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Citibank Checking/Savings Account Promo with up to 40,000 ThankYou Points

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Citibank

Citibank is offering a checking account and savings account promotion in which you can earn up to 40,000 ThankYou points. I wouldn't call this a hot deal since it requires a significant deposit and you have to be careful with fees. Nevertheless, some may find it a good deal. Here's the link to the promotions page as of 9/17/2010. To qualify for the first 20,000 points, the following is required:

  • Open The Citibank Account or Citigold Account by 10/17/2010
  • Enroll your checking account in Citi ThankYou Rewards
  • Within 60 days of account opening you must have begin performing at least one of the following: 1 direct deposit, or at least 2 online bill payments, or 5 or more debit card purchases. This must be continued for 2 consecutive months.

To earn another 20,000 points, the following is required:

  • Open and fund a Citibank Savings Plus Account with at least$25,000 by 10/31/2010
  • Within 60 days of account opening you must have begin performing at least one of the following from the linked checking account: 1 direct deposit, or at least 2 online bill payments, or 5 or more debit card purchases. This must be continued for 3 consecutive months.

Some downsides to consider about this promotion:

  • 40,000 ThankYou points can be redeemed for $400 in gift cards. As always, a gift card is not as good as cash.
  • The Citibank Account requires a minimum $6,000 combined balance to avoid a monthly fee of either $9.50 or $12. You can see the details of The Citibank Account here.
  • The savings account promo requires a $25,000 deposit. However, the terms don't say how long this $25,000 has to remain in the account.
  • The account doesn't pay much interest so there's a downside for maintaining a balance in this account. Details of this account are described here.
  • Many readers have reported problems in getting Citibank to pay out its bonuses, and many have had problems with Citibank's customer service.

Be sure to read all of Citibank's fine print. Citibank just recently announced it's making some changes to its fees which may help in avoiding monthly fees.

Credit for this find goes to FW member cameron2003 who mentioned this deal in this FW thread.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Additional bonuses are listed in the checking discussion forum.


  Tags: Citibank, checking account, savings account

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
The days of being able to redeem 40,000 points for $400 are long gone.  $100 gift cards for 10,000 points (for practically any store you could think of) used to be common, but looking right now I see NO $100 gift cards.  There are $50 cards for 6000 points, and $25 cards for 3500 points.  And the selection of retailers continues to shrink.

It's still a deal, but not as good as it once was.  I guess I'm surprised that Citi hasn't shut down the Thank You program by now.

I opened one of these accounts in early 2008.  When the interest rate on the savings became so dreadful that I could take it no more, I closed the account in late 2009.  Then I ran into a gotcha that isn't in the fine print - they will take points away from you for closing the account.  They took about 4500 points away from me, and later restored about 3500 of them... with no explanation.

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Comment #2 by Anonymous posted on
Anonymous
I had Citi accounts for 10 years, until this year as I closed all of my accounts. You name a customer service issue and I probably had it - not paying bills on time (almost 20 days at one point), transfers that did not occur, customer service people not following through on problem resolutions, and most of all - broken commitments for the accounts that I opened. Citi Bank is a time suck.

Citi is in trouble and many of the long time account holders have "voted with their feet" and departed. If you do intend on taking Citi up on their offer, plan on actively managing the account AND your bonus as they have a habit of not paying until you contact them several times. I would avoid this offer as you have to jump through too many hoops to earn it. I predict that Citi Bank will eventually fade away over time.

3
Comment #3 by Anonymous posted on
Anonymous
Citi's 40,000 points promotional programs, which arise from time to time, are somewhat of a scam -- if you read the fine print, it usually takes 2-3 months to fulfill the requirements (which are often quite detailed), and then another 3-4 months before they'll post the rewards.  Making matters worse, although I and my wife have taken advantage of the offers several times, in each and every instance, Citi would fulfill the offer ONLY if we could recall the code Citi had given us five-six months previously when we opened the account.  Being a detail person, I kept that information (although nothing in the promotional materials suggested I should).  However, I suspect that the vast majority of applicants do not retain such info, and are disappointed to learn that Citibank -- whose business it is to retain and process information -- unfortunately cannot remember what offer code was used to open the account, and therefor cannot fulfill its promotional offer!

 

2
Comment #4 by Anonymous posted on
Anonymous
                            this 40,000 thank you points offer such a scam from citibank, i opened this account in march 2012, and had fullfill all the requirement they ask, 1) open account, 2) link checking account to thank you account, 3) direct deposite and online bill payment for 2 mos. after that, i called the customer service and ask about when i'm going to get the thank you points, and they said i'm sure fullfill their requirement to get the points and have to wait 90 days after this fullfillment. and now it's mid auguest 2012, i haven't see the thank you points show on any of my statement, so again, i contact them, and they said i'm unqulify because i had an old regular checking account with them long ago. it seems to me, they are just playing games, first, my old regular checking account is not the same as this "citi gold checking" account, as this offer was stating "for customer openning new citi gold checking account" and i had never had a "new citi gold checking account" before. and why they told me 3 mos ago i should be getting my thank you points within 90 days? citibank is good at pulling scams on people for their promos, i guess. since i know i'm not the only one victims. shame on you citibank!!

1
Comment #5 by Anonymous posted on
Anonymous
citi promo 40,000 thank you points is a SCAM, i had everything in 90 days. i had contacted them multiple times they make up all kinds of errors for you at first. after calling them several times, they said it was awarded already. nothing so i called again now they said they can't look in the file its too long. Then they make up another story they said the account enrollment is the first day, not your first day of statement, so i missed the deadline. pffffffffff f u.  STAY AWAY!!!

1