Diary (Diaries are not moderated)

"Use American Express points to pay taxes"

By (about the author)     Permalink
Related Topic(s): ; ; ; ; ; ; ; , Add Tags
Add to My Group

View Ratings | Rate It

opednews.com

Verbatim from CNN "Use American Express points to pay taxes" By Julianne Pepitone, staff reporterJanuary 11, 2010: 5:44 PM ET Jane's observation - How nasty this is - remember when it was legally okay to use interest paid on credit cards in IRS returns?

::::::::

click here

Use American Express points to pay taxes
By Julianne Pepitone, staff reporterJanuary 11, 2010: 5:44 PM ET


NEW YORK (CNNMoney.com) -- American Express cardmembers can now use rewards points to pay their taxes, the credit card giant said Monday.

AmEx (AXP, Fortune 500) cardholders can use the points toward federal, state and local income tax payments when they use one of two Web sites to file their taxes: Pay1040.com and OfficialPayments.com.

But to pay off $5,000 in taxes a cardmember would have to charge $1 million.

That's because it takes a whopping 200 points to pay off just $1 in taxes. And, according to an AmEx spokeswoman, cardmembers typically earn about one point for every dollar charged to their credit card.


"In light of the economy, we wanted to give cardmembers a practical use for their rewards points," said spokeswoman Mona Hamouly.

But given the points-to-tax ratio, it's not clear just how helpful this program will be to consumers.

Generally, rewards points are cashed in for airline miles, dining cards or items in a shopping catalog. For instance, according to the company's rewards Web site, an Apple (AAPL, Fortune 500) iPod mini goes for for 33,500 points, while a $100 Bloomingdale's gift card costs 18,000 points.

A company statement claims this is the first points-for-taxes program of its kind. The Internal Revenue Service did not return a request for comment.

AmEx says it chose to work with the Web sites Pay1040.com and OfficialPayments.com because those two merchants were already in their program -- cardmembers can use their points toward the sites' transaction processing fee, Hamouly said.

After registering for an account on one of the tax payment sites, AmEx customers can select the rewards points option from a menu of payment options.

 

www.ohioelectionjustice.blogspot.com

I have various subject interests including exploring the reality of regaining all of our Constitutional Rights pre G.W. Bush, Jr.'s Presidency, Interfaith Activites for Judaism, Islam, Hinduism, Christianity and all world religions inclusive. My (more...)
 
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Comments

The time limit for entering new comments on this diary has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments