Citibank is offering 50,000 AAdvantage miles to select customers who open up a Citigold checking account and meet certain requirements.
Offer Details & Terms
To get the bonus, simply visit the Citi website and input the special offer code 42ERCWNQU6. You must currently hold an AAdvantage Platinum Mastercard to be eligible. This offer expires on December 31, 2015 and requires you to spend $1K on the debit card within 60 days and perform a bill pay within two consecutive months. You can find the full offer terms here.
Note: There is also an offer for 50,000 ThankYou points.
Monthly Fee & Downgrade Options
The Citigold account does carry a $30 monthly fee that is waived the first 2 months. After the miles post you may be able to downgrade to a Basic Banking account where the fee is waived with a simple direct deposit and bill pay. You should also be able to close the account if you wish.
Fund With Credit Card
Citi does let you fund your checking account with a Visa or Mastercard up to $100K. To do so, you must either mail or fax in an authorization form. Doctor of Credit has collected a number of data points regarding which credit cards work without being charged a cash advance fee.
Citi issues 1099s on accounts with a bonus exceeding $600. It is unclear how they value AAdvantage miles for this purpose. Recent 30K deals haven’t seemed to trigger a 1099, however 50K miles could.
Citi Prestige Cardholders
If you are a holder of the Citi Prestige card, opening a Citigold account should also lower your annual fee by $100 to $350.
For more detailed information and analysis, see this Takeoff With Miles post.