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:
- Receive $250 For Setting Up A Spark Business Checking Account From Capital One
- Capital One ShareBuilder IRA and Brokerage Account Bonuses: 3 Bonuses & Up To $600 In Cash
Chuck, I just did this today.
Two things to report:
1. It’s a soft pull as confirmed by the banker
2. The three purchases can be run either credit or debit
Hope this helps
Thanks
Just ran to the branch and opened a checking account. (I currently have an active 360 checking, two Capital One credit cards, but have never had a Capital One Bank checking account).
The banker pulled out my profile, but didn’t mention my existing 360 checking at all. He brought up the subject of $150 bonus himself and told me I just had to purchase with the debit card three times, regardless of amount. He said I can expect to see the $150 credit in four weeks (after the three debit card transactions of course). We’ll see if I get the credit or not
As a side note, the banker gave me a Capital One-branded blanket as a gift. He said it’s very comfy; can’t wait to check it out:)
Also, my ChexSystems is on security freeze, and the banker got a pop-up saying that. I had to call Chex with my PIN to temporarily lift the freeze.
That’s interesting! Now I can’t wait to get my blanket 🙂
I had a Capital One Bank savings in the past. When I opened Capital One 360 Savings, I was able to get the bonus without any hassle. That was when my Capital One Bank savings was still open.
This led me to think that 360 and Capital One Bank are separately operated (which could make sense considering 360 was previously ING).
Thanks for the data point. I’m still not entirely sure that the cases are the same, though.
Gnarly Cow, I hadn’t realized you were replying to GlayTeru.Thanks for the data point.
Do you suggest to get this offer or wait until July 4th to get the bonus of c1 360 which is a no fee option? Thanks!
Interesting question. From the two, I’d probably take the 360 since that can be done online (the underwear factor), though this offer is slightly better than what’s usually offered by 360.
However, I’m not sure if it’s a choice of one or the other, because it could be that you’ll be able to get the 360 after getting this one. Could be only churning the 360 itself is a no-go, but getting a Capital One and then getting a 360 afterward can possibly work.
See Gnarly Cow’s comment below which indicates that if you have a Capital One account you can still get the 360 bonus. If so, you’d be able to get the CO now and then get the 360 whenever it becomes available.
That’s awesome! Thanks for pointing that out. I have already set an appointment on Monday and I will report back how it goes by then.
Would I be able to sign up for this if I also recently opened a spark business checking account?
Thx
Good question. I think there’s a chance that even a business checking account will invalidate you from receiving this bonus, but it’s possible that only a personal will invalidate you. Maybe try asking.