ShadowRegent wrote: ↑Thu Nov 28, 2024 10:05 am
I have the Capital One Venture X card (originally picked up for the sign up bonus), but am strongly considering keeping it and using it for the cell phone insurance, lounge access, and as my "no foreign transaction fee" card since my Premium Rewards card is mostly useless now as well. The $395 annual fee is fully offset by $300 in travel credit and $100 worth of points each year, though I'm not the biggest fan of their travel portal.
I was keeping the Chase Sapphire Reserve for similar reasons, but will cancel next year.
Now have two extra Bank of America CCR I can set to travel and restaurants at 5.25% each for up to $2.5K per quarter, and got a Fidelity 2% cash back as my zero FTF card. Will be very tough to break even on the CSR annual fee even after the $300 travel credit. Lounge access with Priority Pass has deteriorated a lot to be worth paying anything.
Hell the Fidelity card even gives a Global Entry fee credit every 4 years, which is incredible for a no annual fee card.
Robinhood declines all kinds of stuff. I'm not aware of big banks like US Bank or any of the ones larger than them doing this.
Robinhood declides tax payments.
I believe Alliant CU might be one that no longer grants cash back on tax payments.
Not saying that WILL happen with US Bank, but it is not impossible either. Hence I was looking for some data points from people who successfully were able to get the full 4% cash back on different types of tax payments (IRS, state, property tax, etc.). This would be a large use case for me, as I often have 5 figure total tax payments annually.
For those of us that are still waiting for the $450 bonus to be posted for opening the Smartly Checking account and do not show a bonus tracker for the bonus; This bonus had ended earlier (September 26) but was actually extended to 12/30/24. However, there was a period in October when the extension was not properly programmed into the US Bank system so our Bonus Promo Code was rejected and there was no notification even though the application contained the bonus coding. The code that was put into the application page by the system was 2024Jul and was later rejected for accounts opened in October.
You need to call US Bank customer service and have them file an issue ticket so that you can get the $450 bonus back.
The current bonus code is 2024nov but it will not work retroactively but does work if you open a new Smartly Checking account now.
whodidntante wrote: ↑Wed Nov 27, 2024 10:10 pm
One rule of finding a unicorn is you don't tell anyone about it.
Kinda weird given this public forum context and that we are all sharing here? I share these things with everyone and anyone, I don't care if it goes away. IMO knowledge should be free.
You misunderstood what I said. You have to read the whole post, not one line of it.
bagholder1 wrote: ↑Thu Nov 28, 2024 10:04 am
Kinda weird given this public forum context and that we are all sharing here? I share these things with everyone and anyone, I don't care if it goes away. IMO knowledge should be free.
You misunderstood what I said. You have to read the whole post, not one line of it.
I had read the whole thing and just did again, I agree that I must misunderstand the meaning.
bagholder1 wrote: ↑Thu Nov 28, 2024 3:07 pm
I had read the whole thing and just did again, I agree that I must misunderstand the meaning.
I don't know if this was what the OP meant, but I took it as a plea for using the card in moderation so it doesn't get ruined for everyone because a few went overboard in trying to game the system.
I'm thinking of transferring >100k in securities from Merrill Edge to US Bank to take advantage of the 4% Smartly card. Can anyone who has recently performed an ACATS transfer confirm whether the cost basis of their securities was accurately transferred? In cases when multiple tax lots for the same security were present, did it allow you to specify specific tax lots? Or were they transferred in some other logical manner (i.e. FIFO)?
engraved4607 wrote: ↑Fri Nov 29, 2024 2:57 am
I'm thinking of transferring >100k in securities from Merrill Edge to US Bank to take advantage of the 4% Smartly card. Can anyone who has recently performed an ACATS transfer confirm whether the cost basis of their securities was accurately transferred? In cases when multiple tax lots for the same security were present, did it allow you to specify specific tax lots? Or were they transferred in some other logical manner (i.e. FIFO)?
Thanks!
I’ve never seen an ACATS that allows specific lots. If I wanted to do this, I’d do an internal transfer to a new account that has the lots I want and then do the transfer via that account.
engraved4607 wrote: ↑Fri Nov 29, 2024 2:57 am
I'm thinking of transferring >100k in securities from Merrill Edge to US Bank to take advantage of the 4% Smartly card. Can anyone who has recently performed an ACATS transfer confirm whether the cost basis of their securities was accurately transferred? In cases when multiple tax lots for the same security were present, did it allow you to specify specific tax lots? Or were they transferred in some other logical manner (i.e. FIFO)?
Thanks!
Tax lots and cost basis will follow, usually within a week or so. It took a few days for my Fidelity to US Bank transfer. Generally, they'll default to FIFO to determine which lots get sent. I'm not positive, but I believe I've read that it's possible for the requesting broker to request specific lots, but I've never seen that option when initiating a transfer. If it's important to you, I'd call to discuss with the receiving broker to see if it's possible.
5150 wrote: ↑Thu Nov 28, 2024 12:08 pmThe code that was put into the application page by the system was 2024Jul and was later rejected for accounts opened in October.
You need to call US Bank customer service and have them file an issue ticket so that you can get the $450 bonus back.
Thanks for this information.
We opened the checking account in person and that code was used in Oct. I think I'll wait until my legitimate $8K+ in direct deposits are completed in early January before following up with the banker (I switched my pension payments to the new account). Some ACH transfers have coded as "income" and with those we're already over $8K, but not sure that they will count if they look too closely.
engraved4607 wrote: ↑Fri Nov 29, 2024 2:57 am
I'm thinking of transferring >100k in securities from Merrill Edge to US Bank to take advantage of the 4% Smartly card. Can anyone who has recently performed an ACATS transfer confirm whether the cost basis of their securities was accurately transferred? In cases when multiple tax lots for the same security were present, did it allow you to specify specific tax lots? Or were they transferred in some other logical manner (i.e. FIFO)?
Thanks!
I transferred assets from Charles Schwab. I do not believe I was provided with an option to select which lots. They ended up utilizing FIFO and the cost basis has come over to US Bank accurately for all lots (probably 20+ lots).
How long did it take for the 4% to appear in your online account?
Around 3-4 days after the transfer in settled.
Dumb question, but does it mean 4% would apply on purchases only after it shows up in the account? 100k is the in account for a couple of days but wondering if I should hold off on purchases until the Rewards page shows 4%. thanks.
Dumb question, but does it mean 4% would apply on purchases only after it shows up in the account? 100k is the in account for a couple of days but wondering if I should hold off on purchases until the Rewards page shows 4%. thanks.
It would be logical if the 4% isn't in effect until the account reflects it.
Dumb question, but does it mean 4% would apply on purchases only after it shows up in the account? 100k is the in account for a couple of days but wondering if I should hold off on purchases until the Rewards page shows 4%. thanks.
It would be logical if the 4% isn't in effect until the account reflects it.
I wouldn't even try if you don't see this:
Mine took a couple days, I had an empty brokerage account for a couple weeks so I was worried I'd have to wait to bring the average up, but it updated today showing this so I assume I'm good now.
What happens when your investment is valued over $100K at the end of Friday. You use this card on the weekend. And market has a big drop on Monday and your investment is valued below $100K? I would assume you will not get the 4%?
I finally received my card today after a long wait -- applied 11/12.
frugalor wrote: ↑Fri Nov 29, 2024 6:55 pm
What happens when your investment is valued over $100K at the end of Friday. You use this card on the weekend. And market has a big drop on Monday and your investment is valued below $100K? I would assume you will not get the 4%?
I finally received my card today after a long wait -- applied 11/12.
The terms seem to suggest that they check your balance daily for "upgrades" to a higher rewards tier, monthly for "downgrades" to a lower tier.
I transferred $125K to protect against fluctuations, chose a 60/40 stock/bond split to move over, and will monitor periodically if I need to top it up even further.
CaesarPlanter wrote: ↑Fri Nov 29, 2024 7:48 pm
The terms seem to suggest that they check your balance daily for "upgrades" to a higher rewards tier, monthly for "downgrades" to a lower tier.
Leesbro63 wrote: ↑Sat Nov 30, 2024 10:56 am
Still waiting for someone to report on paying Federal income tax with the 4% card (or not).
Why don't you try it and let everyone know?
Because I don't want to jump through the hoops to get the card unless and until it’s confirmed they one can charge Federal income tax and get the 4% U.S. Bank rebate.
Last edited by Leesbro63 on Sat Nov 30, 2024 12:53 pm, edited 1 time in total.
Because I don't want to jump through the hoops to get the card unless I can charge Federal income tax and get the 4% U.S. Bank rebate.
It worked to hit SUBs on the Altitude Connect and the Altitude Reserve, there's no reason to think they would carve out exceptions for the Smartly. As far as I know, there are no reports of them carving out any exceptions.
I can't believe it makes sense to get this card solely for the purpose of paying estimated taxes.
tj wrote: ↑Sat Nov 30, 2024 11:17 am
I can't believe it makes sense to get this card solely for the purpose of paying estimated taxes.
It definitely could, especially for someone with high income not subject to withholding. If your other option was a 2% card and you owed $50k, this is an additional tax-free $1k/yr.
tj wrote: ↑Sat Nov 30, 2024 11:17 am
I can't believe it makes sense to get this card solely for the purpose of paying estimated taxes.
It definitely could, especially for someone with high income not subject to withholding. If your other option was a 2% card and you owed $50k, this is an additional tax-free $1k/yr.
If you're spending that much on taxes, you are probably spending even more on other stuff and the cash back worth a lot more.
There may not be reports from people paying income taxes until closer to Jan. 15 , but I have seen nothing that would seem to exclude taxes in the terms/conditions/disclosures/card member agreement. There's nothing other than the same exclusions that are in the disclosure footnotes on the card page:
Net Purchases are Purchases minus credits and returns. Not all transactions are considered to be Purchases and eligible to earn rewards, such as transactions posting as Convenience Checks; Balance Transfers; Advances (including ATM withdrawals, wire transfers, traveler's checks, money orders, foreign cash transactions, betting transactions, and lottery tickets); interest charges and fees; credit insurance premiums; and transactions to (i) fund certain prepaid card products, (ii) buy currency from the U.S. Mint, or (iii) buy cash convertible items. Upon approval, see your Cardmember Agreement for details.
...U.S. Bank will credit your U.S. Bank Smartly™ Visa Signature® Card with 2 Points for every $1 in eligible Net Purchases. You may earn additional Points for a Smartly Earning Bonus if you... https://www.usbank.com/credit-cards/ban ... -card.html
It definitely could, especially for someone with high income not subject to withholding. If your other option was a 2% card and you owed $50k, this is an additional tax-free $1k/yr.
If you're spending that much on taxes, you are probably spending even more on other stuff and the cash back worth a lot more.
I could definitely be wrong as I'm new to this, but couldn't Roth conversions (i.e. IRA, 401k, 403k, 457b) run your tax into five figures without any of this being traditional spend?
engraved4607 wrote: ↑Sat Nov 30, 2024 12:31 pm
I could definitely be wrong as I'm new to this, but couldn't Roth conversions (i.e. IRA, 401k, 403k, 457b) run your tax into five figures without any of this being traditional spend?
Exactly my situation for 3 years of Roth conversions. Now, going forward, my taxes are barely a rounding error in the annual budget. --vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
tj wrote: ↑Sat Nov 30, 2024 11:33 am
If you're spending that much on taxes, you are probably spending even more on other stuff and the cash back worth a lot more.
I save a large part of my net income, so Federal and state estimated and return payments are my largest expense. I’d expect it to be more than 50% of my credit card spending soon.
The vast majority of my other spending is already earning more than 4% cash back or equivalent, so having a higher percentage general cash back card seems useful.
I assume there’s a non insignificant number of people here in similar situations, where the main draw of the card is the potentially higher cashback on tax payments.
Tax payments would be the main draw for me with this card. I'm waiting for the dust to settle before considering it further. I already have a US Bank checking account and credit card which could be converted to Smartly, then add a savings account and IRA. The amount of IRA funding is important, re: $100k vs $250k. $250k might be a deal killer since I can make significantly more each year with an annual brokerage transfer bonus. Likewise for annual tax payments that amount to low 5 figures. One or two cc bonuses per year make better use of that spending. The lack of a welcome bonus for either the Smartly card or brokerage account is another deterrent. Will be following this thread for folk's experiences and ideas.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
It definitely could, especially for someone with high income not subject to withholding. If your other option was a 2% card and you owed $50k, this is an additional tax-free $1k/yr.
If you're spending that much on taxes, you are probably spending even more on other stuff and the cash back worth a lot more.
Probably depends on ones CC setup, some folks may already be getting close to 4% across all catagories (e.g. some 5.25% making up for 2.625% catagories, etc.).
If you're spending that much on taxes, you are probably spending even more on other stuff and the cash back worth a lot more.
Probably depends on ones CC setup, some folks may already be getting close to 4% across all catagories (e.g. some 5.25% making up for 2.625% catagories, etc.).
I'm pretty sure I get close to 4% myself, if not more, but the thought of consolidating down to 1 card at 4% seems appealing and "good enough".
engraved4607 wrote: ↑Sat Nov 30, 2024 12:31 pm
I could definitely be wrong as I'm new to this, but couldn't Roth conversions (i.e. IRA, 401k, 403k, 457b) run your tax into five figures without any of this being traditional spend?
Exactly my situation for 3 years of Roth conversions. Now, going forward, my taxes are barely a rounding error in the annual budget. --vtMaps
Don't forget you can always intentionally overpay your q4 estimated in the next year and then get it right back when you file too.... If you're making more than the fee may be worth it to just overpay by 25k or so for the extra $500 in cashback.
Smartly Card was expected 11/18 but it came like the 20th or 21.
I opened a brokerage around the 20th and waited a few days to make sure online transfer option was available.
Initiated a transfer from Vanguard on 11/25 and assets showed up in US bank on 11/29. Roughly two days later, I see the 4% status for the Visa card.
One more transfer to checking and that should complete the requirements for the $450 bonus.
Going forward, I will just maintain two BOA CCR card(online) and this Smartly card. I may do random cards if good SUB appear. My BOA Premium rewards will be cancelled at next renewal.
j9j wrote: ↑Sun Dec 01, 2024 1:12 pm
My BOA Premium rewards will be cancelled at next renewal.
Assuming you’re going to keep enough at BoA to maintain Plat Honors status, if you convert this to an Unlimited Cash Rewards card you would have a free 2.625% card with no FTF and no cash out minimum. The no-FTF benefit of the Premium Rewards card transfers to the new card on a product change.
j9j wrote: ↑Sun Dec 01, 2024 1:12 pm
My BOA Premium rewards will be cancelled at next renewal.
Assuming you’re going to keep enough at BoA to maintain Plat Honors status, if you convert this to an Unlimited Cash Rewards card you would have a free 2.625% card with no FTF and no cash out minimum. The no-FTF benefit of the Premium Rewards card transfers to the new card on a product change.
SpaethCo wrote: ↑Sun Dec 01, 2024 1:32 pm
Assuming you’re going to keep enough at BoA to maintain Plat Honors status, if you convert this to an Unlimited Cash Rewards card you would have a free 2.625% card with no FTF and no cash out minimum. The no-FTF benefit of the Premium Rewards card transfers to the new card on a product change.
You're very obviously missing that Downgraded No-FTF cards maintain their No FTF status.
If getting 2.65% vs. a net of 1% for smartly is worth the bother for you, there's also the B of A travel rewards card. That has no FTF without relying on any sort of downgrade magic. It's a somewhat more annoying redemption process, unless that's changed since I had that card maybe a decade ago.
For now we'll use a Fidelity card for any foreign transactions, but once there's $25 to redeem, we'll probably just take the 1% for our few foreign transactions subsequently. With that plan perhaps to be reconsidered, should we actually do any international travel.
You're very obviously missing that Downgraded No-FTF cards maintain their No FTF status.
If getting 2.65% vs. a net of 1% for smartly is worth the bother for you, there's also the B of A travel rewards card. That has no FTF without relying on any sort of downgrade magic. It's a somewhat more annoying redemption process, unless that's changed since I had that card maybe a decade ago.
For now we'll use a Fidelity card for any foreign transactions, but once there's $25 to redeem, we'll probably just take the 1% for our few foreign transactions subsequently. With that plan perhaps to be reconsidered, should we actually do any international travel.
You're right that 4% vs 3% FTF is probably "good enough".
I don't intend to keep $100k at both Merrill and US Bank if US Bank ever lets me convert my card to the Smartly.
5150 wrote: ↑Thu Nov 28, 2024 12:08 pm
For those of us that are still waiting for the $450 bonus to be posted for opening the Smartly Checking account and do not show a bonus tracker for the bonus; This bonus had ended earlier (September 26) but was actually extended to 12/30/24. However, there was a period in October when the extension was not properly programmed into the US Bank system so our Bonus Promo Code was rejected and there was no notification even though the application contained the bonus coding. The code that was put into the application page by the system was 2024Jul and was later rejected for accounts opened in October.
You need to call US Bank customer service and have them file an issue ticket so that you can get the $450 bonus back.
The current bonus code is 2024nov but it will not work retroactively but does work if you open a new Smartly Checking account now.
Thanks for posting this. I called them because I suspect I have this issue- I do not see a bonus tracker on my account. The agent was fairly unhelpful and said everything was fine and I just needed to wait the 60 days for the bonus to post.
black_knight_32 wrote: ↑Tue Nov 26, 2024 11:28 am
Finally received my card today.
Applied on the 18th and received today (26th).
Received debit card for smartly savings account same day.
My data point was apply on November 13th, received on today (Dec 2nd). My Aliexpress purchases show up faster than this card did, but at least it's here now.
Is it possible to do all of this (opening an account, applying for credit card, etc.) by walking into a bank branch?
It's been a long time since I opened an account at a brick and mortar bank (2003 was the last time), but every time including that time (5 times total) it was done by just walking into the bank.
With a high rate savings account and high cash back card, I can see these guys pulling business from other brick and mortar banks, both small and large. Their offer is better than even the credit unions around here and way, way better than any of the banks.
5150 wrote: ↑Thu Nov 28, 2024 12:08 pm
For those of us that are still waiting for the $450 bonus to be posted for opening the Smartly Checking account and do not show a bonus tracker for the bonus; This bonus had ended earlier (September 26) but was actually extended to 12/30/24. However, there was a period in October when the extension was not properly programmed into the US Bank system so our Bonus Promo Code was rejected and there was no notification even though the application contained the bonus coding. The code that was put into the application page by the system was 2024Jul and was later rejected for accounts opened in October.
You need to call US Bank customer service and have them file an issue ticket so that you can get the $450 bonus back.
The current bonus code is 2024nov but it will not work retroactively but does work if you open a new Smartly Checking account now.
Thanks for posting this. I called them because I suspect I have this issue- I do not see a bonus tracker on my account. The agent was fairly unhelpful and said everything was fine and I just needed to wait the 60 days for the bonus to post.
I share these things with everyone and anyone, I don't care if it goes away. IMO knowledge should be free.
, but I have seen nothing that would seem to exclude taxes in the terms/conditions/disclosures/card member agreement. There's nothing other than the same exclusions that are in the disclosure footnotes on the card page: