Ah, that's why I order dollar coins from the US Mint with my rewards credit card. I get rewards for small items that I pay for in cash
many stores, especially non-chains, seem to have minimum purchase amounts.
I feel like a jackass pulling out a credit card to pay for a $2 cup of coffee or a $1.50 slice of pizza.
That is incorrect, if run as a credit transaction (that is, NOT using the PIN) it has the same protections that a visa credit card has. The only difference is potentially the time until funds are replaced, that varies by the issuing bank (my credit union says within 24 hours). And the process of getting money back is essentially the same.
EDIT: From Visa website: "Visas cardholder protection policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within 5 business days of notification of the loss."
I still don't understand why so many people think debit cards have so much less security. Its been at least a decade or two since VISA has given debit cards the some protections are credit cards.
Using a debit card with a PIN is equivalent to using a check, so there the fraud protection of running it as a credit does not happen then. However you are still never liable for when someone steals money from your bank account, its just more of a hassle to get that figured out. So the solution to that is don't let anyone know your PIN.
I do however look down on people that use checks for payment (unless of course the amount is really high, like >$2000, in which case lots of cards have transaction limits that wouldn't allow that). Because a debit card works just the same as a check, every bank will give them to you free (or if they don't its a crummy bank), and its so much faster and easier. Nothing like waiting in line behind a person who's taking forever to write out a check for $14.23
interesting question, i looked it up. it's a tenuous position that hasnt been directly clarified by the IRS. some CC (penfed gas card) uses the term rebate in the terms and conditions. and the wording of others say cash back, implying rebate as well. rebates from what i've read are considered price reductions and not subject to taxation. the irs had made a ruling that frequent flier miles were not taxable when redeemed and also posted a letter response to the donation of card rewards
http://www.irs.gov/pub/irs-wd/0228001.pdf
seems to say that you get the benefit of both worlds. choose to donate to charity and you may get to deduct the amount. the generation of reward is also not considered for gross income.
all and all, it's not totally clear but i'd say you have a significant chance of defending oneself if asked by the irs whether your card reward is considered income. i'd be more worried about the claiming of sales tax for out of state internet purchases being levied, though they'll probably just make the companies charge tax to make things easier than forcing the tax filers to provide proof.
My babysitter doesnt take anything but checks. Sorry you feel so superior compared to me.
Cashier at Costco this weekend was leery about taking my check since it was from out of state, she had to ask her manager first (I've been using them at that Costco without problems for the last year).
I can see why they were leery since the checks are about 4years old (and show their age) and have coffee stains. Also I've moved twice since the address on the checks, the phone number is out of date as well and the state they're from is 2000miles away. On top of that, they're from my WaMu (now converted to Chase) checking account. Plus the check numbers are still below 100. I only write about 2 checks per month (rent and Costco), at the rate I'm going I'm going to be using these check until 2017 (still have over 150 more blank ones).
Of course they don't like taking those. You're taking a bunch of shit and giving them a piece of paper that says "don't worry, brah. I totally have the cash, brah."Cashier at Costco this weekend was leery about taking my check since it was from out of state, she had to ask her manager first (I've been using them at that Costco without problems for the last year).
Out of curiosity, why not use a debit card attached to your checking account? Costco and Sams Club will take any debit card
Of course they don't like taking those. You're taking a bunch of shit and giving them a piece of paper that says "don't worry, brah. I totally have the cash, brah."
When you use a credit card, it's processed or declined immediately. When you use a bank card, it's processed or declined immediately. When you give them a check, they have no way of knowing if you're fucking them.
Though I will say that you'd have to be pretty stupid to bounce checks at a place like Costco that requires a membership, they have a copy of my DL on file.