Citi® Double Cash Card
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Citi® Double Cash Card: Details and benefits
The Citi® Double Cash Card is one of the only credit cards that reward you for paying off your purchases with additional cash back earnings. You receive an unlimited 1 percent cash back when you buy and an additional 1 percent as you pay for your purchases.
The Citi Double Cash doubles as a balance transfer credit card, offering a zero percent introductory APR on balance transfers for 18 months (13.99 percent — 23.99 percent variable APR thereafter). Similar to other balance transfer cards, you’ll owe a balance transfer fee of either $5 or 3 percent of the amount of each transfer (whichever is greater).
If you often travel outside the U.S., make sure you have another card for backup as the Citi Double Cash charges a 3 percent foreign transaction fee.
Is the Citi® Double Cash Card worth it for you?
If you’re looking for a card that you don’t have to think too much about in order to gain value from it, the Citi Double Cash is a great choice. You won’t owe an annual fee each year, and the flat-rate cash back structure offers the flexibility to swipe the card wherever you please.
Those who need to pay off credit card debt will benefit from the Citi Double Cash’s zero percent APR on balance transfers for 18 months (13.99 percent — 23.99 percent variable APR after). Considering the card offers a solid cash back rewards structure and no annual fee, 18 months is pretty lengthy.
The card may also be a great option for those in need of accountability, seeing as you must pay at least the minimum due on time in order to receive an extra 1 percent cash back on your purchases.
Get the most value from the Citi® Double Cash Card
The key to maximizing the Citi Double Cash’s value is paying your balance; no matter what, make sure you pay off the card each month to earn the full 2 percent cash back value and keep any interest charges at bay.
Those interested in completing a balance transfer must do so within 4 months from account opening. If you fail to do so, you’ll lose the zero percent APR window and be charged the card’s variable interest rate.
As for security protections, the card offers $0 liability for unauthorized charges posted on your account, 24-hour fraud protection alerts and Citi® Identity Theft Solutions. Should your card be lost or stolen, Citi’s Lost Wallet® Service can help you replace it within 24 hours.
How much are the Citi® Double Cash Card rewards worth?
If you spend $500 a month with the Citi Double Cash (and make sure to pay it off), you’ll earn $120 worth of cash back by the end of your first 12 months of card ownership.
Should you fail to make at least your monthly minimum payment for those 12 months, you’ll only earn $60 in cash back for the year.
Balance transfer example
Say you transfer $4,000 to the Citi Double Cash (within the first 4 months from account opening). You’ll pay just under $223 a month for 18 months without owing additional money in interest, along with a balance transfer fee of $120.
How to redeem rewards
Cash back rewards earned with the Citi Double Cash can be redeemed for statement credit, direct deposit or check. They can also be converted to Citi ThankYou Points as of September 2019. You can learn more about how to redeem your Citi Double Cash rewards for ThankYouPoints, here.