Goodiesblog.com: The Elusive Citibank iPod Arrives - The search for significant items.

The Elusive Citibank iPod Arrives · Apr 2, 10:36 AM

An iPod from Citibank sent as a "reward" for opening a checking account. The story relating to this image is at: http://goodiesblog.com/article/22/

Citibank attached a warning to each iPod to remind you to keep the account open or pay above market price for the iPod. The story relating to this image is at: http://goodiesblog.com/article/22/.

Received via USP Ground
Value: $200
Significance: 3/5

Last December, the deal sites were awash with information on a Citibank promotion. If you opened a checking account, funded it, and paid two bills per month for one year they would send you an iPod. Of course, I was one of those who believed this was a wonderful opportunity, despite the lifestyle changes needed to get the iPod.

On Friday, I picked up my iPod Mini from the UPS office! They attempted to deliver it on Thursday, but they needed my signature, so I opted to have it held for me at the office. Holding the item at the office is very helpful. At 11:30 PM I placed a hold on the box and it was waiting when I stopped by the USP office at 8:30 AM.

Citibank sent an original 4 gig iPod Mini. Within the box was a letter explaining the benefits of Citibank checking and a brown box containing the iPod box with a large sticker stating:

Important Note!

Remember, to keep enjoying your Apple iPod mini without being charged $249.95, you must pay 2 bills a month for 12 consecutive months.

Please see enclosed letter for details.

If you are interested in similar promotions search in the Fatwallet Financial Forums. Also right now Citibank is offering $200 when you open a new checking account – the link is on their homepage banner. I also see the link showing up in the ad to the upper right on this page.

There is some discussions on Fatwallet regarding the fact that Citibank refers to the retail value as $249.95, yet now that they finally sent the value for this model’s value is under $200. I agree that the value is less than they stated, but I’m happy to have an iPod mini in exchange for a small lifestyle change.

My final comment on this subject is that I feel promotions like this do help a bank. In 2000 or 2001 all of the new internet banks had similar promotions, except that they were offering much less say $40 to open a checking account. I tried numerous banks during that period and my primary bank today is one of those banks. I took them up on their promotion and out of say four banks, one won out and that bank still has most of my business.

Citibank has gotten even smarter, offering a large item, but requiring that you stay with them for a full year. This will improve their retention rate. Plus they have called a few times to make sure that I know direct deposit is available and the like. They want to keep us…

. . .