Americans are credit-card-maxing tax season with sign-up bonuses while half the country relies on their refund to catch up on bills

Some credit cards this year have high sign-up bonuses (SUBs), with some offering never-before-seen six-figure points for reaching the minimum spend.

So as tax day nears, some Americans are credit-card-maxing this tax year by opening a fresh credit card to pay their tax bill, pocketing the sign-up bonus, and cashing in points for a free flight.

The IRS allows credit card payments for a fee. On, say, a $5,000 tax bill, that 1.75% fee comes out to $87.50. By opening a credit card with an SUB of 100,000 points for $5,000 in spending, you essentially earned the points for less than $100 extra in fees.

The strategy is gaining traction on social media, but financial experts say it works only for a specific type of taxpayer—and for a growing number of Americans, the timing couldn’t be more fraught.

A new survey from coupon site CouponFollow of 1,000 Americans paints a stark picture of just how much financial pressure households are under heading into this tax season. More than half (52%) of Americans say they rely on their tax refund to catch up on bills, with 15% doing so on a regular basis. Meanwhile, 27% say they couldn’t afford to pay their taxes at all if they owed money this year, and only 12% say a refund has ever been a true financial turning point in their lives.

Against that backdrop, the credit card points strategy is equal parts clever and cautionary.

“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,” Clay Cary, senior trends analyst at CouponFollow, told Fortune.

“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. That’ll give you a free flight or hotel stay, which could be helpful as transportation costs rise.”

He cautioned that the math holds up only under specific conditions. Tax payments typically carry a credit card processing fee of 1.8% to 2%, meaning the value of the bonus needs to outweigh those upfront costs. More critically, carrying a balance, even briefly, can wipe out any rewards earned.

“For people who are relatively financially stable and can pay off their taxes immediately, it’s a calculated move,” Cary said. “For anyone without a clear payoff plan, it’s less of a travel hack and more of a mistake waiting to happen.”

The CouponFollow data suggests the broader population may be in no position to take that gamble. Only 33% of respondents plan to put their refund into savings, while 18% will use it to pay off existing credit card debt. That means many Americans are already carrying balances they’re trying to dig out from, not add to.

Still, Cary sees a silver lining in how people are approaching their money this year. “Overall, our data shows that less and less, tax refunds aren’t being treated like ‘fun money’ right now. They’re more of a financial reset,” he said.

“When over half of Americans say they’re using their refunds to catch up on bills, debt, and everyday essentials, that tells us that households are under a lot of financial pressure. At the same time, we’re seeing a shift toward more strategic behavior, similar to the credit card strategies being used to pay off taxes. Nearly half of Americans are stacking their refunds with coupons, rewards, and cash back to stretch their spending further. So while people aren’t necessarily getting ahead, they are becoming more intentional with how they use their refund money.”

For the financially disciplined, tax season may now double as a travel rewards opportunity. For everyone else, the smartest move might still be the boring one: Use the refund to get even, not get ahead.

This story was originally featured on Fortune.com