A cashback credit card is a flexible alternative to airline mile cards, gas cards, and other special rewards cards. However, cashback programs are often complicated, with multiple reward tiers and confusing limits. The Citi Double Cash Card eliminates tiered rewards, rotating purchase categories, and quarterly spending limits, giving cardholders the flexibility of cash rewards without the complexity. Issued by Citibank, a subsidiary of Citigroup (C), the Citi Double Cash Card is an attractive option among the best cashback credit cards available today.
The rewards and benefits
As the name suggests, the Citi Double Cash card pays holders two cashback rewards. The first reward pays 1% back for every dollar spent on the card. The second reward pays another 1% rebate for every dollar contributed to the account balance. This means that a cardholder who pays off the full card balance each month earns a full 2% refund on every dollar spent almost immediately. A cardholder who carries a monthly balance on the card realizes the second 1% reward a little slower when the balance is paid off.
This card has no annual fee and comes with a 0% annual introductory rate on all purchases and balance transfers for the first 15 months of card ownership. In addition, cardholders have access to a wide range of consumer protection benefits from Citibank, including identity theft and fraud protection, theft and damage protection, and several travel insurance programs. The Citi Double Cash card even offers a late cash back option if you miss a payment on the card.
To redeem cash rewards back, cardholders must first accumulate a reward balance of at least $25. Rewards are redeemable in the form of a check, card statement credit, or credit to a linked Citibank account or savings account. Various gift cards in multiple denominations are also available for redemption.
When the 15-month introductory period ends, the APR is between 12.99 and 22.99% depending on the creditworthiness of the holder. The new APR applies to purchases and balance transfers. The cash advance APR is 25.24%. If the cash advance balance is generally bad, cardholders should also avoid carrying a purchase balance on that card. At a minimum APR of 12.99%, interest charges quickly wipe out all cash rewards program earnings.
The Citi Double Cash Card has several worthy competitors, including the Discover It Card, the Chase Freedom Card, and the Blue Cash Everyday Card from American Express. These cards all feature attractive cash-back programs and bonus periods. 0% intro and none of the cards have annual fees. However, these cards cannot match the combination of simplicity and value found in the Citi Double Cash Card. While other cards may offer 2, 3, or even 5% cashback opportunities, purchase restrictions and spending limits are usually in place to reduce the overall value of these opportunities. The Citi Double Cash card has no purchase restrictions or spending limits.
While the Citi Double Cash card stands out with its combined reward rate of 2%, the card does not offer an additional cashback bonus for new cardholders. Other rewards cards, such as the Chase Freedom card and the Blue Cash Everyday Card from American Express, offer an automatic $100 bonus for spending the required amount within the first three months of card ownership.
Who should get it?
This card is a great option for heavy consumers and those who don’t want to worry about purchasing category rotation and other complex redemption rules. While cautious cardholders may be able to snatch so much value on other cash back cards, the Citi Double Cash Card returns an exceptional value without a fuss. Given the options currently on the market, no problem isn’t bad for a rebate card.
The Citi® Double Cash Card – BT 18 Month Supply is a perfect product to save money on your everyday purchases. Whether your monthly balance is large or not, you’ll earn cash back that you can use to pay off debt, convert into valuable Citi ThankYou® points or set aside in a savings account.
Unfortunately, the Citi® Double Cash Card – BT 18 Month Offer lacks the benefits found on many cashback cards, such as car rental insurance and extended warranties. Citi eliminated these benefits on most of its cards in September 2019, leaving the Citi® Double Cash Card – 18-month BT offer reduced to its rewards program and balance transfer offer. As a simple tool to earn lots of cash back, the Citi® Double Cash Card – BT 18 Month Offer is a winning option. For more substantial benefits, you’ll need to look to other cards