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Citi 40,000 bonus points ($400 GC) for opening Gold checking

2 of 7
AugustFour
6/20/12 12:26 AM
Is Offer code CYYL generic for anyone to use it, or is this strictly targeted?
MidnightLight
6/20/12 1:02 AM
I got the CYYL mailing today as well. Doesn't seem to be targeted, although you apparently have to hold an existing Citi ThankYou credit card. Here are the T&Cs:


This offer is available to Citi cardmembers who receive this communication. Offers for new checking customers only, 18 years or older. All accounts subject to approval and applicable terms and fees. Limit of one offer per customer and account. Offer may be modified or withdrawn at any time without notice, expires 7/31/12, is not transferable and cannot be combined with any other offer.

Separate enrollment of eligible checking account in Citi ThankYou Rewards required. Citi ThankYou Rewards enrollment and participation subject to terms, conditions, and restrictions.

To qualify for 40,000 ThankYou Points, open a new Regular Checking account in The Citigold Account Package; or to qualify for 20,000 ThankYou Points, open a new Regular Checking account in The Citibank Account Package; or to qualify for 6,000 ThankYou Points, open a new Regular Checking account in the Basic Banking Package by 7/31/12. Then, within 45 days after account opening, enroll the new checking account in Citi ThankYou Rewards and complete 1 direct deposit AND 1 qualifying bill payment from the checking account for 2 consecutive calendar months. Qualifying bill payments are those using Citibank Online, Citi Mobile or CitiPhone Banking. Bills paid by making a transfer between linked accounts and/or transfer payments made to accounts within Citibank or to accounts with Citibank affiliates do not qualify as bill payments for this offer.

Your new Regular Checking account in the Citigold Account Package, The Citibank Account Package, Basic Banking Package and Citi credit card must be open and in good standing at the time the bonus ThankYou points are posted to your ThankYou Member Account.

Important Tax Information: Enrollment in Citi ThankYou Rewards and this offer limited to customers who are either citizens or resident aliens of the United States (U.S.) with a valid U.S. taxpayer identification number. The value of rewards from redeemed points may be reported to the IRS as miscellaneous income on Form 1099-MISC in the year redeemed, if the value of the rewards plus other taxable miscellaneous income awards received from Citibank, N.A., is in the aggregation $600 or greater for a calendar year, as required by applicable law. Customer is responsible for any applicable taxes.

AugustFour
6/20/12 1:22 AM
It says, "This offer is available to Citi cardmembers who receive this communication." Doesn't this mean the offer is targeted?
scripta
6/20/12 3:16 PM
c3 said:   

rickt86 said:   

Reported to IRS as misc income form 1099-misc, if over $600 in the year total reward value.



Citi isseued a 1099 of almost $800 for my 40,000 points.

Did they ever address their criminal valuation of the TY points?
3c3
6/20/12 3:32 PM
scripta said:   

Did they ever address their criminal valuation of the TY points?



Nope. I made many calls over 2-3 weeks and gave up.
scripta
6/20/12 3:50 PM
c3 said:   

scripta said:   

Did they ever address their criminal valuation of the TY points?

Nope. I made many calls over 2-3 weeks and gave up.

You should try CFPB, just for fun. I don't think they're getting a whole lot of traffic yet, so maybe if enough people complain about the same thing, they'll notice.
echip
6/21/12 11:43 PM
c3 said:   

rickt86 said:   

Reported to IRS as misc income form 1099-misc, if over $600 in the year total reward value.



Citi isseued a 1099 of almost $800 for my 40,000 points.



Was that 40,000 Thank You points or AAdvantage miles?

I also received the letter, it clearly stated in big BOLD said that the 40K Thank You points valued "up to $400 in gift cards" only.
So I don't see how can they issue a 1099 for $800. I could be wrong.
3c3
6/21/12 11:47 PM
echip said:   

Was that 40,000 Thank You points or AAdvantage miles?



points
teammjs
6/23/12 10:32 PM
I did some checking on FlyerTalk, and the consensus on TYP (not AA miles) seemed to be that Citi tended to value the points based on the value of what was redeemed during the year of redemption and not earned.

For example, 40k points earned in Sep. and redeemed for $400 in gift cards in Oct. would be valued as $400 during same year-- if you waited until after Dec 31 to redeem the previous year would for 1099-MISC purposes would be $0, but the new year would be $400. If you had redeemed for a variable reward like an airline ticket, then the 40k points might be assessed a value above $600 to trigger the 1099-MISC.

So, if you signed-up for this promo back-to-back years, but redeemed one batch for gift cards in January, and the next batch in December-- all those redemptions would go on the same year.

Obviously it sounds like on the 40k TYP = $400 gift cards = 1099-MISC over $600 reported would be an exception to this, unless maybe C3, did you maybe do an earlier promo that might have been combined based on the redemption date? Or did you redeem for something other than straight gift cards?
3c3
6/24/12 4:29 AM
teammjs said:   

Obviously it sounds like on the 40k TYP = $400 gift cards = 1099-MISC over $600 reported would be an exception to this, unless maybe C3, did you maybe do an earlier promo that might have been combined based on the redemption date? Or did you redeem for something other than straight gift cards?



That was my first time having Citi bank accounts. My points were redeemed for Red Cross donations, so 100 points == $1.
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