I received an email yesterday for a very lucrative AAdvantage offer by opening up a Citibank Checking account. There are three different offers depending on the checking account opening. The highest one being 30,000 AAdvantage miles, which is enough miles for a roundtrip domestic ticket (in coach) or a one way ticket to Europe (in coach). Since this is a checking account it will not pull your credit like applying for another credit card, which is great.
- Open the checking account by October 31, 2012
- Within 60 days you must complete the two following activities:
- Meet the minimum spend on the debit card (for the 30,000 mile offer it is $750)
- Set up direct deposit to the checking account for 2+ consecutive months
- The AAdvantage® bonus miles will be posted by Citibank to your American Airlines AAdvantage® account within 90 days from the end of the statement period in which you met all offer requirements
To open an account:
- Apply online (and make sure code CY4Y is already populated in the offer code box)
- Citigold Account package (to avoid the monthly fee must have $50,000 for all linked deposit or retirement accounts)
- Citibank Account package (to avoid the monthly fee must have $15,000 for a combined average balance)
- Basic Banking package (to avoid the monthly fee must have $1,500 for a combined average balance; you also must make 1 direct deposit and 1 bill payment each monthly statement period OR keep a combined monthly average balance of at least $1,500)
- Call 866-579-8496 and mention code CY4Y
- Visit a Citibank branch and open the account
NOTE: In the past year Citibank has been sending out 1099 for miles earned, so you do risk the chance for getting a 1099 if partaking in this offer. They’ve also been putting a high value on each mile. From what I’ve read in Flyertalk, last year Citi valued the miles at 2.5 cents per mile. For amounts less than $600, companies are not required to send a 1099, however, that does not mean you are not supposed to report it as taxable income (keep in mind, I am not an accountant!). This means the 30,000 miles could potentially generate a 1099 form, but the 15,000 miles will not.
Also, the terms in the email do state: “This offer is available to Citi cardmembers who receive this communication. Offers for new checking customers only, 18 years or older. All accounts subject to approval and applicable terms and fees. Limit of one offer per customer and account. Offer may be modified or withdrawn at any time without notice, expires 10/31/2012, is not transferable and cannot be combined with any other offer. If you have received a bonus reward for opening a new Citibank consumer checking account within the past two years you will not be eligible to receive a bonus associated with this offer.”
I’ve personally taken advantage of these offers in the past (without being targeted, so it still worked for me) and have earned many AAdvantage miles this way. However, I must admit, getting the points did require a few phone calls after the 90 day period and a lot of following up, so just a warning. At the end of the day though, it was absolutely worth it. The hard part for many will be being able to set up the direct deposit component. I am able to easily do this with my work, but if you have any suggestions for those who have it more challenging, I am all ears.
Editorial Note: Opinions, analyses, reviews or suggestions expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.