NEW AA CITIANK CHECKING ACCOUNT OFFER CODE??

Discussion in 'General Discussion | Miles/Points' started by slotownmomma, Apr 20, 2011.  |  Print Topic

  1. slotownmomma
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    slotownmomma Silver Member

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    Hello!
    Just wondering if anyone has a code for a new Citibank AA checking account offer. The only code that still goes through on the site is C24A without errors. But I was told by Citibank rep that offer has expired. I really don't want to change opening the account and then telling me it had expired when I go to collect the miles. If anyone finds a new code, can you please post for everyone.
    Thank so much!
     
  2. euromannn
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    euromannn Gold Member

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    Citi checking account promo ended.
    Also, if you did get a supervisor to override Citi will send you a 1099-MISC for $625 for 25k miles.

    Go to Bank Direct and stay away from CIti!

    Beware!
     
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  3. viguera
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    viguera Gold Member

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    I think she's trying to get 200k miles in the next year, so I'm sure Bank Direct will happen regardless... :)
     
  4. euromannn
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    euromannn Gold Member

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    yes, the OP seems to be making multiple threads of the same request.

    Sorry, I should have let it go!
     
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  5. slotownmomma
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    slotownmomma Silver Member

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    I would really like to do the Bank Direct deal but I don't have the money to keep the minimum in the acct. I read that the fees are not worth it that is the case. Any suggestions?
     
  6. viguera
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    viguera Gold Member

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    The Bank Direct mileage account fees are $15 a month if you don't have a minimum $2,500 average daily balance. It's not killer, but it's also not free.

    But my understanding is that using BD to accrue "massive" amounts of miles is only good if you have a significant amount of money to leave there. Sure they have a decent sign-up bonus, but if you're just keeping $1k in the account forever all you're going to get is 1,200 miles a year for your trouble. And that would cost you $180 in fees over the course of the year... might as well buy 6k miles from AA directly ($150 + $30 fee) if you're gonna do that.
     
  7. slotownmomma
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    slotownmomma Silver Member

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    Thanks for confirming what I was thinking. This is just not the deal for me. Wish it was.
     
  8. I signed up over the phone and just received my membership packet.

    The promotion an agent signed me up for is C2KX

    Open a citibank or citigold account by 6/30/11, make a qualifying transaction/month (eg 5 debit card purchases) for 2 consecutive months for 20,000 miles.

    Unfortunately citibank checking churning seems the only citi-churning opportunity left.

    Also, worthy of note for the frequent traveler, I love the citigold account for the periods I have it open (with fee waivers). You can withdraw money from any ATM in the world without fees (provided the providing bank doesn't have a fee) and this even excludes the 3% currency conversion rate. So you're able to withdraw money at the interbank rate, which is otherwise virtually impossible to do.

    So, in review, set up citigold account, get a fee waiver for 3-4 months, get 20k AA miles and valuable worldwide ATM withdrawing privledges, then cancel and repeat.
     
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  9. slotownmomma
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    slotownmomma Silver Member

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    Sweet. Thanks so much for posting this code. I'll call tomorrow and give it a try. Will post my results.
    Thanks again for sharing the code with all of us out here.
     
  10. slotownmomma
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    slotownmomma Silver Member

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    Did call yet but when online, inputted code and it worked perfectly. You can even print out the "Promotion Disclosure" that appears at the top left hand sided for your records if you should need it. Looks like we have a WINNER!!! Yeah! Thank you again!

    I does say in the disclosure though "The bonus will be reported to the IRS as income on Form 1099-MISC, as required by applicable law. Customer responsible for any taxes."
    I just wonder if the 20,000 miles is worth less than $600 and wouldn't be reported. I guess I need to do some reading. I remember reading somewhere that someone indicated how the calculation was done. Can anyone comment?
     
  11. slotownmomma
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    slotownmomma Silver Member

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    Barristan, have you ever received a 1099?
     
  12. viguera
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    viguera Gold Member

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    Yeah it was euromann... he commented it shouldn't be subject to a 1099-MISC, but Citi will send you one regardless.
     
  13. slotownmomma
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    slotownmomma Silver Member

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    So you have received them?
     
  14. I haven't, but I suppose there's always a chance you might get one.

    I'm pretty sure there was some ruling that miles aren't taxable.. I don't know much on the issue but I suspect you could fight it to some degree. Their valuation of the miles, at least, is much higher than is realistic.

    Even if you do have to pay, which I think is very unlikely, you still come out ahead overall.

    Enjoy the code and happy churning!
     
  15. viguera
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    viguera Gold Member

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    I'm fairly sure that wasn't the case... I think some people were able to argue the fair market value of the miles received when it was extraordinarily high (compared to what the airlines sell them for) by filing a 4598 or getting a letter from the IRS, but otherwise they were still considered taxable.

    But I could be wrong... if you opened an account and actually got the miles and never received a 1099 of any sort, then more power to you. :)
     
  16. euromannn
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    euromannn Gold Member

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    No, I have not gotten the miles to my account yet. Since teh promo is NO LONGER valid teh manager offered me a "good will miles of 23, 500". SInce Citi valued miles at $0.025/mile....this would be less than $600 which is what the IRS requires to be reported from 1099-MISC from Citi.

    Citi is confused on it's own internal taxation issues and due to overall problems I suggest staying away from this promo completely.
     
  17. euromannn
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    euromannn Gold Member

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    I disagree with your comments.
    1. IF a 1099-Misc is generated by Citi and it exceeds $600 teh IRS will get a copy. It's more of a pain to disallow this 1099-MISC than just stay away completely.
    2. If you pay tax on $625(value of 25,000 miles per Citi) this is equal to $625. Taxed in 25% bracket would cost you $150. Definietely NOT worth it for all the trouble you have to go through PLUS $150 tax fee.

     
  18. sun
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    sun Silver Member

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    The new code gives 20k miles which if valued at 2.5cpm gives $500. Isn't there a threshold of $600 for issuing a 1099-MISC? Of course, Citi can issue them for lower values but what I read was that 1099-INT's were issued for a savings account promotion. 1099-INT has a lower threshold of $10.

    Does anyone know if existing customers can close their account and apply for this one? How long would one have to wait between closing and applying?
     
  19. euromannn
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    euromannn Gold Member

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    The promo I got had ended but the CSR accidentally gave me the offer. Citi is honoring the 25k bonus but I talked them down to 23, 500 so the 1099-MISC is not reported to the IRS officially.

    However, I bet Citi will still issue me a 1099-MISC for the 23, 500 miles which is equal to $587.50.

    I really recommend passing on Citi checking as I have called them 7 times to correct the bank's problems.

     
  20. slotownmomma
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    slotownmomma Silver Member

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    Hey euromann,
    I totally hear you but I really do need the AA miles and if I did 2 accounts, one for me & hubby, I could get 40,000. If I just do the 20,000 offer that shouldn't be enough to have to pay taxes on right? Shouldn't that be safe? Why wouldn't that be the way to go?
     
  21. slotownmomma
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    slotownmomma Silver Member

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    How many checking accounts have you opened in the past with Citibank? What bonus amounts? Because you said you'll never received a 1099. Just wonder if your bonus amount was under their threshold for sending one.
     
  22. sun
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    sun Silver Member

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    I think the 1099 is a recent phenomenon. You don't know whether they will send a 1099-MISC for amounts less than $600.
     
  23. flyerfrog

    flyerfrog Active Member

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    I talked to the IRS a month ago about this when I received a 1099-INT for 5000 miles. They said bank gifts are supposed to be valued based on cost, so Citibank didn't do the 1099s correctly. Since citibank didn't correct their mistake when I asked, I valued the miles at $0.005 on my taxes. I have no fear of citibanks 1099s after talking to the IRS.
     

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