Citi® Double Cash Card Review – Unlimited 2% Cash Back
The Citi® Double Cash Card is a cash back credit card with no annual fee and an unusual, but not overly complicated, rewards program. As the name suggests, Double Cash earns cash back rewards twice – once when you spend, and again when you pay off your card balance. Cardholders who take advantage of both earning opportunities get an effective unlimited 2% cash back rate, which is about as generous as no-annual-fee cash back cards get.
Citi Double Cash competes with a host of other no-annual-fee cash back cards, including Chase Freedom and Discover it. Thanks to its generous rewards program, it’s also comparable to fee-bearing cash back cards such as Blue Cash Preferred Card from American Express and Amex EveryDay Preferred (both $95 annual fee), as well as with travel rewards cards such as Chase Sapphire Preferred Card ($95 annual fee). However, unlike many of these cards, Double Cash doesn’t have a sign-up bonus.
Currently, there is no sign-up bonus for this card.
Citi Double Cash purchases earn a flat, unlimited 1% cash back. Every payment made on your card’s balance also earns that same flat, unlimited 1% cash back, as long as you make the minimum payment. Accordingly, when used properly, this card has a flat, unlimited 2% cash back earning rate. Importantly, you can carry a balance for as long as you want and still earn cash back on eventual payments – though, of course, the interest charged on carried balances offsets and overwhelms your cash earnings over time.
Once you reach the $25 minimum redemption threshold, you can redeem your accumulated cash back rewards for a paper check, statement credit, gift card, or bank account deposit. Citi only permits external bank account deposits if you’ve used the chosen account to make at least two credit card payments in the past. If there’s no purchase or payment activity in your account for at least 12 consecutive months, your accumulated rewards expire.
This card has a 18-month 0% APR promotion for balance transfers. To qualify, balance transfers must be made within 4 months of account opening and keep in mind that balance transfers do not earn any cash back.
There is no annual fee. Foreign transactions cost 3% of the transaction amount, cash advances cost the greater of $10 or 5%, and balance transfers cost the greater of $5 or 3%. There is no late payment fee for the first missed payment; however, subsequent late payments cost $35 each. Returned payments always cost $35 each.
Citi Double Cash carries a nice lineup of value-added benefits, including 24/7 concierge service (including travel and event booking), purchase protection (damage and theft for up to 120 days) up to $1,000 per item and $50,000 per calendar year), and complimentary loss and damage insurance on car rentals charged in full to your card account. Citi Double Cash also comes with Citi Private Pass, which confers VIP access to major events (such as concerts and sporting events), as well as exclusive access to more intimate experiences (such as celebrity dinners).
This card requires good to excellent credit. A few minor blemishes on your credit record aren’t likely to disqualify your application, but more serious issues probably will.
The Citi® Double Cash Card is billed as “Citi’s best cash back card.” With unlimited 2% cash back and no annual fee, that’s not a hard case to make. You could go further and say that Double Cash is one of the best cash back cards around, period. If you use this card heavily and make timely payments, you can earn rewards at a faster clip than just about any other flat-rate cash back card.
That said, Double Cash isn’t perfect. If you prefer a rewards program without redemption minimums, or one with favored spending categories that accelerate your cash back earnings past 2%, you need to look elsewhere. There’s no right or wrong here – just optimal cash back earnings that fit your lifestyle.
The Citi® Double Cash Card is an ideal primary credit card for moderate and heavy spenders who have far-ranging spending needs and don’t mind redeeming for cash or cash equivalents. It’s not ideal for light spenders who concentrate their spending in a few favored categories, such as gas or grocery purchases.
This card’s high earning rate, long intro APR period, first late fee waiver, and its lack of an annual fee, spending caps, and rotating categories are all great benefits. However, the penalty APR, foreign transaction fee, rewards expiration after 12 months of inactivity, and the lack of a sign-up bonus are drawbacks. Overall, it’s an awesome cash back card for heavy, general spending.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.
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Citi® Double Cash Card Review – Unlimited 2% Cash Back
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