comments
Citibank Free Money Promotions
Email
 Print
|
Citibank always has a bunch of good offers for opening a checking account with them and they’re all structured very similarly. Basically there is a minimum funding amount (typically $1,500), a first tier requirement before you get one award, then a second tier requirement to get the second award. For the most part they’re pretty good deals and I don’t quite understand why they’re (and credit cards) pushing so hard for bill payment, but these promotions are. This contains updated information to the March 10th post.
I’ve listed a few of their offers below and here’s a guide to understanding the offers. In their $200 promotion (Offer Code: CD18), you must fund with a minimum of $1,500 and satisfy both tier requirements to receive those awards. The first tier requirement for the $200 offer is 2 bill payments for 3 months, for which you are awarded$100. The second tier requirement is 2 bill payments for 12 additional months and you will be awarded an additional $100. The total commitment period is 15 months (3 + 12 months). All promotions are available to first time Citibank checking/deposit account customers and you’re required to have .
Min. Deposit: $1,500 in a Regular Checking Account
Tier 1 Req.: 2 Bill Payments for 3 Months, Receive $100
Tier 2 Req.: 2 Bill Payments for an additional 12 Months, Receive $100
Notes: Each Billpay has to be more than $20 each.
Min. Deposit: $1,500 in an EZ Checking Account
Tier 1 Req.: 2 Bill Payments within 1st Month, Receive iPod Shuffle 512MB (or equivalent) within 90 days.
Tier 2 Req.: Continute 2 Bill Payments for 12 Months total, Obligations for free iPod complete.
Thoughts: An EZ Checking account has a $1,500 minimum balance requirement otherwise they will charge you fees. If you’re paying small bills (that won’t be more than $1,000 over 12 months, then depositing the minimum of $2,500 will be enough. When I had an EZ Checking account, my balance did fall below $1,500 but my fees were waived for reasons I did not know (I didn’t complain either!). Also, an iPod Shuffle retails at Amazon.com for only $99.99 so it might be worth it to do the $200 promotion and just buy your own Shuffle.
Min. Deposit: $1,500 in a Regular Checking Account
Tier 1 Req.: 2 Bill Payments within 60 days, Receive $100
Tier 2 Req.: None
My personal experience was with a $150 offer back in the day when all that was required was a $1,500 minimum balance, 2 bill pays in 60 days, and an account open for only 6 months. Do check the minimum balance requirements and the fee schedule if you try to open one… I had the EZ Checking so the minimum was $1,500. It’s an easy way to earn extra money at no risk.
{ 1 comments, please add your thoughts now! }Related Posts
 By Jim |
 Stumble It! Bookmark reddit.comTags: Citi, Promotions May 09, 2005 | Read more in Personal Finance, Reviews |
Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.
I work in the industry.
The reason they want bill pay is for a couple reasons.
1: Often times they have a contract deal and make money off of each use. They’re hoping to hook you on it.
2: Checking accounts originally start off the bank with a loss (banker that opens the account gets paid, any free items offered, specials). Only after consistent use by the customer will the account prove profitable; even more so if they use other services. Banks have found that when they crossale or give a customer multiple relationships they stay with the company longer.
This is kind of a bummer for the consumer/customer since no bank has the best products on every front. However, every bank tries to get them to use all their products. Have a horrible checking account (one that requires a minimum balance over 100…) so what? get them to open it. Have a mediocre investment affiliate? who cares. Sell it to them.
In the end people need to realize that its a salesman before them, not their friendly banker they so believe. They may like them just fine, but they’re trained to sell and rarely competent enough to understand the financial consequences.