Update: Offer expired
Here is a quick breakdown on how you can earn approximately 10% back on your tax bill when using the card_name to pay tax.
Get unlimited 3% cashback
The card_name is currently offering unlimited 3% cashback for all purchases within the first year. This offer is ending soon so act fast!
Get 0% APR for 15 months - earn interest on your tax money!
The card_name also offers 0% APR for the first 15 months. So not only are you earning 3% cashback on the swipe but you also get to carry the balance for 15 months, interest-free!
So why pay the card right away? Carry it for 15 months while the funds (you would have used to pay the card) sit in a high yield savings account and earn over 5% interest!
Here are a few great options:
You can also check out Raisin for a lot of great options. Raisin is a partner with many great banks and you can move your money around easily from one savings account to another when the interest rate goes up. You do not need to physically open a new bank account, you can just move the money with a few clicks to any bank within the Raisin network. Raisin makes it super easy to always have your money in the highest earning savings account or CD.
Small fee to pay tax with credit card
What you need to deduct from this calculation is the fee you will pay to use a credit card to pay tax.
The fee is as low as 1.82%. It eats only a bit of the 10% earnings but you still come out way ahead!
Be careful with high utilization
Do not max out the card_name as it’s a personal card and will affect your credit score (only during the time that you carry the balance. Once the balance is paid your score will go back up).
You can pay your tax with the card_name and carry it on 0% APR for 12 months, plus earn unlimited 1.5% cashback and a bonus 90k points! The card_name is a business card therefore it will not affect your personal credit even if you carry a high balance. So for some people the card_name is technically a better option.
How to pay tax with a credit card?
You can read this detailed post we recently did on how to pay tax with a credit card.
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