Citigold Checking 50K ThankYou Points Bonus

thankyou 50K

Citibank is offering 50,000 ThankYou points to select customers who open up a Citigold checking account and meet certain requirements.

Offer Details & Terms

To get the bonus, simply visit the Citi website and input the special offer code 42ERCZ42PY. You must currently hold a ThankYou Preferred, ThankYou Premier or Prestige card to be eligible. This offer expires on December 31, 2015 and requires you to perform 1 bill pay in each of two consecutive months. You can find the full offer terms here.

Note: There is also an offer for 50K AAdvantage miles.

Monthly Fee & Downgrade Options

The Citigold account does carry a $30 monthly fee that is waived the first 2 months. After the points post you may be able to downgrade to a Basic Banking account where the fee is waived by a simple direct deposit and bill pay. Note that the points may have to be transferred out before downgrading or closing the account or you will most likely lose them.

Fund With Credit Card

Citi does let you fund your checking account with a Visa or Mastercard up to $100K. To do so, you must either mail or fax in an authorization form. Doctor of Credit has collected a number of data points regarding which credit cards work without being charged a cash advance fee.

Possible 1099

Citi uses the following language regarding a 1099:

Important Tax Information: Offer limited to customers who are either citizens or resident aliens of the United States (U.S.) with a valid Form W-9 on file and the account must not be subject to backup withholding. The value of the rewards from redeemed ThankYou Points may be reported to the IRS as miscellaneous income on Form 1099-MISC in the year received, if the value of the award plus other taxable miscellaneous income awards received from Citibank, N.A., is in the aggregate $600 or greater for a calendar year, as required by applicable law. Customer is responsible for any applicable taxes.”

If you receive more than $600 worth of value from these points, then you most likely will receive a 1099. If you redeem them at $.01 each for gift cards, then you shouldn’t have anything to worry about.

Citi Prestige Cardholders

If you are a holder of the Citi Prestige card, opening a Citigold account should also lower your annual fee by $100 to $350.

For more detailed information and analysis, see this Takeoff With Miles post.

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Last updated on December 20th, 2018

About Nick Reyes

Nick Reyes is a (fairly) regular guy with an animalistic passion for maximizing the value of miles and money to travel the world in comfort and style. There is little in life that he loves more than finding a fantastic deal and helping you shop smarter & harder to achieve your travel dreams.

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It’s not too late – Deals still alive as of 12/13/2015 - Frequent MilerDanFirst look at Revolut: Send and spend money globally with zero fees - The Frequent MilerEarn Up To 50,000 Points with a New Citi Checking Accountvd Recent comment authors

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Eric
Guest
Eric

I closed my Citigold account only a couple of months ago. That means I’m not eligible for this offer, correct?

Ravi
Guest
Ravi

Did you open up your previous account with some offer? If, yes how long did it take to get the points after opening the account?
Thanks

Eric
Guest
Eric

Yes I did but it was last year so I don’t really remember exactly how long it took. I think it took at least a couple of months. Do you know how long I need to wait until I am eligible again?

Ravi
Guest
Ravi

Thanks. Sorry, I don’t know the answer for your question. But I found this in T&C “Limit of one offer per customer and account. ” Don’t know what would it mean exactly in your case.

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

In the past it was 24 months, however several people have told me they have received bonuses more often. In the terms of this promotion it only says that you must be a new consumer checking customer which indicates you may qualify if you don’t currently have a checking account.

It is definitely a grey area and I wouldn’t feel comfortable giving you an answer either way. You may want to check with Citi.

Jamie
Guest
Jamie

I’m not seeing the debit card requirement in the linked terms…just the bill pay.

“To qualify to earn bonus ThankYou Points, open a new Regular Checking account in an eligible consumer account package (The Citigold® Account Package, The Citibank® Account Package, or Basic Banking Package) by 12/31/15. Then, within 60 days after account opening, 1 qualifying bill payment must be posted to the new checking account each month for two consecutive calendar months.”

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

You are correct. The AAdvantage offer requires the bill pay, while this one does not. I have corrected the post.

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[…] Note: There is also an offer for 50,000 ThankYou points. […]

Kathy (Will Run For Miles)
Guest

I am already a Citigold member with 2 Citigold Checking accounts. Will I get the points if I open another checking account?

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

It says for new consumer checking customers only so I don’t think so.

Anthony
Guest
Anthony

Can we try to get a match if we are waiting on the 40,000 TYP bonus to post?

Ravi
Guest
Ravi

I am also interested for the answer. I opened up citigold account with 40k points offer.

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

I would definitely send them a secure message to ask! I’m not sure if they will match, but it never hurts to try.

Mark
Guest
Mark

I opened my account literally 2 weeks ago and asked via PM and they would not match the offer.

Mark
Guest
Mark

I just don’t see value anywhere near $30/mo for having such an account. Am I missing something? Can any of the folks who have Citigold accts enlighten me?

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

It is a premium banking relationship with some perks, but may not be right for most people. Utilizing a deal like this allows people to try it out and see if they like it. You can always downgrade the account or cancel it.

Carter
Guest
Carter

Can these points be transferred to transfer partners or must they be used to buy tickets directly?

Jeff
Guest
Jeff

^ Ditto this question

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

No unfortunately not. There is more information on the restrictions with these points here.
http://milestomemories.boardingarea.com/citi-thankyou-restricted-points-transfer/

Stephen
Guest
Stephen

I signed up for Citigold under the 40k offer on 9/28. Just sent them a SM asking to be matched to the current offer. Fingers crossed.

Jeff
Guest
Jeff

So on the 1099 concern, is this in aggregate across all Citibank products (including Credit Cards)? Or is it limited to banking?

In other words, if I get a Credit Card with a 50,000 point signup bonus and this account in the same calendar year, am I all-but guaranteed to get a 1099 or is it limited to the Citigold account?

Long as we’re on this topic, if I get multiple Credit Cards (but no bank account) am I in danger of getting this 1099 on those products as well? I’m just now getting into Citibank with their AA card and would be good to know if I’m risking a 1099 or should back off their product line…

Shawn Coomer - Senior Editor
Member
Shawn Coomer - Senior Editor

I always suggest contacting your tax professional, but the 1099 relates to bank accounts. So any bonuses earned for singing up along with monthly ThankYou points earned for using the account would count towards the $600 total.

In the past credit card bonuses have generally been considered rebates and haven’t normally been taxed. With that said, I cannot provide professional tax advice, so I have to recommend consulting your tax professional. There is a lot of information regarding credit card rewards and taxes on the internet that may or may not be helpful.

goodMXguy
Guest
goodMXguy

mmmmm…. This one is even easier than the AA miles offer, to bad I already click the “submit” button on the other one.

James
Guest
James

I don’t see anywhere says ” $30 monthly fee that is waived the first 2 months”. Can you let me know where it is?

Thanks
James

O
Guest
O

Any data points suggesting you can receive the bonus if you already have a checking acct with them?

Anurag
Guest
Anurag

I just called up citi for this offer and he told me its targeted and I am not eligible for this offer. I have Prestige, premier and thank you preferred cards. Couldn’t do IT online becaz i live in GA.

trackback

[…] posted by FrequentMiler, there are currently two Citibank Citigold offers worth taking advantage of if you can.  Once is […]

RA
Guest
RA

I have a way and would like to know if its going to work.
I will open up the citi premier card now which has 3000 requirement to get 50 k points. After opening that I will be eligible to open this Citigold account so another 50k points. If I fund my Citigold using newly opened premier card would that count towards the minimum spend of cc?
Thanks

James
Guest
James

My application (10/3) was denied. Is it possible due to I opened 4 credit cards last month (9/1)?
Should I go to Citi branch and try again?
Any suggestion is appreciated.

Thanks

Will
Guest
Will

mine got declined too (10/14). I also applied 3 cc on 10/06. I called them, and being told that I will receive the letter in one week. Did you receive your letter from Citi?

Eric
Guest
Eric

What was the message on the screen when you were declined? Why would applying for credit cards have anything to do with applying for a checking account? Doesn’t one check your credit report(s) while the other checks your Chex report?

James
Guest
James

Yes, I received letter from Citi said:

” Due to information we received from the consumer reporting agency (Equifax), we are unable to open an account for you at this time”

Eric
Guest
Eric

Wow, so banks do check our credit reports when we attempt to open a checking account? Was it a soft or hard pull?

James
Guest
James

I thought it should be soft, however, the description looks like hard pull.

Will
Guest
Will

I bet I will get the same letter. Thanks for sharing. I am going to try it later, like December.

vd
Guest
vd

I applied for this account and was approved, After receiving my kit I contacted customer support to check my eligibility, she told me even though I got approved I am not eligible for this offer as I did not get the promotion from citi. Not sure what I should do now , any guidance will be appreciated

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[…] H/T: FrequentMiler […]

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[…] PNC?  $15.  US Bank?  $16.  Luckily I had recently opened a CitiGold checking account (to get 50,000 points, of course).  Citi normally would charge a fee, but not to CitiGold customers.  Cool.  Citi told me to use […]

Dan
Guest
Dan

I applied under he AA however as an FYI to everyone. They sent the kits which was only the checks. So I called the 800# after 2 weeks and they said I had to request the debit card but could only send me the ATM version now. They said the account had to be open for 30 days before I got the debit card. Has anyone else had this experience?

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[…] Citigold Checking 50K ThankYou Points Bonus […]