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New Reward Checking Account from Citibank

June 01, 2008

By MoneyRates Team | Money Rates Columnist

CitiBank has unveiled a reward checking account with an abundance of ways to earn points towards rewards.

To qualify for 16,000 ThankYou Points (redeemable for $150 in gift cards) customers need to open The Citibank Account, enroll in the ThankYou Network and meet the monthly checking account requirements. In addition to the immediate 16,000 ThankYou Points, Citibank has pledged to triple the number of points that can earned in the first year for debit card purchases and other online banking activities. The requirements which must be met to earn the rewards include (1) funding the checking account by July 31, 2008 with at least $1,000 and (2) within 60 days of opening the account customers must enroll in the ThankYou network and complete at least one direct deposit per month and either two electronic bill payments or five signature-based debit card transactions per month. After the requirements have been met for three months customer will be eligible for the 16,000 point award and the triple-points for one year deal. As far as reward checking accounts go these requirements are pretty basic, although a dedication to online banking will be a necessity.

Points can be redeemed for gift cards through the ThankYou Network which include a wide variety of retailers including Home Depot, Sports Authority, Macy's, Expedia, among other major retailers. The checking account itself come with no monthly fees, unlimited check writing, and unlimited use of non-Citibank ATMs as long as customer maintain an average balance of at least $6,00 in their linked Citibank accounts. Otherwise monthly fees do apply. The advantage of this checking account for customers who can easily maintain the minimum balance is that their checking account activity is rewarded with points (tripled for the first year) which can then be redeemed for the juicy gift cards.

More information as well as an online application is available at Citi.com.

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