MilesBuzz! - BankOne: Tons of credit card deposits

If you open an account at Bank One (www.bankone.com), can use a credit card for the opening deposit, up to $5000. You can do this for a checking AND a savings account. It looks like both accounts can be opened at the same time, but I waited until the first was set up before opening the second. They warn you that your bank may consider the transaction as a cash advance, but my ClickCiti card posted as a purchase ($5000 = 10000 miles). With other cards, your (ahem) mileage may vary.

Citi f/i gives up to $10k per card, up to four cards.

USERMARC; THANKS way to go.I'm sure gonna miss the 2x on Click, the 2 for 1 ends 5/31,so this comes just in time and cant do Paypal for another month.

User just got back from the site didnt see a mention that $5000 was the limit, also they charge $4 a month for the checking and $3 for the checks.The savings was anything but with a 1.49%, however it pays to open it up as a savings then once its all ok i'll call/write and ask them to close it up with the miles in the AA bank. Is there a limit to how many deposits one can make at the $5000 limit?(besides what ones credit limit on the Click is?) im thinking of prepaying the Click so that I can do another $5000 b4 the 31st,I do hope that the welcome pkg comes in enough time to allow this to happen if not 10,000 miles is nothing to sneeze at.
The prob is im overseas till the end of the month and calling BO would be too costly since 800's arent free from over here so any imfo you know would be much appreciated.THANKS again and also that the Click went thru as a purchase and not cash advance.

Hey, craz, how do you do the PayPal thing? Are you actually spending $5,000 on something or doing something else?

No! http://www.flyertalk.com/forum/smile.gif

Give/transfer alreeady spent money! http://www.flyertalk.com/forum/wink.gif
http://www.flyertalk.com/forum/Forum101/HTML/000561.html

motnot, its not paypal although there was a mention of being to e-mail $$$ didnt get a chance to get the particulars yet on that. Go to the URL that Usermark gave and look for new accts. I spoke w/Click and indeed it was a Purchase.The prob is it pays only 1.49% so that S--ks!! but at 2x on the miles and it pays 1/2% more than my reg checking I'll open the acct which I did and see how much I can keep putting in via my Click and then close it out once Ive maxed out the miles i can earn.Its as if you went to your neighbor bank and opened an acct,thats all to it.

I have e-mailed clarifying their fees. Are there any accounts without any fees that you know of. It looked liked there was a fee for the savings account. Not at all clear. (I would imagine you don't have to order checks)

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DtG

dg, didnt see any note that there was any fees for the savings acct,I'll go back and recheck although its too late since i did the 5G already but b4 i prepay Click and do another 5 i want 2b sure.truth is if one opens a checking acct for 1 month it'll cost only $7 for 10,000 miles NOT BAD at all,thats if one can charge $5000 to his click card,and assuming that kit can get to you and the signature cards back to them in enough time b4 the 2nd months fees($4) are charged still at $11 not bad but why pay anything if I dont have to. Seems alot better than the TC's. Please bear in mind I was NOT the person with the orginal post -that was USERMARK!! please if you do go ahead with this thank him! any imfo I can provide is only due to the fact that he was kind emough to have posted his orginal post in the first place. I still dont know if $5000 is the limit or if there is any?,or if its like PP where its % every 6 months when I know I'll let you know.Meanwhile i must wait till Mon or Tues to prepay.I spoke to Click and they dont allow prepaying until it offically shows up as a charge and no longer is an authorization. I put a ton of airline tkts on to the card so Im left with only a few $$$ for charging.

You can see a description of the various accounts at http://www.bankone.com/personal/products/accounts/checksav/

I signed up as a California resident, so I don't know if other states get different options. I got the BankOne Net Checking and the BankOne Regular Savings. These have a $500 and $250 minimum to avoid service charges, which shouldn't be too hard considering you're charging the deposits anyway. I know the Checking has some sort of a fee like $6 if you close it within 6 months, but I don't know if the savings does too. I actually didn't even notice the $3 check printing fee until it showed up on the account, but if you don't want any checks I imagine you can tell them as soon as you open the account. They do have free bill payment (yes, as in to your ClickCiti card) with the checking account. Too bad the checking account has no interest.

BTW, this is only good on opening deposits, not subsequent deposits. $5000 is the limit. If you try to put in more, you'll get a JavaScript error.

I wonder if they'll have a clue about the sudden increase in "business". http://www.flyertalk.com/forum/smile.gif

UM, thanks for the imfo, I quess the fees will vary state to state. As for the $5000 max I quess I'll just open a few accts(if need be making them joint-acct that should get around the limit,unless they allow only each SS# to be used once but I doubt that,Is $5000 the max per deposit?

UM, you stated that you opened 2 different accts,were you able to dep $5000 into each for a total of $10,000.Seems rechecking the site I was wrong as long as one deposits a min amount they wavier the service fees,so I guess all it'll cost is $3 for the checks then close the acct(the most they can do is charge the $5 fee). DG, no where did I see anything about a min amount of time the acct must remain open to avoid penalties(at least for NY people)

Yup, $10k total.

I have prepaid my click card before charges come in up to my credit limit. One time a $25 charge didn't go through and I was told that was the reason (???) Since then I was paying as soon as a balance appeared - easy since I bank at citibank and can transfer funds by computer. In anticipation of this I did prepay to have my total available credit available. Also, if you have another citibank credit card you can transfer some of the credit line over to the click card. My click card originally had only $3000 and I transferred $5000 from other cards to bring it up to $8000. They say they won't "transfer it back." but if you have more than you need on your other card it may be something you want to do.

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DtG

dg, I also moved credit lines around so that I can abuse(use) the click to its fullest.However since I dont fly AA I have no elite card so the max for me on the Click is 60,000 miles. The problem is I was also told they wont switch the limit back, I hope by telling them switch it or close them they will do something other than close it.If they do close the click then I could always go ahead and request them to up my limit on the reg card since the Click will be closed my outstanding limit will have dropped to the reg cards amount. This cant take place for a couple of months till I finish paying off the charges on Click which Ill charge in the next 2 weeks so its July at the earliest that I'll have this prob to contend with.

doc, I'm afraid I don't get your comment about already spent money on PayPal, even after reading that thread. ???

I notice it says you can use AmEx for deposit also. Just thought I would mention it in case someone wants more flexibilty on the miles (i.e. using Starpoints AmEx as opposed to AA Citibank).

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Remember you have 60,000 on each card and although you won't want to charge on the click card if you reach your max, it still may be worth keeping in case they have other promotions (I'm hoping). Also my guess I will be able to "raise" the credit limit on the cards I've had for a longer time, if I REALLY needed it. Seems kind of silly that they tell you that they won't transfer it back. What would it matter?
Anyway, by prepaying my click card so that I had my full credit limit available, I opened a savings account for $5000 and it went through (deducted from my available credit) I'll wait a couple of days to the checking. I'm leaving the country next Saturday, so I only have 1 more week to get those double miles!!!

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DtG

[This message has been edited by dgordon (edited 05-21-2000).]

Dg, if it'll help you you can pay any Citi cards on the phone -they'll take the $$ from the checking acct you give them,they'll need the check# for the check that you'll void(as if you sent it in)along with the all the #'s on the bottom of the check.Then via the internet open another acct (joint) and get another 10,000 miles. I believe it takes 2 business days to show up as payment made, yes less time than mailing the check but if its miles we want then we have to accept 1.49% or nothing if its a checking.

dgordon, I think that Citibank will transfer the credit limit "back" if you get the right person. Don't have time to search right now, but we had a thread about this before, and I think that the deal is you need to get a supervisor, and perhaps particular ones, to move the credit limits around. They are not as easy about it as, for example, First USA which will, IME, let you play with your limits and move them around from card to card as much as you want. On the other hand, they're much better about this than AMEX is. I don't know if there's any minimum number they will not go below, but I certainly intend to take almost all the credit off the Click card now that I have my 60K for the year. I do think it's a good idea to keep a little in case of promos, but doubt they will remove the 60K cap for non AA elites.

I can pay my click card with my citigold program (not on the internet), so it is easy to pre-pay my click card. I don't really worry - I still have about $8000 credit line on each of my 3 other citibank cards which I never reach, and can just pay with more than one card, so I probably will just leave things "as is." It just would have been "more convenient" to have had a higher limit on the click card during this promotion - not so much waiting for a charge to clear, pre-paying and sometimes ending up with a "credit" in the account. So be it, no big deal really. It all goes through anyway. It's the last week for me as I leave Sat for Mexico.

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DtG

And...to make sure a charge does not go through as a cash advance - you can reduce your cash advance to 0. It would be rejected if it were put through as a cash advance. I learned this from a purchase that was rejected because it was going through as a cash advance, but the charge was higher than my $500 limit on the click card. Now it is reduced to zero.

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DtG

dg, concerning cash advances- if I would go ahead and try to open an acct for lets say $7500 my cash line is $4000 would the whole thing be rejected or will they allow the $4000 limit and reject the other $3500? I know that they will generally allow a purchase to go thru even its above ones limit(usually up to 10% over) but boy will they hit you with fees etc. never happened to me but I once discussed it with my VISA people. only since I have never ever taken a cash adv I don't know how it'll be treated I'd like the imfo especially now that I'm playing with all these new accts good chance what was a PURCHASE yesterday could become a CASH-ADV tommorrow.

craz- first of all you want to tell your credit card that you don't want ANY of your available credit to be allowed for cash advances - reduce it to 0. If you credit line is $4000, even if you add $7500 to your account, the whole thing could get rejected. They will only do up to $4000. If you have another card at the same bank (click card and another citibank card) you can call them to transfer your available credit from one card to the other - reducing one, and raising the other. If you don't have another card, and this is your limit, you can prepay making sure it shows more than your available $4000 and "purchase" for $4000. Then of course you can do the same again, - prepay and bring it up to $4000 again.

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DtG

Excuse the ignorance on this one, but what is are the mechanics with the charges used for opening deposits? What is the advantage? Is it to the card you have that you charge to, or something else? What cards will this benefit you for? I currently only have Citibank AAdvantage card and they treat everything as cash advances which earn no miles. So, where do you get the miles from?

dg,
sorry maybe I wasnt clear enough,as for credit limits both my click & reg CitiAA are in the 5 figures so no prob with that. I was only afraid that if one of these banks should end up being a cash adv and not go thru as a purchase then I wouldnt want the trans to go thru!it wouldnt be worth it.
I was afraid that if I opened a new acct for lets say $5000 and if my CASH limit is $4000 that the trans would still take place but at $4000 with the bank where Im opening the acct opening the acct @$4000 instead of $5000. I have never used a single$ from any of my cash-adv ever in over 30 yrs of having credit cards.Im willing to lend the $$$ at the rate they charge but not be the one taking the $$.

Spartacus,each card is different.Basically when one charges(opens a new acct)$$ to his card it goes as a purchase you get the miles(a ton @ that)and if you time it properly you can use the $$ you charged to pay back the bank whose CC you used.
Till now if you had a CITI card you were able to get a CLICK-CITI for free its just for the internet since theres no magnetic strip on the back but it be used all over the place(maybe somebody can get you to the post where it was discussed I dont how) At the same time Click till 5/31 gave you 2 miles for every $ charged.So open an acct @Bankone @$5000 you get 10,000 miles. The prob is sometimes your CC might post it as a cash-adv so then its not worth it in my mind but still need to do the math cause sometimes it might be. Theres threads about PAYPAL,X.COM,BANKONE,CITI/FI and probably others where you can get the imfo in order to do these things.

Ive been had.Got the first 5000 posted today went back once I was sure it was considered a purchase and now they want 128 bit-encyption.Thats the prob being overseas its illegal to export it out of the US so although the down-loading is free it can't be done in my case.Guess I'll have to phone a really good friend to help me on this one,heck still 20,000 miles to claim Don't know about a Camel,but Id sure walk a mile for a mile(s).

craz: U.S. crypto regulations (http://www.bxa.doc.gov/encryption/) changed earlier this year. The short version: 128-bit encryption can be exported except to Cuba, Iran, Iraq, Libya, North Korea, Sudan or Syria; and parts of Afganistan and Serbia.


If you are using Microsoft Internet Explorer on Windows or UNIX, you can download a High Encryption Pack (http://www.microsoft.com/windows/ie/download/128bit/license.htm). Internet Explorer 5 for Macintosh (http://www.microsoft.com/mac/download/) only comes in a 128-bit version now. http://www.flyertalk.com/forum/biggrin.gif
If you have an "export" version of Netscape Navigator/Communicator prior to 4.73, you can use Fortify (http://www.fortify.net/) to upgrade it to 128-bit. (You really should upgrade to 4.73, though...)


I'm not aware of any other SSL-capable browsers that don't support strong crypto "out of the box."

craz - my point was - if you don't want to take a chance that something will go through as a cash advance, you can call the credit card company and have them reduce your cash advance limit to 0. It does not affect your credit line AT ALL, as the cash advance limit is part of your overall limit. For example, if you have a $10,000 available credit limit, it can read $4000 can be used for cash advances. If you never use the cash advance capabity (I don't) than making it go to 0 protects you against the mistake you are talking about. The transaction simply will not go through.

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DtG

dg, OK I got it now THANKS, the intl operator is gonna hate me, its time to make a bunch of collect calls to get this done.

In any case, it went through as a purchase on the click card. I tried calling to tell them I don't want the checks, but was put on hold so long I gave up. Anyone successful with this?

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DtG

I called them after I noticed the $3 fee, which I really didn't know about. They credited it back and sent the checks anyway.

Aren't we going to need the checks to get our money out to pay our credit card bill? Or am I missing something (would not be the first time) http://www.flyertalk.com/forum/smile.gif


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I for one am moving $$$ arond and figured all I need to do is contact them and close the acct out and they'll send the $$.As for the payment one can always use a CC that doesn't charge for transferring balances and by the time that comes due the check should have arrived, but even w/o that I figured out that my cash flow will have no probs handling it.

I called to cancel the check order letting them know that I don't plan to write checks but use my ATM card to withdraw. I will deposit cash into my citibank account. The two branches are near each other. Some of what you need to do depends on whether you have money sitting in savings anyway and can payoff the credit card without it actually being the same money. I figure it doesn't really matter which account has my savings - citibank or bank one. I'm assuming that I will be able to take out the max from each account at the ATM.

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DtG

Tried to open a 2nd acct the other day this time a joint savings and it hasnt gone thru,nor has it shown up as an authorization.Has anyone been successful in opening up more than one acct?

I have 2, my father has 2, and I just opened a joint one with him today. Their site had been experiencing problems opening an account with a credit card for the last few days, but they fixed it today.

Was still having trouble getting the application page to come up, so I tried a suggestion from a friend 'I went in and removed the cookies after each time I applied and IT WORKED.Quess the other way they were able to see I already had an acct- so to be sure I just called Click and sure enough there are 2 authorizations for the correct amounts. Too bad I cant get any more maxed out the miles w/Click. Now once everything is paid off I'll use the reg AA Citi till that gets maxed I believe its only 30,000 miles will call when statesside on 6/4. UM once again THANK YOU VERY MUCH for your orginal post!!!!!!!!!!!!!!!!!!!

[This message has been edited by craz (edited 05-30-2000).]

WARNING!! If you opened a checking account make sure that you do not ask for checks to be sent to you. They charge $1.50 per month. As mentioned above, I told them I didn't want any checks. When I took out some money from the ATM, I saw that it was $1.50 short. I called and was told that it was to physically get your cancelled checks back. I told her that I didn't order checks and wouldn't be using any checks.She credited backt he $1.50 and noted my account. So...pay attention.

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DtG

Craz - What steps do you use to go in and remove your cookies so that you can have more than 1 acct?

UserMark Biggggggg Thanks http://www.flyertalk.com/forum/smile.gif

How long until the welcoming letter comes?? Does anyone know??

I don't have a "click" card but was able to use my MBNA miles card and it came through as a purchase. I opened another one for my husband also today (another NBNA card). $10,000 points!!! Not double, but I'll take it. When I figure out what exactly I'm doing (pay off and move some money around on the cards) I hope to open the checking on the two savings accounts for another $10,000.

I filled out the on-line form about a month ago (at least a week before the end of the citiclick double mileage promotion) and nothing has gone through. Too bad, as that would have been another quick 10,000 miles ...

Called Bank1 on Sun 7/2 to close out the 3 accts. The checks came in today and best yet they were considered tellers checks so it was as if I deposited cash! better still I have to first pay off the Click-card by next tues. So thats 30,000 miles,$22 in interest,and I will use the checks sent to me to pay off the bill so no outlay on my part.
the only better deal is CITI-FI since they pay 5.85% not 1.49% as Bank1 does,and they send you checks with the money-mkt acct so you need not wait for the checks to come in after closing the acct.

My fee list says that they charge $20 if you close the account within 6 months? Did you have to pay this?

USER,
got the 4 checks yesterday with the % earned thru 6/30 NO $20 or any amount taken off.All the accts were SAVINGS only.Keep in mind that closing an acct before the end of a month you'll lose any % earned for that month.So do as I did called on 7/2 to close it all-told them I thought it paid 6.49% and not 1.49%.
Will reopen new ones when I run out on CITI/FI they allow $10,000 limit easier than Bank1s 5,000 and pay 5.85% in the IMMA(money mkt)

You shouldn't be losing any interest on a bank account!!! The interest accrues and they should send it to you when the account is closed. If you close an account in the middle of a month and they don't post interest until the end of the month, tell them you expect a check for the accrued interest. Some banks/brokerages handle this manually and will include the accrued interest in your check. Others will send another check at the end of the month once the accrued interest posts. Its your money, you earned it, and you should receive it!

Mileking,
you're RIGHT and WRONG.Many banks etc tell you in the small print you'll lose the INTEREST no different than closing a CD b4 its due date. Bank1 told me interest is posted monthly and any acct closed b4 that forfits the %.I didnt bother reading all the junk(booklets) they sent but I'm sure its in there at least for the type of acct I opened.

I considering opening an account with either CitiFi or Bank One today and funding it either with my Sheraton Optima account or my Citibank card. I know that many of you Fters have done this. Has it always be charged as a charge or has anyone been charged as a cash advance. The friendly folks at AMEX yesterday asured me it would be considered a cash advance :-( I'd appreciate hearing good/bad experiences.

I think bank1 now has a $500 limit for credit cards to fund the account. Thi is what their site said when I went there via Gomez and signedup for an account 10 days ago.

This might be worth bringing to the top. Check out if this still can be done. Haven't checked it lately.

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DtG