Citi Double Cash Credit Card Review

It’s rare that we get excited about a credit card. The Citi Double Cash credit card is just such an exception. With a standard 2% cash back (1% on purchases + 1% when you pay for the purchase), it’s the gold standard of cash back credit cards.

Are there cards that pay a higher cash back percentage? Yes, on select categories. The Double Cash credit card gives you cashback on all categories. The equivalent of 2% cash back on all purchase categories with no rewards limits, easy redemption options, and no annual fee set the Citi Double Cash credit card apart and earn it a top pick here at Forbes.

At a Glance

Earn 2% cash back, 1% on every purchase and another 1% as you pay for those purchases
0% introductory APR on balance transfers for 18 months
No annual fee
$0 liability for unauthorized charges
24 hour fraud protection
Requires excellent credit

Rewards

Earning Rewards

The Citi Double Cash credit card offers a simple rewards structure. All purchases earn 1% cash back. As you pay for those purchases, you’ll earn an additional 1% cash back. As a result, this card has an effective cash back rewards rate of 2%.

There are no spending caps or other limits to the amount of rewards you can earn. There are also no rotating categories.

Redeeming Rewards

You can redeem your cash back rewards once you’ve earned a minimum of $25. To meet this minimum you’ll need to spend and pay off a total of $2,500. This could be achieved by charging $2,500 on the card ($2,500 x 1% = $25). Alternatively, you could spend $1,250 on the card (earning you 1%, or $12.50) and pay for those purchases (earning another 1%, or $12.50).

Once you meet the $25 minimum, there are several ways to redeem your cash back rewards, according to Citi:

Request a check for at least $25 up to the total cash rewards balance at the time you redeem;
Redeem for a statement credit to your Card Account for at least $25 up to the total cash rewards balance at the time you redeem;
Redeem for a credit to your linked Citi savings or checking account or to a checking account from which you have paid a Citi Credit Card bill at least two times.

Fine Print: If you redeem your rewards for a statement credit, you will not earn 1% cash back on that amount. For this reason, it’s preferable to request a check or a transfer to a linked account.

Rewards Potential

The simplicity of the Citi Double Cash rewards program makes calculating potential rewards easy. For those who pay virtually every expense with the card, the effective 2% cash back can generate $1,000 or more a year in rewards.

As an example, according to the Economic Policy Institute, a family of four in Fairfax, VA spends an average of $9,509 a month on everything from housing, to health care to taxes. Assuming 50% of these expenses can be charged to a credit card, the yearly total charged would equal $57,054.

At an effective 2% cash back rate, a family of four would generate $1,141.08 in cash back rewards from the Citi Double Cash credit card.

0% Introductory Rates

The Citi Double Cash card also offers a 0% introductory APR on balance transfers. The introductory rate lasts for 18 months. When this rate expires, a variable APR ranging from 15.49% to 25.49% (as of November 15, 2018) will apply based on your creditworthiness.

To take advantage of this introductory rate, transfers must be completed within four months from the date of account opening. There is also a balance transfer fee charged of either $5 or 3% of the amount transferred, whichever is greater. As an example, a balance transfer of $10,000 would cost $300. The balance transfer fee is added to the card’s balance.

Other Card Benefits

Credit Card Late Fee Pass: Citi waives the fee the first time your payment is late
Citi Private Pass: Get special access to tickets at thousands of events each year.
24 Hour Fraud Protection: Citi alerts cardholders when it identifies unusual activity on a card.
The Lost Wallet Service: Citi can replace a lost card usually within 24 hours and provide emergency cash subject to a cardholder’s cash advance limit.
EMV Chip Technology: The Citi Double Cash card includes the added security of an EMV chip.
$0 Liability For Unauthorized Charges
Citi Card With Apple Pay
Citi Concierge: Citi can assist with travel, shopping, dining, and entertainment.

The Fine Print

Interest Rates

APR on Purchases: 15.74% to 25.74%, as of January 14, 2019.
0% introductory APR: For 18 months on balance transfers.
- You can lose this introductory rate if you make a late payment and incur the penalty APR.
APR for Cash Advance: 27.49%
Penalty APR: up to 29.99%
Grace Period: At least 23 days

Fees

Annual Fee: None
Balance Transfer Fee: $5 or 3% of amount transferred, whichever is greater
Cash Advance: $10 or 5% of the amount of the cash advance, whichever is greater
Foreign Purchase Transaction: 3% of each purchase in U.S. dollars
Late Penalty: None for the first late payment; up to $35 after that
Returned Payment: Up to $35

Pros & Cons

What we like

Simple rewards structure with an excellent 2% cash back on all purchases.
No annual fee.
0% introductory APR on balance transfers for 18 months.
No category restrictions and no cap on the amount of cash back you receive.
You can use it anywhere.

What could be better

Balance transfers cost 3% of the amount transferred
The purchase APR can exceed 25%, depending on your creditworthiness
The 3% foreign transaction fee means the card should not be used internationally, even though its chip makes it a globally accepted card.

How it Stacks Up

The Citi Double Cash credit card is an industry leader. Its effective 2% cash back on all purchases places it among the most rewards cards available today. It is comparable to the Fidelity Rewards Visa Signature card, but doesn’t require a Fidelity account.

There are cards that pay more rewards in select categories. These cards often come with spending limits. Furthermore, they pay the enhanced rewards on just a few categories, with most purchases earning 1%. As a result, the Citi Double Cash stands out for its excellent rewards on all purchases.

Is this the card for you?

The card is ideal for those with at least good credit (generally 700 or higher) looking for both simplicity and excellent cash back rewards. It’s also ideal for those wanting to transfer high rate balances to a 0% card (although there are balance transfer cards that don’t charge a transfer fee) and those looking for rewards on everyday purchases.

For those wanting to maximize cash back rewards, the Citi Double Cash card can be combined with other cards that pay higher rewards on select categories. This requires you to juggle multiple cards, but it can result in higher rewards.