No bonus miles for opening a CD. https://web.da-us.citibank.com/cgi-b..._Id=SvgCDs&M=S
I was respoding to thehawk75's post of: " I actually do wonder what fraud alerts will be set off when I try to run the $50K charge to fund the CD..."
I guess I should have used the quote function to be clear.
I do intend on opening the checking account and funding it with my AAdvantage card for even more miles.
No bonus miles for opening a CD. https://web.da-us.citibank.com/cgi-b..._Id=SvgCDs&M=S I was respoding to thehawk75's post of:
" I actually do wonder what fraud alerts will be set off when I try to run the $50K charge to fund the CD..."
I guess I should have used the quote function to be clear.
I do intend on opening the checking account and funding it with my AAdvantage card for even more miles.
Thanks for your response. I'm assuming you have the 80k to pay off the credit card before the CD matures.
Thanks for your response. I'm assuming you have the 80k to pay off the credit card before the CD matures.
I would make that assumption as well, rather silly exercise otherwise. :P
I'm going to open that 7 month CD, as it's pretty much a wash as far as APR goes with my Ultimate Saves Account. If I fund it the day after the statement closes, I should be able to get somewhere around 1.5 - 2 months use on that money before having to repay it out of the 'U-S' account.
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I've Only done this with Citi Credit Cards...
Quote:
Originally Posted by terockwo
Yes, this will be considered a purchase, & yes you will earn miles, & no there will not be any fees incurred. This is the best/easiest way to earn (AA) miles on all of FlyerTalk in my opinion, & it is highly under-rated, I cant believe there isn't more fuss about it, but that's fine, lets keep it on the down-low...
I just want to clarify my earlier post above. I only have experience doing the "initial funding" with a Citibank MasterCard or Visa (personal &/or Business). & that is what I meant for the above quote to refer to. I can't speak from experience regarding non-Citi cards successfully processing as a purchase, with no fees, etc. I'm by no means saying it cant be done, just saying that I personally only have experience with Citi AAdvantage Mastercard & Visa...
nightan
Quote:
any bank, any card. I used B of A for mine.
Wrong. You cannot use AMEX of any kind to do the initial funding, neither a Citi AMEX nor a "Co-Branded" (SPG, Delta, HHonors, etc) AMEX will be accepted by Citi to do the funding.
ChaseTheMiles
Quote:
I'm assuming you have the 80k to pay off the credit card before the CD matures.
I don't understand why anyone would want to do this with a CD? Where/why does a CD enter this discussion? Why not just fund an "Ultimate Money Account" for $80K or whatever amount possible for everyone? That way the money is completely liquid & you can do with it what you want, heck move it into an external account (Just as an example, I have a GMAC Online Savings Account that currently offers 3.25% interest... & I'm sure there's better out there).
But I don't understand what good locking you money into a CD does for you in this scenario...?
Terockwo,
You are 100% correct. I had no idea you could fund a savings account with a CC. I read about the CD deal on Fat Wallet and jumped on it. I'll try the savings route next month.
Long time reader of this forum, and finally needed to ask a question.
I opened a Citibank checking and savings acct a couple of years ago for the promotional mileage offer, since I had a citi AA credit card. Got the miles.
My question is:
1) If I closed these account (checking and savings), would I be able to re-open an account with this promotion to get the miles? I read that it may take a few years, so if this is the case, would it be a good idea to cancel the accounts now and wait for a future promo?
2) Not related to Q1, can I open an additional savings account and fund it using my citi AA card, just to get additional miles from my CC usage?
3) Can I add additional funds using a credit card? If so, theoretically can I add $5000 using a CC, obtain free miles, and then pay it off from my savings account? And then repeat process, within infinite float, racking up infinite miles?
Open the account with any Visa or Mastercard up to $100K
Today a Citi rep confirmed to me that you can do the initial funding of an account with any Visa card or Mastercard, up to $100,000, and that this payment would be charged as a purchase, not a cash advance. So you could do this with the miles earning Visa or Mastercard you have with the highest credit limit available to you, being sure you can come up with the money to pay this off when due. Seems to me this could via online bill pay from your Citibank checking account, funded from your Ultimate Savings Account, but I have not tried this.
From the Citibank website "fund your account" page:
1. Your credit card issuer may regard this transaction as a cash advance or a purchase and impose a fee. Check your cardholder agreement for details.
2. The charge to your credit or debit card won't occur until we receive the signed authorization form.
I have read Chase will regard as a cash advance. YMMV
