$200 cash bonus offer from Citi

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Jags4186
Posts: 2372
Joined: Wed Jun 18, 2014 7:12 pm

Re: $200 cash bonus offer from Citi

Post by Jags4186 » Mon Sep 10, 2018 7:39 pm

uberdoc wrote:
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.
You don’t pay tax on credit card bonuses.

uberdoc
Posts: 57
Joined: Sat Jan 20, 2018 4:37 pm

Re: $200 cash bonus offer from Citi

Post by uberdoc » Mon Sep 10, 2018 7:56 pm

Is that for real?

Jags4186
Posts: 2372
Joined: Wed Jun 18, 2014 7:12 pm

Re: $200 cash bonus offer from Citi

Post by Jags4186 » Mon Sep 10, 2018 8:05 pm

uberdoc wrote:
Mon Sep 10, 2018 7:56 pm
Is that for real?
Yes... you can do your own research if you’d like. The IRS has stated all credit card rewards are considered rebates not income.

gvsucavie03
Posts: 1328
Joined: Sat Feb 16, 2013 8:30 am

Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Mon Sep 10, 2018 9:01 pm

Jags4186 wrote:
Mon Sep 10, 2018 8:05 pm
uberdoc wrote:
Mon Sep 10, 2018 7:56 pm
Is that for real?
Yes... you can do your own research if you’d like. The IRS has stated all credit card rewards are considered rebates not income.
+1

SVT
Posts: 227
Joined: Mon Oct 13, 2008 8:56 am

Re: $200 cash bonus offer from Citi

Post by SVT » Mon Sep 10, 2018 9:22 pm

I started doing these June last of last year. I received $3265 in checking and savings account bonuses last year in just those 7 months. No significant other. I'm in a high tax bracket but I feel it's still worth it.

To me it's a hobby and something I enjoy doing. Yes, you have to pay taxes on it but at the same time, I wouldn't turn down getting a bonus from my job, or a raise, both of which would be taxed at the same amount. I also look at it as receiving very high interest on my checking/savings account money.

biscuit
Posts: 92
Joined: Thu Dec 12, 2013 1:33 pm

Re: $200 cash bonus offer from Citi

Post by biscuit » Tue Sep 11, 2018 12:54 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 (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.
Impressive. Where would you find these promotions?

SVT
Posts: 227
Joined: Mon Oct 13, 2008 8:56 am

Re: $200 cash bonus offer from Citi

Post by SVT » Tue Sep 11, 2018 3:29 pm

biscuit wrote:
Tue Sep 11, 2018 12:54 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 (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.
Impressive. Where would you find these promotions?
It was mentioned in his post; Doctor of Credit (doctorofcredit.com).

gvsucavie03
Posts: 1328
Joined: Sat Feb 16, 2013 8:30 am

Re: $200 cash bonus offer from Citi

Post by gvsucavie03 » Tue Sep 11, 2018 7:29 pm

SVT wrote:
Tue Sep 11, 2018 3:29 pm
biscuit wrote:
Tue Sep 11, 2018 12:54 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 (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.
Impressive. Where would you find these promotions?
It was mentioned in his post; Doctor of Credit (doctorofcredit.com).
Also Hustler Money Blog

Post Reply