Citi Priority Account Package, 50K Points Bonus for New Accounts

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citi checking 50K thankyou points

Citi Priority Account Package, 50K Points Bonus for New Accounts

Citi has had some great checking account bonuses lately but generally these bonuses are not easy to get. Right now they have brought back one of their best bonuses, for 50,000 ThankYou Points. Let’s take a look at the offer, and the best strategy for getting the bonus points.

The Offer

Open a new Citi Priority Account Package in branch and enroll in this promotion to receive 50,000 Citi ThankYou Points. You must complete these qualifying banking activities within 60 days:

  • Deposit and maintain a balance of $50,000 for 60 days
  • Spend $750 in purchases using your Citibank Banking card

There’s no application link. The offer is available in branch only.

Key Terms

  • Bonus miles will be credited within 90 calendar days of meeting all the requirements
  • You must not currently have a consumer checking account with Citibank. If you were a signer on or owner of a Citibank consumer checking account within the last 60 days from the date you enroll in this promotion you’re not eligible
  • Your Citi Addvantage credit card account and new checking account must be open and in good standing
  • Customers who do not have a valid W-9 or W-8BEN on file are not eligible.

Monthly Fee & Strategy

Citigold Bonus 2016

Citi Priority Account Package has a $30 monthly fee which is waived if you maintain a combined average monthly balance of $50,000 or more in eligible linked deposits, retirement and investment balances. There’s early closing fee for this account.

Citi says the bonus will post within 90 calendar days of meeting all the requirements. This means it could take up to five months total to receive your bonus. Once the bonus has posted then you can either downgrade to a Basic Banking account which only requires a direct deposit & bill pay to waive the $10 monthly fee or you can cancel the account.

Just keep in mind that you must transfer out or redeem your points before closing or downgrading.

Citi Prestige Annual Fee Reduction

If you have both a Citigold account and a Citi Prestige card, then the annual fee on the Prestige is reduced by $100 to $350. If you are currently a Prestige card holder, then you will notice that your annual fee will be refunded and recharged on a prorated basis for the year at the reduced rate. In ongoing years your annual fee should be $350 if you decide to keep the Citigold account.

Checking Account ThankYou Points

ThankYou Points earned from Citi banking accounts are slightly different from ThankYou Points earned through their credit cards. First of all, these points could be taxed, but they also can’t be used the same as credit card TYPs.

These points can be redeemed for travel and statement credits but can’t be transfeered to travel partners or other ThankYou Rewards members. They also expire in three years. Even if you merge these points with credit card points, you still can’t transfer them.

Conclusion

This is a good offer, but it does require a very large amount to be deposited in the account for 60 days. That will help you waive the $30 fee for the first two months, but then you’ll likely have to pay that fee for at least three months. So those 50K ThankYou points will cost you at least $90.

Citi also has two checking bonuses for $300 and $500 if you don’t want to deal with points and we also wrote about a 50K ThankYou points offer for the Citi ThankYou Premier card two days ago.

HT: Doctor of Credit


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