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Anyone used Rewards2Cash.com?

ppysr 68 May 22, 2012 at 06:56 PM
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Just got an AMEX card a few months ago, and now have 75K points with the sign up promo. I was thinking about getting some gift cards with the points and sell the gift cards, but heard some people mentioning Rewards2Cash.com.

I never heard of the website before and their payout rate for points seems to be really good, have anyone used them before?

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Joined Dec 2004
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#181
How do you transfer points to Bruce?
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#182
Quote from jakeb16 View Post :
If you redeem through the credit card site its simply a rebate or discount on existing purchases


When you sell something to a third party doesnt that now become ordinary income that you need to report? I think there is a limit you have to exceed but its just like if you sold something on ebay.
Technically, any time you get something that has value where you paid nothing or less than full value, that's taxable income. So yes, it's income that should be reported. However, there may be something else you're doing that would offset that income with a deduction. And what it comes down to is that the IRS doesn't question such low value stuff, unless you're selling thousands of dollars worth a year. Have you ever gone to a casino and seen slot machines advertised with a payout of $1499.99 or something similar? It's because that next cent means the casino is required to make a tax report before providing you the money. It's still the same to you, money you won at a casino. But there is an actual dollar value threshold that needs to be met before the IRS really looks into these things.
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#183
Quote from MadRhetoric View Post :
Technically, any time you get something that has value where you paid nothing or less than full value, that's taxable income. So yes, it's income that should be reported. However, there may be something else you're doing that would offset that income with a deduction. And what it comes down to is that the IRS doesn't question such low value stuff, unless you're selling thousands of dollars worth a year. Have you ever gone to a casino and seen slot machines advertised with a payout of $1499.99 or something similar? It's because that next cent means the casino is required to make a tax report before providing you the money. It's still the same to you, money you won at a casino. But there is an actual dollar value threshold that needs to be met before the IRS really looks into these things.

Good point. I guess it only really matters in a Audit Situation. I wonder how long before the government starts taxing these credit card deals and cash back (you know its coming)
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Joined Jul 2012
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#184
Used rewards2cash for my 100K Bonus Platinum Amex points and everything went smoothly Smilie Got the rates advertised on their website.

I got contacted by a representative. We had a chat on Skype and got the instructions to transfer the points. They transferred the money first by paypal (3%-ish transaction fee), and I transferred the points to their account. Easy as pie. Already got the money sent to my bank account.

Would definitely recommend
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Joined Aug 2011
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#185
I have over 100k UR points but I'm scared to "sell them" and have Chase close my accounts.

Have you guys not seen this? http://www.flyertalk.com/forum/cr...nts-4.html

Thoughts?
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#186
Never knew this type of service existed.

AWESOME!
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#187
Quote from caiyueyuan View Post :
I vote for R2C for it's straightforward and honest. Had Chase Ultimate Rewards from freedom to cash out and was informed the risk of card close. Decided to cancel the trade but will definitey use R2C for my AMEX rewards (just applid the 100k platinum card couple of days ago and hope to get the points soon).
If I transfer my Chase UR to my Chase Sapphire card and then sell them (to someone's miles account), which card is more likely to get closed? I would think the Sapphire?
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#188
Used Rewards2cash...got my check last might Whee
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#189
I have around 100K in AA miles, can I book tickets for my family of 4?
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#190
I just contacted Bruce about the 100k UR points I wanted to sell and the concern of getting my account closed by Chase. I showed him the FT link I posted above, and apparently he never knew about this issue. I was hoping he might have a different method of transfer but it's also Chase --> Chase which will cause a redflag.
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#191
No offense intended, but don't you people EVER travel? Or is there no place out there that you'd really like to vacation at?
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#192
Quote from Minty415 View Post :
I have over 100k UR points but I'm scared to "sell them" and have Chase close my accounts.

Have you guys not seen this? http://www.flyertalk.com/forum/credit-card-programs/1396906-chase-closed-my-sapphire-preferred-account-due-transfers-other-ur-accounts-4.html

Thoughts?

I was going to post this but you beat me to it. I stopped posting deals like this here, because I realized when it comes to miles talk, nothing beats FT.


And about your Chase transfer...maybe it'll slip by if it's a small amount. Maybe it'll slip by if it's a big amount too, but Chase WILL close your account. And then what?
You'll be blocked from one the best credit card providers.
And your credit report will carry that mark.


I'm not going to try and advise everyone here because each person is free to do what he or she wishes...but seeing that you (Minty415) know something about FT, and have read that thread, I'd advise you not to do it.
Save those points.
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#193
Quote from the.J129 View Post :
I was going to post this but you beat me to it. I stopped posting deals like this here, because I realized when it comes to miles talk, nothing beats FT.


And about your Chase transfer...maybe it'll slip by if it's a small amount. Maybe it'll slip by if it's a big amount too, but Chase WILL close your account. And then what?
You'll be blocked from one the best credit card providers.
And your credit report will carry that mark.


I'm not going to try and advise everyone here because each person is free to do what he or she wishes...but seeing that you (Minty415) know something about FT, and have read that thread, I'd advise you not to do it.
Save those points.
^
Exactly...it's not worth the risk. I told Bruce I'll pass on the Chase offer, but may sell my Amex and United points once I receive it since they're lower risk.
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#194
Between me and my wife we have 3 chase cards. We are closing the Sapphire account anyway.
I'm curious about what they might close with this scenario:

I transfer my Chase UR to my Wife's Chase UR and then to my Wife's Chase Sapphire card and then sell them (to someone's miles account), which card is more likely to get closed? I would think the Sapphire? Or would they close them all, or just my Wife's accounts? And could they close the Sapphire card before the points were moved to the buyers miles account?
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Joined Jul 2005
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#195
I know everyone is talking about selling points/miles, but does anyone know what is a good rate for buying miles? I am looking to buy United miles (guess have someone send miles via Chase UR).
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