Here's the text of an online chat I had today with Citi regarding these promos:
CITI.: Welcome to Citibank Chat. How may I assist you?
ME: I got 2 offers in the mail (codes CG1X and CE3M) to open a new Citibank account. What is the difference between the 2 promotions? Minimum balance, fees, etc?
CITI.: Both of these promotions are identical in terms. They have separate promotional numbers to identify how they were distributed.
ME: Sorry, I have trouble reading small print. Can you summarize the terms of the offer including minimum balance, account fees, type of accounts eligible?
CITI.: As a hint, you can cut & paste the terms and conditions onto your computers wordpad or MS Word document and enlarge the text.
ME: Or, if this offer is listed on the web, tell me the site.
CITI.: For this promotion you must open a Regular Checking, Everything Counts Checking or Citigold Checking account. The lower-tiered accounts do not qualify for the promotion.
CITI.: The promotional offers are not listed on a website as these are direct mail and/or statement insert promotions.
CITI.: If you open the account you may obtain a copy of the terms and conditions by sent to your account address.
ME: Do I need to link the checking to a savings account?
CITI.: You can do that which would be beneficial since savings accounts linked to a primary checking account will have the monthly service fees waived. In addition, the savings accounts daily average balance requirement will assist your checking account in offsetting the monthly service fees.
ME: Is there a service fee for the savings account? Which types of savings accounts qualify?
CITI.: As long as a savings account is linked to any checking account (excluding Basic Checking and Access accounts), the monthly service fees on a savings account are waived.
ME: What's the minimum deposit and on-going balance for checking + savings?
CITI.: The minimum balance requirement to offset the monthly service fees on a regular checking account is $6000.00. You may obtain these limits and compare the account by clicking Banking at the top left-hand portion of the page and then selecting Checking from the drop-down menu.
ME: What's the deadline for opening the accounts? Can it be done in person at a branch or only on-line?
CITI.: The deadline to open these accounts is 3/31/09.
ME: On line or in person?
ME: Also, how long must I keep the $6,000 on deposit?
CITI.: You can apply online or by phone. The offer is not available at a Citibank financial center.
CITI.: The daily average balance of $6,000.00 must be maintained monthly to offset the monthly service fee.
ME: How long must the account remain open? What if I need the $?
CITI.: You can go underneath the daily average balance and still qualify for the offer. The only thing that would happen if you go underneath the daily average balance is that your account would be assessed a monthly service fee.
ME: Can I use a credit card to open the account? If so, what cards does Citi accept?
CITI.: You may use a credit card to fund the account. We accept most major credit cards (Visa, Amex, Discover, Mastercard). [However, when I called to actually open the account, Citi would only accept Visa or Mastercard -- any Visa or Master, it doesn't have to be a Citi card -- but not Amex or Discover as I was originally advised.]
ME: Are those funds processed by Citi as a cash advance against my credit card or as a purchase?
CITI.: They are processed as a purchase; not a cash advance.