"This tax season, we are seeing more people treating their tax payments like a strategic spending opportunity, which is smart in theory but can be risky in practice."
"In the right situation, though, it can actually work in your favor. If you already have the funds to pay off the new credit card balance immediately, using the sign-up bonus can be a smart way to earn points and miles quickly."
Many credit cards are offering significant sign-up bonuses this year, prompting some Americans to open new cards to pay their tax bills. The IRS allows credit card payments for a fee, making it possible to earn substantial points for a relatively low cost. However, a survey reveals that many Americans are under financial pressure, with a significant portion relying on tax refunds to manage bills. While the strategy can be beneficial for some, it is risky and only advisable for those who can pay off their balances immediately.
Read at Fortune
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