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This is a rare one folks.

Charter One has new offers for opening a new checking account with $500 deposit.
Expires Sep 28

1. 5% APY, 5 month, $5,000 max CD
--the catch--> CD must be opened in a branch

2. 10% Cash Back for 90 days on gas, grocery and drug stores purchases if you applied and qualified for their CC.

http://www.charterone.com/555/

edit :
Citizens Bank has similar offer. Thanks Sashinator00

Member Summary
Most Recent Posts
I opened a Charter One account in April when they were running the checking promo. Used AP that showed up as a direct de... (more)

draculatreeforest (Sep. 24, 2013 @ 2:55p) |

Guys, just checking in.  What is your plan for this card as you wait for all of your $300 checks to come in.  You planni... (more)

dbl118 (Oct. 14, 2013 @ 6:10p) |

Actually switched to using Citizens as my Primary bank.  Was getting tired of BOA anyway - and the branches here have gr... (more)

camiolo (Oct. 14, 2013 @ 9:00p) |

Charterone is a subsidiary of Citizens Bank. http://www.citizensbank.com/. The offer should be good for both.

Branch Locator http://www.citizensbank.com/branchlocator/

The 10% reward is valid towards anything purchased at drug stores - including Visa Gift cards (aka $500 gift card for $454.95 after fee's/reward).

Drug store reward programs are applicable for Gift Card purchases.
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Locate a branch . . OH, IN, IL, MI only

Very sweet deal except for requirement to open in branch.

Checking has $9.99 monthly fee or $1,500 average daily balance or 5 qualified payment transactions made and posted per statement period.

If you get 1% now, incremental 4% on $5,000 for 5 months is roughly $83...

Same offer is available for area with Citizens Bank instead of Charter One: http://www.citizensbank.com/555/

Enjoy a 5.00% APY 5-Month Citizens Bank Certificate of Deposit

Minimum deposit: $1,000, Maximum deposit: $5,000
One CD can be opened per household
CD must be opened in a branch

Anyone who took advantage of the last 10% citizens card take advantage of this? My account is still open

vnuts21 said:   Anyone who took advantage of the last 10% citizens card take advantage of this? My account is still open

What's weird is even when you click to learn more about the offer for 10% on the credit card, the pre sign up page states 5%... Hmm.

I wonder if you can have two of these cards??? Double hmmm...

Be careful of this bank, they try to sneak in a credit card application if you are not observant.


jigsaw1975 said:   Be careful of this bank, they try to sneak in a credit card application if you are not observant.

If they are going to pay me 10% Cash Back for 90 days, I hope they sneak in more than one application.

byex0039 said:   jigsaw1975 said:   Be careful of this bank, they try to sneak in a credit card application if you are not observant.

If they are going to pay me 10% Cash Back for 90 days, I hope they sneak in more than one application.

There is a cap, which is not high. You are better off getting credit card that pays you $500 etc.
Just saying. I stopped applying for CC's that offer less than $300 value.

jigsaw1975 said:   byex0039 said:   jigsaw1975 said:   Be careful of this bank, they try to sneak in a credit card application if you are not observant.

If they are going to pay me 10% Cash Back for 90 days, I hope they sneak in more than one application.

There is a cap, which is not high. You are better off getting credit card that pays you $500 etc.
Just saying. I stopped applying for CC's that offer less than $300 value.


What is the cap? I can't find that info on their website.

The citizens CD deal would net you ~$105.

Usorry said:   The citizens CD deal would net you ~$105.

Thanks. That's a help on the CD.

Here is more on the CC:

Your cash reward is limited to (i.e., capped at) just $300/month. And you are able to collect your rewards only in $50 (fifty dollar) increments. If you should exceed $300 in rewards for any month, your excess reward will not be lost. Instead it will be paid the following month. However, that excess will also count against your $300 maximum during that following month.

On the positive side, while your 90 day 5% rewards period starts on the day of approval, the bank extends that period by twenty days (from date of approval) in order to allow time for you actually to receive your card in the mail. It can, and often does, take between ten and twenty days for these credit cards actually, physically, to arrive into your hands and become usable. But still, it is nice they give you a real 90 day window at the bottom line. That seems, to me anyway, fair.

You can open a CC right now, with a 5% reward, and you don't have to go into a bank branch. However, if you want the enhanced reward (extra 5% brings reward total up to 10%) then you must visit a branch and open the checking account.

Finally, a comment on the obvious:

I don't have this answer:

But obviously I wonder whether rewards earned during the third month are permitted to slough over into the fourth month at full value, and so forth. If so, this would appear to offer a much larger overall reward potential, albeit that your reward would be collected in $300 increments out into the future.

I'm getting my last reward check from this deal the last time they had it at 10%. I got about 10 months of $300 checks without putting a purchase on it in almost 7 months.

Last time they did this 10% offer, they gave me (and many others) a whopping $500 credit limit. It wasn't worth the time.

Sashinator00 said:   Same offer is available for area with Citizens Bank instead of Charter One: http://www.citizensbank.com/555/

It appears that Citizens Bank and Charter One are one in the same.

elektronic said:   Last time they did this 10% offer, they gave me (and many others) a whopping $500 credit limit. It wasn't worth the time.

They started me there last time too... I immediately called and got a 2k limit..

guardian44 said:   You can open a CC right now, with a 5% reward, and you don't have to go into a bank branch. However, if you want the enhanced reward (extra 5% brings reward total up to 10%) then you must visit a branch and open the checking account.

Didn't realize you had to open a checking account. But it does say it at the top.

Citizens pulled EQ in PA for checking account and credit card last year..

I'm hoping it'll count as only 1 pull if opened in branch. I might take a chance.. hmm.

When I try the locator it gives me the addressof Sunoco Aplus. Is this a bank or a gas station??? Confused.

StinkPot said:   When I try the locator it gives me the addressof Sunoco Aplus. Is this a bank or a gas station??? Confused.Try searching for branches, not ATMs.

BrianGa said:   StinkPot said:   When I try the locator it gives me the addressof Sunoco Aplus. Is this a bank or a gas station??? Confused.Try searching for branches, not ATMs.Thanks. Nearest one in Pennsylvania 50 miles away

It sounds a great deal, but my zip is out of the business area. T_T

StinkPot said:   BrianGa said:   StinkPot said:   When I try the locator it gives me the addressof Sunoco Aplus. Is this a bank or a gas station??? Confused.Try searching for branches, not ATMs.Thanks. Nearest one in Pennsylvania 50 miles away

Understood. Couple of things:

Obviously it is prudent to open the checking account first . . . before doing any of the "555" deals. The checking account can be opened on the internet or by telephone.

The credit card can be opened on the internet or by telephone. There is clearly no prohibition.

The "555" page, actually both pages (both bank names), says you need to open, you must open, the CD inside a branch of the bank. The OP also mentioned this. Kindly note:

I am unable to confirm this need.

Instead, I believe for many it might be sufficient, first, to locate the bank branch nearest your residence . . regardless distance. Thereafter, when you telephone the bank to open your CD, you will be asked for the location of that branch, which you must provide. Your CD will be assigned (credited/attributed ?) to that branch. It is a minor geographical issue, one you must research early on, before calling them. But it is not an impediment to opening the CD account from the comfort of your own home.

This I do not know:

I live within a state in which one of the banks has branches. So I don't know what would happen if you live in and call from a state unserved by physical branches, seeking to open a checking account and do the "555" deal. There is no way for me to know the answer to that one.

ETA

Just a brief note regarding the checking account. You need $500 to open but there is no minimum balance thereafter to avoid fees . . . provided however that:

You must do a minimum of five debit transactions per statement period in order to avoid fees on the checking account. These debit transactions can be of many forms including checks, ACH debits, debit card, . . . other stuff. Mine will all be ACH.

Since the opening of the credit card is separate from the checking account, I presume it must automatically 'find' it and give you your extra 5% rewards? It also sounded like the extra 5% bonus may not come immediately with your base 5% points (unlike the prior 10% CashBack version of this card):

The bonus points will be posted by your April 2013 credit card statement

Hope this is not the case though. Guess we will find out.

Yeah, I'm hitting a snag of my own:

I thought five ACH debits per statement cycle would do the trick to avoid the checking account fees. That's easy as I'm an Alliant member. But now, after further review, this assumption of mine appears to have come into question.

It seems the bank might scrutinize the ACH debits to ensure they are for the purpose of paying a third party. This, obviously, would be a problem and would scuttle my initial strategy. Wish I had the answer to this.

I do not have the answer.

I can say for sure you can have a Citizen and Charter one CC - I have 1 with and $8K CL and one with a $2500 CL (was $500 - called and bumped up).

I would like to know if anyone gets approved for a second card from the same bank/division - ie 2 Citizens or 2 Charter ones. From my call I can tell that they noted that I had the other card when I called.

I'm assuming I will get a 1099 form for the CD?

pwm112 said:   I can say for sure you can have a Citizen and Charter one CC - I have 1 with and $8K CL and one with a $2500 CL (was $500 - called and bumped up).

I would like to know if anyone gets approved for a second card from the same bank/division - ie 2 Citizens or 2 Charter ones. From my call I can tell that they noted that I had the other card when I called.


Yes I can confirm 2 Citizens bank cards is possible. I suspect these cards are all under the same RBS umbrella anyway, so not sure it really matters if you mix Charter or Citizens.

kvs25 said:   I'm assuming I will get a 1099 form for the CD?

For the CD interest? Yes, of course.

5k max.. .. not avail in NJ..

I called Charter One and confirmed that they want you to keep your accounts open for at least six months, that is why the delay in getting the other 5% reward until April 2013. The CS Rep. mentioned the information she had on the 555 was that the bonus would be paid by the end of March 2013(Doesn’t matter much as long as you are prepared to wait for the reward money.) You can only collect a maximum of $300 per month as a reward. I know that we would accrue about $2000(over 6 months of $300 checks) in reward money before I would even begin to miss the 5% bonus. I am not really concerned about them posting the reward as we took advantage of their promotion last fall for 10% Cash Back MC and never had a problem collecting a dime of the reward money.

I will be applying for the Charter One this time around but would like to know how well they will be enforcing the rule that you cannot have had a bank account with them in the last six months as I would also like to take advantage of the Citizens Bank promotion as well since they are actually in me geographic area. Anyone else thinking about applying even though they have or had a bank account open with one of the banks in the last 6 months?

Last go round they pulled Equifax for me and DW. Anyone seeing different this time?

Be careful,The problem with them is they hold your payments for 10 days before clearing the low credit limit and they didn't enforce this initially and would clear it with proof of payment but when they saw the FW effect they started doing this for most folks doing large transactions and wouldn't clear it before 10 business days. Given that there's not much churning that can be done in 90 days unless you can get a bigger credit limit

Holding payment for 10 business days means a total of at most $250~$300 (with a $500 credit limit). This is way too little. Plus, you are obligated to open a new checking account. So 2 hard pulls and lots of work only gets you a total of $250~$300! Not to mention that many somethings can go wrong with this bank.

Last time I applied for the card, I had a 4400 CL. Was able to get approx 1500 Cash Back without much effort. Basically I just bought $504.95 gift cards and had a stock pile of them and used them for every day spending.

If you guys dont mind me asking here in this forum. What drugstores allow us to buy gift cards (like vanilla reloads) with credit card. Im highly thinking of doing this. So im assuming the steps are:

1.Open a checking account.
2. Apply for the credit card.
3. Spend, pay off, spend, pay off as much as you can.

No one has been banned from charter doing this? Im suprised. I can see myself trying to rack up as many rewards as possible. lol

Does anyone who's had a CC with Citizens/Charter One know if they consider WalMart a grocery store? I know Chase does.

TDSAX said:   Does anyone who's had a CC with Citizens/Charter One know if they consider WalMart a grocery store? I know Chase does.

It earned 10% at my SuperWalmart.

flyalexair said:   If you guys dont mind me asking here in this forum. What drugstores allow us to buy gift cards (like vanilla reloads) with credit card. Im highly thinking of doing this. So im assuming the steps are:

1.Open a checking account.
2. Apply for the credit card.
3. Spend, pay off, spend, pay off as much as you can.

No one has been banned from charter doing this? Im suprised. I can see myself trying to rack up as many rewards as possible. lol


I can see you getting a Wal of Green for this. You have the Rite idea to Aide people.

Skipping 437 Messages...
dbl118 said:   Guys, just checking in.  What is your plan for this card as you wait for all of your $300 checks to come in.  You planning to make any purchases?  Anybody planning to close out bank account?  I assume it might make sense to make a purchase now and then to keep this account active.
  Actually switched to using Citizens as my Primary bank.  Was getting tired of BOA anyway - and the branches here have great hours.



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