CitiBank Checking: $100 Bonus for Referring Friends

The Offer

  • Citi is sending out an email to checking clients with an offer to get $100 bonus for referring a friend to a new Citi personal or business checking account. You can refer up to 20 friends for a total of $2,000.

 

The Fine Print

  • Limit twenty referral bonuses per customer within the lifetime of your checking relationship with Citi.
  • Requires Citi branch visit to enroll in the offer.
  • The cash bonus will be credited to your checking account within 90 calendar days from the date when the customer you refer opens a qualifying account.
  • You can qualify to earn a cash bonus after the person you refer (“Referee”), who does not have an existing checking account with Citibank, opens a new checking account in an eligible Citibank consumer checking account package or opens a new eligible CitiBusiness® checking account.
  • You must have an existing eligible consumer checking account in an eligible consumer account package or have an existing eligible CitiBusiness checking account to qualify for this offer.
  • Eligible consumer account packages for this offer are the Basic Banking Package, The Citibank Account Package, and The CitiPriority Account Package. Eligible CitiBusiness accounts for this offer are CitiBusiness® Streamlined Checking and CitiBusiness® Flexible Checking.
  • You are not eligible for this offer if the Referee was a signer on or owner of a Citibank consumer checking account or the CitiBusiness checking account within the last 180 calendar days.
  • Your existing Citibank checking account must be open and in good standing at the time bonus payment is credited. Referee must open a new eligible checking account by the expiration date on the certificate.
  • Important Tax Information: Offer limited to customers who are either citizens or resident aliens of the United States (U.S.) with a valid Form W-9 on file and the account must not be subject to backup withholding. The cash reward may be reported to the IRS as miscellaneous income on Form 1099-MISC in the year received, if the value of the award plus other taxable miscellaneous income awards received from Citibank, N.A., is in the aggregate $600 or greater for a calendar year, as required by applicable law. Customer is responsible for any applicable taxes.

Our Verdict

It’s not clear how the referral works – I’d guess you’ll furnish names and addresses of your friends/family and Citi will mail them something. Maybe there’s some other system in place. Pretty crazy that they ask you to come in branch to enroll to be able to refer friends instead of making an easy online referral system like most others have.

Regardless, this is probably a terrible deal since it’s unlikely the new member will get any sort of bonus when using a referral. They can get a bonus of up to $600 by applying through public links, as outlined in this post.

Updates:

  • The referral process involves the new member going into the branch as well, so you’ll have to go in-branch and you’ll need the new member to go as well. They’ll get a paper to bring in which tracks it to you.
  • A reader heard from a banker that the new member CAN get a bonus, aside from the $100 bonus the new member gets.
  • A reader mentions being able to get their referral code over the phone, and also being able to apply the code over the phone. Sounds like it’s possible for the banker to add the code after opening the account as well.

Hat tip to readers Chris and 007
    Chuck
  • On August 21, 2018, 11:00

View Comments (23)

  • Three offers now:
    $325 for $3k deposit
    $750 for depositing $30k
    $1,500 for depositing $200k
    [removed]

  • DP to confirm the update at the bottom: the referer *can* earn $100 and the new member will only earn the bonus they signed up with (ie DoC's $200/$400/$600 post). so technically, you won't get an additional $100, but at least a friend/family member can get $100 within 90 days of their friend signing up. banker called it the "MGM program"... member get member, i think

    my mom has had a citi banking account for decades. i signed up online for the $200 citi bonus a few weeks ago. i went into the branch last week to grab some checks and saw the referral program plastered everywhere. i asked if it's possible to "double dip" and use my mom's referral code so she could get a free $100. the banker said yes. my mom had to give me her referral code and the banker added it to my account. so she'll get $100 for "referring" me; i'll get the $200 for signing up with DoC's link and depositing $5k.

    @will @chucksithe you don't need to go into the bank to get the referral code. my mom called into the local citi bank branch and asked to get the referral code. i emailed the banker i had spoken with and he added it to my profile. he also provided MY referral code in case i wanted to refer people

    FYI - person signing up does not get an extra $100. only the referer gets $100 for referring you

  • Sounds like a bad deal cause only the person giving the referral gets $100. What kind of deal is that?

  • DP: I just went to the branch and they are a confusing bunch. There's a CitiGold specific referral offer where there is a $200 bonus instead of $100. It's called their Member Get Member (MGM) offer. They print you out a offer and give you a specific referral code.

    Fund within 30 days, keep funds in account for 60 days.

    Consumer checking packages:
    700 with $1,000,000 deposit
    500 with $200,000 deposit
    300 with $50,000 deposit
    100 with $10,000 deposit
    50 with $2,500 deposit
    CitiBusiness Streamlined Checking Account or
    CitiBusiness Flexible Checking Account
    100 with $1,000 deposit
    **The Cash Bonus will be credited to your new Eligible Consumer Checking Account or Eligible CitiBusiness Checking Account
    within 90 calendar days from the date you complete all offer requirements.

    • so you have to open a citigold bonus? the banker i spoke with let me add my mom's referral code (she's a citigold member), but i applied for a basic (free) checking account. he said something about combining our accounts into a household... but he made it sound like my mom would only be eligible for the referral bonus. paid out within 90 days

  • I referred my SO when opening up the $300 deal in March. The banker said I would not get the Member-Get-Member bonus, but I did get the referral bonus, that too before the checking bonus posted. So, the referrer can get the checking+referral bonus and the referree would get the checking bonus.

  • I mean if you have to go in branch to do this one, there is more chance of it actually working...with Citi's stellar IT and all.

  • I asked the banker in a Chicago branch if the person I refer could still earn regular bonus besides the referral bonus, he told me yes although I have not done it yet