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Got in the mail today an offer, open Citi Gold Checking and get 40,000 bonus points. ($400 in gc)
Open Citibank checking 20,000 points (200$ in gc)
Open Citi Basic get 6,000 thank you points ($60)

Offer code is CYYL

Credited within 90 days. Open by 7/31/12 and within 45 days enrolled the account in Thank you rewards, complete one direct deposit and one qualifying bill pay for two consecutive month. Points come within 90 days of doing all the steps required. Reported to IRS as misc income form 1099-misc, if over $600 in the year total reward value.

Thats all the details from the one page targeted mailer.

Member Summary
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Wow, i was hit with monthly fee 3 times before i got the points but I never thought of having them waive the fee as it w... (more)

niniss (Feb. 21, 2013 @ 2:41a) |

is this promotion still going on? closing a house using citimortgage, so i was hoping to open a citigold account and get... (more)

columbiazulu (May. 12, 2013 @ 7:56p) |

It's over

misterspaghetti (May. 12, 2013 @ 8:55p) |

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Need $50k deposited for gold acct

STEALfromCAGgive2FW said:   Need $50k deposited for gold acct

or else $30/month fee which is waived first two months if you link an account to it. Not sure details on that. I would like to know if i can close account after paid the points and redeemed.

be ware the 1099

Some data points.
Opened Dec. 18th (my offer was 50K pts). Kept balance low.
First $30 fee wasn't until May 1st for me. Got bonus on June 1st, but the extra delay was my fault for missing a slight detail in terms, but they agreed to give me the points.
Planning to close before the end of this month...was hoping a thank you points deal would come along (my last cashout was when gap giftcards were 50% off).... I plan to cash out before closing down just to be safe.

OP, did your offer state: "This offer is available to Citi cardmembers who receive this communication."?

I'm asking b/c my wife got one in the mail, and her's has that term. As info, here code was CYYK, and said to either call 866-583-6712 or go to offer.citibank.com. However, there is NO other unique ID code or anything on the offer.

In my opinion a real YMMV with Citi, since they are sometimes horrible at crediting bonuses and might use that clause to deny later.

But if anyone non-targeted wants to fish around and call or try online, knock yourselves out!

teammjs said:   OP, did your offer state: "This offer is available to Citi cardmembers who receive this communication."?

I'm asking b/c my wife got one in the mail, and her's has that term. As info, here code was CYYK, and said to either call 866-583-6712 or go to offer.citibank.com. However, there is NO other unique ID code or anything on the offer.

In my opinion a real YMMV with Citi, since they are sometimes horrible at crediting bonuses and might use that clause to deny later.

But if anyone non-targeted wants to fish around and call or try online, knock yourselves out!


yes it says that

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.

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.


Great point. It suggests the 20k point offer is the best way to go, assuming the $400 "worth" of TYP (at 2 cents/point by Citi's valuation) is the better choice considering little chance of getting a 1099-MISC at that level.

My wife got hit by these bastards last year for a $1k 1099-MISC for 40k AA miles. Had been getting 20k fairly regularly for years between us before that, and that never triggered a 1099-MISC.

Is Offer code CYYL generic for anyone to use it, or is this strictly targeted?

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.

It says, "This offer is available to Citi cardmembers who receive this communication." Doesn't this mean the offer is targeted?

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?

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.

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.

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.

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

points

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?

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.

c3 said:    That was my first time having Citi bank accounts. My points were redeemed for Red Cross donations, so 100 points == $1.

So you specifically made a donation to the Red Cross using 40,000 TYP, for a declared value of $400, and Citi issued you a 1099-MISC for $800? Or was the donation technically undefined in value?

If they said it was worth $400 when you donated, that seems really weird you got a $800 value (although weird=Citibank's logic). I assume you just adjusted your 1040, since this seems absolutely a clear case of proving the 1099-MISC was over-inflated.

I f'ing hate Citi-- I don't know another bank that seems more screwed up in trying to open a checking account. They sucked in the past, and still suck.

OK, so my point, a few observations from family member 1 trying this that might help you folks-- keep in mind this member was targeted for the bonus.

1. Even after going to the offer.citibank.com and inputting the bonus (CYYL), the b*stards by some stupid default showed a regular checking account on the left for the lesser bonus. Knowing from previous aps Citibank will not allow an option to choose later, I realized this default was going to need to be dealt with in another way. So, I just went to the regular homepage, selected to open a Citigold checking account, which spit some other generic code by default. I altered the URL at the top to override the generic with CYYL, and hit refresh just to be safe. The CYYL code showed up, I continued, and the terms of the offer showed up to print later. Success.

2. The part where you can supposedly log-in to save time at the beginning of the ap process? Forget it if you just have a credit card and no banking/mortgage products. You just get spit out to a credit card sign-on page that doesn't retain your info, populate it, or allows you to apply for a banking product once logged in.

3. Even though you attempt to fund initially through another bank, I don't think that ever goes through! Instead, when you get account access (with a $0 balance), you can set up a transfer account and link from there to a place to fund.

4. Regarding #2, you probably want to do this than ACH push into Citi, because until you pass some long security phase with Citi, the trail deposits AND withdraw, may send your account negative since Citi won't recognize the availability of the deposit side, but will the withdraw. I will say at least Citi is fast with the set-up this way.

5. Don't forget you have to sign-up for Thank You Rewards as part of the offer. Technically, you may (by the wording) have to do this first before getting credit for the deposits/bill pay. Anyway, here's what you do: just go to the link once signed on to banking that says to register. Then wait several days. Don't try to go and look-up your TYP number at the TYP website. After some days, you'll then see a link to check points that will show you points and your TYP account number.

6. When you get your check and debit card, even if you don't plan to use, past memory was you better just make sure they're active or they could start getting pissy with your account/access.

7. I did send an SM once logged on to the account to verify the bonus, and got a fast response telling me my account is too new to confirm, but I should be able to add it later if necessary. He also gave me the routing number to try to get the DD requirement out of the way.

8. Finally, Citi would put most spy services to shame. If you're opening an account for a family member, better have them within proximity (or know every car they've driven in the last 10 years, age and location of their family, what state issued their SSN, etc.) because I had to enter different background challenge questions: 1) when applying, 2) when setting up my ACH pulls, and 3) when trying to pay a bill!

My guess is Citi is so disorganized it will probably be possible to get the bonus without the card, since it doesn't say the TYP has to be linked to your qualifying credit card, and in fact by default isn't. However, I know on the American Airline miles offers, they don't ever ask for your frequent flyer number, because it's in their system and gets linked later automatically through miracle of miracles.

Of course, maybe someone had better experiences.

teammjs said:   I f'ing hate Citi-- I don't know another bank that seems more screwed up in trying to open a checking account. They sucked in the past, and still suck.

OK, so my point, a few observations from family member 1 trying this that might help you folks-- keep in mind this member was targeted for the bonus.

1. Even after going to the offer.citibank.com and inputting the bonus (CYYL), the b*stards by some stupid default showed a regular checking account on the left for the lesser bonus. Knowing from previous aps Citibank will not allow an option to choose later, I realized this default was going to need to be dealt with in another way. So, I just went to the regular homepage, selected to open a Citigold checking account, which spit some other generic code by default. I altered the URL at the top to override the generic with CYYL, and hit refresh just to be safe. The CYYL code showed up, I continued, and the terms of the offer showed up to print later. Success.

2. The part where you can supposedly log-in to save time at the beginning of the ap process? Forget it if you just have a credit card and no banking/mortgage products. You just get spit out to a credit card sign-on page that doesn't retain your info, populate it, or allows you to apply for a banking product once logged in.

3. Even though you attempt to fund initially through another bank, I don't think that ever goes through! Instead, when you get account access (with a $0 balance), you can set up a transfer account and link from there to a place to fund.

4. Regarding #2, you probably want to do this than ACH push into Citi, because until you pass some long security phase with Citi, the trail deposits AND withdraw, may send your account negative since Citi won't recognize the availability of the deposit side, but will the withdraw. I will say at least Citi is fast with the set-up this way.

5. Don't forget you have to sign-up for Thank You Rewards as part of the offer. Technically, you may (by the wording) have to do this first before getting credit for the deposits/bill pay. Anyway, here's what you do: just go to the link once signed on to banking that says to register. Then wait several days. Don't try to go and look-up your TYP number at the TYP website. After some days, you'll then see a link to check points that will show you points and your TYP account number.

6. When you get your check and debit card, even if you don't plan to use, past memory was you better just make sure they're active or they could start getting pissy with your account/access.

7. I did send an SM once logged on to the account to verify the bonus, and got a fast response telling me my account is too new to confirm, but I should be able to add it later if necessary. He also gave me the routing number to try to get the DD requirement out of the way.

8. Finally, Citi would put most spy services to shame. If you're opening an account for a family member, better have them within proximity (or know every car they've driven in the last 10 years, age and location of their family, what state issued their SSN, etc.) because I had to enter different background challenge questions: 1) when applying, 2) when setting up my ACH pulls, and 3) when trying to pay a bill!

My guess is Citi is so disorganized it will probably be possible to get the bonus without the card, since it doesn't say the TYP has to be linked to your qualifying credit card, and in fact by default isn't. However, I know on the American Airline miles offers, they don't ever ask for your frequent flyer number, because it's in their system and gets linked later automatically through miracle of miracles.

Of course, maybe someone had better experiences.


You information is much appreciated. Is it a good idea to combine credit card and checking Thank You Point accounts? Is there any issue (in terms of tax reporting, etc) with doing this?

drsauce said:   

You information is much appreciated. Is it a good idea to combine credit card and checking Thank You Point accounts? Is there any issue (in terms of tax reporting, etc) with doing this?


Thanks. Citi is so schizo and dumb with how their IT works, I know there's a lot of wordspray there, but I don't think you could intentionally design an account opening process worse if you wanted to.

I've wondered the same (i.e. do you have to have the checking linked since the offer went out to targeted TYP credit card holders). Their terms don't require it, but that may mean more calls and ulcers over a few months to get a manual override. I'm gambling it won't be required.

I can tell you, the TYP account that finally showed up was different than the credit card one-- so they didn't link by name/address. However, I don't think (based on my response) that there is any way to apply for the checking account after logging in as a known credit card holder.

I just think there may be more problems in blending the accounts, and their website isn't exactly clear which account would take precedent.

The tax issue is a great question as well. I think from what I've read any TYP's redeemed by credit card offers won't count against you for tax purposes, but I don't trust Citi and probably better to keep segregated under assumption a 40k=$400 gift cards redemption alone won't trigger the $600 threshhold for sending a 1099-MISC from the checking bonus.

Has anyone had any luck opening the gold account and then converting it to a student account after receiving the bonus?

Does citibank do a hard credit check for checking accounts or is it just a soft pull?

skibum678 said:   Does citibank do a hard credit check for checking accounts or is it just a soft pull?

Hard pull

drsauce said:   skibum678 said:   Does citibank do a hard credit check for checking accounts or is it just a soft pull?

Hard pull


It was an inquiry on Chex Systems for me and nothing on any credit report.

Did u apply online, phone, or in branch? I heard hard, soft, and chex systems now? Just confused

skibum678 said:   Did u apply online, phone, or in branch? I heard hard, soft, and chex systems now? Just confused

I opened a few online and two over the telephone.

I just got this offer in the mail and am strongly considering it. Does anyone know how long you need to keep this open and whether you can convert it to a free or lower fee account after you get the bonus? If its 6 months of $30 charges that would suck.

Also why is everyone afraid of this offer because of the possibility of a 1099? I will likely use my points for flights so at worst the 33% bonus for airfare would cancel out the 1099 tax effect and its a free $400, at best it's a free $532 for a flight.

I just did this deal for the 40,000 points recently and only kept the account at the the citigold level for 3 months. Then I converted to the basic checking (only requires a $1500 balance to avoid a $10 monthly fee) until I received the points. It did take about 2 months once I completed the requirements for the points to post. I can also confirm that an ACH push from another bank will work for the direct deposit requirement. You can close the account once you receive the bonus, but be sure to redeem the points within 60 days or they will be forfeited.

has anyone gotten points on an offer like this *without* being targeted?

What a nightmare. I guess I should have listened to "teammjs" advice. Had to apply twice due to some stupid errors and now i still don't know if it went through or not. The first time got error after i tried to use my citi cc ID and PW and the second time is after i tried to fund with my local bank acct. It says they will make 2 trial deposits, but then just gave me the stupid blank page again.

I was NOT targeted. After seeing the vague 20K TYP with online app, I applied by phone 866-583-6712 with CYYK code (Rep confirmed 40K TYP), and somewhat smooth sailing so far:

Applied: 7/17 - bit the bullet and gave bank info for initial deposit.
Welcome package with acct #, postmarked: 7/18 - Rec a few days later.
Faxed in signature card: 7/24
Initial deposit transfer: 7/27
Rec box of checks: 8/4
ATM/Debit card: Not yet

Account is live, but need card to sign up online/use ATM.

DonJuan said:   I was NOT targeted. After seeing the vague 20K TYP with online app, I applied by phone 866-583-6712 with CYYK code (Rep confirmed 40K TYP), and somewhat smooth sailing so far:

Applied: 7/17 - bit the bullet and gave bank info for initial deposit.
Welcome package with acct #, postmarked: 7/18 - Rec a few days later.
Faxed in signature card: 7/24
Initial deposit transfer: 7/27
Rec box of checks: 8/4
ATM/Debit card: Not yet

Account is live, but need card to sign up online/use ATM.


You may want to give them a ring. My mom signed up and it took three tries to finally receive the card. They claimed each time it was sent out but they never showed up.

I didn't actually use the offer code (just found it today) but I did open the CitiGold account right before 7/31. Their website is so whack though that it's totally plausible that it didn't go through. I've emailed them anyway and told them that I used that and asking why I don't see the points credited. Do you think it's likely they will go along with this? I think they want my 50K.

FW949 said:   I didn't actually use the offer code (just found it today) but I did open the CitiGold account right before 7/31. Their website is so whack though that it's totally plausible that it didn't go through. I've emailed them anyway and told them that I used that and asking why I don't see the points credited. Do you think it's likely they will go along with this? I think they want my 50K.

Answering my own question. I talked to them via E-mail and they did some magic, and now the reps confirm that my account is coded for the 40K promo!!

Thanks FW!! you made an account I was already going to open a much better deal!

I did this deal back in March or April, and I already got the 40K bonus. On top of that I was never charged the $30 monthly fee even though I should have been, and a week after I got the points I switched to the basic checking with no problems......
good deal......

So..

  • Open Citi Gold Checking
  • Enroll account in TYP
  • Set-up direct deposit (enough to cover cell phone bill)
  • Set-up bill-pay to pay cell phone
  • Apply for Chase Slate
  • Re-allocate Chase balances to Slate
  • Xfer 80% of slate CL to existing Citi card
  • Ask for credit refund to Citi checking account
  • Write self check from Citi account
  • Wait ~3 months
  • Cancel Citi Checking


- - - - - -
  • + $400 Gift Cards
  • + 15-month/0% APR cash advance
  • - 1099 for rewards
  • - $30 for 1 month Checking Fee (maybe)

Sounds like a plan. Time to get out the old Excel & Google Calendar..

Skipping 29 Messages...
columbiazulu said:   is this promotion still going on? closing a house using citimortgage, so i was hoping to open a citigold account and get the bonus while i do it!

It's over



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