Thank you. When you say "free money for opening a credit card account", you mean money that is literally just given for free for opening with no money spent? I heard that if you have to "spend money to earn money", then it's not taxable (similar to cashback rewards) but if it's given just for opening a bank or card (with NO money spent), then it's taxable.
Like some cards say if you spend $1200 in the first 6 months, they'll give you $200. I heard the $200 is not taxable because you have to spend $1200 in order to get a $200 rebate or cashback. Or Capital One says $500 in the first 90 days will get usually $200 or $100 back as a bonus.
Now, if the card says that you will get a $100 credit just for being approved with nothing spent, then it's taxable.
Let me know your thoughts. Thanks.
