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Originally Posted by worldtraveller2
(Post 15757520)
My first 5 transactions on my PERSONAL CO DEBIT card was on 10/28/2010, so 6-10 weeks after that have passed
The 10K opening bonus can be really quick if your timing is good, i.e. just before the next batch process date, and Voila, the bonus could post in 4 to 5 days - that was what happened to our business accounts. The 15K debit card transactions took anywhere between a month to 2 months. It seems a bit random. What you want to make sure is, ALL your 5 debit card transactions are done as CREDIT CARD, i.e. no PIN ever involved, and it shows in your online account with some pre-fixed letters to denote such... If not, then either you did not do it as Credit Card or something messed up... such as some folks reported Verizon has reported online transaction as DEBIT CARD despite no PIN involved. The 2500 Last bonus is coming from CO, and it takes 2 months to show up in our accounts. |
Originally Posted by FlyingBoat
(Post 15756916)
That is not my experience.
I openned my account on 8/23 and do two $50 ACH deposits from CITI every month. I have never been charged the service fee. I know, now they are changing this to a $500 minimum, so I will likely close this at the end of February. I just checked a statement again and it says: "Your monthly service fee was waived because you had a direct deposit OR at least 5 debit card purchases during the statement period." The only activity on this account was the two $50 deposits. I just checked my wife's account as well, and it is exactly the same thing with the same statement and no fees. |
Originally Posted by Happy
(Post 15750576)
At first I thought you posted based on your Actual experience because in your initial post you have no qualifier on your "information". It gives the impression that you KNOW it works because that is how you do it...
It turns out you have no idea if this is true. I would suggest NOT to post untested information unless you put in qualifier when it could cost others money if the information turns out to be totally false - because if someone mistakes this is the case and turns out it isn't, he would be charged the $6 month fee. It is a common courtesy one should observe when posting "information" - if it is not based on the FACT, one should qualify the "information" by saying something to that effect such as that it is not tested personally or by someone you know. I am glad to see US Fan posted his ACTUAL personal experience that Citi ACH does not work. If Citi's ACH does not work, I dont see HOW PayPal and such would work given PayPal transaction always is viewed with a skeptical eye by the banks. Also, UA Fan specifically mentioned it NOT working to trigger the bonus. I too said the same thing. My original post was in response to someone concerned with being able to use the debit card 5 times a month to keep it free. I hope that is specific and qualified enough for you Happy and everyone else. SuperG03 |
Originally Posted by Happy
(Post 15757711)
Chase does BATCH PROCESSING. If your 6-8 weeks happened right AFTER the Batch Process Date cut off, then it would have additional delay as now it would wait till the NEXT Batch Process Date for the bonuses to post.
The 10K opening bonus can be really quick if your timing is good, i.e. just before the next batch process date, and Voila, the bonus could post in 4 to 5 days - that was what happened to our business accounts. The 15K debit card transactions took anywhere between a month to 2 months. It seems a bit random. What you want to make sure is, ALL your 5 debit card transactions are done as CREDIT CARD, i.e. no PIN ever involved, and it shows in your online account with some pre-fixed letters to denote such... If not, then either you did not do it as Credit Card or something messed up... such as some folks reported Verizon has reported online transaction as DEBIT CARD despite no PIN involved. The 2500 Last bonus is coming from CO, and it takes 2 months to show up in our accounts. |
New to using debit card, tried to use at a gas station pay at the pump, pressed credit but kept getting error message. Is there a way to use the Chase debit card at the gas pump as a credit card?
Thank you |
Originally Posted by Tampa JR
(Post 15759342)
New to using debit card, tried to use at a gas station pay at the pump, pressed credit but kept getting error message. Is there a way to use the Chase debit card at the gas pump as a credit card?
Thank you |
Originally Posted by UA Fan
(Post 15757957)
In 2008 I lost the bonus b/c of I tried to meet the direct deposit requirement by using Citi ACH.
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Does anyone know a) if Chase reports the value of the checking account bonus miles as interest to the IRS via a 1099 form, and if so, b) how much do they value each mile at?
I know credit card sign-up bonuses are typically non-taxable income and are not reported to the IRS, but bank account bonuses usually have to be reported to the IRS as interest earnings. |
Originally Posted by vortix
(Post 15766880)
Does anyone know a) if Chase reports the value of the checking account bonus miles as interest to the IRS via a 1099 form, and if so, b) how much do they value each mile at?
I know credit card sign-up bonuses are typically non-taxable income and are not reported to the IRS, but bank account bonuses usually have to be reported to the IRS as interest earnings. In the 5K AA thread, the theory goes that Citi may have outsourced its tax compliance function to the foreign country... hence they go by the book that all bonuses from banking products are taxable, without knowledge about IRS has had ruling that value cannot be "reasonably" determined on miles... However, there is also languages in the tax laws/regulations that "fair market value" can be used when there is no well-defined value... The "fair market value" used by Citi is the price AA sells the miles, and that is 0.025 per mile. Some one has successfully argued for an amended to 0 value 1099 Misc. So far no report about success in getting a amended 1099 INT. Let's hope Chase would not start this nonsense as it is already end of January and there is no 1099 arrives anyone's mail box. Banks must send out their 1099 before January 31st unless there are extraordinary reasons. |
Originally Posted by FlyingBoat
(Post 15763888)
Why would you loose a bonus by using Citi ACH? You need to use the card to get the bonus. Nobody is saying use ACH deposit to get the bonus. We are talking about using ACH to avoid the monthly fee.
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Originally Posted by Happy
(Post 15767468)
This offer existed since 2009. So far no one has reported receiving 1099 from Chase.
In the 5K AA thread, the theory goes that Citi may have outsourced its tax compliance function to the foreign country... hence they go by the book that all bonuses from banking products are taxable, without knowledge about IRS has had ruling that value cannot be "reasonably" determined on miles... However, there is also languages in the tax laws/regulations that "fair market value" can be used when there is no well-defined value... The "fair market value" used by Citi is the price AA sells the miles, and that is 0.025 per mile. Some one has successfully argued for an amended to 0 value 1099 Misc. So far no report about success in getting a amended 1099 INT. Let's hope Chase would not start this nonsense as it is already end of January and there is no 1099 arrives anyone's mail box. Banks must send out their 1099 before January 31st unless there are extraordinary reasons. I signed up for the Chase/Continental bank account offer, and it sounds like chances are in my favor that I won't receive a 1099 for the 25k miles I earned earlier this month. I'm deciding whether the Citi/AA 25k mile offer is worthwhile, since apparently people HAVE been receiving 1099's for Citi bank account bonus miles. The last thing I want is to be hit with having to pay taxes on $625 of "income" (2.5 cents x 25,000 miles). |
What are the current bonus offers for CO/CHASE?
-Kinglobjaw |
No current offers are known...thought being that since Continental is going away, they aren't as heavy in soliciting new business.
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Possibly - but no one knows - there may be some new UA-themed offers once the merger sorts out. Or at least that's my hope! ;) Based on hope and vapor.
Timing might be tricky...for example, Mrs FTF has a CO business credit card, which is still new, and has never had the UA card. The trick will be when to try and switch her to the UA card via new application, before they probably rename all the CO cards as UA cards anyway, probably eliminating the chance to get a new UA card with a bonus. (Why don't we switch now? Just don't want to churn that fast considering all the other new accounts we've recently established.) Anyway, long way around saying there may be offers again, but probably never again in the name of CO. FTF |
My wife got in on this deal and opened her account in mid-August. All 25,000 miles posted before the end of the year. On the 22nd Feb she got an additional 12,500 for "Continental Debit Bonus". Very strange. :confused:
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