Ahh, but they are different. Bonus miles or even cash back from credit cards (and, in fact, your frequent flyer miles issued by the airlines) are considered to be "purchase price adjustments," or rebates based on what you've purchased. As such, they are not subject to federal income tax. (IRS Rev. Rul. 76-96, 1976-1 C.B. 23; Rev. Rul. 84-41, 1984-1 C.B. 130.)

But the SunTrust deal is not a rebate--you're getting the credits from SunTrust (not AirTran) without having bought anything. When a bank passes anything of value on to a customer as an incentive for a deposit--interest, toasters, gift cards, cash bonuses, frequent flyer awards--that's all considered interest to you and typically shows up on a 1099.

So even if you feel I'm way off base on the tax issue--then it's still fair to say that your free ticket from this promotion will cost you a minimum of $155 in interest you could have earned elsewhere, a charge for closing your account in three months, and 9/11 fees. Which is $155 more than most people think this ticket is really costing them when they sign up.

And no, I don't hate SunTrust, Wachovia, BOA et. al. They are bricks-and-mortar institutions which understandably can't pay as much interest as those that operate only in the ether. They generally do a good job servicing commercial customers in ways Internet banks can't touch. I simply don't park my own money at bricks-and-mortar banks when I can do so much better elsewhere, that's all.