In today’s competitive world of credit cards, finding one that offers substantial rewards without burdening you with high annual fees and complicated earning structures can be challenging. One card that has emerged as a top contender for those seeking a straightforward cash back rewards card is the Citi® Double Cash Card.
The Citi® Double Cash Card sets itself apart by offering cardholders an easy-to-understand and potentially lucrative cash back rewards program. With 2% cash back on all purchases, it’s an excellent choice for individuals who prefer to earn rewards without being limited to specific spending categories.
This article will provide an in-depth review of the Citi® Double Cash Card, discussing its various features and benefits, and helping you determine if it’s the right fit for your financial needs. Stay tuned as we dive into everything you need to know about this popular cash back card.
How the Citi® Double Cash Card Works
The Citi® Double Cash Card is a credit card that offers a simple and rewarding cashback structure. Cardholders earn unlimited 2% cashback on every purchase.
Split into two parts, you earn 1% cashback when you make a purchase and an additional 1% cashback when you pay it off. This unique system encourages responsible credit management by rewarding you for paying off your balance. No need to worry about rotating bonus categories or spending caps, as the 2% cashback applies to all purchases.
To redeem your earned cashback, options include statement credits, checks, direct deposits into a Citi banking account, or even as a credit toward your linked mortgage.
While the card does not have an annual fee, it’s essential to be aware of some fees and interest rates associated with the card:
- Balance transfer fee: 3% of the amount of each transfer or $5, whichever is greater
- Cash advance fee: 5% of the amount of each cash advance or $10, whichever is greater
- Foreign transaction fee: 3% of each purchase made in foreign currencies
- APR: Variable, based on your credit score and other factors
In summary, the Citi® Double Cash Card offers a straightforward cashback system that rewards cardholders for making purchases and paying off their balances.
Unlimited 2% Cash Back
The Citi® Double Cash Card offers a unique reward structure for its users, providing unlimited 2% cash back on all purchases. This cash back is divided into two categories:
- 1% cash back when making a purchase
- 1% cash back when paying off the purchase
Combining these two cash back opportunities effectively doubles the cash back potential for cardholders. This reward structure encourages responsible credit card use by incentivizing timely payments.
Unlike some other reward-based credit cards, the Citi® Double Cash Card does not impose any spending categories or limitations, making it an attractive option for everyday use. The cash back earned through the card can be redeemed in the form of:
- Statement credit
- Direct deposit
- Check
- Conversion to Citi ThankYou Points
There are no caps or specific spending requirements to earn the 2% cash back, providing cardholders with the flexibility to utilize their rewards according to their preferences.
Additional Benefits and Features
The Citi® Double Cash Card offers more than just unlimited 2% cash back. Here, we explore additional benefits and features that make this card stand out:
Citi Entertainment: Cardholders gain access to exclusive events, presale tickets, and unique experiences through Citi Entertainment, a perk offered by many Citi credit cards.
Flexible Redemption Options: Redeem your cash back in a variety of ways, including as a statement credit, direct deposit, check, or for gift cards. You can even use your cash back to pay off your Citi credit card balance.
No Expiration on Cash Back: As long as your account remains open and in good standing, your earned cash back does not expire.
Intro APR on Balance Transfers: The Citi® Double Cash Card offers an introductory 0% APR for balance transfers for 18 months, which could help you save on interest if you have existing high-interest debt.
However, it’s crucial to mention the card’s balance transfer fee, as well as the lack of an introductory APR for purchases. The balance transfer fee is 3% of each transferred balance or $5, whichever is greater. Please note that after the 18-month introductory period, the APR for balance transfers will become variable, ranging between 13.99% and 23.99% based on your creditworthiness.
| Feature | Details |
|---|---|
| Intro APR on Balance Transfers | 0% for 18 months |
| Balance Transfer Fee | 3% of the transfer amount or $5, whichever is greater |
Interest Rates and Fees
The Citi® Double Cash Card offers competitive interest rates and fees. It’s essential to understand these charges when considering whether this card is right for you.
Interest Rates:
- Variable APR for Purchases: Ranges from 13.99% to 23.99%, based on creditworthiness
- Variable APR for Balance Transfers: Ranges from 13.99% to 23.99%, based on creditworthiness
- Variable APR for Cash Advances: 25.24% (subject to change)
- Penalty APR: Up to 29.99%, based on creditworthiness and other factors
Fees:
| Type of Fee | Amount |
|---|---|
| Annual Fee | $0 |
| Balance Transfer Fee | Either $5 or 3% of the amount of each transfer, whichever is greater |
| Cash Advance Fee | Either $10 or 5% of the amount of each cash advance, whichever is greater |
| Foreign Transaction Fee | 3% of each transaction in U.S. dollars |
| Late Payment Fee | Up to $40 |
| Returned Payment Fee | Up to $40 |
It’s crucial to make on-time payments and avoid carrying a balance to minimize interest and fees. This will ensure you get the most value from the Citi® Double Cash Card’s rewards program.
Pros and Cons
The Citi® Double Cash Card comes with attractive features that make it an appealing choice for cash back enthusiasts. In this section, we will discuss some of the main advantages and disadvantages of this credit card.
| Pros | Cons |
|---|---|
|
|
When considering the Citi® Double Cash Card, weigh the pros and cons to determine if this card aligns with your financial goals and spending habits. Each individual’s preferences and priorities will influence the overall appeal of this credit card.
Comparison with Competitors
The Citi® Double Cash Card offers a highly competitive cashback option for consumers who are interested in earning rewards on their everyday spending. Below is a comparison of this card with some of its main competitors:
| Card | Cash Back | Annual Fee | Introductory APR |
|---|---|---|---|
| Citi® Double Cash Card | Unlimited 2% cash back (1% when you buy, 1% as you pay) | $0 | 0% intro APR for 18 months on balance transfers |
| Chase Freedom Unlimited® | 1.5% cash back on all purchases | $0 | 0% intro APR for 15 months on purchases and balance transfers |
| Capital One® Quicksilver® Cash Rewards | 1.5% cash back on all purchases | $0 | 0% intro APR for 15 months on purchases and balance transfers |
The Citi® Double Cash Card provides a higher cashback rate compared to the Chase Freedom Unlimited® and Capital One® Quicksilver® Cash Rewards cards, which both offer 1.5% cash back on all purchases. However, unlike the other cards, the Citi® Double Cash Card does not have an introductory APR on purchases.
Additionally, the Citi® Double Cash Card has a longer introductory APR on balance transfers (18 months) compared to the 15 months offered by the other two cards. This can be advantageous for individuals looking to transfer a balance and save on interest charges.
Final Verdict
The Citi® Double Cash Card is an attractive option for those seeking a simple cash back rewards program with competitive rates. Offering an unlimited 2% cash back (1% when you make a purchase and 1% when you pay it off), this card stands out among many other cash back credit cards on the market.
One of the primary benefits of the Citi® Double Cash Card is its simplicity – no rotating categories or earnings caps to worry about. This feature makes it easier for cardholders to maximize their cash back rewards without needing to keep track of spending categories or enrollment deadlines.
Additionally, the card offers valuable benefits, such as Citi® Price Rewind, which searches for lower prices on items you purchase with the card, making it easier for you to save money. It also provides fraud protection and concierge services, offering added security and convenience to cardholders.
However, the Citi® Double Cash Card does lack some perks commonly found with other cash back credit cards, such as the absence of a sign-up bonus and a foreign transaction fee, which could deter some potential cardholders.
In summary, the Citi® Double Cash Card is an excellent choice for individuals who prefer a straightforward and competitive cash back rewards program, without needing to keep track of rotating categories or worry about earnings caps. While it might not be suitable for those seeking a sign-up bonus or extensive travel perks, it remains a strong contender for individuals who prioritize simplicity and rewarding everyday purchases in their cash back credit card choices.