tekgems on January 31st, 2012

There seems to be a lot of misunderstanding about CitiBank’s issuance of 1099-MISC. Many are confusing rebates with income. Many banks are offering sign-up bonuses for opening an account. CitiBank ran different promotions where they would give you 25,000 to 30,000 miles (AAMiles) or Points (CitiBank ThankYou program). Income Vs Rebate If you signed up […]

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tekgems on January 27th, 2012

  Quicken 2012 Release 5¬†addresses some bugs that were prevalent in the first release. Primarily, One Step Update was causing forced quits which could lead to corrupt data. I use Quicken 2012 not because it is well written software by any means. It just happens to be one of the few available in the market. […]

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Some posters on FlyerTalk and LA Times have said they are receiving 1099 (Misc Income) statements from CitiBank for receiving 25,000 ThankYou points as $625 income. This means that with each bonus they pay out, CitiBank gets to write it off at a $625 business expense. Why is CitiBank able to do this when I […]

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If Paypal decides that the FROM will permanently be service@paypal.com, then they could add an additional mail header called Reply-To: and put the buyer’s email in there. While whether a Reply-To is recognized depends on the web mail client, desktop e-mail client, or smartphone e-mail client used… most modern e-mail clients will know how to […]

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The Los Angeles Times wrote an article yesterday about CitiBank issuing 1099s to customers that parked their money in their checking or savings products. If you receive a bonus by parking your money in a checking or savings account, I think it is perfectly reasonable to issue a 1099. You did not have to spend […]

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tekgems on January 24th, 2012

I think PayPal has most potential to eat the bank’s lunch. Their in-store POS means a buyer can pay via PayPal balance. They just need to offer a 2% discount on purchases and you will see adoption rates increase exponentially. Banks have not done enough to innovate and I think it is too late. PayPal […]

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  The Dodd-Frank w/ Durbin Amendment did exactly what it was supposed to do. Big banks acted irresponsibly prior to the 2008 financial crisis. Power and money needed to be redirected away from the big banks. You saw that small banks and credit unions converted ex-big bank customers to their banks. Shift of power. As […]

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tekgems on January 20th, 2012

Amazon is offering a premium service at a reasonable price. We are members of Amazon Prime for several years now. It is not only free shipping, but guaranteed two business day shipping. You may get super saver free shipping on orders $25 or more, but you will have to wait 1-2 weeks to receive your […]

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tekgems on January 19th, 2012

You will encounter many credit cards that offer 0% APR on balance transfers. You will not, however; run across many credit cards that offer both Fee Free Balance Transfer and a 0% APR. Many credit cards will charge you anywhere from 3% to 5% transfer a balance. That means to transfer $3,000 you will pay […]

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tekgems on January 18th, 2012

  https://www.salliemae.com/landing/signaturecreditcard/default.aspx?SRC_CODE=3IM2O8&TAC_CODE=KWC8FMKQ&PIT_CODE=209877702 Remember, unlike most credit cards, the 0% APR for the first 12 months is only on Balance Transfers. If you make purchases with the card, there is interest on purchases. Sallie Mae. Bottom line, you need $12,500 of spend to get 25,000 points which will convert to $250 dollar in the form of […]

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