Experience with Citibank Bonus Offer

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CashConfessions
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Experience with Citibank Bonus Offer

Post by CashConfessions »

Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.

The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.

I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.

Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
sc9182
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Re: Experience with Citibank Bonus Offer

Post by sc9182 »

Citi - decided to delay acat transfer over 20 days (from other major institution, usually takes 4-5 days tops) - just conveniently missing that initial 30-45 days window by 1 day. Then, after promotion period- saying, the transfer-in of funds not done in time:-(

Also, Lots of paperwork, no less than 4-5 DocuSign’s read/signed, exceedingly intrusive KYC questions on phone., just delays and nuisance galore. Always significant phone delays!

Many a states - it has no branches :-(

Truly dunno - how is it still in bidness !! (may be they got fat margins -- and also that - GFC wiped other banks/competition out)
Last edited by sc9182 on Sun Apr 18, 2021 11:21 am, edited 1 time in total.
UpperNwGuy
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Re: Experience with Citibank Bonus Offer

Post by UpperNwGuy »

I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
SrGrumpy
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Re: Experience with Citibank Bonus Offer

Post by SrGrumpy »

Citi is infamous among the Doctor of Credit crowd for its bonus tardiness. I usually open in-store where the clerk will have a folder full of bonus offers, some unpublicized. That way I have someone to call if something goes askew.

Hope you get paid out, eventually. Sometimes you have to work a little for the free money.

BTW, I hit my Bank of the West bonus qualification about 6 weeks ago; still no payout. And some silly $100 deal with HSBC/Slickdeals last year took about 6 months to resolve.
Last edited by SrGrumpy on Sat Apr 17, 2021 7:43 pm, edited 2 times in total.
nalor511
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Re: Experience with Citibank Bonus Offer

Post by nalor511 »

I got my bonus 21 days late, no investigation. Yours will come if you met the terms. It takes one full statement cycle to actually close your account. Ridiculous "bank"
7eight9
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Re: Experience with Citibank Bonus Offer

Post by 7eight9 »

My wife and I have taken advantage of multiple Citibank bonuses over the past 15 years with no problems. They have some of the most generous offers for those willing to park money for a short period of time.
I guess it all could be much worse. | They could be warming up my hearse.
JBTX
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Re: Experience with Citibank Bonus Offer

Post by JBTX »

CashConfessions wrote: Sat Apr 17, 2021 6:02 pm Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.

The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.

I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.

Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
If you are going to play the game, you have to learn to play by the letter of the law. Reading the fine print, pitfalls and comments on Dr of credit increase your chances of success:

https://www.doctorofcredit.com/best-ban ... t-bonuses/

As mentioned citi bank seems to be a bit worse than others on these. Some people have a less than flattering nickname (rhymes with "citi"). Having said that I was able to navigate this particular bonus successfully twice. I did screw it up the first time when my account got canceled up front for some reason and then they wouldn't honor another bonus for another 6 months.
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Re: Experience with Citibank Bonus Offer

Post by JBTX »

UpperNwGuy wrote: Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
If you are diligent and follow the directions your success rate is near 100%. I've pulled over 5 figures in bank and credit card sign up bonuses over a few years. It takes a very modest amount of effort. Fairly easy but not completely effortless. Whether it is worth the time is a judgment call. I've kind of run out of easy money opportunities so I'm taking a pause.

Personally I've never done brokerage bonuses, because to me it felt like the tail wagging the dog. My portfolio is not conducive to it. But for some that have very uncomplicated portfolios in common index funds for them the brokerage bonuses are fairly easy money.
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Leif
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Re: Experience with Citibank Bonus Offer

Post by Leif »

Everything worked as advertised. Got the bonus about 2 weeks early.
livelovelaugh00
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Re: Experience with Citibank Bonus Offer

Post by livelovelaugh00 »

Have you sent them W-9?
nalor511
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Re: Experience with Citibank Bonus Offer

Post by nalor511 »

livelovelaugh00 wrote: Sat Apr 17, 2021 10:38 pm Have you sent them W-9?
You do not need to do this. Yes, I know the terms say something about maybe needing it. I did not do it, no hassles.
criticalmass
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Re: Experience with Citibank Bonus Offer

Post by criticalmass »

CashConfessions wrote: Sat Apr 17, 2021 6:02 pm Just wanted to share my experience with a Citibank bonus offer in case anyone else is tempted to chase banking offers in this time of low interest rates.

The deal was to put at least $15,000 in Citibank checking/savings accounts (combined - they make you get both), leave the funds for a 60 day qualification period, and allow another 90 days after that for payment to get a $400 bonus.

I did everything to the letter -- put in more than the required amount, saved a copy of the promotion, and marked the relevant days on my calendar. The 60 days + 90 days came and went without me withdrawing anything from the account. Still no bonus. Had to call today to ask about the status - after 45 minutes with different supervisors, the reply was "yes, you should have received it, but we'll have to investigate further, and it should take another 5 days for us to look into it". Half of the people that I spoke with said that they couldn't find the appropriate bonus code -- although the terms and conditions said it would be automatically applied if opened online -- and half were able to find it. It doesn't inspire confidence.

Altogether, a frustrating experience, and I'd recommend steering clear of them for similar offers in the future.
That is just SOP for Citibank. You can save a lot of time by making your request in the online chat instead of waiting on hold.
Tip: Always confirm your account was registered for the bonus after opening it with Citibank. Then you have a record to use later.
I would not steer clear of them if you like receiving very nice bonuses, like the $700 one last year. Not too shabby for FDIC insured cash right now.
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Re: Experience with Citibank Bonus Offer

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (bank).
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LSLover
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Re: Experience with Citibank Bonus Offer

Post by LSLover »

Leif wrote: Sat Apr 17, 2021 10:15 pm Everything worked as advertised. Got the bonus about 2 weeks early.
2 weeks early than what?
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Re: Experience with Citibank Bonus Offer

Post by Jack FFR1846 »

I did the savings-account-only offer, perhaps 4 years ago for $400. They added time to everything. So add the account. Take a week to allow online access. Then link my credit union account to transfer over money. They take a week, then send the couple low deposits and wait for a week to send an email to tell me how to log in and tell them what the amounts are. They then take a week to confirm that the account is now linked. Then I ACH over the deposit and it takes a week to confirm. I think in the end, where the whole time should have been 45 days, it was a year.
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Ron Ronnerson
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Re: Experience with Citibank Bonus Offer

Post by Ron Ronnerson »

UpperNwGuy wrote: Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
It really is a matter of assessing whether it is worth the trouble to go after the carrot being waved in front of you. My wife and I have collected approximately $40k in credit card, bank account, and brokerage bonuses in the past 5 years. This is just straight up bonuses and doesn't include interest earned on the bank deposits or credit card points earned from regular spending. It comes to about $8k per year. If a 25 year old couple targets earning $4k in bonuses each per year and saves the money earned through those bonuses but saves not a penny more, they will end up with $1M at age 65 with a 5% rate of growth. For those with high incomes/assets or who don't have as much time for compounding to do its magic, these bonuses may not be worth it. For others, it could result in a decent amount of money over the long-term.
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Leif
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Re: Experience with Citibank Bonus Offer

Post by Leif »

LSLover wrote: Sun Apr 18, 2021 11:02 am
Leif wrote: Sat Apr 17, 2021 10:15 pm Everything worked as advertised. Got the bonus about 2 weeks early.
2 weeks early than what?
5 months (2 months for the deposit+ within 3 months to get the bonus). For me, 4 1/2 months.
Within 30 days of opening your account, deposit [the amount] in New-to-Citibank funds between the new checking and savings accounts.

Maintain a minimum balance of [the amount] between the checking and savings accounts for 60 consecutive calendar days.

After all required activities are met, the [bonus amount] will be deposited to your account within 90 calendar days.
BogleMelon
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Re: Experience with Citibank Bonus Offer

Post by BogleMelon »

Had terrible experience with Citi as well closing my wife's account. They charged me overdraft fees cause the account had zero balance (after requesting closing it!) so the account went negative, again despite my clear instructions to close it months before. After so many calls was resolved but left a bad aftertaste. Never bother with them again
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SlowMovingInvestor
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Re: Experience with Citibank Bonus Offer

Post by SlowMovingInvestor »

Citibank Bonus

Pros
1) Decent bonuses and ROR
2) Their lookback period is only a year or so, so you can repeat every year or 2.
3) If you already have a citibank CC, you don't need to create a new online account, bank accounts just get linked to that signon

Cons
1) Their customer support is indeed terrible. Significantly worse than Chase or just about any regional/local bank
2) They do delay in crediting bonuses. Quite often, it's pretty close to the last day mentioned in the offer

I still think some of their bonuses are worth it in this low interest rate environment.
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daleddm
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Re: Experience with Citibank Bonus Offer

Post by daleddm »

DId it once a few years ago for the checking ... possibly the most time consuming $400 I have ever earned.

Stupidly got involved again for savings account more recently (tho I can't recall the specific reason or bonus) ... not worth it.

And they don't provide for beneficiary listing on the savings.

My 2cents worth is stay away, like almost everybody else.
chemocean
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Re: Experience with Citibank Bonus Offer

Post by chemocean »

I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
spammagnet
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Re: Experience with Citibank Bonus Offer

Post by spammagnet »

UpperNwGuy wrote: Sat Apr 17, 2021 6:21 pm… For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. …
I expect worthwhile bonuses at the end of this month for opening IRAs at Citi. The fact they're totally manual and phone calls is annoying but the total time spent isn't much and I'm retired. What's time? All investments are in ETFs and in the accounts I've opened solely for bonus reasons, we take dividends in cash. That way it's very liquid and very portable, having no fractional shares.

When the requirements are met and the clawback period has passed, I just have Fidelity suck it all back into our accounts there and open a nice bottle of wine, courtesy of some bank somewhere.
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Re: Experience with Citibank Bonus Offer

Post by SrGrumpy »

chemocean wrote: Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
That's because there isn't one, per Doctor of Credit:

https://www.doctorofcredit.com/citi-400 ... -required/

(+ reader comments confirm)
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Leif
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Re: Experience with Citibank Bonus Offer

Post by Leif »

SrGrumpy wrote: Sun Apr 18, 2021 11:15 pm
chemocean wrote: Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
That's because there isn't one, per Doctor of Credit:

https://www.doctorofcredit.com/citi-400 ... -required/

(+ reader comments confirm)
I also confirm. Also no charge for the closing check, which was a small concern I had.
spammagnet
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Re: Experience with Citibank Bonus Offer

Post by spammagnet »

chemocean wrote: Sun Apr 18, 2021 7:31 pm… If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
A $400 bonus for stashing $10K for 6 months is 8% APR, no? Where can you earn that risk free?
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CashConfessions
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Re: Experience with Citibank Bonus Offer

Post by CashConfessions »

Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.

That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.

My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.

I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.

Hope this is helpful for others.
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Leif
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Re: Experience with Citibank Bonus Offer

Post by Leif »

CashConfessions wrote: Mon May 03, 2021 10:04 pmCiti apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
After getting my bonus I wrote a check to myself for $25K and used my cell phone to deposit it at another institution. They did send me an email asking if it was a valid withdrawal. Maybe because of the size or it was the first check on this account. They had options for "Yes" or "No". I replied Yes and it went through without an issue. I followed that up with another check to myself, this time $15K, about 1 week later. No email this time. Transfer went through in 1 day.
Last edited by Leif on Tue May 04, 2021 10:42 am, edited 1 time in total.
JackoC
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Re: Experience with Citibank Bonus Offer

Post by JackoC »

Leif wrote: Mon Apr 19, 2021 2:10 pm
SrGrumpy wrote: Sun Apr 18, 2021 11:15 pm
chemocean wrote: Sun Apr 18, 2021 7:31 pm I was looking at the CITI bank bonus. Thanks all for the caution to stay away.
I was leery because I couldn't find the fee for closing the account.
Most banks charge a fee for closing before six months. If you have to keep the $10K in the savings to avoid the monthly service fee, then the bonus is not worth it.
That's because there isn't one, per Doctor of Credit:

https://www.doctorofcredit.com/citi-400 ... -required/

(+ reader comments confirm)
I also confirm. Also no charge for the closing check, which was a small concern I had.
I factored that possibility into my analysis (when I did that bonus last year), that is that I'd get hit with at least one monthly fee after I drew the account to zero before it was closed. But it didn't happen. I could not get deposit into the account to work correctly so had to send a check. And, Citibank's website kept doing 'snap not enough memory' on my old computer when nobody else's did. Otherwise it went smoothly, kept the required money in there for required time, got the bonus, drew to zero when allowed, closed the account by chat.
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Re: Experience with Citibank Bonus Offer

Post by student »

Leif wrote: Tue May 04, 2021 10:17 am
CashConfessions wrote: Mon May 03, 2021 10:04 pmCiti apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.
After getting my bonus I wrote a check to myself for $25K and used my cell phone to deposit it at another institution. They did send me an email asking if it was a valid withdrawal. Maybe because of the size or it was the first check on this account. They had options for "Yes" or "No". I replied Yes and it went through without an issue. I followed that up with another check to myself, this time $15K, about 1 week later. No email this time. Transfer went through in 1 day.
Smart.
student
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Re: Experience with Citibank Bonus Offer

Post by student »

CashConfessions wrote: Mon May 03, 2021 10:04 pm Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.

That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.

My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.

I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.

Hope this is helpful for others.
Thanks for the update.
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Re: Experience with Citibank Bonus Offer

Post by Ketawa »

Sorry to hear you had a bad experience. I got the $400 bonus last year and paired it with a promotion for an extra 0.5% cash back on my Citi Double Cash card, which was probably worth another ~$120. I never had to contact customer service. I didn't even open the savings account and still received the bonus.

07/23/20 opened account
08/03/20 had $15K in account
10/06/20 reduced balance to $10K to keep fee free, bonus requirements had been met
12/14/20 received $400 bonus
12/16/20 downgraded to Basic Banking Package to keep open for extra 0.5% on Citi Double Cash while reducing required balance to $1500 to keep fee free

I'll empty and close the account after I receive the final extra 0.5% on my Citi Double Cash card.

I've received about $7K in bank bonuses since I started pursuing them around 2 years ago.
EnjoyIt
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Re: Experience with Citibank Bonus Offer

Post by EnjoyIt »

UpperNwGuy wrote: Sat Apr 17, 2021 6:21 pm I have never understood why people fall for the bank bonus offers. For that matter, I also don’t understand why people move their investment accounts from one broker to another to get a small bonus. In both cases the bonuses are just not large enough to justify all the changes in your financial life, and there are so many things that can go wrong.
Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
EnjoyIt
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Re: Experience with Citibank Bonus Offer

Post by EnjoyIt »

CashConfessions wrote: Mon May 03, 2021 10:04 pm Just a follow-up on my experience. I did (after contacting customer service and filing a complaint with the CFPB) get the bonus credited to my account. No real apology from Citi's "Executive Response Unit" - just "we're sorry for any inconvenience that this issue may have caused." I am frustrated with the fact that they didn't have to abide by the terms of the offer that they wrote, but I am sure they would have denied the bonus if they found I violated any minor rule.

That being said, I contacted Citi and asked to close my account due to the poor experience (I was willing to give them a shot before they didn't comply with the terms of the offer). They suggested that I move the funds to an external bank account prior to closing the account. This was also a trap. Citi apparently has a fraud-prevention "feature" that prevents you from withdrawing more than $15K in a rolling 30-day period (keeping the funds for over 30 days would expose the account to minimum balance fees). Per their regular customer service rep, this can't be waived for any reason, but could be avoided if I drive several hundred miles to withdraw the funds from a branch, or if I pay a fee for an outgoing wire. According to their logic, it's "safer" to send a cashier's check to my mailbox--and hope it doesn't get lost/stolen in the mail--than to give me a one-time exception to move (slightly) more than $15K a month to a known/validated external bank account.

My personal verdict - at my marginal tax rate (32% Fed), and the amount of time that it took to deal with Citi, I wouldn't do it again. Too much hassle and stress, and I believe that if a company can't be trusted in small things, they shouldn't be trusted with large things. I'd be happy to learn that this was a massive series of mistakes, but I can only conclude that that isn't the case.

I might try another bonus with a bank that has a better record of paying without issue (in my experience, Chase), but this just left a bad taste in my mouth.

Hope this is helpful for others.
I had a poor experience with Citi as well, though I believe the bonus was for $1k last year. They gave me the same runaround when trying to move my money out. I was doing some remodeling in my home and needed multiples of $15k to pay the contractor. I had a very hard time moving the money out and getting it to him. Eventually I requested a wire transfer and convinced them to waive the fees. Their customer service and rules are horrible and would never use them as a bank again.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
spammagnet
Posts: 1280
Joined: Wed Apr 27, 2016 9:42 pm

Re: Experience with Citibank Bonus Offer

Post by spammagnet »

EnjoyIt wrote: Tue May 04, 2021 11:45 am... Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
I don't dispute that brokerage bonuses have value but there seems to be a diminishing return. Only a few offer significant amounts, and some of those that do also have long term deposit requirements. Once you've gotten the larger ones, what is there?
EnjoyIt
Posts: 5639
Joined: Sun Dec 29, 2013 8:06 pm

Re: Experience with Citibank Bonus Offer

Post by EnjoyIt »

spammagnet wrote: Thu May 06, 2021 10:23 pm
EnjoyIt wrote: Tue May 04, 2021 11:45 am... Small bonus is questionable. Allow me to give you a scenario how it is not so meaningless.
Family of 2 retired before SS living on $80k a year from $2 million portfolio. With $2 million, they can easily get $5k in bonuses every year from moving money around. More then likely even more. They essentially have taken a 4% withdrawal rate and now only need 3.75% which in my opinion is a really big deal. Your millage may vary.
I don't dispute that brokerage bonuses have value but there seems to be a diminishing return. Only a few offer significant amounts, and some of those that do also have long term deposit requirements. Once you've gotten the larger ones, what is there?
A few years in, I have not yet run out of "the larger ones." When it happens, I'll stop.
And sure, there are months of holding periods, but so what. It's not like I need to spend it all at once.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
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