The best cards to pay off your taxes with

Friday, April 20th, 2012

It is that time of the year again where people have to pay off their taxes due to the government. There are undoubtedly many options available to accomplish this task. However, using the credit cards for this purpose simplifies the entire process significantly.

In the past as well, many consumers used their credit cards to make their tax payments. However, instead of standing to gain, they ended up having to repay that money with interest. The good news is that there are certain credit card lenders who are offering credit cards exclusively to pay off taxes. Using these cards will save you a certain amount of money since the issuers offset certain charges in order to encourage customers to use them to pay their taxes.

One of the best credit cards for paying off your taxes is the Chase Sapphire Preferred and Sapphire cards. Both these credit cards offer a large sign up bonuses to customers who sign up for them. Card holders with this credit card in their wallet stand to gain since they can earn up to 50,000 bonus reward points if they spend $3000 within the first three months of getting their card. These bonus reward points translate into a big number of flying miles which will save you a good amount during your travel. Considering these points are worth a lot, it is worth paying a small charge towards availing it.

The Chase Freedom and Citi Dividend cards offered by JP Morgan Chase and CitiGroup Inc respectively are two other credit cards that can be used for paying taxes. Both these cards offer cash back of up to $100. If the card holder spends $500 within the first 90 days of getting the card they also stand to win the $200 sign up bonus. In addition to this, card holders can also enjoy 1 percent cash back whenever they use the card, including paying taxes.  In case the customer uses this card to make a tax payment of $500, they will have to pay back at most $11.75 or 2.35 percent of it. However, they also stand to gain a cash back of $5 in addition to the $200 sign up bonus which translates into a lot of money.

There are other cards that offer zero percent interest rates to customers who use them to pay off their tax dues. The credit cards that fall under this category are Chase Slate Card, Discover More card and Citi Diamond Card.


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