$200 bonus for a free Capital One checking account (YMMV)

My MIL sent me an email this morning asking about bank account bonuses, and in doing a little research I found this gem. You can get a $200 bonus for opening a no-fee Capital One Rewards Checking account with a minimum $50 opening deposit and a direct deposit. This offer has been sent to select credit card customers via US mail, however someone on SlickDeals also found the offer online. Just print off the offer with the promo code and bring it into a branch:

http://www.capitalone.com/bank/checking/200.php

This is a YMMV since the terms on the offer page online refer to the mailer, however some have reported receiving the offer via email only direct from Capital One, so they should take it. Here are the full terms of the offer:

? $50 minimum opening deposit required. Bank rules and regulations apply. Ask us for details.

† The Capital One, N.A., payroll/direct deposit reward promotion is effective for sixty (60) days following the day of a consumer’s receipt via U.S. Mail of the required invitation addressed to his/her attention. To qualify for the $200 cash reward, you must present this mailer you received when you open a Capital One Bank branch personal checking account during the promotional period and enroll in payroll/direct deposit within 90 days of account opening. Qualifying individuals will receive a $200 credit to their checking account approximately 6-8 weeks after the first payroll/direct deposit transaction is posted to the account. Limit one reward per customer.

If you don’t have a direct deposit, check out my prior post on faking a direct deposit to qualify for bonuses and avoid service fees.

I did this deal last year after receiving the mailer and got my bonus without issue. One interesting observation is that Capital One doesn’t send 1099-INT forms for bonuses paid on non-interest bearing accounts, so this amount likely will not be reported to the IRS.

1 comment to $200 bonus for a free Capital One checking account (YMMV)

  • A Great Deal of sobering, hard to find info here. Found this blog article by accident on Mahalo. You’re actually making me rehash my feeling about this material and rarely does that happen to me… LOL. Thanks!

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