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How to get an iPad for $399

If you're willing to sign up for a new MasterCard, you can get $100 back after purchasing a big-ticket item like the iPad.

Rick Broida Senior Editor
Rick Broida is the author of numerous books and thousands of reviews, features and blog posts. He writes CNET's popular Cheapskate blog and co-hosts Protocol 1: A Travelers Podcast (about the TV show Travelers). He lives in Michigan, where he previously owned two escape rooms (chronicled in the ebook "I Was a Middle-Aged Zombie").
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Rick Broida
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Sign up for this card, spend at least $300 (not a problem with the iPad), and presto: you get $100 back (in credit form). Citibank

I know plenty of people who would love to have an iPad, but aren't willing to spend $500 (minimum) on one. Well, how about $400? If that sounds a little more palatable, read on.

A new Citibank promotion is offering a $100 credit when you spend at least $300 using a new Citi Diamond Preferred Rewards Card.

That means if you use the card to buy a $499 iPad, the credit brings your bottom-line price down to $399. (Obviously the same math applies to any iPad model: basically, you're saving $100.)

There are, of course, a few terms and conditions, though nothing deal-breaking. You have to spend your $300+ within the first three months of getting the card, and the $100 you get back comes in the form of a credit on your statement. (Not quite the same as cash, obviously, but still money you can spend on anything you want.)

The other caveat: this means signing up for yet another credit card, something that many would argue is a foolish step in this credit-crazy days. On the other hand, the Diamond Preferred Rewards Card offers some nice perks over and above the $100 credit, including no annual fee, a 0 percent APR on balance transfers (for the first 15 months), and purchase points you can redeem on various rewards.

Interestingly, Sony ran a similar promotion some time ago, but your buying options were limited to Sony products (like the equally desirable PlayStation 3). Obviously you can use the Citi card for any big-ticket item; it doesn't have to be an iPad.

What do you think? Is it worth a little bit of hoop-jumping to save $100 on an iPad (or whatever)? I think so, but I'm cheap that way.

Incidentally, I scored my iPad for just $199. That was after redeeming a $300 Apple Store card, which I "earned" using Swag Bucks. Your mileage will undoubtedly vary, but that's another cool way to defray the cost of an iPad.