I got the Chase Ink Bold card, met the spending requirement, and yesterday I received my 55,000 points worth $550 in tax free cash!! The points hit my account before my bill came due. So, I chose to convert all those points to cash to pay down my bill in the form of a statement credit of $550.32.
This money is tax free. If I had earned it at work and paid 25% state and federal income tax, I would have had to make $733.76 to end up with $533.32.
It worked out GREAT for me – as it would for you! I suggest you do it only if you will use the card to pay for things you were already going to buy anyway with cash. Then use that cash to pay off the card. See my video about how to do it.
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