Citi Double Cash Card
Introduction to Citi Double Cash Card
Consumers on the lookout for a top-tier rewards credit card are going to want to pay quite a bit attention to everything that the Citi Double Cash card has to offer.
Designed specifically to provide consumers with a top-notch flat rate cashback program on almost every single purchase they make with this card, if you are after a credit card that’s going to make calculating your new rewards as straightforward as possible – and pretty lucrative, to boot – this is the card you’re going to want to zero in on.
As a general rule, the Citi card we are breaking down here is widely regarded as one of the better rewards cards consumers can get their hands on in large part because of the 2% cash back provided on every single purchase you make with this card.
That’s right, you are reading that correctly.
This credit card guarantees 2% back in rewards credit with every single purchase that you make, a 1% cashback earning the second that you charge something to your card and another 1% cashback earning in rewards as soon you pay that charge off.
On top of that, this credit card also guarantees that you get absolutely no limitations whatsoever placed on top of the reward points you are able to earn and accumulate when you charge things to your card.
You could max out your balance every month if you wanted to (though for a bunch of different reasons that’s not all that advantageous) and earn rewards on every single purchase across the board – and earn extra rewards the second that you paid your balance off.
There aren’t too terribly many competing cards out there that provide these kinds of benefits.
Another reason so many people continue to take advantage of this particular credit card opportunity is that it doesn’t charge any annual fee whatsoever. A lot of cards that offer fantastic rewards inevitably charge some kind of annual membership fee, even if they waive the initial year when you first sign up.
That is endeavor going to be a problem with this card in particular.
Instead, you’ll pay an annual fee of zero dollars with no limitation on the amount of points that you can rack up with all of your purchases.
Plenty of people are also zeroing in on the Citi Double Cash card so that they can take advantage of the balance transfer solutions that this card packs, as well. We are talking about an 18 month balance transfer window of time where you not only get rewards points for that full balance transfer you move over but also do not have to worry about paying a sky high interest rate on that balance, either.
In fact, you won’t have to pay ANY interest on those balance transfers for the first 18 months. Things get a little bit pricey later down the line after this 18 month window of time has passed (and we will touch on that in just a moment), but upfront you won’t pay any extra interest on these kind of moves AND get reward points at the same time.
The biggest advantage of using this particular card has to be the fact that it has one of the highest reward rates in the industry.
Plenty of other reward cards out there exist promising the moon and the stars when it comes to reward accumulation, but none of them offer quite as high a rewards earning potential as this particular card offers – and none of them have as simplified or as straightforward a plan, either.
A flat 1% cashback on every single dollar that you spend with your new credit card is about as easy to take keep track of as it possibly gets. A secondary flat 1% for everything the dollar you pay down on your credit card balance is also pretty easy to keep track of.
The fact that there’s no limitations on the amount of rewards you can earn is another huge benefit that you won’t want to miss out. Some other top shelf reward cards out there limit the amount of cashback or rewards you can accumulate in a specific block of time, but that’s just not going to be the case here.
You also appreciate that you can begin redeeming the rewards that you have earned with this particular card as soon as you trigger just $25 in reward points. This is a super low threshold that allows you to use your rewards almost immediately, and you can use those reward points for statement credit, direct bank account deposit, or to purchase gift cards through the Citi marketplace.
The last highlight we want to touch on is the ability to take advantage of 0% APR interest rates on all balance transfers handled in the first 18 months of you carrying your card. The APR gets a little bit steeper after that, the fact that you can earn reward points on this initial 18 months of balance transfer gives you plenty of opportunity to pile on the rewards in a hurry.
On the flip side of things, some people aren’t all that excited at the fact that the Citi Double Cash card isn’t going to provide any sign-up bonus or sign-on bonus right out of the gate.
Similar cards in the industry provide bonuses of about $100 or $150 in rewards credit the moment that you are approved for your credit card, but that’s just not going to be a piece of the puzzle here. Let being said, most people aren’t going to miss out on that bonus $100-$150 all that much – especially since they rack up reward points so quickly compared to other cards with a sign-on bonus.
Secondly, the 2% cash back on all purchases is obviously an attractive enough reason for people to jump on board this card but it isn’t the highest reward tier your find on the marketplace. Some credit cards offer up to 5% cashback, though these kinds of cards inevitably require you to focus a lot more of your time and attention on how your rewards break down, how your rewards are accumulated, and how you can actually take advantage of those rewards moving forward.
Foreign transaction fees are a little steep with this card. You’re looking at a 3% fee for all foreign transactions, whether you use this card physically around the world are purchase products and services online from vendors located globally.
After the 18 month balance transfer window has concluded you’re looking at a 3% balance transfer fee with a minimum of five dollars required. This might not look like all that much at first, but depending on the balances you are moving over it can add up in a hurry.
As we have made mention a couple of times already, the rewards you’re going to get from the Citi Double Cash card are pretty fantastic compared to other options on the market right now – as well as simple and straightforward to calculate.
Customers that have been approved for this Citi credit card are going to be able to get 1% cashback on every dollar that they spend and another 1% cashback on every dollar that they pay off of their credit card.
These rewards can be used towards statement credit, a direct bank account deposit or a cashback check mailed directly to consumers, or they can be used to purchase gift cards through the Citi marketplace and portal.
With no annual fee, the Citi Double Cash card card is obviously very attractive – particularly when compared to similar rewards cards from other companies that require you to pay every year for the privilege of using their credit card.
As far as interest rates are concerned, customers are going to be looking at a 0% APR on all balance transfers for the first 18 months. After that, the APR bumps up to between 15.74% and 25.74% (with a variable APR) – and that’s going to be for both balance transfers as well as traditional charges on the card.
There is no 0% APR window of time for purchases on this card, something important to understand before you jump right in. You get the 0% APR 18 months for balance transfers but you’ll be paying the variable interest rates on all purchases right out of the gate.
Final Verdict on the Citi Double Cash Card
If you want a rock solid credit card with fantastic rewards that you don’t have to micromanage every single day – or even every single quarter – it’s hard to imagine there being a better or more easier to use reward credit card than this one.
The folks at Citi definitely have an attractive offer on their hands here, particularly when you focus on the 18 month 0% APR window for all balance transfers. Combine that with the amazing reputation that Citi has in the financial industry these days, their speedy customer service and support, and the fact that you don’t need absolutely picture-perfect credit to land this card with approval and you’re looking at something special here.
This is definitely a credit card that you want to look more closely into going forward!
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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