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Hello 🐟🎏
When will be the retention bonus will be paid if a candidate joined TCS in the middle of the financial year. I.e September'22... Will that be paid on next year's September'23 Month only after completing an year in TCS?
And will the Retention bonus will also be considered as taxable income of the the current year taxes(2022-23)?
Looking for valuable suggestions!!!
Tata Consultancy
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General recommendation for everyone, don't open accounts if you don't have a plan (and a backup plan) to hit MSR.
Some of the top things folks do to meet MSR:
Prepay bills
Pay estimated taxes
Plastiq
Pay rent (using PayPal Key)
Buy giftcards at grocery stores, office supply stores, etc. (you can keep an eye out for chains that have $0 fees on Visa / MasterCard giftcards, use the Chase Pay Yourself Back feature on these purchases, and then use the prepaid giftcards for everyday spend)
Buy and resell limited edition coins from the Mint
Send money to a close friend or family member via Venmo (generally don't recommend this one as it has the largest fee %)
Conversation Starter
Yes and yes.
Load up your Amazon account with credits.
We buy all our household stuff on subscribe and save. I have a 5% cash back intro offer card through a credit union, so I put ~2K on my Amazon account to pay for those items for the next three years. Cc offer plus Amazon discount is like 20% off that stuff.
Prepay utilities and other recurrent essentials
Plastiq
A1, Plastiq comes with a 2.85% fee. If you don't have any other options, it's a viable route but isn't the gold standard / go to.
Buy a fully refundable business class flight for a year from now. Cancel in a couple months to get the cash back.
Chase historically hasn't clawed back bonuses for doing this but Amex has. Just keep in mind that you're playing with fire if you do this
In the past I’ve loaded my Uber account with >$1K and Starbucks App with >$1K. Both of which I’d get reimbursed as I incur the spend on work trips
Venmo yourself or a close friend. 3% fee so $60
If you’re incurring fees or spending what you wouldn’t otherwise spend to meet a spending requirement, you are doing it wrong
Ok fair enough - I’m not playing in these volumes so there’s a cap to my initial statement
I always prepay taxes on credit card or pay insurance
Is there a fee though to pay using credit card?
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You can buy store gift cards at places you shop frequently.
I checked out plastiq and it says 2.85% fee - what am I missing?
You don't use it for every day spend, you use it for hitting minimum spend on a card.
Bonuses can be 15% return so if you pay a 3% fee, you still end up on top.