$200 cash bonus offer from Citi

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rashad3000
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$200 cash bonus offer from Citi

Post by rashad3000 » Sat Sep 01, 2018 10:26 am

We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!

2pedals
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Re: $200 cash bonus offer from Citi

Post by 2pedals » Sat Sep 01, 2018 10:37 am

I have not chased these deals in the past since I am happy with my credit union but have been tempted.

More information on Doctor of Credit here

tibbitts
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Re: $200 cash bonus offer from Citi

Post by tibbitts » Sat Sep 01, 2018 10:44 am

rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!
When I received an account opening bonus, it was either $100 or $200, and i believe it was included in the 1099.

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Earl Lemongrab
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Re: $200 cash bonus offer from Citi

Post by Earl Lemongrab » Sat Sep 01, 2018 1:07 pm

rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.
You have to report any earnings from taxable accounts. The financial institution isn't required to issue a 1099 until certain levels are reached, I think usually $600 although it might differ depending on circumstances. The bank might issue one anyway.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

am
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Re: $200 cash bonus offer from Citi

Post by am » Sat Sep 01, 2018 1:19 pm

After paying taxes on this 200 bucks, is it worth the time and hassle and having another account open? I’ve decided that it isn’t for me. I stick to credit card bonuses over 500 bucks which aren’t taxable. The only hassle is remembering to close, but that’s easy because the annual fee posts and then you cancel. Although I’m now running out of worthwhile credit card offers since I’m not opening business cards.

patrick
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Re: $200 cash bonus offer from Citi

Post by patrick » Sat Sep 01, 2018 3:32 pm

I managed to get $2425 in bank account opening bonuses in 2017 and $1750 so far this year. I haven't run into any major downsides, but you do need to be sure to understand the rules for each offer. In the case of the Citi offers particularly, note that they tend to allow the bank to wait up to 90 days after you meet the requirements (150 days after depositing the money) before giving the award, so you may have to keep the account open and with enough funds to avoid the low balance fees for quite a while. You'll also need to check if there are any penalties for closing the account early -- I don't think Citi has any, but Chase will actually take the bonus back if you close the account within 6 months.

Ron Ronnerson
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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Sat Sep 01, 2018 4:00 pm

I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses (both of which are generally more lucrative). I keep a spreadsheet with information about when to open/close accounts, initiate transfers, etc. If you're organized and follow the requirements stipulated in the fine print, you earn a reward for your efforts. It pays a decent hourly wage for your trouble/hassle. Decide if it's worth it to you.

I've steered clear of Citi Bank. Read the posts on Doctor of Credit (someone put a link to that site earlier in this thread). Citi is apparently difficult to deal with and quite a few people have been disappointed in their experience with them.

My wife and I have each gotten bonuses from Discover, Chase, PNC, and Wells Fargo this year. All were smooth experiences. This Citi offer seems decent enough but be prepared to go through more trouble than with other banks.

rashad3000
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Re: $200 cash bonus offer from Citi

Post by rashad3000 » Sat Sep 01, 2018 5:16 pm

Great feedback!

nalor511
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Re: $200 cash bonus offer from Citi

Post by nalor511 » Sat Sep 01, 2018 6:27 pm

I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste

Jack FFR1846
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Re: $200 cash bonus offer from Citi

Post by Jack FFR1846 » Sat Sep 01, 2018 7:32 pm

I did the $400 bonus about a year and a half ago. The 60 days didn't start for me for a while because they sent me a bunch of forms because supposedly my name on my form was different from my "IRS" name. I got these forms with letters 3 times. Eventually, somehow, it stuck. So this 60 days became 6 months. You may also become ineligible for the bonus if they decide they can't figure out who you are while they're figuring out who you are. It was a single deposit with no hoops to jump through. I don't jump through hoops. Except, apparently, to scream my name at them.
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camillus
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Re: $200 cash bonus offer from Citi

Post by camillus » Sat Sep 01, 2018 7:41 pm

I think if you take into account the actual amount of mental overhead that you will expend in order to collect these bank account bonuses, you would think twice. I have done this in the past and have found that a lot of my limited mental energy is spent:
1) Sending secure messages
2) verifying deposits
3) re-verifying important dates
4) recovering from mistakes & errors on my or the banks part
5) shopping for the next deal, my brain is seeking a dopamine hit and goes into search-for-treasure mode

This activity adds a lot of compulsivity to my life.

Perhaps the better thing to do is to make yourself better at what you do for a living.

naclt
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Re: $200 cash bonus offer from Citi

Post by naclt » Sat Sep 01, 2018 8:13 pm

I had a similar offer from Capital One 360 in August and transferred $10k, got the $200, and then transferred it back. No issues with any of it and a nice $200 bonus for very minimal work.

rashad3000
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Re: $200 cash bonus offer from Citi

Post by rashad3000 » Sat Sep 01, 2018 9:14 pm

camillus wrote:
Sat Sep 01, 2018 7:41 pm


Perhaps the better thing to do is to make yourself better at what you do for a living.
Did that. Promotion and $10,000 raise this summer.

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camillus
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Re: $200 cash bonus offer from Citi

Post by camillus » Sat Sep 01, 2018 9:18 pm

rashad3000 wrote:
Sat Sep 01, 2018 9:14 pm
camillus wrote:
Sat Sep 01, 2018 7:41 pm
Perhaps the better thing to do is to make yourself better at what you do for a living.
Did that. Promotion and $10,000 raise this summer.
8-) 8-) 8-) +1 congrats

Then how about instead of worrying about a measly $200, you take someone special out for a $200 dinner?

drawpoker
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Re: $200 cash bonus offer from Citi

Post by drawpoker » Sat Sep 01, 2018 9:37 pm

Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses ........
That is quite an astounding amount. Given the timeframe you specify, a 20-month span. Quite a feat.

Care to share the details? Naming each institution, minimum dollar amounts, time length requirements, etc.

Ron Ronnerson
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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Sat Sep 01, 2018 11:20 pm

drawpoker wrote:
Sat Sep 01, 2018 9:37 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses ........
That is quite an astounding amount. Given the timeframe you specify, a 20-month span. Quite a feat.

Care to share the details? Naming each institution, minimum dollar amounts, time length requirements, etc.
I can provide some of this information. I didn't keep track of minimum dollar amounts required but typically go after offers where the minimum is relatively low (under $5k). I generally keep accounts open for at least 6 months even if they can be closed earlier than that without losing the bonus. However, I usually keep low amounts in the accounts so that the loss of interest is negligible.

Here's the info:
Bank/Bonus Amount/Date Opened and Date Closed (I'm "His" and wife is "Her')
His HSBC Checking/$350/9-19-16 and 6-6-17 (bonus received in early 2017)
Her HSBC Checking/$350/10-24-16 and 6-27-17 (bonus received in early 2017)
His Chase Checking/$300/5-20-17 and 8-6-18
Her Chase Checking/$300/6-5-17 and plan to close next week
His M&T Checking/$200/6-1-17 and 2-28-18
Her M&T Checking/$150/6-22-17 and 3-5-18
His 2nd M&T Checking/$150/6-24-17 and 2-28-18
Her 2nd M&T Checking/$150/6-29-17 and 3-5-18
His 3rd M&T Checking/$150/8-2-17 and 2-28-18
His Chase Savings/$150/6-27-17 and 8-6-18
His US Bank Checking/$200/7-31-17 and 2-20-18
Her US Bank Checking/$200/8-5-17 and 2-22-18
His BBVA Compass Checking/$200/11-19-17 and will close after 12-1-18 (requires that account be open for at least 1 year and only one account per household)
Her Wells Fargo/$200/12-17-17 and 7-3-18
His Discover Bank Savings/$200/2-21-18 and still open (earns a decent rate but will likely close in a few months)
Her Discover Bank Savings/$200/3-30-18 and still open (will likely keep open)
His Chase Business Checking/$300/5-21-18 and still open (will likely keep open)
Her Chase Business Checking/$300/5-25-18 and still open (will likely keep open)
His PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019
Her PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019

We receive 1099s and pay taxes on the bonuses but our taxes aren't too bad as we're in a low bracket (12% federal).

Our regular checking account is at Provident Credit Union where we earn a rate of 2.01% on balances up to $25k. Our regular savings accounts are with Ally Bank and Discover Bank and earn around 1.8%.

FedGuy
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Re: $200 cash bonus offer from Citi

Post by FedGuy » Sun Sep 02, 2018 7:55 am

Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've steered clear of Citi Bank. Read the posts on Doctor of Credit (someone put a link to that site earlier in this thread). Citi is apparently difficult to deal with and quite a few people have been disappointed in their experience with them.
I've been with Citi for a couple of decades and have generally had a good experience with them, with one glaring exception: their interest rates have been terrible since the recession. I keep my emergency fund there and have watched with increasing annoyance as the Fed has continued to raise interest rates and Citi refuses to pass that along to their savings account customers.

A teller there recently encouraged me to invest in their CDs as a way to increase my returns. I'd been thinking of implementing a 6-month CD ladder anyway, so I spoke to the appropriate person at the bank and was told that the interest rate on a 6-month CD is 0.07%.

I've since opened an account at Capital One 360 (current interest rate: 1.85%) and have transferred some funds there. If I don't have any issues with them in the first month or two, I might close my Citi account and transfer all my Citi funds there.

Ron Ronnerson
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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Sun Sep 02, 2018 9:23 am

FedGuy wrote:
Sun Sep 02, 2018 7:55 am
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've steered clear of Citi Bank. Read the posts on Doctor of Credit (someone put a link to that site earlier in this thread). Citi is apparently difficult to deal with and quite a few people have been disappointed in their experience with them.
I've been with Citi for a couple of decades and have generally had a good experience with them, with one glaring exception: their interest rates have been terrible since the recession. I keep my emergency fund there and have watched with increasing annoyance as the Fed has continued to raise interest rates and Citi refuses to pass that along to their savings account customers.

A teller there recently encouraged me to invest in their CDs as a way to increase my returns. I'd been thinking of implementing a 6-month CD ladder anyway, so I spoke to the appropriate person at the bank and was told that the interest rate on a 6-month CD is 0.07%.

I've since opened an account at Capital One 360 (current interest rate: 1.85%) and have transferred some funds there. If I don't have any issues with them in the first month or two, I might close my Citi account and transfer all my Citi funds there.
I should clarify. I didn’t mean to say Citi was difficult to deal with for regular banking purposes. I was just referring to some people having problems when trying to earn a bonus by opening a new account. There are lots of posts online about the challenges people have faced for getting the bonus.

I would definitely move the emergency fund and keep it as liquid as possible. In 2006, Ally Bank was paying us over 5% on our savings. Even if rates don’t get to that point for a while, the spread is already large enough that the transfer you’re considering makes sense. Remember, money compounds. It isn’t just a 2% difference for 1 year.

JBTX
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Re: $200 cash bonus offer from Citi

Post by JBTX » Sun Sep 02, 2018 2:19 pm

Ron Ronnerson wrote:
Sat Sep 01, 2018 11:20 pm
drawpoker wrote:
Sat Sep 01, 2018 9:37 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses ........
That is quite an astounding amount. Given the timeframe you specify, a 20-month span. Quite a feat.

Care to share the details? Naming each institution, minimum dollar amounts, time length requirements, etc.
I can provide some of this information. I didn't keep track of minimum dollar amounts required but typically go after offers where the minimum is relatively low (under $5k). I generally keep accounts open for at least 6 months even if they can be closed earlier than that without losing the bonus. However, I usually keep low amounts in the accounts so that the loss of interest is negligible.

Here's the info:
Bank/Bonus Amount/Date Opened and Date Closed (I'm "His" and wife is "Her')
His HSBC Checking/$350/9-19-16 and 6-6-17 (bonus received in early 2017)
Her HSBC Checking/$350/10-24-16 and 6-27-17 (bonus received in early 2017)
His Chase Checking/$300/5-20-17 and 8-6-18
Her Chase Checking/$300/6-5-17 and plan to close next week
His M&T Checking/$200/6-1-17 and 2-28-18
Her M&T Checking/$150/6-22-17 and 3-5-18
His 2nd M&T Checking/$150/6-24-17 and 2-28-18
Her 2nd M&T Checking/$150/6-29-17 and 3-5-18
His 3rd M&T Checking/$150/8-2-17 and 2-28-18
His Chase Savings/$150/6-27-17 and 8-6-18
His US Bank Checking/$200/7-31-17 and 2-20-18
Her US Bank Checking/$200/8-5-17 and 2-22-18
His BBVA Compass Checking/$200/11-19-17 and will close after 12-1-18 (requires that account be open for at least 1 year and only one account per household)
Her Wells Fargo/$200/12-17-17 and 7-3-18
His Discover Bank Savings/$200/2-21-18 and still open (earns a decent rate but will likely close in a few months)
Her Discover Bank Savings/$200/3-30-18 and still open (will likely keep open)
His Chase Business Checking/$300/5-21-18 and still open (will likely keep open)
Her Chase Business Checking/$300/5-25-18 and still open (will likely keep open)
His PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019
Her PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019

We receive 1099s and pay taxes on the bonuses but our taxes aren't too bad as we're in a low bracket (12% federal).

Our regular checking account is at Provident Credit Union where we earn a rate of 2.01% on balances up to $25k. Our regular savings accounts are with Ally Bank and Discover Bank and earn around 1.8%.
That's remarkable. Can you do all these online or do any require a bank visit?

I did a chase checking and savings for $500 total fairly painlessly. Also a chase business.

Kevin8696
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Re: $200 cash bonus offer from Citi

Post by Kevin8696 » Sun Sep 02, 2018 2:39 pm

rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!
I've seen a similar offer at Chase. Read the fine print.

At Chase they categorize the "bonus" as interest income, and send you a 1099 at year end.

So, be sure to deduct the applicable fed/state/local income taxes on the "bonus" before you jump into this.

Chase requires the account to stay open for an extended period, and with the funds gone, there will be a monthly service charge. Ka ching.

If it looks too good to be true, it probably is.

Ron Ronnerson
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Location: Bay Area

Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Sun Sep 02, 2018 2:56 pm

JBTX wrote:
Sun Sep 02, 2018 2:19 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 11:20 pm
drawpoker wrote:
Sat Sep 01, 2018 9:37 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses ........
That is quite an astounding amount. Given the timeframe you specify, a 20-month span. Quite a feat.

Care to share the details? Naming each institution, minimum dollar amounts, time length requirements, etc.
I can provide some of this information. I didn't keep track of minimum dollar amounts required but typically go after offers where the minimum is relatively low (under $5k). I generally keep accounts open for at least 6 months even if they can be closed earlier than that without losing the bonus. However, I usually keep low amounts in the accounts so that the loss of interest is negligible.

Here's the info:
Bank/Bonus Amount/Date Opened and Date Closed (I'm "His" and wife is "Her')
His HSBC Checking/$350/9-19-16 and 6-6-17 (bonus received in early 2017)
Her HSBC Checking/$350/10-24-16 and 6-27-17 (bonus received in early 2017)
His Chase Checking/$300/5-20-17 and 8-6-18
Her Chase Checking/$300/6-5-17 and plan to close next week
His M&T Checking/$200/6-1-17 and 2-28-18
Her M&T Checking/$150/6-22-17 and 3-5-18
His 2nd M&T Checking/$150/6-24-17 and 2-28-18
Her 2nd M&T Checking/$150/6-29-17 and 3-5-18
His 3rd M&T Checking/$150/8-2-17 and 2-28-18
His Chase Savings/$150/6-27-17 and 8-6-18
His US Bank Checking/$200/7-31-17 and 2-20-18
Her US Bank Checking/$200/8-5-17 and 2-22-18
His BBVA Compass Checking/$200/11-19-17 and will close after 12-1-18 (requires that account be open for at least 1 year and only one account per household)
Her Wells Fargo/$200/12-17-17 and 7-3-18
His Discover Bank Savings/$200/2-21-18 and still open (earns a decent rate but will likely close in a few months)
Her Discover Bank Savings/$200/3-30-18 and still open (will likely keep open)
His Chase Business Checking/$300/5-21-18 and still open (will likely keep open)
Her Chase Business Checking/$300/5-25-18 and still open (will likely keep open)
His PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019
Her PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019

We receive 1099s and pay taxes on the bonuses but our taxes aren't too bad as we're in a low bracket (12% federal).

Our regular checking account is at Provident Credit Union where we earn a rate of 2.01% on balances up to $25k. Our regular savings accounts are with Ally Bank and Discover Bank and earn around 1.8%.
That's remarkable. Can you do all these online or do any require a bank visit?

I did a chase checking and savings for $500 total fairly painlessly. Also a chase business.
They were opened online except for Chase and HSBC accounts.

Chase is my favorite as they rarely have problems with issuing bonuses. We’ve opened and closed Chase checking and savings accounts maybe 4 or 5 times (over several years) and collected bonuses each time. Their credit card offers are also incredible. We’ve gotten about a million points through Chase from their credit cards over the past few years. We haven’t paid for travel in a while. We are not heavy churners and average two new credit card accounts per year (most of which we end up closing a year or two later). Our credit scores remain high.

I think OP would do well to consider Chase instead of Citi if that is an available option for a checking or savings account bonus.

JBTX
Posts: 4279
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Re: $200 cash bonus offer from Citi

Post by JBTX » Sun Sep 02, 2018 3:23 pm

Ron Ronnerson wrote:
Sun Sep 02, 2018 2:56 pm
JBTX wrote:
Sun Sep 02, 2018 2:19 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 11:20 pm
drawpoker wrote:
Sat Sep 01, 2018 9:37 pm
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I've made $4,650 in bank bonuses between last year and this year. This is from just opening checking and savings accounts and doesn't include credit card bonuses or brokerage bonuses ........
That is quite an astounding amount. Given the timeframe you specify, a 20-month span. Quite a feat.

Care to share the details? Naming each institution, minimum dollar amounts, time length requirements, etc.
I can provide some of this information. I didn't keep track of minimum dollar amounts required but typically go after offers where the minimum is relatively low (under $5k). I generally keep accounts open for at least 6 months even if they can be closed earlier than that without losing the bonus. However, I usually keep low amounts in the accounts so that the loss of interest is negligible.

Here's the info:
Bank/Bonus Amount/Date Opened and Date Closed (I'm "His" and wife is "Her')
His HSBC Checking/$350/9-19-16 and 6-6-17 (bonus received in early 2017)
Her HSBC Checking/$350/10-24-16 and 6-27-17 (bonus received in early 2017)
His Chase Checking/$300/5-20-17 and 8-6-18
Her Chase Checking/$300/6-5-17 and plan to close next week
His M&T Checking/$200/6-1-17 and 2-28-18
Her M&T Checking/$150/6-22-17 and 3-5-18
His 2nd M&T Checking/$150/6-24-17 and 2-28-18
Her 2nd M&T Checking/$150/6-29-17 and 3-5-18
His 3rd M&T Checking/$150/8-2-17 and 2-28-18
His Chase Savings/$150/6-27-17 and 8-6-18
His US Bank Checking/$200/7-31-17 and 2-20-18
Her US Bank Checking/$200/8-5-17 and 2-22-18
His BBVA Compass Checking/$200/11-19-17 and will close after 12-1-18 (requires that account be open for at least 1 year and only one account per household)
Her Wells Fargo/$200/12-17-17 and 7-3-18
His Discover Bank Savings/$200/2-21-18 and still open (earns a decent rate but will likely close in a few months)
Her Discover Bank Savings/$200/3-30-18 and still open (will likely keep open)
His Chase Business Checking/$300/5-21-18 and still open (will likely keep open)
Her Chase Business Checking/$300/5-25-18 and still open (will likely keep open)
His PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019
Her PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019

We receive 1099s and pay taxes on the bonuses but our taxes aren't too bad as we're in a low bracket (12% federal).

Our regular checking account is at Provident Credit Union where we earn a rate of 2.01% on balances up to $25k. Our regular savings accounts are with Ally Bank and Discover Bank and earn around 1.8%.
That's remarkable. Can you do all these online or do any require a bank visit?

I did a chase checking and savings for $500 total fairly painlessly. Also a chase business.
They were opened online except for Chase and HSBC accounts.

Chase is my favorite as they rarely have problems with issuing bonuses. We’ve opened and closed Chase checking and savings accounts maybe 4 or 5 times (over several years) and collected bonuses each time. Their credit card offers are also incredible. We’ve gotten about a million points through Chase from their credit cards over the past few years. We haven’t paid for travel in a while. We are not heavy churners and average two new credit card accounts per year (most of which we end up closing a year or two later). Our credit scores remain high.

I think OP would do well to consider Chase instead of Citi if that is an available option for a checking or savings account bonus.
I've really only been focusing on credit cards since I started maybe 15 months ago. Chase was the only bank accounts. I've probably earned 3000-4000 on credit cards, and much of that are business cards. Really only focusing on $500+ bonuses for now.

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flamesabers
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Re: $200 cash bonus offer from Citi

Post by flamesabers » Sun Sep 02, 2018 5:20 pm

I prefer credit card bonuses over bank account bonuses. The former aren't taxable, doesn't require a deposit to make and get back, and unless you're going after cards with annual fees, you don't have to worry about getting hit with account fees. If you're going to open an account with Wells Fargo, why not get the Wells Fargo Cash Wise Visa Card? You'll get a $200 cashback bonus if you spend $1,000 in the first 90 days of opening the account.

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CardinalRule
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Re: $200 cash bonus offer from Citi

Post by CardinalRule » Mon Sep 03, 2018 9:36 am

That's remarkable. I'm assuming that none of these institutions does a hard credit pull? I recently took advantage of a bonus deal with Key, which didn't do a credit check, as far as I could tell. I don't know if that is Key's policy, or the result of my having had a Key account four years ago (when I did another new-account incentive). The direct deposit requirement was easily met with a few keystrokes, online with ADP, where I work. :happy
Ron Ronnerson wrote:
Sat Sep 01, 2018 4:00 pm
I can provide some of this information. I didn't keep track of minimum dollar amounts required but typically go after offers where the minimum is relatively low (under $5k). I generally keep accounts open for at least 6 months even if they can be closed earlier than that without losing the bonus. However, I usually keep low amounts in the accounts so that the loss of interest is negligible.

Here's the info:
Bank/Bonus Amount/Date Opened and Date Closed (I'm "His" and wife is "Her')
His HSBC Checking/$350/9-19-16 and 6-6-17 (bonus received in early 2017)
Her HSBC Checking/$350/10-24-16 and 6-27-17 (bonus received in early 2017)
His Chase Checking/$300/5-20-17 and 8-6-18
Her Chase Checking/$300/6-5-17 and plan to close next week
His M&T Checking/$200/6-1-17 and 2-28-18
Her M&T Checking/$150/6-22-17 and 3-5-18
His 2nd M&T Checking/$150/6-24-17 and 2-28-18
Her 2nd M&T Checking/$150/6-29-17 and 3-5-18
His 3rd M&T Checking/$150/8-2-17 and 2-28-18
His Chase Savings/$150/6-27-17 and 8-6-18
His US Bank Checking/$200/7-31-17 and 2-20-18
Her US Bank Checking/$200/8-5-17 and 2-22-18
His BBVA Compass Checking/$200/11-19-17 and will close after 12-1-18 (requires that account be open for at least 1 year and only one account per household)
Her Wells Fargo/$200/12-17-17 and 7-3-18
His Discover Bank Savings/$200/2-21-18 and still open (earns a decent rate but will likely close in a few months)
Her Discover Bank Savings/$200/3-30-18 and still open (will likely keep open)
His Chase Business Checking/$300/5-21-18 and still open (will likely keep open)
Her Chase Business Checking/$300/5-25-18 and still open (will likely keep open)
His PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019
Her PNC Virtual Wallet Account/$300/7-4-18 and will close in early 2019

We receive 1099s and pay taxes on the bonuses but our taxes aren't too bad as we're in a low bracket (12% federal).

Our regular checking account is at Provident Credit Union where we earn a rate of 2.01% on balances up to $25k. Our regular savings accounts are with Ally Bank and Discover Bank and earn around 1.8%.
[/quote]

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 10:27 am

CardinalRule wrote:
Mon Sep 03, 2018 9:36 am
That's remarkable. I'm assuming that none of these institutions does a hard credit pull? I recently took advantage of a bonus deal with Key, which didn't do a credit check, as far as I could tell. I don't know if that is Key's policy, or the result of my having had a Key account four years ago (when I did another new-account incentive). The direct deposit requirement was easily met with a few keystrokes, online with ADP, where I work. :happy
That's correct - these were not hard pulls. Our credit scores have remained in the 800s.

There are more offers available to earn bonuses but everyone needs to decide what's worth their time and trouble. For me, $150 has been the cut-off. I also read reviews on Doctor of Credit. If people have had headaches getting the bonus, I tend to skip the offer.

Tasks such as opening the account, initiating the transfer of funds, making a record of the account on a spreadsheet, creating a file for the account in my filing cabinet, and closing the account take an hour or two of my time. There is a learning curve involved so I've gotten more efficient as I've done this a few times.

Congrats on your bonus with Key!

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 10:49 am

flamesabers wrote:
Sun Sep 02, 2018 5:20 pm
I prefer credit card bonuses over bank account bonuses. The former aren't taxable, doesn't require a deposit to make and get back, and unless you're going after cards with annual fees, you don't have to worry about getting hit with account fees. If you're going to open an account with Wells Fargo, why not get the Wells Fargo Cash Wise Visa Card? You'll get a $200 cashback bonus if you spend $1,000 in the first 90 days of opening the account.
I almost exclusively apply for credit cards WITH fees. The bonuses tend to be much better. Instead of $200 cash back for a card with no fee, you might be able to earn $1000 in travel if you get a card with a $95 annual fee. A year later, you can close the account or downgrade the card to one without a fee. That way, you only end up paying the annual fee once.

My wife and I have each opened 5 credit cards over the past three years. That works out to less than 2 new cards a year per person. Our credit scores are in good shape and we've been able to travel for virtually no cost. We've earned close to a million points (worth about $15k in travel) over the past three years for very little effort. We've done trips to Disneyland, Las Vegas, and Maui this year and spent about $1k all together out-of-pocket since food is (usually) not covered by points.

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Re: $200 cash bonus offer from Citi

Post by JGoneRiding » Mon Sep 03, 2018 12:56 pm

nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 1:20 pm

JGoneRiding wrote:
Mon Sep 03, 2018 12:56 pm
nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit
We've opened maybe a dozen Chase checking and savings accounts over the years and received a bonus each time by doing an ACH push from another bank. Transfers from some banks don't work but they do from others.

Take a look at this: https://www.doctorofcredit.com/knowledg ... its/#Chase

All the best,
Ron

Lucien786
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Re: $200 cash bonus offer from Citi

Post by Lucien786 » Mon Sep 03, 2018 4:59 pm

Ron Ronnerson wrote:
Mon Sep 03, 2018 1:20 pm
JGoneRiding wrote:
Mon Sep 03, 2018 12:56 pm
nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit
We've opened maybe a dozen Chase checking and savings accounts over the years and received a bonus each time by doing an ACH push from another bank. Transfers from some banks don't work but they do from others.

Take a look at this: https://www.doctorofcredit.com/knowledg ... its/#Chase

All the best,
Ron
My real question is how does all this stuff affect your credit score? How is it possible that the credit card bonuses, opening new accounts (thus lowering your average account age) and closing accounts (which is also a negative hit as far as I know) don't reduce your credit score?

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:10 pm

My wife and I are at $4,700 so far this year in bank bonuses and probably another $2,000 in cc bonuses.

Chase is ridiculously easy. Easy $300 each about every 9 months. Capital One showered us in about $1,100 last year. CO is/was once per lifetime.

Doctor of Credit is the foremost authority and an excellent database. Hustler Money Blog is ok - good list to start with.

Never done Citi. I've heard it is a pain and it takes a very long time.

Elements Financial is also good - $200 easy bonus plus you can apply for the $300 cc. One per household is enforced.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:13 pm

Lucien786 wrote:
Mon Sep 03, 2018 4:59 pm
Ron Ronnerson wrote:
Mon Sep 03, 2018 1:20 pm
JGoneRiding wrote:
Mon Sep 03, 2018 12:56 pm
nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit
We've opened maybe a dozen Chase checking and savings accounts over the years and received a bonus each time by doing an ACH push from another bank. Transfers from some banks don't work but they do from others.

Take a look at this: https://www.doctorofcredit.com/knowledg ... its/#Chase

All the best,
Ron
My real question is how does all this stuff affect your credit score? How is it possible that the credit card bonuses, opening new accounts (thus lowering your average account age) and closing accounts (which is also a negative hit as far as I know) don't reduce your credit score?
Credit accounts and hard pull checking accounts do negatively affect your score. Soft pull checking may look at Chex system. I've been denied accounts but I wouldn't say it is harmful. Just frustrating at times.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:15 pm

JGoneRiding wrote:
Mon Sep 03, 2018 12:56 pm
nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit
Read Doctor of Credit. Many/most banks can accept certain ACH transfers as satisfying the DD requirement. Readers post "data points" and William and Chuck do their best to keep the database up to date.
Last edited by gvsucavie03 on Mon Sep 03, 2018 5:19 pm, edited 1 time in total.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:18 pm

flamesabers wrote:
Sun Sep 02, 2018 5:20 pm
I prefer credit card bonuses over bank account bonuses. The former aren't taxable, doesn't require a deposit to make and get back, and unless you're going after cards with annual fees, you don't have to worry about getting hit with account fees. If you're going to open an account with Wells Fargo, why not get the Wells Fargo Cash Wise Visa Card? You'll get a $200 cashback bonus if you spend $1,000 in the first 90 days of opening the account.
Checking bonuses typically don't involve spending requirements.

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 5:26 pm

Lucien786 wrote:
Mon Sep 03, 2018 4:59 pm
Ron Ronnerson wrote:
Mon Sep 03, 2018 1:20 pm
JGoneRiding wrote:
Mon Sep 03, 2018 12:56 pm
nalor511 wrote:
Sat Sep 01, 2018 6:27 pm
I don't know about your specific offer, but these seem to usually require direct deposit, which (in addition to the taxes things) is too much trouble for my taste
And or can be impossible! My husband and I have no way to do it at all. I have debated having $1.50 of my.moms ss check but that never seemed worth the hassle. Chase particularly would not accept ach transfer only direct deposit
We've opened maybe a dozen Chase checking and savings accounts over the years and received a bonus each time by doing an ACH push from another bank. Transfers from some banks don't work but they do from others.

Take a look at this: https://www.doctorofcredit.com/knowledg ... its/#Chase

All the best,
Ron
My real question is how does all this stuff affect your credit score? How is it possible that the credit card bonuses, opening new accounts (thus lowering your average account age) and closing accounts (which is also a negative hit as far as I know) don't reduce your credit score?
We have old credit card accounts that we keep open. We have never had a late payment. We utilize a small portion of the credit available to us. These things make up a significant portion of how credit scores are determined. See here: https://www.experian.com/blogs/ask-expe ... etermined/

Opening a ton of new credit card accounts in a short period of time can adversely affect credit scores (a little bit, anyway). We open, on average, around two credit cards per year per person.

Opening checking and savings accounts doesn't typically affect credit score because they are often soft pulls. We turn down overdraft protection and don't let the balance become negative. Our credit scores have remained in the 800s. Don't worry so much about opening new checking accounts. That's okay to do. What's not okay is making a late payment or maxing out your credit line or paying interest.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:30 pm

I'm happy to pay more taxes because it means I made more money. Not all report it either...

This is a fun, lucrative hobby. I wouldnt let $10,000 sit making 1%...

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Re: $200 cash bonus offer from Citi

Post by uberdoc » Mon Sep 03, 2018 5:31 pm

My cutoff for credit card bonus:
$200 for no annual fee
$500 for annual fee with first year waived
I am not at the level of paying annual fee to grt bonus yet. I don’t do checking accounts bonuses but readily do high yield savings bonus.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 5:38 pm

uberdoc wrote:
Mon Sep 03, 2018 5:31 pm
My cutoff for credit card bonus:
$200 for no annual fee
$500 for annual fee with first year waived
I am not at the level of paying annual fee to grt bonus yet. I don’t do checking accounts bonuses but readily do high yield savings bonus.
I just signed up for the BOA Premier Rewards... $500 bonus with a $95 AF not waived. Essentially, a $405 bonus. To me it was the highest bonus versus relatively low AF.

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 6:09 pm

gvsucavie03 wrote:
Mon Sep 03, 2018 5:30 pm
I'm happy to pay more taxes because it means I made more money. Not all report it either...

This is a fun, lucrative hobby. I wouldnt let $10,000 sit making 1%...
You and I see it similarly about it being a fun, lucrative hobby.

I'm not a big fan of taxes, though. Our strategy on that front is that if we find ourselves getting into a tax bracket greater than 12% (or 15% in past years), we either increase retirement contributions or decrease hours worked. This has resulted in a decent savings rate and also lots of family time together.

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Re: $200 cash bonus offer from Citi

Post by Earl Lemongrab » Mon Sep 03, 2018 6:46 pm

I prefer brokerage bonuses because I really don't keep a lot of cash around and what I do I want in my checking so I don't have to worry about having enough to cover draws. Also some brokerage bonuses you can get in Roth, which is always nice.

As always, more information: viewtopic.php?f=10&t=196884
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 03, 2018 7:10 pm

Earl Lemongrab wrote:
Mon Sep 03, 2018 6:46 pm
I prefer brokerage bonuses because I really don't keep a lot of cash around and what I do I want in my checking so I don't have to worry about having enough to cover draws. Also some brokerage bonuses you can get in Roth, which is always nice.

As always, more information: viewtopic.php?f=10&t=196884
I'm a teacher and I don't have a ton of $ to get the full benefit of brokerage bonuses.

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 7:21 pm

Earl Lemongrab wrote:
Mon Sep 03, 2018 6:46 pm
I prefer brokerage bonuses because I really don't keep a lot of cash around and what I do I want in my checking so I don't have to worry about having enough to cover draws. Also some brokerage bonuses you can get in Roth, which is always nice.

As always, more information: viewtopic.php?f=10&t=196884
Brokerage bonuses are excellent as well. I collected $3k in bonuses from Scottrade and T.D. Ameritrade in 2017 ($700 to transfer two Roth IRA accounts from Scottrade to TDA, $1300 from Scottrade as a retention bonus to not transfer a brokerage account to TDA, and $1000 for 5 referrals to TDA). I haven't seen anything quite so nice this year but will likely transfer again soon as I've met the requirement to keep funds there for a year.

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Mon Sep 03, 2018 7:28 pm

gvsucavie03 wrote:
Mon Sep 03, 2018 7:10 pm
Earl Lemongrab wrote:
Mon Sep 03, 2018 6:46 pm
I prefer brokerage bonuses because I really don't keep a lot of cash around and what I do I want in my checking so I don't have to worry about having enough to cover draws. Also some brokerage bonuses you can get in Roth, which is always nice.

As always, more information: viewtopic.php?f=10&t=196884
I'm a teacher and I don't have a ton of $ to get the full benefit of brokerage bonuses.
I'm a teacher too. In the past few years, I've collected brokerage bonuses from TD Ameritrade, Scottrade, Capital One (Sharebuilder), and Tradeking. I have about $5k more today than I would have otherwise. That $5k should hopefully continue to compound nicely in the decades ahead. I'll add to it by continuing to do transfers as long as bonuses are being offered. Of course, if the bonus is really small, it may not be worth your trouble.

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Re: $200 cash bonus offer from Citi

Post by fareastwarriors » Mon Sep 03, 2018 7:29 pm

Lots of good advice posted already regarding these checking/savings bonuses.

At a minimum, definitely do the Chase deals and Discover. Easy :moneybag

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Re: $200 cash bonus offer from Citi

Post by flamesabers » Tue Sep 04, 2018 8:02 am

Ron Ronnerson wrote:
Mon Sep 03, 2018 10:49 am
I almost exclusively apply for credit cards WITH fees. The bonuses tend to be much better. Instead of $200 cash back for a card with no fee, you might be able to earn $1000 in travel if you get a card with a $95 annual fee. A year later, you can close the account or downgrade the card to one without a fee. That way, you only end up paying the annual fee once.

My wife and I have each opened 5 credit cards over the past three years. That works out to less than 2 new cards a year per person. Our credit scores are in good shape and we've been able to travel for virtually no cost. We've earned close to a million points (worth about $15k in travel) over the past three years for very little effort. We've done trips to Disneyland, Las Vegas, and Maui this year and spent about $1k all together out-of-pocket since food is (usually) not covered by points.
I'm not one to fly for leisure, so travel rewards are of no interest for me.
gvsucavie03 wrote:
Mon Sep 03, 2018 5:18 pm
Checking bonuses typically don't involve spending requirements.
True, but I don't think spending at least $350 on a credit card for 3 months is an onerous spending requirement.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Tue Sep 04, 2018 9:12 pm

flamesabers wrote:
Tue Sep 04, 2018 8:02 am
Ron Ronnerson wrote:
Mon Sep 03, 2018 10:49 am
I almost exclusively apply for credit cards WITH fees. The bonuses tend to be much better. Instead of $200 cash back for a card with no fee, you might be able to earn $1000 in travel if you get a card with a $95 annual fee. A year later, you can close the account or downgrade the card to one without a fee. That way, you only end up paying the annual fee once.

My wife and I have each opened 5 credit cards over the past three years. That works out to less than 2 new cards a year per person. Our credit scores are in good shape and we've been able to travel for virtually no cost. We've earned close to a million points (worth about $15k in travel) over the past three years for very little effort. We've done trips to Disneyland, Las Vegas, and Maui this year and spent about $1k all together out-of-pocket since food is (usually) not covered by points.
I'm not one to fly for leisure, so travel rewards are of no interest for me.
gvsucavie03 wrote:
Mon Sep 03, 2018 5:18 pm
Checking bonuses typically don't involve spending requirements.
True, but I don't think spending at least $350 on a credit card for 3 months is an onerous spending requirement.
$350? I've only seen them as low as $500. Most $200 bonuses are spend $1,000.

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Re: $200 cash bonus offer from Citi

Post by flamesabers » Wed Sep 05, 2018 1:27 pm

gvsucavie03 wrote:
Tue Sep 04, 2018 9:12 pm
flamesabers wrote:
Tue Sep 04, 2018 8:02 am
Ron Ronnerson wrote:
Mon Sep 03, 2018 10:49 am
I almost exclusively apply for credit cards WITH fees. The bonuses tend to be much better. Instead of $200 cash back for a card with no fee, you might be able to earn $1000 in travel if you get a card with a $95 annual fee. A year later, you can close the account or downgrade the card to one without a fee. That way, you only end up paying the annual fee once.

My wife and I have each opened 5 credit cards over the past three years. That works out to less than 2 new cards a year per person. Our credit scores are in good shape and we've been able to travel for virtually no cost. We've earned close to a million points (worth about $15k in travel) over the past three years for very little effort. We've done trips to Disneyland, Las Vegas, and Maui this year and spent about $1k all together out-of-pocket since food is (usually) not covered by points.
I'm not one to fly for leisure, so travel rewards are of no interest for me.
gvsucavie03 wrote:
Mon Sep 03, 2018 5:18 pm
Checking bonuses typically don't involve spending requirements.
True, but I don't think spending at least $350 on a credit card for 3 months is an onerous spending requirement.
$350? I've only seen them as low as $500. Most $200 bonuses are spend $1,000.
I was speaking in regards to the $1,000 spending requirement. $350*3 months=$1,050

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Re: $200 cash bonus offer from Citi

Post by TheOscarGuy » Thu Sep 06, 2018 7:08 am

rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!
You would be taxed on it, they would send you 1099. So depending on your tax bracket, it may not be worth the hassle.

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Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Thu Sep 06, 2018 8:28 pm

TheOscarGuy wrote:
Thu Sep 06, 2018 7:08 am
rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!
You would be taxed on it, they would send you 1099. So depending on your tax bracket, it may not be worth the hassle.
15% bracket here. Bring on the hassle!

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Re: $200 cash bonus offer from Citi

Post by Ron Ronnerson » Thu Sep 06, 2018 9:11 pm

gvsucavie03 wrote:
Thu Sep 06, 2018 8:28 pm
TheOscarGuy wrote:
Thu Sep 06, 2018 7:08 am
rashad3000 wrote:
Sat Sep 01, 2018 10:26 am
We have $10,000 sitting in an online savings account , earning 1.85%. This is our starter emergency fund. Citi has an offer where if you open a new checking account and keep $5000 of new money in for 60 days, they will give you $200. I was thinking of doing that for both my wife and I. That would give us a quick $400 for minimal work. We'd then put the $10,400 back into the original savings account, in addition to whatever we contribute to that account within the next 2 months. Assuming we keep it in for 60 days and pull it out, that's effectively a 24% APY.

I would actually consider doing this with Wells Fargo and other banks who offer these bonuses.

Is there any downside to this, whatsoever?

Also, do you have to report any earnings under $599? I've heard that you don't, but I just want to make sure. I'm just wondering if you don't have to report individual bonuses less than $599, or if you have to report anything that cumulatively surpasses $599.

Thanks!
You would be taxed on it, they would send you 1099. So depending on your tax bracket, it may not be worth the hassle.
15% bracket here. Bring on the hassle!
Brackets have changed as of 2018. You might be in the 12%. If you have space in tax-deferred accounts, you can increase the amount you put into those accounts by the amount of the bonuses earned. That way, you can at least delay paying taxes on that money and possibly pay at a lower rate in retirement (though that's not a given if you're already in a low bracket).

uberdoc
Posts: 80
Joined: Sat Jan 20, 2018 4:37 pm

Re: $200 cash bonus offer from Citi

Post by uberdoc » Mon Sep 10, 2018 7:11 pm

I just signed up for the BOA Premier Rewards... $500 bonus with a $95 AF not waived. Essentially, a $405 bonus. To me it was the highest bonus versus relatively low AF.
With total marginal tax of around 40%, this does not seem to be great deal to me. One has to pay tax on credit card bonus but fee is from after-tax take home income.

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