Capital One Rewards Checking $200???

[kellermomof3]

We received an offer from Capital One....if we open a new rewards checking account with direct deposit we will received $200.00 after the first direct deposit.

I've read all the fine print and I'm trying to find the catch .

Has anyone done this???

 

[Ericandjenng]

Don't use Capital One but did this several years ago with Suntrust. Usually the stipulations are that you maintain the account for a certain length of time or have other accounts with them. With Suntrust it was linked to our mortgage at the time. It's 'free' money--they will send you a 1099 but they get your money and business.

 

[NeverlandClub23]

I haven't done this with Capital One but I did with Bank of America and BB&T last year. I made $200 between the two (I also opened a savings account with TD Ameritrade and after a year of $100 or more a month deposits I get a free $100 [while earning interest]. I'll be getting that in April). As long as you follow the stipulations I didn't have any issue getting the money. You do get a statement/1099 next January for your taxes though for the money gained to pay taxes on it.

The funny thing is I was just doing this for the extra cash and I ended up switching to BB&T from my credit union (moving my direct deposit and all of my bill payments). They are so great.

 

[kellermomof3]

Thanks!