Citi Double Cash Card Review: Pros and Cons
If you’re considering applying for a credit card, this can be overwhelming. Especially if you’re new and you don’t realize how many cards are out there. The Citi Double Cash card is a dependable card that will work hard for you. The Citi Double Cash card gives you the chance to earn cash back twice. You get one percent cash back on all of your purchases. You get another one percent cash back when you pay those purchases off. There is no limit to how many rewards you can earn, and there is an intro $0 APR on balance transfers.
Citi Double Cash Card Pros
Flexible Rewards Redemption Program
Once you reach the $25 in rewards, you have options to redeem them. You should also note that $25 is a low rewards level when you compare it to other cards. Citi Cash Back offers you a check, a balance credit or a gift card. This gift card is for retailers that have partnered up with Citi.
Introductory $0 APR on Balance Transfers
Most credit cards offer a $0 APR period. However, the Citi Double Cash credit card offers it for 18 months on balance transfers. This is very generous, and you have the potential to pay off a nice portion of your debt. Once the introductory period is up, your annual APR will go to 14.49 percent to 24.49 percent. The lender bases this amount on your credit score.
Easier to Get Approved
If you’ve ever applied for a rewards type of card, you know that you generally need excellent credit. The Citi Double Cash credit card does not require excellent credit. They will usually approve people with good credit as well. This sets the Citi Cash Back apart from almost every other cash back credit card.
First Late Payment Forgiveness
If you forget to make a payment, the Citi Double Cash credit card will forgive this with no penalty. This is a nice perk, considering almost everyone is guilty of forgetting at least one payment. If you have the Citi Double Cash card, they’ll waive your first late payment fee.
Citi Double Cash Card Purchase Protection
If you report it within 120 days, Citi will reimburse you for any eligible damaged or stolen items. This reimbursement is up to $1,000 per individual item. This perk has a maximum cap of $50,000 per year. They also offer a $0 liability for any authorized charges. Purchase an eligible item with a warranty of 5 years or less, Citi will add an extended one year warranty.
If you report it within 120 days, Citi will reimburse you for any eligible damaged or stolen items. This reimbursement is up to $1,000 per individual item. This perk has a maximum cap of $50,000 per year. They also offer a $0 liability for any authorized charges. Purchase an eligible item with a warranty of 5 years or less, Citi will add an extended one year warranty.
Citi Double Cash Card Price Rewind
Citi offers their price rewind program on some of their cards. If you purchase an eligible item, register it with Citi. They will then search through hundreds of listings for the item. If they find it at a lower price within 60 days, they’ll refund you the difference. This is an excellent way to get easy cash back. All you do is register your purchase, and Citi does the rest.
Citi Double Cash Card Cons
Expiration on Your Rewards
Once you start earning rewards, remember to redeem them. Citi offers you 12 months to redeem your rewards. If you don’t use your card this period, you lose them. So, if this isn’t your card for everyday use, it may not be the best option. You have the potential to lose out of a lot of rewards this way.
Balance Transfer Fee
The Citi Double Cash card offers an extended introductory period with no balance transfer fee. However, once this expires, it jumps up to three percent. There is also a minimum $5 amount you can transfer. To put it in perspective, if you transfer $10,000, you’ll pay a $300 fee. This rate is standard, but it can still sting.
Foreign Transaction Fee
This card has perks that are suited for use in the United States. This reason makes it a not so great card for traveling internationally. There is a 3 percent foreign transaction fee when you use it. This can add up, especially if you plan to travel a lot.
No Introductory APR on Purchases
If you intend to pay your balance off each month, this card could still be a good fit. However, it is good to note that there is no introductory APR on purchases. This means that interest will get added onto your balance from the first month you use the card. The APR can range from 14.49 percent to 24.49 percent, and that is quite high.
No Sign-Up Bonus is Offered
The Citi Double Cash card comes with no additional sign-up bonus. This has the potential to put some people off who are looking for a substantial immediate reward. If this doesn’t bother you, the extended introductory period may make up for it.
Important Citi Double Cash Card Update May 12, 2018
New Citi Double Cash Offer: Earn $100 cash back bonus after $500 in purchases within the first three months of account opening. Please note the amount may vary; review the sign up offer before applying.
Citi Double Cash Card Final Thoughts
The Citi Double Cash card is great for anyone with good credit who wants a rewards card. If you don’t want to keep track of rotating rewards categories, this is the card for you. It’s also a good choice for anyone who intends to use this credit card for every day use. However, you should pay your balance off each month to avoid the high-interest rate. If you have to consolidate your debt, this card will give you 18 months to pay if off. This has the potential to save you thousands in interest fees alone. Chase Freedom offers two cash back cards that you may want to compare the Citi Double cash back offer. The Citi Double Cash card is a dependable card that will work for you. As long as you use it responsibly, the cash back rewards can pay off.
CreditFast website – CreditFast.com, provides information about the best credit card applications, as well as other financial products and services. Our goal is to provide you with fair, balanced reviews. Some credit offers that appear on our website are from companies from which CreditFast receives compensation, and some are not.
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