Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

Is it smart or stupid to let my mom use my credit card?

I am a college student who commutes to my university so I still live at home and Ive been letting her use the card for grocery shopping. She then gives me the cash so I can then deposit it into my checking account to later pay the credit card balance. I was doing this to get cash back since any extra cash is needed as a college student. Im wondering if this would back fire on me when I have to do my taxes. Would they beging to wonder where I got all that money from?

Update:

Edit: she gives me the cash as soon as she comes back from the store. 

Update 2:

update: my mom has her own card she's just helping me out with the cash back 

18 Answers

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  • No,, it is you froud and responsibilit,,,  

  • Judy
    Lv 7
    1 month ago

    no, it's ok....................

  • 1 month ago

    Why would your tax return have anything to do with this?  You DO know, however, that cash back is considered income--you WILL have to report it on your return. But the IRS doesn't care WHO used the card to get it. They can't even find that information out.  

  • 1 month ago

    No not smart to let anyone that is not you use.

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  • 1 month ago

    This is stupid, but not because of taxes.  The problem is that she can use the card as much as she wants, for anything she wants, and you have to pay the credit card company even if she doesn't give you the money.

  • John
    Lv 7
    1 month ago

    Only you know how honest your mom is.

  • 1 month ago

    You are ok; and in fact, carrying a higher balance and paying off the balance on time will improve your credit rating.  Don't worry about the taxes: neither you nor she is violating any law.  Just be certain that she ALWAYS reimburses you promptly.

  • fcas80
    Lv 7
    1 month ago

    If there is no issue in her repaying you, this is fine.  If for some reason she does not repay you, you are responsible for paying the credit card bill.

    If you are building up a positive credit history by paying your credit card bills in full and on time, that is a good thing.  And if the credit card company gives you cash back on purchases, that is good too.

    I do wonder why your mother doesn't have her own credit card.

  • A
    Lv 7
    1 month ago

    You said you were doing this to get ash back, if you are taking some cash to spend and not paying off the card you are paying interest, that is not a smart thing to do

  • 1 month ago

    If the card is in your name you get the credit points for paying it off on time.   But if she fails to give you cash what happens?   It will be your credit history that takes the hit if you miss a payment.   She should get her own credit card and use it.   The little bit of cash back you get is not worth it. 

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