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I was in a citibank recently and noticed a flyer advertising 5% Cash Back through November 30th with a new citibank checking account.

The account has to be opened by 6/30 and the maximum Cash Back that you can accumulate is $250. You must spend at least $250 (regular account) or $500 (citigold-linked account) to receive Cash Back. Rebates are credited at the end of the calendar month following the month of earning. Many of us can easily spend $5000 between now and November, so this looks like it could be a pretty good deal.

I don't have a code for telephone customer service or an online link.

I don't know whether this can be combined with the airline mile promotions that always seem to be around or with the $50 bonus currently available. (If it can be combined, I'd love to know about it).

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Yeah, sure, well, you've either got the money on the margin to do this deal or not. Not like you can sign up 10 times. ... (more)

Bagofchips (Aug. 19, 2010 @ 1:54a) |

Ugh, well it looks like citibank is trying to shimmy its way out of paying this bonus! Anyone else having trouble?

couponhed (Sep. 03, 2010 @ 7:11a) |

So debit card purchase in July should show 5% CashBack by 8/31 right? Did anyone get the bonus in Aug 31 statement?

hraner (Sep. 03, 2010 @ 7:54p) |

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Is debit card Cash Back taxed the way an account opening bonus would be? Or is it more like credit card Cash Back (not taxed)? I would guess the latter, but does anyone know for sure?

I talked to someone at my local branch about this a few weeks ago. It can be combined with a $25 referral bonus (for both refer-er and refer-ee), so if you're going to do this, try to get your friend that already has an account to "refer" you (just a piece of paper from the local branch with a personalized referral code), or vice-versa.


flyer
Disclaimer
the flyer I saw was for citigold though =(

Received the same via email:

Link: https://online.citibank.com/US/JRSAO/ao_online/AOEntryPoint.do?P...

Checking that gives you 5% Cash Back on signature debit card purchases.


Apply now
Hurry! Offer ends
July 31, 2010.
Dear John Doe,

As a valued Citi® credit card member, you can open an eligible checking account with our banking affiliate Citibank and get 5% Cash Back on qualifying signature debit card purchases through November 30th – up to $250!*

You can earn 5% Cash Back on any of these types of purchases:
– In-store purchases where you choose "credit" and sign
– Purchases made online, by phone or by mail order
– Low-dollar-amount purchases that don't require a signature
– Purchases using a Citibank Debit MasterCard with PayPass™
Purchases that require a PIN number will not count toward Cash Back.
Open your account today – and remember to sign for your purchases to get your rewards. Using your debit card for purchases is a great way to manage your finances, and when you sign for those purchases, it's more rewarding, too.


Apply Now
Or call 1-866-535-2013 and mention code C294.
Or bring this invitation to any Citibank branch

Terms and conditions of accounts, products, programs and services are subject to change.

*Offer limited to customers who open a new regular checking account in the Citibank® EZ, Citibank Account, or Citigold® account relationship package by 07/31/10. You can receive 5% Cash Back on qualifying signature debit card purchases through November 30, 2010 when a minimum monthly spending threshold is met. You must spend at least $250 (Citibank EZ and Citibank Account) or $500 (Citigold) each month in order to receive a 5% Cash Back rebate from all net qualifying signature purchases made during that month. Returns and other adjustments may affect your meeting the monthly spend threshold and total monthly purchases for the month in which they are posted to the account. Rebate is earned on a per account basis and includes all signature purchases by all customers when the new checking account is the primary account linked to a debit card. The maximum Cash Back rebate that can be earned for this promotion is $250 for customers with a Citibank EZ or Citibank Account package and $500 for customers with a Citigold account package. The rebate will be automatically credited to the new checking account by the end of the calendar month following the month in which it is earned. Net qualifying purchases are determined at Citibank's sole discretion.

Qualifying debit card purchases must be submitted through the MasterCard® Network and are those for which either you or a merchant designates as a "credit" transaction (including purchases you sign for, small dollar purchases that do not require a signature and use of your MasterCard® PayPassTM), Internet, phone and mail-order transactions. Qualifying purchases do not include those initiated using a Personal Identification Number (PIN) or other transactions submitted through other payment processing networks.

** Enrollment, participation and qualifying purchases are subject to terms, conditions and restrictions. Participation limited to customers who are either citizens or resident aliens of the United States ("U.S.") with a valid U.S. taxpayer identification number. Customer is responsible for taxes, if any.

Offer limited to new accounts applied for in Citibank branches, by telephone or online when offer code listed is supplied. Limit one offer per customer. Offer can be modified or withdrawn at any time without notice, expires on 07/31/10, is not transferable and cannot be combined with any other offer. Existing checking account customers are not eligible. Consumer accounts only.

Seems like relatively easy money.
  • Possible $500 per person with CitiGold; I wonder will they give multiple bonuses for household members in one CitiGold, or new CitiGold have to be opened
  • This offer might not produce 1099-MISC as nothing given at sign-up and it is structured as clear CashBack
  • Citi Credit cards had recently been treating all transactions coming from financial institutions as cash advance. No cash advance in this case as it's a debit card; but it still to be tested if such a spending would qualify.
  • Will they pull a report ? It's been a while since I opened one with Citi

The best banking deal on market today, not to be missed.

edrucker said: Is debit card Cash Back taxed the way an account opening bonus would be? Or is it more like credit card Cash Back (not taxed)? I would guess the latter, but does anyone know for sure?

According to this: http://www.ehow.com/about_5447738_credit-card-cash-back-taxable.... credit card rewards are considered to be non-taxable. I would assume that the same holds for debit card rewards.

Also, IRS publication 17 says that "cash rebates" are not taxable as income.

It should be noticed that CITIbank checking accounts all have fees or minimum deposits to be fee free. However, I believe $1500 on deposit (may be in other types of accounts) will make you fee free. I believe you have two months to reach this figure. Doing enough spending in a short period can make this attractive, especially since if you plan on substantial spending you would like to deposit the money somewhere until it is spent through the debit card.

CITIgold status requires $100,000 and you may not want to tie that much money up for long in a low returns account. It may be possible to open a CITIgold account and do the spending within two months, and then downgrade, or close the account.

The $250 limit can be reached by $5,000 in spending, and keeping $1500 in the account to cover this for a short period does appear affordable (especially since part can be in a saving account, earning a little interest).

It isn't quite clear what happens with refunds etc. With a credit card, points are subtracted if an item is returned. One can imagine here however, since there is no continuing program that some may get the rebates near the end of the program, on items that are eventually returned.

Re the citigold: The website says that a citigold checking account can be had for $100k of balance or a $25 fee; the fee is waived for the first 2 months. For lots of folks, business travel will take care of the 10k that they need to spend.

I also have a credit card that is coming up for annual fee soon. I wonder if I can use this to get the $500 and push the annual fee off for a year.

Awesome, it's a mastercard as well. I'll need to search around for the best opening bonuses (UA/CO miles or cash), then try to stack it.

I heard an ad for this on the radio, so it is being widely advertised. This is perfect for a coin deal or opening of another checking account, since debit cards are by its nature never subject to cash advance fees.

Here are the minimum balance requirements for the "Citibank Account":

Citibank said: $100 minimum opening deposit. To avoid monthly maintenance fees, you need to maintain a $6,000 combined average balance — an easy goal to reach. Why? Because so many accounts go toward it: Checking, Savings, CDs, Money Market, Lines, Loans, Mortgage and Brokerage (to qualify, accounts must be linked to your ATM/Debit Card.)

Otherwise, the monthly fee is $9.50.

You'll get a $1 rebate off of that fee each month (up to $3 per month) for each of these services you use:

Citibank said:
* Direct Deposit
* Two (2) or more electronic bill payments made from your checking account through CitiPhone® Banking (automated), Citi MobileSM or Citibank® Online.
* An automatic deduction initiated by a third party that you have authorized from an account in your checking package.


Can anyone find an account closing fee or a minimum amount of time the account needs to be open?

EDIT: I found it in their "Citibank Online Marketplace Addendum" on page 54 -- $25.00 fee if closed within 90 days, which those getting in on this deal should be able to get around with ease. Only issue I can see is closing the account being a real headache, which is usually how Citi works.

If anyone finds any other hidden fees, please post them!

The minimum requirements I posted above are for the "Citibank Account", which is what the link in this thread directs me to.

There is also a Citibank EZ account which has a smaller minimum balance requirement. Has anyone verified that the offer code also works for this account as well?

Anyone sign up for this and can share their experience?

This seems like a great deal, easy money. Surprised so little posting on it so far.

I was considering forgetting a decimal point when I pay my cable bill, which probably will get returned to me as a check. But the coin purchases or new account fundings seem pretty braindead too.

I've reviewed this pretty thoroughly and the only catch I can find is that the debit card that comes with the checking account, the "Citibank® / AAdvantage® debit card reward plan", has a $25 annual fee. I can't seem to find any verbiage on their site that would allow you to opt out of this.

EDIT: This is the closest I could find. It mentions a basic "Citibank banking card": https://online.citibank.com/JRS/helpcenter/getHelpContent.do?dispFormat=popup&contentId=UpgradingCitibankAAdvantageDebitCard&contentType=help_item&appId=JRSPRODSERV&screenId=ProdServDetail

"Existing checking account customers are not eligible." Does this mean anyone who already has a citi checking account or is a new account for an existing customer eligible?

pwm112 said: "Existing checking account customers are not eligible." Does this mean anyone who already has a citi checking account or is a new account for an existing customer eligible?

Per discussions with 2 different reps - if you already have an existing citi checking account you are not eligible for this offer.

These numnuts sent me the offer in the mail even though they know (or should know) full well that I have a checking account.

2 important clarifications worth surfacing which I'll try to do but others may already know the answer:

-- What if I close my account today and then open tomorrow? (Or, perhaps, close this month, open next month)

-- What if my other account is a money market account?

Bagofchips said: These numnuts sent me the offer in the mail even though they know (or should know) full well that I have a checking account.

2 important clarifications worth surfacing which I'll try to do but others may already know the answer:

-- What if I close my account today and then open tomorrow? (Or, perhaps, close this month, open next month)

-- What if my other account is a money market account?


If your are committed to doing it - I would close accounts and wait a few days and open online with the offer code. A couple of months from now if they do not pay up you can make inquiries and hopefully they would not see your old checking account or if they do, I do not see any language about "customers with accounts in last xx months are not eligible."

I'm committed. Happen to be CitiGold even though my checking there is just a dumb utility account. (I got to be CitiGold thx to FWF and goes w/o saying that as a FWF member am willing to push a few buttons to make $500.)

Anyone get their CashBack yet?

the citigold offer is better. just pay the $25 fee for a few months and charge $10k to get the $500 then close account. the problem is that this is a debit card. this would be a good deal for a credit card, but with a debit card there's no float so you have to pay the bills right away. if it was a credit card, you might be able to find a way to get the money back in time to pay the CC bill.

Yeah, sure, well, you've either got the money on the margin to do this deal or not. Not like you can sign up 10 times. There's float here --- it's just negative!

I'm still trying to figure out how best to round trip the money. Not keen on buying $10K in Sacagaweas from the Mint.

Ugh, well it looks like citibank is trying to shimmy its way out of paying this bonus! Anyone else having trouble?

So debit card purchase in July should show 5% CashBack by 8/31 right? Did anyone get the bonus in Aug 31 statement?



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