40,000 Citi Points for Opening a checking account

[good sam]

Open a Citigold checking account, and within 45 days, complete 1 direct deposit and 1 bill pay for 2 months and get 40,000 Citi ThankYou points. 

Minimum opening deposit: $500
Monthly fee: $30
waived if you maintain:
(1) $50,000 for all linked deposit or retirement accounts OR
(2) $100,000 in all linked deposit, retirement, credit, or investment accounts, excluding a first mortgage with Citibank OR
(3) $250,000, including linked Citibank mortgage

[AJK]

So, if I'm reading this correctly, if you can't get the fee waived, you'd be paying $60 + hassle for 40,000 Citi Points?

Seems like a good deal, unless... they issue a 1099 for the points?

[AsherO]

they issue a 1099 for the points?

+1

That would suck royally.

[good sam]

So, if I'm reading this correctly, if you can't get the fee waived, you'd be paying $60 + hassle for 40,000 Citi Points?

Seems like a good deal, unless... they issue a 1099 for the points?

Why would these be dif from a cc signup bonus?

[Yellow]

Do they do a credit inquiry to open the account?

[good sam]

Oops. Forgot to post the link
https://offer.citibank.com/cbol/11/checking/q3/consumer/default.htm?Promo_ID=CGBX&BTData=402167A786C61775A574E44B1B5A9BFA59E938C83F6EEF6E4E2D3DBC7DE2728B38BC3B&BT_TRF=113208&BT_SZVEN=BradsDeals%2Ecom&ProspectID=D1B296D9AAA947E3A14439BEB44EF696

[AJK]

Why would these be dif from a cc signup bonus?

Lack of 1099 would be, if you're following the convo, a big difference.

Do they do a credit inquiry to open the account?

Another potential downside. Even less attractive if so.

[good sam]

Lack of 1099 would be, if you're following the convo, a big difference.

The question was: if they don't issue a 1099 for the cc bonuses, why would they issue one for this bonus?

[AJK]

The question was: if they don't issue a 1099 for the cc bonuses, why would they issue one for this bonus?

I'm not sure they would, but other similar bank account promos have been known to issue 1099s.

That's why I was concerned.

[good sam]

here it is:

Value of rewards from redeemed Points will be reported to the IRS as miscellaneous income on Form 1099-MISC, as required by applicable law. Customer is responsible for any taxes.

Watch them value the points at $1000

[AJK]

After some quick research, it seems they only do a soft pull to verify ID.

Now to determine if they issue 1099...

EDIT: Well, this just got luke warm at best.

EDIT 2: Scratch that, it's not even warm.

[good sam]

I guess we forget about this one then

[Nitantnel]

Do amex/Chase also also report points etc. as income?

[AJK]

Do amex/Chase also do this?

American Express Checking Account?

I've heard of an AMEX Savings, but no checking...

Don't think I've heard about Chase offering a similar promo.

[Nitantnel]

I was referring to the 1099 thingy

Edited my post.

[AJK]

I was referring to the 1099 thingy

Edited my post.

My reference to the 1099 was only in regard to promos on bank accounts.

None of the big three issuers (including Citi) issue 1099s on CC bonuses, AFAIK.

[Nitantnel]

I just don't understand why there would be a difference between TY points earned as a CC bonus or bank account bonus.

[joeb1]

last year i did not receive a 1099 and i did a similar citi offer

[joeb1]

i know this has been discussed extensively however can someone please tell me how i can do a direct deposit artificially and still be qualified?

[AJK]

I just don't understand why there would be a difference between TY points earned as a CC bonus or bank account bonus.

Above my paygrade. I'm just telling you the reality.

1099s are rarely, if ever, issued for CC bonuses.