Offer has expired, the $200 offer is still valid through December 14th, 2018
Offer at a glance
- Maximum bonus amount:Â $500
- Availability: Nationwide
- Deposits required: $50,000
- Deposit length: None
- APY: 1.8% APY
- Hard/soft pull:Â Soft, as long as you opt out of overdraft protection
- ChexSystems:Â Mixed
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None
- Expiration date:Â October 31st, 2018
The Offer
Capital One is offering a bonus of $500 when you open a 360 Money Market account and complete the following requirements:
- Use promo code OFFER500
- Deposit $50,000 or more by October 31, 2018 (cumulative deposits have worked on similar bonuses before)
The Fine Print
- Open a 360 Money Market account and deposit at least $50,000 between 12:00 a.m. ET on September 1, 2018, and 11:59 p.m. ET on October 31, 2018.
- When you open your account, enter your promotional code—OFFER500. (Please do not share this code with others.)
- Deposits must be from another bank (transfers between Capital One accounts will not qualify).
- If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
- This offer cannot be combined with any other Capital One Bank or Capital One 360 new account opening offer.
- Bonus is only valid for one account
- Capital One will deposit the $500 bonus money into your account within 60 days after completing the above conditions. If your account is in default, closed, or suspended, or otherwise not in good standing, you will not receive the bonus.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There are no monthly fees
Early Account Termination Fee
There is no early account termination fee
Our Verdict
Cumulative deposits (e.g depositing funds, withdrawing and then redepositing) has worked for previous offers and I don’t see anything in the fine print that excludes it on this offer either. In addition there is no language that states this offer is targeted. The standard recent offer has been a bonus of $200 for depositing $10,000. Given that cumulative deposits work and you have until October 31st to hit the $50,000 in deposits required, I do think this is the better bonus. Keep in mind as this is a money market account you’re restricted to six withdrawals per month, so you could do a maximum of 12 during the promotional period. Because of that you’ll still need $4,167+ to be able to complete the deal (and even that would be pushing it). I’ll be adding this to our list of the best saving account bonuses.
Big thanks to readers, IS250, MTPDC & DTJ who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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Just received the remaining bonus. Great job capital one.
Wow, to my surprise I’ve just received a check for the remainder of the bonus from Capital One!
It reads:
“Late last year, we paid a bonus to your account – this was not the full $500 bonus that was originally offered. This check for $306 covers the difference between the $500 you were offered and the amount you received, plus interest.”
Very curious what caused this…
Curious indeed. I met the deposit requirement back in October using cumulative deposits, never received a bonus. I didn’t want to be bothered chasing after it, so I just let it be. Today, I received a similar letter and check in the mail to yours for the full bonus amount.
“Late last year, you didn’t receive the $500 bonus that was offered for your 360 Money Market account ending XXXX. This check for $506.00 covers that bonus – plus interest.”
Wonder if they got in some hot water for denying the bonuses despite folks meeting the terms.
I got the same letter and bonus check on June 17. Was in envelope that looked like typical mass marketing junk. Good thing I opened it 🙂
Guessing nobody ended up following through with legal action? I see they amended the wording used on current offers to “balance” now instead of “deposit”.
We getting paid!
Just randomly received a check for the remainder of the bonus in the mail. Check my other comment.
Should be an easy small claims court win – either the $4-5K C1 will waste on hiring a Whire shoe legal firm to fight this is small claims (and most judges will give pro-bono citizens a pretty wide lattiude to the fine points of the law).
For some reason I thought that it was 90 days so on Monday I finally called in on Monday and got the same run around as others. The Manager I spoke with said they cleared it with their atty and know they are in the clear). He called it cycling. I even pulled out the personalized mailer and read of the terms it states “Deposit” not maintain or an ADB of $50k for a specified time. I then lets walk through the transactions on the account on on 10/11 “deposit from account xxxxx $13,000 on 10/12 “deposit from different account xxxx of $17,000 ” 10/15 mobile deposit of check xxx for $5,000…….” highlighting deposit each time .
So I will call one more time, see if I can get anywhere. If not it should be a simple win in small claims, showing the mailer, with terms “deposit $50K” and take a comparative bonus showing maintain balance of $xxx.xx for 60 days” Should be simple, even if I lose it will cost them 10x the amount. It all comes down to fine print.
Please report back if you do go down that route. I would like to know the outcome.
Will do. My thinking is that they will just pay the $500 if they get served, but it is different dealing with a huge corp vs small business committing the same fraud. Nothing frivolous about it as from my understanding (I’ve not passed the bar) we have standing.
I also would like to know how small claims goes. Capital One has been nothing but rude and condescending to me. They say on the phone that I’m mistaken, that the terms haven’t changed and always said cycling is not allowed even though I demonstrated orally and in writing this is false. They rebutted my CFPB complaint which was summarily closed, and I’ve already written up the small claims filing form and sent it to them two months ago but they told me on the phone to go ahead and try suing them. No offer of a consolation $200 like others got, and no offer to be eligible for another bonus in the future. I am going to go with the Florida and Delaware attorney general complaints, BBB, etc. before suing, as suing is a hassle with serving the summons on their registered agent and paying a large filing fee. I stated multiple times in letters and on the phone that I know they paid out the $500 bonus automatically to all customers up until September 21, 2018 who did the same sort of deposits that I did, but they wouldn’t admit to this or even address it. Their attorney is wrong — they are in violation of laws on deceptive business practices and probably the Uniform Commercial Code too. If it was a business account that charges a fee based on deposit volume and you cycled deposits, they would still charge fees on the full totals of the deposits. A key part of the terms is that it says $50,000 in “deposits must be from another bank” (plural). Also note that another offer, CELEBRATE, uses different terms “$500 bonus — you maintained a daily balance of $50,000 or more for the first 90 days following the Initial Funding Period.” But, both OFFER500 and OFFER200 do not require the 90 days balance nor mention of balance or withdrawals disqualifying one for the incentive. I brought this up on phone calls and in writing and they don’t even respond or address it. My CFPB complaint was answered by an employee named Jonathan who signed and printed his response letter both with only his first name and would not give his last name on the phone. I then complained by email to Kleber Santos, President, Retail & Direct Bank at Capital One, who referred the issue back to Jonathan. Jonathan called me and was most patronizing and rude in explaining that I misunderstood the terms and that Capital One will not be paying anything, and he told me to go ahead and try suing them when I brought up the possibility of a small claims lawsuit. In the CFPB response letter, Jonathan lists all of my deposit and withdrawal activity and states: As a result of this activity, your 360 Money Market balance didn’t reach at least $50,000.00, the balance requirement necessary for earning the $500.00 bonus. To successfully earn the $500.00 bonus and have it post within 60 days after completion,… Read more »
Thank you for your efforts. We got paid.
Capital One never gave me this bonus. I did cumulative deposits during the correct time. I finally got around to calling and was denied. The CSR kept saying I had to MAINTAIN a $50k balance and that language is not included on the terms. I am done trying to use Capital One. Submitted a CFPB complaint, but I don’t expect anything to come from it. They are retroactively adding restrictions to this.
Did cumulative deposits. Didn’t get bonus after 60 days. Messaged and called. Chat yielded no results. Called after chat as chat said could not provide any bonus, was provided $100 consolation prize after the call.
I spoke with a rep via chat that there was clearly confusion, and sorry for that, but they weren’t authorized to extend any kind of offer via chat. Trying to call now. Going to send a CPFB complaint as well. I know it’s like throwing pebels into a lake, but whatever. I put 2x 25k deposits in there, different accounts. The timing of my withdrawals was only coincidentally not overlapping. It all could have accumulated. Had I know they had secret requirements I would have fulfilled them.
And calling they knew I had chatted. Denied me outright. So looks completely based on call of the agent you speak with. Good luck to whomever is still chasing this down. Complete BS they switched this up on everyone, but I’ll close my accounts and come out ahead eventually after a cool off period.
I just called in and got the $500 bonus immediately. No problems. I did cumulative deposits.
tell us more about it. How did you do it?? Did you reach $50k balance in certain time??
No, my balance was never $50000.
Deposits were 5k, 5k, 5k withdrew 15k, 25k, 10k. Highest balance was 35k only 27k in there now.
My last deposit barely cleared by 10/31.
I just said I was calling to inquire about my offer 500 bonus, the rep was super friendly and nice, put me on hold for a minute and said the $500 was deposited and it was in 10, $50 increments.
Maybe everyone else’s complaints are working! 😂
Was this the first time you called?
Yes
I only have my datapoint, but there might be something to having a decent balance in there. I called and chatted a half dozen times with something tiny like $60 in the account. No luck.
Then I transferred $3200 in there so there would be something. Got the $200 from OFFER200 (instead of the full 500).
So maybe Gunnar’s $27k balance made it look like he was a “real” customer (and maybe he is, who knows?!). It at least gives the impression of legitimacy and they might fear losing the deposits you have with them.
Compare that with typical obvious bank churning. $50k w/ cumulative deposits then you meet the terms and transfer everything out. Near-zero balance. Easy to ID that pattern for the CSR.
I was $30K+ balance and they still refused to honor, so there is one datapoint against that theory.
For us, P1 & P2 both only had $25 in the account when we contacted them. P1 got the full $500 (by phone) and P2 got only $200 (by chat a few days later).
by far, it seems it is quite random.
Tracking
After maybe 4 times calling to get $500 over the past month, and a CFPB complaint (unsuccessful) and being told a couple of times that I’m not even eligible for $200, in mid-December I decided to let it rest for a few weeks. I hit a wall where the CSRs had notes from me calling/chatting and they kept saying I had already been told no that I wasn’t eligible for anything.
I just transferred $3k back into the account (and had never zeroed it out anyway) to make it look legit.
Just called up again today and instantly said “hey I tried calling before about my $500 promo bonus attached to the account when I opened it, but they said I didn’t qualify. I definitely qualified for the lesser $200 bonus that only required $10k deposit, so I wanted to see if I could get that bonus applied to my account instead. Promo code is OFFER200 by the way”
Worked like a charm 🙂 I imagine the CSR glanced over the notes that said “not eligible for OFFER500 bonus $500 because he’s a system-gamer and cumulative deposit cycler and a bad guy etc etc blah bank stuff blah” and said okay, I see that you’re not eligible for $500 but I can get that $200 for you. Instantly applied in 4x $50 deposits. Which were immediately transferred along with my $3k+ balance out of Cap One 🙂
It’s no $500 but a decent consolation prize. P1 got the full $500 on cumulative deposits so $700 between the two of us isn’t bad.
I did only cumulative deposits. Chat agent would not budge at all. After more than half an hour, I had to mention the $200 bonus. She said my account wouldn’t be eligible for any bonus. I don’t understand how some people are offered this bonus and some aren’t, I did have a balance of more than 25K at some point.
I did a chat today and the agent kept apologizing to me. Was denied of $500 and the agent is aware of the term “deposit” was changed to “Balance”. I mentioned $200 and was denied too since the code was not entered correctly. I was offered $100 at end. I took it. It is better than nothing now. She did file a complaint for me. I don’t care anymore.
What a lot of time wasted and effort for so little. Yes, better than nothing and there was always the hope for more, so you had to try.
I called in today, after chat failed the other day. First rep gave me the same shit about balance not hitting $50000. She then transferred me to a manager. The manager said the bonus wasn’t meant for cumulative deposits, I said how would I know? My balance was 25K at some point, so I asked for a prorated bonus. The only thing she could offer was $100. I took it as it doesn’t seem I could get anything better out of it. It posted 5 mins later as 2 $50 deposits like others mentioned.
No offer of anything after talking to customer service. Closed my account.
Same thing happens to me. Chat with 3 separate CS but no one can give me any offer. Closed my account.