Oct 24, 2013, 1:37 pm
Last edit by: JDiver
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I'm copying information from various posts that I found useful
1. So online transfers of funds from other banks (Bank of America) or Fidelity accounts will count as direct deposits - is that correct?
CORRECT
2. To get the 30K AA miles, does the Direct deposits have to be for a certain dollar amount? (I realize that there is a $30 monthly fee for the Gold acct if balance is not $50K)
NO MINIMUM DIRECT DEPOSIT REQUIREMENT
3. How long must the direct deposit funds remain with Citibank?
NO REQUIREMENT - NEEDS TO POST AND AFFECT YOUR BALANCE
4. For the debit purchases of $750, just choose the "credit" option instead of debit option at payment - is that correct?
I CHOSE CREDIT, OTHERS HAVE DONE DEBIT AND GOT MILES
5. Like the idea of purchasing a money order at Walmart (of course, depends on the fee). So has this be acceptable to meet the debit purchase of $750 for the offer?
YES
6. Since there is a long delay in getting the account info, checks, and debit card when opening an account online, should I just go into a branch in person to open such an account - is this an option? If not, does Citibank adjust the "60 day from account opening" if you notify them when the materials are not received for several weeks.
YOU CAN GO TO BRANCH TO OPEN ACCOUNT, TAKE OFFER CODE WITH YOU
No. It's a soft pull. However, you will be denied if your credit reports are frozen.
One single WM MO to meet the spend requirement, and DD was met by ACH from Amazon Payments.
(lower right wiki corner)AAdvantage Miles for Opening New Citibank Checking Account
I'm copying information from various posts that I found useful
1. So online transfers of funds from other banks (Bank of America) or Fidelity accounts will count as direct deposits - is that correct?
CORRECT
2. To get the 30K AA miles, does the Direct deposits have to be for a certain dollar amount? (I realize that there is a $30 monthly fee for the Gold acct if balance is not $50K)
NO MINIMUM DIRECT DEPOSIT REQUIREMENT
3. How long must the direct deposit funds remain with Citibank?
NO REQUIREMENT - NEEDS TO POST AND AFFECT YOUR BALANCE
4. For the debit purchases of $750, just choose the "credit" option instead of debit option at payment - is that correct?
I CHOSE CREDIT, OTHERS HAVE DONE DEBIT AND GOT MILES
5. Like the idea of purchasing a money order at Walmart (of course, depends on the fee). So has this be acceptable to meet the debit purchase of $750 for the offer?
YES
6. Since there is a long delay in getting the account info, checks, and debit card when opening an account online, should I just go into a branch in person to open such an account - is this an option? If not, does Citibank adjust the "60 day from account opening" if you notify them when the materials are not received for several weeks.
YOU CAN GO TO BRANCH TO OPEN ACCOUNT, TAKE OFFER CODE WITH YOU
Does it require Credit Pull?
Easiest ways to meet requirements
AA Miles For New Citibank Checking Account [Consolidated]
Jun 12, 2011, 9:26 am
#241
Join Date: Oct 2010
Posts: 374
Sorry for the not being clear. Yes, Happy, I was referring to utility payments (I pay my CCs in full every month). Thank you for that!! I have most of them set up on auto-pay (for miles), but I can do this for some student loan payments and get DH the bonus miles.
Jun 13, 2011, 9:26 pm
#242
Join Date: Apr 2010
Posts: 257
23,500 aadvantage miles for opening citi checking
Code: C26X
Expires: 7/31/11
Open a regular checking in a citibank package: 10,000 miles
Open a regular checking in a citigold package: 23,500 miles
For two months do:
One direct deposit or two bill payments.
All the normal disclosures of their previous offers. Bonus will be reported on form 1099-misc.
Expires: 7/31/11
Open a regular checking in a citibank package: 10,000 miles
Open a regular checking in a citigold package: 23,500 miles
For two months do:
One direct deposit or two bill payments.
All the normal disclosures of their previous offers. Bonus will be reported on form 1099-misc.
Jun 14, 2011, 1:11 pm
#245
Join Date: Apr 2010
Posts: 257
They value each mile at 2.5 cents. There's been a big discussion on this, search for 1099.
I have received this bonus in the past without a credit card, although it did state the offer is for credit card customers who received this notice. This has been discussed in previous threads, I have never seen a posting from someone who was denied citibank miles.
Jun 15, 2011, 7:44 pm
#246
Join Date: Mar 2011
Location: USA
Programs: All of em...
Posts: 1,265
If they value the mile at 2.5cents each, the value would be $587.50 for the 23,500 miles. That's under $600, so am I correct in thinking that there would NOT be a 1099 MISC issued for these miles?
Maybe that's why they made it slightly less than 25,000 miles - so that they wouldn't have to issue 1099's and piss off all of their customers (again).
Maybe that's why they made it slightly less than 25,000 miles - so that they wouldn't have to issue 1099's and piss off all of their customers (again).
Jun 15, 2011, 7:59 pm
#247
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
If they value the mile at 2.5cents each, the value would be $587.50 for the 23,500 miles. That's under $600, so am I correct in thinking that there would NOT be a 1099 MISC issued for these miles?
Maybe that's why they made it slightly less than 25,000 miles - so that they wouldn't have to issue 1099's and piss off all of their customers (again).
Maybe that's why they made it slightly less than 25,000 miles - so that they wouldn't have to issue 1099's and piss off all of their customers (again).
Jun 15, 2011, 10:16 pm
#248
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
I don't know when/why they choose to do 1099s, but I got one for $125 last year from them.
I think the $600 rule applies to 1099-MISC but not 1099-INT. I think the minimum for a 1099-INT is $10, and I'm pretty sure it was a 1099-INT.
I think the $600 rule applies to 1099-MISC but not 1099-INT. I think the minimum for a 1099-INT is $10, and I'm pretty sure it was a 1099-INT.
Jun 15, 2011, 11:28 pm
#249
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
Yes. You got the rules right regarding 1099-INT.
Jun 16, 2011, 8:46 pm
#250
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
got a mailer for 30K TYP or 25K TYP offer
Essentially identical as the AA miles offer except it is TYP which has a strict 0.01 per point value.
In the T&C it said 1099-MISC will be sent.
So in this case Citi does not observe the $600 exemption rule because 30K is only $300 yet it will still send a 1099-MISC.
In the T&C it said 1099-MISC will be sent.
So in this case Citi does not observe the $600 exemption rule because 30K is only $300 yet it will still send a 1099-MISC.
Jun 17, 2011, 10:14 am
#252
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
As in the other thread, I take exception to the valuation of 1c/point, since Citi sells these points at 2.5c/point.
Jun 17, 2011, 12:39 pm
#253
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
For the user though, the redemption value is strictly 1c. That one can argue with IRS.
Jun 17, 2011, 12:45 pm
#254
FlyerTalk Evangelist
Join Date: Apr 2001
Location: DFW, AA, Hilton
Posts: 16,692
I think Citi is sneaky here and playing some funny accounting. They get to buy at bulk rate, mark it up at 2.5 c to fully deduct it as interest payment. In the meantime, they keep our deposits on hold (i.e. as hostage) which does not pay much in real interest, and helps Citi meet capital requirements as a banking institution. What's not to like from Citi's point of view? I have just convinced myself that Citi will continue to issue these promotions as long as their business is stagnant.
Jun 17, 2011, 12:46 pm
#255
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
Yes, you can argue the ARV is lower, but you have to start a dispute with the IRS to do that. Otherwise, you've got a mismatch on your returns, and that's a pretty easy red flag for them.