Offer at a glance
- Maximum bonus amount: $150
- Availability: NYC area
- Additional requirements: 3 debit card purchases or direct deposit
- Hard/soft pull: Likely soft, if you opt out of overdraft protect
- Credit card funding: No (must open in-branch)
- Monthly fees: Waivable
- Early account termination fee: Probably not
- Expiration date:Â May 31, 2015
Contents
The Offer
Capital One opened a new branch in New York City, located at 2519 Broadway, New York, NY 10025. To celebrate the grand opening, they are offering a bonus for checking accounts opened at that branch.
- Receive a $150 bonus when you open any Capital One checking account in the new branch. You also need to make three  purchases with the debit card, or receive one direct deposit within 90 days of account opening.
Presumably, anyone can go into that branch and  open the account to get the bonus. There’s no mention of a geographic limitation.
They suggest entering in your name and email address here, so that they can set up a time for you to come in and open the account. That’s probably a good idea being that there may be many new accounts being opened and there may be big waiting line, but I don’t think that’s a stipulation to receive the bonus.
The Fine Print
- Valid until May 31, 2015.
- Must be opened in-branch at 2519 Broadway, New York, NY 10025.
- Direct deposits cannot be from a tax refund or from a payor that will not allow them.
- Get the cash in about 7 weeks after completing the above conditions.
- If you already have checking with Capital One, or if you’ve used another cash offer in the last year, this offer doesn’t apply to you. [Possibly, even a Capital One 360 checking account or bonus will invalidate you from receiving this bonus offer.]
Avoiding Fees
Capital One offers three account types (besides for their online Capital One 360 version). Compare the options here. All three options are eligible for the bonus.
Rewards Checking
The Rewards Checking version must be opened with a minimum of $50 and has a monthly fee of $8.95. Monthly fee is waived with a minimum daily balance of $300 or a single monthly direct deposit of $250+.
Premier Rewards Checking
The Premier Rewards Checking version must be opened with a minimum of $50 and has a monthly fee of $14.95. Monthly fee is waived with an average monthly balance of $1500 or $3,000 combined average monthly account balances or a single monthly direct deposit of $1,000+.
High Yield Checking
The High Yield Checking version must be opened with a minimum of $500 and requires a combined balance of $5,000 to keep the account. It also has a current APY of up to .4%.
Hard/Soft Pull
We don’t have data on Capital One itself, only on Capital One 360 which for many things is like a separate entity. Assuming they do the same pulls, we’ve written that Capital One 360 is a soft pull if you opt out of overdraft protection.
Early Termination Fee
It’s not mentioned anywhere that there is an early termination fee, so you should be able to close the account immediately after the bonus posts. That being said, it would make sense to verify this or to keep the account open for 6 months to avoid the possibility of your bonus being clawed back.
Our Verdict
$150 is very good for a bonus which doesn’t need direct deposit, just an easy three debit card transactions. [There’s also a reward points program that Capital One offers on their checking accounts which gives you 1,000 points at account opening for the Rewards Checking account – worth $5-$10. My guess is that you’ll get this bonus as well.]
The one thing that’s slightly worrisome is that we don’t know for certain that they’ll only do a soft pull; it’s possible that their rules are different from Capital One 360. If anyone has any knowledge on this, please let us know.
Another downside is that it’s also only available to someone who has not received a cash bonus from Capital One within the year and only to someone who does not have a Capital One checking account. I’m concerned that Capital One 360 checking account holders may not qualify for this bonus.
That being said, it could definitely be a nice bonus for someone living near this branch who doesn’t yet have any Capital One checking account.
Here’s how to go about completing this offer:
- Make an appointment here to open up a new account.
- Open the Rewards Checking Account with an opening deposit of $300 to keep it fee-free.
- Make three debit card purchases. I recommend making three signature purchases, just in case, but there’s no mention of that in the terms and a PIN-based purchase should work as well.
- Wait for the bonus to post within 7 weeks.
- Wait 6 months to make sure there’s no early termination fee.
- Close the account.
As always, you can see our full list of current bank bonuses here, and the best bonuses here. It’s also worth reading Common Bank Bonus Misconceptions + Why You Should Give Them A Go.
HT: Maximizing Money
Other Capital One bonuses currently available:
