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Up to 50,000 TYPs for new Citibank Checking Account.

Up to 50,000 TYPs for new Citibank Checking Account.

Old Dec 10, 11, 11:16 pm
  #1  
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Up to 50,000 TYPs for new Citibank Checking Account.

This is the best offer for a new checking account that I have seen for a long time. We can get 25K or 50K ThankYou points with this offer.

  • Get 50K TYPs for a new regular checking account in the Citigold® Account Package.
  • Get 25K TYPs for a new regular checking account in The Citibank® Account Package.

For details here.
jeelele is offline  
Old Dec 10, 11, 11:52 pm
  #2  
 
Join Date: Jul 2010
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The details link is not functional???
Slow_Mustang is offline  
Old Dec 10, 11, 11:58 pm
  #3  
 
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Citi will send a 1099. Citigold has $30/month fees. So you aren't really getting the full value of 50k TYP. OTOH, no credit hits/approvals to worry about. I think you need to wait one month after you have closed your accounts to be eligible for a bonus again.
sun_aa is offline  
Old Dec 11, 11, 2:33 am
  #4  
 
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Originally Posted by sun_aa View Post
Citi will send a 1099. Citigold has $30/month fees. So you aren't really getting the full value of 50k TYP. OTOH, no credit hits/approvals to worry about. I think you need to wait one month after you have closed your accounts to be eligible for a bonus again.
++

Might still be valuable to some but it's not so great. Income tax of 10-35% plus monthly fees.
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Old Dec 11, 11, 9:14 am
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Thought it was a great deal until I read all the posts.
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Old Dec 11, 11, 9:30 am
  #6  
 
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Originally Posted by Slow_Mustang View Post
The details link is not functional???
It's working now, I just checked it out. Thanks, but like drbobguy said charges seem a little high.
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Old Dec 11, 11, 9:53 am
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Originally Posted by jaguar View Post
Thought it was a great deal until I read all the posts.
Hah! FT win.
pongben is offline  
Old Dec 11, 11, 11:28 am
  #8  
 
Join Date: Jun 2011
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The links provided ultimately led to an application page with no mention of the 50k points (that I could find). The application for the old offer specifically mentioned the 40k points. It makes me nervous to apply for any bonus offer that isn't clearly spelled out on the application; has anyone found a link to such a page for this new offer?
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Old Dec 11, 11, 11:58 am
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Originally Posted by poemadept View Post
The links provided ultimately led to an application page with no mention of the 50k points (that I could find). The application for the old offer specifically mentioned the 40k points. It makes me nervous to apply for any bonus offer that isn't clearly spelled out on the application; has anyone found a link to such a page for this new offer?
Click another link on the page. Look again.
sun_aa is offline  
Old Dec 11, 11, 7:27 pm
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Originally Posted by sun_aa View Post
Click another link on the page. Look again.
I see it now, thanks!
poemadept is offline  
Old Dec 11, 11, 7:42 pm
  #11  
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I had a gold citi account a couple of years ago which I got with a, IIRC, an 80K TU bonus.

It proved to be very difficult to get the bonus which was worth far less than promoted (purported good for 2 flights in US). The hassle just wasn't worth it.

And, Citi canned the only real plus of the Citigold acct which was no forex charges at overseas ATMs.

I'm glad I got rid of the account and wouldn't open a new one to get the 50K bonus.
biggestbopper is offline  
Old Dec 12, 11, 3:49 pm
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Join Date: Aug 2011
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is it worth it to open a regular one for 25k tu points?
ucool22 is offline  
Old Dec 12, 11, 7:03 pm
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Originally Posted by pongben View Post
Hah! FT win.
Citi fail.


shanshan is offline  
Old Dec 17, 11, 8:26 pm
  #14  
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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.
BillyBaloney is offline  
Old Dec 17, 11, 8:58 pm
  #15  
 
Join Date: Sep 2011
Posts: 384
Originally Posted by BillyBaloney View Post
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.
$600/year is for federal tax purposes, so it's the same in all states
captaincool is offline  

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