Originally Posted by BillyBaloney

I applied on the old offer = open a Citigold checking for 40,000 ThankYou points.

So far, it has been kind of difficult. I kid you not. It takes a while for them to open it and get the checks to you. Usually, you will need a blank check in order to initiate a direct deposit.

The first direct deposit and the first bill pay must happen WITHIN 45 DAYS from the account actually opening. So while I do not think that it is done intentionally, it sure takes a while to get the checks and all that stuff in order. At one point I even had to stop into a Citibank branch because I could not access the account online. They simply asked me to punch in a new 4-digit pin number and the next day I could access.

If you are not a ThankYou points member you must do that WITHIN 45 DAYS from the account opening and my advice is to send a secure message from the online Citigold checking account to confirm that the ThankYou points account and the checking are linked.

So far, I have made the first direct deposit and also the first bill pay. Next month I will do it again. I will keep posting back whether or not things go smoothly.

Oh and one more comment about the IRS. Seems some are worried about this. On my T&C it says the following:

"Value of rewards from redeemed Points will be reported to the IRS as miscellaneous income on Form 1099-MISC, as required by applicable law."

To me, this doesn't mean that they will definitely report a thing. I do not use these points for gift cards, and I certainly would not redeem them all in one shot. They are telling you that it is only applicable to redeemed points (that's what it says), and then only if the law requires them to do it. So redeem a little at a time, and less than 60000 per year and you may be fine. In my state $600 is the threshold for 1099'ing someone. Stay under $600, and don't worry about it. Of course, I am not an accountant or a lawyer so what I am saying should not be taken as legal advice.