New Citibank Checking Account $200 Bonus
Citibank has just released a new promotion code to give $200 sign-up bonus for their new checking account customers. The promotion code is: CEMX. You can enter the code and apply for a new account online at offer.citibank.com. Once you enter the code, you will redirected to the application page. If you are not sure about the promotion, you can use the live chat service at the left of the application page to verify this offer. Or you can also call citibank at 800-374-9500 to apply for a new account. Or you can go to a local citi branch to open a new account with this new promotion code. Here are some requirements to get the $200 bonus:
- Open and fund a qualifying Citibank regular checking account with $1,000 or more by 6/30/2008
- Make a direct deposit to or two bill payments from your new account each month for three consecutive months
—first $100 bonus
- Continue making a direct deposit or at least two bill payments each month for the next three consecutive months
—second $100 bonus
The Citi EZ Checking account doesn’t qualify fot this offer. You must have to open a regular checking account or others. And you must be a new citibank customer. When you open a checking account, citibank will pull a “soft inquiry” to your credit report to verify your identity. This promotion is good until 06/30/2008. Don’t miss this $200!
Update: I’d like to thank Jim Semple for his effort on the issue of fees associated with the CitiBank banking account which I didn’t point out in my post.
I’ve applied for the Citibank Checking Account Bonus but when finished for pending approval (a few days), found this fine print which involves monthly fee unless $6000 in accts, so it’s not a full $200 bonus unless you tie up $5000 more Balance. To avoid monthly fees, you need to maintain a $6,000 combined average balance — an easy goal to reach. Why? Because so many accounts go toward it: Checking, Savings, CDs, Money Market, Lines, Loans, Mortgage and Brokerage (to qualify, accounts must be linked to your ATM/Debit Card.)
# Monthly Fee. None if you meet the required balance OR you have a stand-alone Ultimate Savings Account.
If not, in NY, NJ and CT, it’s $9.50 for Regular Checking and $12.50 for Interest Checking. In all other states, it’s $12.50 for Regular Checking and $15 for Interest Checking.
# Checks. Free if you meet the required balance. If not, $.50 per check.
Following is Jim’s opinion about this promotion:
If you don’t put up $6,000, then CS Bank Rep also told me that to allow (after qualifying) 120 days to pay Bonus, so if qualifying for 2nd Bonus, you wait up to a total of 10 months (3 months 1st Bonus, 3 months 2nd Bonus, up to 4 months on 2nd Bonus Payout) then at $9.50 Monthly Fee (some states higher), would be $95 so you would net (out of $200) $105.00 for 10 months (minus any interest you might have earned on that $1,000 for 10 months which at 3.00% could be around another $25 not including compounding). You still make about $80 for 10 months on $1000.
So best to put up $1000 in checking acct, $5000 in their Ultimate Money Market account (2.96% APY) for best return. You only need 2 BillPays monthly to qualify MM higher interest rate which qualifies eligibility for Bonuses. BillPay must use funds over the $6000 minimum total of accts to maintain. So direct deposit a small amount monthly into Checking and make 2 small BillPays monthly (like to your credit card).
I just want to point out another option here: If possible, you can apply for a Citi credit card with 0% APR on balance transfer and do a small balance transfer. In this way, you are also qualified for $200 bonus and you can still get some free money from balance transfer.
Loading ...
Thanks Jim.Yes, the Citibank Account package requires a minimum combined balance of $6,000 to avoid a monthly fee.
I’ve applied for the Citibank Checking Account Bonus but when finished for pending approval (a few days), found this fine print which involves monthly fee unless $6000 in accts, so it’s not a full $200 bonus unless you tie up $5000 more:
Balance. To avoid monthly fees, you need to maintain a $6,000 combined average balance — an easy goal to reach. Why? Because so many accounts go toward it: Checking, Savings, CDs, Money Market, Lines, Loans, Mortgage and Brokerage (to qualify, accounts must be linked to your ATM/Debit Card.)1
# Monthly Fee. None if you meet the required balance OR you have a stand-alone Ultimate Savings Account.
If not, in NY, NJ and CT, it’s $9.50 for Regular Checking and $12.50 for Interest Checking. In all other states, it’s $12.50 for Regular Checking and $15 for Interest Checking.
# Checks. Free if you meet the required balance. If not, $.50 per check.
If you don’t put up $6,000, then CS Bank Rep also told me that to allow (after qualifying) 120 days to pay Bonus, so if qualifying for 2nd Bonus, you wait up to a total of 10 months (3 months 1st Bonus, 3 months 2nd Bonus, up to 4 months on 2nd Bonus Payout) then at $9.50 Monthly Fee (some states higher), would be $95 so you would net (out of $200) $105.00 for 10 months (minus any interest you might have earned on that $1,000 for 10 months which at 3.00% could be around another $25 not including compounding). You still make about $80 for 10 months on $1000.
So best to put up $1000 in checking acct, $5000 in their Ultimate Money Market account (2.96% APY) for best return. You only need 2 BillPays monthly to qualify MM higher interest rate which qualifies eligibility for Bonuses. BillPay must use funds over the $6000 minimum total of accts to maintain. So direct deposit a small amount monthly into Checking and make 2 small BillPays monthly (like to your credit card).
Jim———-Excellent! Maybe I should put your comment in my post.
Thanks Jim.
If it will help someone, you have my permission to do so.
Can I using my credit card (such as Amex) for the initial deposit. Cash advance or purchase?
If I forgot to input the initial deposit, could I do it later on Phone?
Also, is it possible fund the account using credit card such as Amex as purchase?
Thanks.
I think you can deposit later. And most of credit cards will count the initial deposit as purchase.
Thanks Tony!
Coulee Bank ( http://www.couleebank.net ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.
Not sure if CITI doing just a “soft pull” would work in my case — I have a Fraud Alert on my credit record. The CITI rep said “we don’t access your credit record”, but the above info seems to say they do, if just to verify your identity.
Anyone have any experience opening a bank account with the bank doing a soft pull against a person’s credit record when they have a Fraud Alert on it?
– Scott
Hi Scott, open a checking account at Citi and BOA will get a hard pull. But I think Chase is doing soft pull.Or you might find some banks that only do ChexSystems check.
Turns out CITI called me directly to get my OK on opening the new account. They had discovered my credit record had a fraud alert when they attempted to access the record to verify my identity. All I had to do was give the rep my verbal OK and they went ahead and opened up the account. Funny thing — even b/f I spoke with the rep, I had received my CITI debit card and pin # in the mail.
– Scott
Interesting.
Citibank does NOT use credit card balances toward the $6000 minimum which is why I left them. They out of the blue started charging me $15 a month and when I asked why they said card balances no longer count (this was July of 2010). Citibank is a sham of a company and should be ashamed of themselves.