Today I received a Bank of America checking account offer for 25,000 Alaska Airlines miles if I open a new Bank of America Interest Checking or Bank of America Core Checking account before July 31, 2015. The offer also mentions you must receive at least two direct deposits, each of $2,000 or more, within 90 days of opening the account.
The offer seems to be targeted to Bank of America customers with an Alaska Airlines Visa card. However, it seems that all you have to do is go to bankofamerica.com/alaskaoffer to sign up (Note: I do not receive any payment or compensation for you signing up). You may have to connect an Alaska Airlines Visa card to the account to verify that you are eligible.
I am debating the value of this Bank of America checking account offer. I currently use BECU which is a credit union. I have my mortgage through them and I respect what they stand for. BoA… not as much. I do already have a BoA Alaska Airlines Visa card because I love the sign up bonus and the yearly companion fare. This Bank of America checking account offer is the same as opening a new Alaska Airlines Visa card — 25,000 miles. Opening a Visa card is actually much easier (if you have the credit) and can be done multiple times. So I am not sure that it is worth setting up a new checking account and switching over my direct deposit from work.
Of note this offer is meant for people with a high income level. The requirement is to have two direct deposits of over $2,000. Most people I know get paid every two weeks, meaning you would have to have an income of $52,000 after taxes and any other deductions in order to qualify for this offer. Some people may get paid once a month and this would be much easier to meet if that is the case for you. The terms say that the direct deposit must come from an employer (or similar situation), so you couldn’t meet this qualification with a transfer from another bank account.
About a week after I received the flier in the mail, I received the following email with the same offer:
Update: H/T to Doctor of Credit for pointing out that you may be taxed on the 25,000 mile bonus. DoC also points out that there may be a way to meet the direct deposit minimum; he is for more knowledgeable in this arena so I would suggest you check out his post.
Update x2: I spoke with a customer service rep who said that the deal is ONLY good for those that received the targeted offer. That is apparently their official stance; however you may have a different experience.
I am not a financial manager. Please do not take any financial advice from me ’cause it is probably wrong!