Hilton adds more SLH properties, Waldorf Astoria NYC reopening and what happens to points after a shutdown? (Saturday Selection)

Hilton is adding more SLH properties, reservations open next week for newly-renovated Waldorf Astoria NYC and what happens to your credit card points if you’re shutdown? All that and more in this week’s Saturday Selection, our weekly round-up of interesting tidbits from around the interwebs (links to the original articles are embedded in the titles).

What happens to credit card points when you’re shutdown?

When a credit card issuer decides that they don’t like you, either because your activity looks like a money-laundering arms dealer or because you figured out a unique chink in a bank’s anti-fun armor, they can decide to “shut you down.” This usually involves closing one or all of your accounts and then leaving you to spend some time to think about what you’ve done. But that begs a question: what do they do with all of your points?  It depends on the issuer. Most swipe them from you on the same business day that you’re shutdown, but Chase actually gives you a couple of months to use your Ultimate Rewards before they zero you out, bless their hearts. Capital One strikes a balance between the two, forcibly cashing out all of your points at 0.5 cents each and then writing you a check (which Greg the Frequent Miler found out the hard way). Last week, Miles Earn and Burn published a post that summarizes each major bank’s policies and provides some helpful tips and phone numbers. Hopefully, not many people reading this will have to use them, but it’s a post worth bookmarking so you can break the glass in case of emergency.

Waldorf Astoria NYC will start taking reservations next week

One of the grand dame’s of New York City hotels is back. The Waldorf Astoria first opened in 1931 and immediately set a new US standard for luxury, later serving as the backdrop for US presidents’ birthdays, engagement parties for royalty and numerous Hollywood movies. After almost 100 years in business, the Waldorf was starting to show its age and it closed in 2017 for a top-to-bottom renovation. After almost eight years and $1 billion spent, the facelift is done and Hilton has announced that the hotel will reopen in Spring 2025, complete with 375 rooms, a 30,000 square-foot spa and a two-story restaurant. Hilton will begin taking reservations on Tuesday, 12/10 and rates are reputed to begin at ~$1,500…or a small mountain of Hilton points. Forbes has a preview of what to expect.

Hilton adds 11 new Small Luxury Hotels properties

There were quite a few tears shed around FM HQ last year when we learned about the passing of the Small Luxury Hotels (SLH)/Hyatt relationship, which had given Hyatt loyalists access to excellent international properties where Hyatt’s footprint was limited, often at very good pricing. We were then somewhat surprised when Hilton swept in to take Hyatt’s place soon after, but were hesitant to celebrate until we learned more about what availability and pricing would look like. However, once we heard more details we got excited. Very excited. Almost all SLH hotels that have joined the Hilton program offer standard free night awards that can be booked with points or free night certificates, often at values that outstrip redemptions at Hilton’s own properties. It’s not hyperbole to say that SLH may now be the most appealing points redemptions that Hilton Honors offers. Last week, Hilton added 11 more SLH properties and there are now over 400 SLH locations around the world that can be booked with points. The full list can be found here, but Luxury Travel Advisor provides a nice summary of this new crop of luscious lodging.

IRS delays new $600 reporting requirement for payment services…again

Many points and miles people have a special affinity for keeping the sordid details of their odd transactions out of their financial reporting. That’s partially because some activities can look similar to the shenanigans of more unseemly characters and also because there’s a fine, squishy line between “rebates” (that aren’t taxable), and income (that is). So, folks got nervous in 2021, when new reporting requirements on third party payment processors were enacted into law. Instead of having to report payments  to the IRS for goods and services (via a 1099-K) that totaled $20,000 AND 200 transactions annually, the new limit would be $600, regardless of the total amount of transactions. This could affect everyone from massive processors like PayPal to small shopping portals like TopCashBack or Swagbucks, provided you received more than $600 from them in a calendar year. It seemed unlikely that all of these small and large companies would be able to accurately distinguish between “rebates” and “goods and services” and likely that there would be a some additional reporting headaches (or worse) with all of these new, small 1099-Ks. You sold your old phone on eBay for $625? Now you have a new item to add into your tax reporting at the end of the year. This new threshold was supposed to take effect for the 2022 tax year, but the IRS announced a last minute stay of execution that delayed implementation until this year. Now, in what might be an annual holiday tradition, the IRS has once again delayed applying the new $600 limit, instead moving further into a series of “transitional years” with a $2,500 threshold next year, then moving to $600 in 2026. Doctor of Credit has the details.

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