Citibank Sign-Up Bonus October 2010

By | October 27, 2010

Citibank sent me a special offer with sign-up rewards up to $200 in cash. Below is their instructions on how to earn the rewards.

How to qualify to earn your first $100:

To qualify for your cash rewards, open a new regular checking account in the Citibank or Citigold account package by 10/31/10. Then complete at least one of the following qualifying activities each month or two consecutive months within 60 days of opening your regular checking account:

  • One or more direct deposits
  • Two or more electronic payments
  • Five or more purchases with your Citibank debit card

How to qualify to earn an additional $100:

For twice the cash reward, deposit a minimum of$25,000 in funds that are not currently held at Citibank or an affiilate of Citi into a new or existing Citibank Savings Plus Account by 10/31/10. Then complete any of the above qualifying activities for an additional third month. You’ll earn $100, for a total of $200 to spend on whatever you like – from everyday necessities to a little something special.

I logged in my Citibank account and entered the promo code in the promotion offer screen. My initial thought was to play around with the system and see how far it would take me before I would give up in the process. Surprisingly, in two clicks, I completed the entire process to create a checking account.  Citibank pulled up my account info and made the process super easy. Since I unintentionally created the checking account, I decided to go for the bonus $100 and complete one of the above qualifying activities.

I already have a Ultimate Savings Account with Citibank and I did not want to open another savings account. I called Customer Service and asked if I could just transfer $25,000 to my existing account to qualify for the second offer. The representative did some research and found out that I need to deposit money to a Citibank Savings Plus Account to earn the bonus. I asked if I could just deposit the required new funds to my existing savings account (Ultimate Savings Account); it is still new money coming to Citibank, which should meet their business needs. The representative listened and understood my point, but she said that the system would not credit me for the bonus, because the promotion is restricted to only the Savings Plus Account. I was a little disappointed and told her that it was Citibank’s loss. I have been a loyal Citibank customer for a long time; Citibank has been my primary bank for almost a decade.

This mistake would cost them. I thought of depositing $25,000 in new funds to Citibank if they would honor the bonus, but now, I will transfer at least $25,000 out of my Citibank savings account for a better offer in another bank.

Update 2/16/2011:
I followed up with Citibank as I still have not received the $100 bonus for the Checking Account. I had made one bill payment for two consecutive months.  They said that I had to perform at least 2 electronic payments each month for 2 consecutive months, so I did not qualified for the bonus. It was disappointing because I had created an extra account and perform bill payments for two months and it turns out that I did not qualify. So, I closed the checking account.

Note that this is to open an regular checking account and not an online checking account.

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