Citibank Checking Account Promotion: 20,000 ThankYou Points

Update: Citibank has a new checking account promotion for new customers. You can get up 40,000 ThankYou points if you can maintain a $50,000 balance, but the more accessible option can still get you a nice 20,000 ThankYou points. I’ll only focus on how to get the 20k offer below. This would combine well with the 30,000 ThankYou point bonus from the Citi ThankYou Preferred card. Don’t forget to maximize the value of your Thank You points.

First, you must open a Basic Banking package either through the link above or by calling 1-866-583-6706 and using promo code CZC2. As long as you make 1 direct deposit and 1 bill payment each monthly statement period, you’ll pay no monthly service fee. Alternatively, keeping $1,500 in the account by itself will waive the $10 monthly service fee.

Next, within 60 days after account opening, you must enroll the new checking account in Citi ThankYou® Rewards and; 1 qualifying direct deposit must be credited, and 1 qualifying bill payment must be posted, to the new checking account and such activities must also occur during a calendar month and the following calendar month. Given that the Basic Package already waives the monthly fee with these actions, this is two birds with one stone and will get you 10,000 ThankYou points.

Finally, for another 10,000 ThankYou points you must do one of the following things within 60 days of account openings: (1) download the Citi MobileSM App and use the app to sign on with the same User ID and Password you use to access your new checking account online, or (2) enroll your new checking account in paperless statements.

Citibank even states that “Qualifying direct deposits are Automated Clearing House (ACH) credits, which may include payroll, pension, or government payments (such as Social Security) by your employer or an outside agency.” I read this to mean that an ACH transfer from an outside bank, like say Ally Bank, would also count as a direct deposit. Offer expires 10/31/13.

Citibank says it will send you a 1099-MISC for the value of the ThankYou points if you earn more than $600 from them in a year. However, if this is your only bank bonus from Citi (credit cards don’t get 1099s), you should be under that $600 threshold. Regarding their definition of a “new” customer: “If you have received a bonus reward for opening a new Citibank consumer checking account within the past two years you will not be eligible to receive a bonus associated with this offer.”

Comments

  1. Do you know the promo code for this offer? I never got my reward and citi wants the code in order to help me.

  2. if the promotion ended on Oct-31-2012 then use ‘CZV7′

  3. Can anyone confirm 100% from personal experience that if they get, say $400 worth of rewards from a bank account bonus and $400 worth of credit card rewards from a card issued by the same bank that those are not aggregated for the purposes of a 1099? I’ve got both with Citi and was planning to stagger my redemption of points into the new year to avoid passing the $600 threshold this year but if the credit card points don’t count toward the threshold I’d rather just redeem all my points ASAP. Thanks.

  4. Please add either to your article or the comments, what are these points actually good for? That will inform whether I want to pursue this offer or not.

  5. Ok I see you have already address the issue here: http://www.mymoneyblog.com/best-value-citi-thankyou-points.html. But please link to it directly in the article next time.

  6. The article was linked in the first paragraph. Please read better next time. ;)

  7. Is it true that they do a hard pull for opening a checking account with them?

  8. YouChangedItAfterIPointedItOut

  9. @RY – There are conflicting reports online regarding Citi and hard pulls. Some say yes, some say no. I had an account around 5 years ago, and there was no hard pull. I’m afraid I can’t do better than that.

    @KidRick – Sigh, now you accuse me of lying? How about please just go away and stop leaving comments. The link was there originally. How do I know?

    Fun Fact: If you click on the “Notify me of new posts by email” option below the comment box, you get all my new posts instantly as they are posted (no chance of updating or editing).

    If you choose the Feedburner route via the green box below, you will get one summary e-mail daily (never more than one per day) which includes whatever is up during their daily snapshot (usually sometime in the middle of the night).

  10. Lolz dude it was a joke i like your blog im not going away

  11. Jonathan,

    Just curious about whether you get any referral bonus for people who signed up this deal through your website link? And if yes, how much it would be? $100?

    I am becoming more and more convinced that running a “frugal” centric blog is by itself a income source and sometimes it can be quite lucrative. Nothing wrong with that. You are providing something that is beneficial to your reader anyway.

    But what if I am asking for a “kick back”? For example, i will sign up through your link, but I want $50 back from you if you got paid $100. Will this work?

  12. @billy – I get zero dollars if you sign up for this Citibank checking account. I just put it up because it’s a pretty good bonus. Some offers I do get an affiliate referral, but in those cases there is no way to track individual sign-ups so I don’t do any kind of split. I thank you for using my links if/when they are affiliate links.

  13. I received a letter from Citibank today denying my account application because of information found on my credit report. However, my credit score is in the high 700s. Did anyone here received the same notice in the mail?

  14. Usually with these bonuses, there’s a restriction against closing the account within 180 days or so. I didn’t see that on this one. Did I miss it, or is there no restriction?

  15. Thank you for the great info! The “maximizing” is very helpful, as well. Glad to have found you.

  16. anyone get the 20k bonus points yet? is there a eta?

  17. Not yet for me. Is there a way to follow-up?

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