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$50 Gift Card Bonus for Compass Bank's Build-to-Order Checking Account

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Compass Bank is having a promotion for its Build-to-Order Free Checking Account. Here's the promotional page link. Open the checking account with a minimum deposit of $25 within 30 days of registering for this offer, and you'll be awarded for a $50 iTunes Gift Card.

Here are some of the important terms:
You must be a U.S. citizen and a resident of Alabama, Arizona, Colorado, Florida, New Mexico or Texas to open a checking account with Compass. This offer is available only to new Compass checking account clients. Offer expires on 12/31/07.

I noticed on ebay that iTunes Gift Cards are going for amounts close to their card value.

I did a different Compass $50 promotion last year and received the promised gift card without any problems. One negative is that I did received two hard credit inquiries by Transunion.

Easy $25 Per Year?

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. I'm not sure if the first order of checks is free or not. If they're not free, I would think you should be able to reject them. The Online Bill Pay is free so you could live without them.

The disclosure has some of the details of $25 anniversary cash bonus feature. Some things weren't clear in the disclosure so I sent an email to Compass. Here's what the CSR stated about this bonus:
You must make one withdrawal or deposit each statement cycle in order to receive the bonus cash for that particular statement cycle. This approximate amount earned each statement cycle is $2.08. This amount is added every statement cycle (every month) totaling $25.00 at the end of the twelfth statement cycle

So this seems like a nice bonus that can be done with a small balance and without much work. I would think you could automate the withdrawals or deposits either from Compass or from an online bank. The disclosure also stated that there was a limit of 2 bonus features per customer. So I thought this may imply that you could choose two cash bonuses for your two free premium choices. The CSR said that this is not allowed. You will not be able to double up on the $25 cash bonus feature to earn $50 instead of $25.

The other premium features are not too exciting in my opinion. The first two would allow you to use ATMs without cost, but note, to receive rebates when you use ATMs from other banks, you'll have to mail in the receipts.

One of the premium features is interest on your checking balance. I doubt that this would be a worthwhile feature. If the rate is the same as their CompassLink Checking (currently 0.40% for $2K or more), it would be of little value. If you're going to keep a large balance in a checking account, there are many other choices that will earn you much higher interest.

Two other premium features are rewards for check card usage. A good cash back credit card will likely be better than this, and if you're going to use a debit card often, you'll probably be better off with a high yield reward checking account (see post).

The last premium feature is a one-per-year overdraft forgiveness refund. If you want to save money, avoid overdrafts like the plague.

Compass Bank is FDIC insured (FDIC Certificate # 19048).

For other checking account alternatives, please see my best checking account post.
  Tags: Alabama, Colorado, Arizona, New Mexico, Texas, checking account, Florida

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Sorry but I don.t have any use for itunes.

1