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Bank of America checking account - 25K Alaska Airlines miles

Bank of America checking account - 25K Alaska Airlines miles

Old May 28, 15, 2:24 pm
  #1  
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Bank of America checking account - 25K Alaska Airlines miles

Offer page

New eligible personal checking account must be opened between May 24, 2015 and July 31, 2015.

Open a new Bank of America Core Checking® OR Bank of America Interest Checking® personal checking account by July 31, 2015, in a participating financial center or online AND set up and receive two (2) Qualifying Direct Deposits of $2,000 or more each to your new personal checking account within 90 days from account opening. A "Qualifying Direct Deposit" is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account

Your account does not qualify for the Bonus Miles until you provide all of the information we require in connection with opening the account by the promotion end date. This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable). The value of this bonus may constitute taxable income to you. Bank of America may issue an IRS Form 1099 (or other appropriate form) to you that reflects the value of such bonus. To the extent required by law, Bank of America may withhold tax or other amounts from the distribution.

So the question is what is the value of the miles they will report to the IRS on the 1099. I post this here in hopes that someone can get a definitive answer on this. Please quote your source. Thanks.
pgary is offline  
Old May 28, 15, 6:37 pm
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Fine Print

Eligibility: Offer only available to customers who receive this offer via a direct communication from Bank of America®.
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Old May 28, 15, 8:19 pm
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I went to the branch to sign up for this. The offer came up on my profile to the CSR. MR. San Diego also had the offer on his profile. My daughter did not, although she had a $300 bonus offer under similar terms. The CSR said it was tied into my Alaska Airline credit card account.

Here's hoping!
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Old Jun 3, 15, 5:03 pm
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Originally Posted by mrkymark View Post
Eligibility: Offer only available to customers who receive this offer via a direct communication from.Bank of America®.
That's a tease of an "eligibility"... Would be a nice deal. 25K Alaska Airlines miles is quite nice.
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Old Jun 4, 15, 11:58 pm
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Just got approved for an Alaska CC tonight. Once it shows up, will try heading into a branch and see if I get the offer to open the checking account.
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Old Jun 5, 15, 8:30 pm
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Are you able to directly apply with the above link? It gives the option to select the type of checking account you want to open.
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Old Jun 6, 15, 5:19 pm
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Anyone been able to determine the value of the nouns being reported to the IRS?
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Old Jun 7, 15, 10:42 am
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Originally Posted by Georgia Peach View Post
Anyone been able to determine the value of the nouns being reported to the IRS?
Since you can buy Alaska miles for .0275/mile all day long on points.com that is probably the max value that BoA can place on the points (hard to value them above what the airline will sell them to you for). Back in 2012 when Citi issued 1099s for AA miles the value placed on them at .025/mile. So I'd go into this deal assuming a tax value of somewhere between $625 and $690 or so. If it is less great. That said is sucks that BoA isn't open about what value they place on them. Depending on your marginal tax rate this might not be a great deal.

Last edited by 36902BRF; Jun 7, 15 at 10:49 am
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Old Jun 7, 15, 6:44 pm
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Those who have applied...was it a hard or soft pull? I am seeing conflicting and old information on doctorofcredit and fatwallet.
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Old Jun 8, 15, 12:30 am
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Originally Posted by travelfreaks View Post
Those who have applied...was it a hard or soft pull? I am seeing conflicting and old information on doctorofcredit and fatwallet.
Definitely, a soft pull.
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Old Jun 11, 15, 1:59 pm
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Any final word on if we get a 1099?
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Old Jun 14, 15, 9:58 am
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Originally Posted by mrkymark View Post
Eligibility: Offer only available to customers who receive this offer via a direct communication from.Bank of America®.
Dang that would have been a nice offer to jump on. Trying to boost my AS mileage so that I can do EK first next year
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Old Jun 20, 15, 1:43 pm
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Tried going in branch about a week after my AS card showed up. They said they didn't see the offer on my account. Lame.
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Old Jun 20, 15, 10:04 pm
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DH and I each got the offer. They've been funded. Waiting the points to post now...
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Old Jun 22, 15, 10:57 pm
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Originally Posted by DaveInLA View Post
Any final word on if we get a 1099?
BOA has similar wording in the terms of branded credit cards. It states that you "may" receive a 1099 but I've never received one and I've applied for several of these cards in the past.

At the end of the day, it doesn't really matter because it is a targeted promo and you may not get it if you weren't targeted. Even if you were to receive a 1099, the value of these miles is too small to have any tax repercussions for most of us. It's small potatoes for the IRS and they don't care.
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