivery. Can't wait to see what amount it is for. Not!

And I just SM'd chase to cancel my Marriott Biz. I noticed the AF hit my account sometime since Friday when I last checked my Chase account. Then I checked my Bonvoy (such a bad name!) account and see a new annual night cert in there. I'm not interested in retaining the card for a $90 credit that will likely be taxed, especially since my free night has posted. But I do think I'll have a use for this one cert if I can find a hotel I can use it at in Memphis. We'll be traveling to Ole Miss to see Cal play there in Sept. We've got two nights booked in Oxford around the actual game, but SW doesn't fly out of Memphis on Sundays, so I'm thinking we'll spend Sun. night in Memphis and fly out Monday morning. SW definitely has the best routes in terms of connections and elapsed time. It's also cheaper, plus we'll have DH's CP.

 

[Lain]

So is everybody here just calling this "Other Income" and not self employment income? I feel pretty strongly that this is not SE income but I keep pausing on this question.

@Andysol asked a CPA in his office when the Amex 1099s first came out, and the CPA touched on this subject: https://www.reddit.com/r/churning/comments/alrn12/amex_1099_reporting_thread/efgkeoj

"He also said to be sure to not claim you're 'in the business of getting referrals', as that would subject you to self-employment taxes and to keep it as 'ordinary and necessary'.

I don't want to take the word of someone else's CPA that I found on the internet as gospel, but I would tend to agree that no one here is "in the business of getting referrals."

 

[pillow]

I had to look at my online Chase account to reconcile the SW retention offers.....you can look up your closed accounts to see exactly which account the $450 is from

Where do you find closed accounts on the Chase site?

 

[wanderlust7]

So for a variety of reasons (Chase 5/24, AMEX bonus denial issues, etc.) I am looking at a Cap One card for the first time. What are some opinions on the Cap 1 Venture Rewards card? Currently 50,000 point bonus after 3K spend with a Travel Eraser feature. Also how widely accepted is Cap1? As widely accepted as Visa/MC, or more limited like AMEX? I have honestly just never paid attention. Thanks in advance for all opinions! Enjoy reading all of your posts. Great group of folks!

BTW, if all you NFL fans ever attended an SEC football home game you would never watch the the pros again. College football in the South is truly one of the greatest spectacles on Earth!

The Capital One Venture is a Visa. Cap One is just the issuer, like Chase.

Be aware that they pull all 3 credit reports and approval can be unpredictable. They seem to value high utilization and not necessarily a high credit score. Having another Cap One card and/or bank account helps.

 

[mmmears]

To me it's no different than interest on my checking/savings account just on a different 1099. It's also too complicated for it to suddenly be self employment for people that don't actually have a side gig of any sort. And like you said there's no work involved. Stop over thinking it!

Totally agree. Both DH and I have worked either full time or part time doing consulting work (different fields) and at that point it's doing work, getting paid, and having to pay the extra payroll taxes and such, while being able to expense the costs of travel, laptops, etc. You weren't hired to do this "work" (ie get someone to use your link), you're not able to deduct your expenses for any of this, so they shouldn't be taxing it like it's a business.

 

[afan]

Thanks - this is what I needed to hear!

So weird, I'm on my phone and hit like for this post and it took me to another dis page and asked if I really wanted to like the post and had a like button to hit which I did. Then it took me bacl to the thread. Next I liked @Lain s and it worked like normal. So has the dis figured out the whole benevolent dictator thing and is making sure we really want to like @SouthFayetteFan posts or just some new weird thing I've never seen or heard about.

On my phone because dude's in my lap watching his tv ie the road outside. It's one of his fav things to do and he's enjoying the fence being down. New one should go up next week hopefully. Guessing we'll need to wait for the snow to melt and it to be above freezing again.

 

[Haley R]

The Capital One Venture is a Visa. Cap One is just the issuer, like Chase.

Be aware that they pull all 3 credit reports and approval can be unpredictable. They seem to value high utilization and not necessarily a high credit score. Having another Cap One card and/or bank account helps.

I was just gonna say that it’s a visa. I was instantly approved and we don’t have a bank account or another card with them so I’m not sure how they decide.

 

[SouthFayetteFan]

So weird, I'm on my phone and hit like for this post and it took me to another dis page and asked if I really wanted to like the post and had a like button to hit which I did. Then it took me bacl to the thread. Next I liked @Lain s and it worked like normal. So has the dis figured out the whole benevolent dictator thing and is making sure we really want to like @SouthFayetteFan posts or just some new weird thing I've never seen or heard about.

On my phone because dude's in my lap watching his tv ie the road outside. It's one of his fav things to do and he's enjoying the fence being down. New one should go up next week hopefully. Guessing we'll need to wait for the snow to melt and it to be above freezing again.

Earlier the DIS was doing weird things to me when I tried to quote a post. Maybe it's having a bad day, lol!

 

[palhockeymomof2]

Where do you find closed accounts on the Chase site?

I clicked on ...things you can do ...then scrolled down to....update settings and preferences....then hit hide accounts and you should be able to see all active and closed accounts....this is signed in on my iPad not the app

 

[happ]

It should give you the full account number for each card. What programs are each of the 3 cards showing > $500? Can you go back through 2018 statements to see your clicks on those cards as well as any other random earnings?

It's showing $600 for my csp (I only had 1 referral), $510 for my freedom (no referrals), $550 for disney (referrals, not sure how it went over $500), and $5 for amazon. I'll try to research more where it's coming from. It's definitely not all referrals.

 

[smallsy]

You do not need to have your business all figured out to apply for a business card. You apply under your SSN (rather than an EIN) and use your name as the name of your business. That will get less scrutiny from Chase. You can put your income as what you expect to make.

The Chase Ink Preferred would be an excellent card for you to begin with. The 80k bonus is worth $800 cash back which would help cover your special event tickets and/or meals/merch.

Awesome thanks! But will it hurt my approval if I put a really low income like 2K?

In your case then, cashback towards your trip might be your best bet! Based on how the "rules" of the game are setup, you'll want to start with Chase cards most likely.

I'd look at the Chase Ink Preferred CIP (biz card) and either the Chase Sapphire Preferred CSP or Chase Sapphire Reserve CSR card as a great place to start. (There is a way to get both the CSP and CSR as an advanced strategy - you'd want to consult our DISchurners thread on that though to see if it's right for you, it does involve needing to spend $8,000 within 115 days to achieve it so that can be troublesome to some folks).

DO you have a spouse or other "player 2" candidate for the game? That can help you earn quicker!

Sound like CIP is the way to go. We shouldn’t have trouble charging that much in 3-4 months. I can add DH as an AU if that’s what you mean, assuming that’s ok on a biz account.

Hey there! I’m a dietitian too!
Welcome to the thread! Everyone here is super friendly and helpful.
For the business, you can call that a “start up” with estimated revenue. You can apply for biz cards as a sole proprietor and use your name as the business name. Even if you have a legit registered business name, it’s usually easier to just use your name. People here with legit businesses are often given a harder time with approvals for biz cards than those who don’t.
Most people start with Chase cards because they are pretty lucrative and have some of the highest bonuses. Chase has a number of cards that earn URs (Ultimate Rewards) which can be used to transfer to some airlines or hotels, book thru the Chase travel portal, or use as a statement credit for cash.

Oh yay another RD, hi! Ok, so sounds like I can just apply now and figure the details out later which is great.

 

[wanderlust7]

I was just gonna say that it’s a visa. I was instantly approved and we don’t have a bank account or another card with them so I’m not sure how they decide.

My guess just from reading data points is that for low utilization/high credit score, they'll use too many new accounts or inquiries to deny. But if high utilization and (or?) not such a high score, they'll just approve because they want people who carry a balance. DH and I are in the first group. He was auto-denied for recent inquiries. I think I was approved (not auto) because I had another Cap One card and a savings account.

I think you took a break from getting new cards before getting the Venture? That's my guess why you were instantly approved. All conjecture though, lol!

 

[SouthFayetteFan]

Awesome thanks! But will it hurt my approval if I put a really low income like 2K?


Sound like CIP is the way to go. We shouldn’t have trouble charging that much in 3-4 months. I can add DH as an AU if that’s what you mean, assuming that’s ok on a biz account.

Oh yay another RD, hi! Ok, so sounds like I can just apply now and figure the details out later which is great.

CIP seems to always be a top recommendation around here! You CAN add an AU on that card because it's a biz account (you're correct ) If you apply please consider joining DISchurners and supporting a fellow DISer with your click

 

[SouthFayetteFan]

It's showing $600 for my csp (I only had 1 referral), $510 for my freedom (no referrals), $550 for disney (referrals, not sure how it went over $500), and $5 for amazon. I'll try to research more where it's coming from. It's definitely not all referrals.

Wow - yeah, that is a strange situation...I have no good explanation for that!

 

[Haley R]

My guess just from reading data points is that for low utilization/high credit score, they'll use too many new accounts or inquiries to deny. But if high utilization and (or?) not such a high score, they'll just approve because they want people who carry a balance. DH and I are in the first group. He was auto-denied for recent inquiries. I think I was approved (not auto) because I had another Cap One card and a savings account.

I think you took a break from getting new cards before getting the Venture? That's my guess why you were instantly approved. All conjecture though, lol!

I wouldn’t say my credit score is low, but the last card I had was in October I think. It was my Hilton biz card.

 

[kmc8826]

DH got his CIP 2 years ago April 5. He also has the CIU and CIC.

I have a CIP which will be a year old in April. I haven't been using it at all.

Would this work?

I move all spending from his CIP to mine. Then I close his out this month. Then when it is the 24 months of him receiving the bonus I get him one.

OR I just apply for a EIN and get him a second CIP?

The end plan is to get another CIP bonus between the two of us, but I do not want to keep my CIP open...I would like to get the CIC or CIU.

ETA: Dis is totally being weird it posted this before I even finished my thoughts. So apology if I am being unclear.

 

[palhockeymomof2]

It's showing $600 for my csp (I only had 1 referral), $510 for my freedom (no referrals), $550 for disney (referrals, not sure how it went over $500), and $5 for amazon. I'll try to research more where it's coming from. It's definitely not all referrals.

If you called and were given a retention offer to keep the card thoses are included on the 1099...but that wouldn’t account for all of that

 

[palhockeymomof2]

DH got his CIP 2 years ago April 5. He also has the CIU and CIC.

I have a CIP which will be a year old in April. I haven't been using it at all.

Would this work?

I move all spending from his CIP to mine. Then I close his out this month. Then when it is the 24 months of him receiving the bonus I get him one.

OR I just apply for a EIN and get him a second CIP?

ETA: Dis is totally being weird it posted this before I even finished my thoughts. So apology if I am being unclear.

You could definitely do that

 

[Psychodisney]

Residence Inn is fabulous. We did a 2 bedroom there before our cruise.

We did do. Nice property!

 

[wanderlust7]

I wouldn’t say my credit score is low, but the last card I had was in October I think. It was my Hilton biz card.

Did AmEx do a hard pull for the Hilton biz? They often don't if you already have another AmEx card. If they didn't, there would be no inquiry or new card (since it's a biz card) that Cap One could see on your credit reports.