Citibank
ThankYou points valued at $800 on 1099-MISC but worth $250

I recently received a 1099-MISC for $800 from Citibank. According to Citibank, the $800 is based on the 40,000 ThankYou points I received from opening accounts last year. I called Citi and was told that if I use the points by 3/1/09, I can get 2 domestic airline tickets (up to a $400 value each).

However, according to the ThankYou Network site, if I want to redeem the points for cash now, I can only get $250 for the 40,000 points. Since I don't plan to travel in the near future, the 40,000 points are sitting in my account, and they have an expiration date within 3 years. I think their cash value is debatable. I've requested an investigation on this issue, but I doubt Citibank will do anything about it.

The following are the terms and conditions regarding the promotion CE2N.

Getting 40,000 ThankYou points:
1. Open a new Citibank, ECA, or Citigold regular checking account with a minimum initial deposit of $1,000.00, and make a minimum deposit of $25,000 into a new or existing Citibank Ultimate Savings Account with new-to-bank funds.

2. Within 60 days from account opening, enroll your account in the Thank You Plan. Two monthly electronic bill payments must have been made from your account, or a monthly direct deposit must have been made into your account, for three consecutive months.

3. Get 2 round-trip tickets (up to a $400 value each) to anywhere in the Continental U.S.

Company: Citibank
Country: USA
State: California
City: Irvine
Site: citi.com

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