nall

FWIW, I did this last year and did not receive a 1099.

Diotallevi

OK, here's the lowdown. The Citi CSR told me today, after talking to the people "in the back" that they are now valuing AA miles at 1 cent a mile. So I was told that 50,000 miles will add up to $500, and no 1099 will be issued because it is less than $600. $600 is when they would issue a 1099-MISC.

Now, they also told me that if I use the debit card and accumulate $100 worth of TY points this year, this would push me over the $600 threshold and I would get a 1099. I think the CSR told me they value TY points at 2.5 cents/point, but she didn't seem certain.

So after I do the $1000 spend to get the miles, I will be at $525, still under the $600 threshold. I just won't use my debit card very much for the rest of the year for purchases, which I don't anyway so that's not a big deal. I am also requesting Citi send me an email or letter stating that they value AA miles at 1 cent/mile, just for my records.

I hope this helps.

UPDATE:

Looks like I got some bad information from the customer service rep at Citi. See posts below.

mvtm

I have Citigold, how this can benefit me with the travels?

As far as i know there's no foreign ATM fee, but what else should be handy to a flyertalker?

I have no FICO score at all, as i used not to have an US credit card, being due my home country card could very well suffice. Recently Bank of America gave me an unsecured visa signature, but i want to apply to one of the better AA credit cards. More or less what are the requirements they ask for?

I want to start building my own credit card history in the states, but i'm a student EU national who isn't living in the states nor has a SSN, and want to get one of the better US cards.

Diotallevi

Hi mvtm, here is a link to a thread with some information if you are an EU national. It's an old thread but it could be useful.

http://www.flyertalk.com/forum/miles...tes-miles.html

I would also recommending contacting Citibank, Chase, Amex and Barclays for starters, tell them your situation, and see what they offer.

mia

I suggest you spend some time studying this thread to evaluate the quality of the information provided by the CSR. My concern would be that the explanation is backwards.

http://www.flyertalk.com/forum/miles...all-banks.html

My understanding is that AAdvantage miles are assigned a value when they are earned, but that ThankYou Points earned through banking are assigned a value when they are redeemed, not when they are earned, and the highest possible valuation would be $0.016 each.

Diotallevi

Mia, I had checked out that thread before and thanks for the info, and you're right, the first CSR I spoke to didn't understand what she was talking about. I called Citibank again today and asked to speak to their tax department. It took sometime but I finally got through. The guy I spoke to said that my offer for 50,000 AA miles was sent out to AA-Citi credit card holders only, and the miles, after the conditions are met, are being awarded from the credit card side, not the banking side, so no 1099. I found that interesting and it kind of makes sense. Thoughts?

MilesTalk

If the miles are issued in conjunction with a new credit card, no 1099. If the 50,000 are for doing something on the banking side, like opening a new banking product, you will get a 1099 at 2.5c/mi. They can't "issue miles for banking from the credit card side"

cowboyguy

I took advantage of the recent Citigold promotion where they gave $250 on opening a Citigold account, funding it with at least $100 and making two bill payments, in the following two months.

If I cancel my Citigold accounts, will I be able to take advantage of this 50k AA miles promotion? Maybe after a year?

Diotallevi

Hi Daveland,

Thanks for the info. In order to receive the 50K bonus I have to spend $1,000 on my citi debit card in the first 60 days. Does that change anything relative to receiving a 1099? Thanks.

MilesTalk

Interesting. I hadn't heard of such a promo on debit cards lately. But if this promo was offered in a bank branch (or similar online) and is for meeting debit card spend, since that is bank account related and not CitiCards, I would brace for a 1099 showing $1,250 in value.

Lezam

Diotallevi - called citi using your code, they said its tied to your account.. new customers can't get the promotion unless targeted.

Anyone else have a citigold offer code? The 50k miles and $500 were great offers.

justpetehere

What are the fees/investment options like for Citi's IRA account? Curious if it's worth parking 50K there to upgrade to Gold.

Diotallevi

Hi Lezam,

Citi recently told me that the Citigold 50K AA miles offer I received was sent to certain CitiCard holders. I have the Citi AA Executive card and the Citi AA Platinum card, so holders of one or both of those cards might get the targeted offers.

Wish I had more information for you.

ryoung08

I signed up for the Gold checking account on 6/30 (last day of 50k promotion). I spoke to the new account folks today and asked them "When are you going to ask me for my FF # for AA"? She told me they didn't need it. She indicated it would be tied to my AAdvantage CC (Executive World AA MC was opened up after I signed up for the checking acct). I have to keep this card active until I met the requirements and the points post, otherwise I don't get the 50k. My problem is I signed up for this promotion without being solicited (got the info off FT link) and I wanted to cancel my AA MC as soon as I get the 10k spend on it (in the next week or so). Can anyone confirm that the bonus 50k points will only get paid as long as I have an AAdvantage CC open? Was anyone else not asked for their AA FF #? Thanks

jonnydoe1234

I no longer have any checking/savings/mortgage with Citi, only credit cards, and it's been this way for a couple of years. Yet whenever I call them, they always thank me for being a valued Citigold customer. And I still have annual fee waivers on my TY card and one of my Citi AA cards. Anyone know why I might still have Citigold status? I've been reluctant to ask a CSR, but it does seem like a glitch.