Credit Needed: Excellent
The Citi Double Cash Card (a SmartAsset advertising partner) literally pays you twice – you earn 1% on every purchase and 1% when you pay for the purchase (so long as you keep up with minimum payments) for a total of 2% cash back. This makes it one of the highest flat rate cash back credit cards available. Plus, there are no caps on the total about of cash back you can earn. It’s also one of the clearest rewards cards on the market, offering straight cash back without points or bonus categories to worry about. You can simply shop as you normally would and get a great rewards rate.
The rewards are easy to use too. Once you accumulate at least $25 in cash back rewards, you can start redeeming. Cash back is redeemable by paper check, gift card, or a statement credit. The only drawback here is that you cannot receive cash back as direct deposit.
In addition to the great rewards rate and simple redemption, Citi Double Cash Card has no annual fee, making it a great place to start when it comes to a primary credit card. It also offers an introductory 0% APR deal. You will pay 0% on balance transfers for the first 18 months. The rate then is 14.74% - 24.74% Variable based on creditworthiness.
The main flaw of the Citi Double Cash Card is a lack of a welcome bonus. Most credit cards, even cash back-cards, usually offer bonus points or extra cash back when new customers open an account. While the DoubleCash card features an attractive rewards rate, it doesn’t offer any incentives upfront. There are also no higher cash back percentages on specific categories, which many other cash back cards offer. It’s really best for consumers with broad spending habits.
When it comes to Citi Double Cash Card, it all boils down to simple earnings, simple redemption and a high flat rewards rate with no category restrictions, no rewards caps and no annual fee.
Rewards and Benefits
- Receive 2% cash back on all purchases. This breaks down to earning 1% when you buy and another 1% as you make payments for your purchases.
- To be eligible to earn cash back you must pay the minimum due on your account, without paying late.
- Low 0% Intro APR for the first 18 months on Balance Transfers. Afterward, the ongoing APR will be 14.74% - 24.74% Variable based on your creditworthiness.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Certain transactions do not earn cash back i.e. balance transfers, cash advances, items returned for credit, lottery tickets, and more.
- Standard APR when taking part in the Citi Flex Plan is 14.74% - 24.74% Variable depending on creditworthiness.
Requirements, Costs & Fees
- Purchase APR: 14.74% - 24.74% Variable APR depending on your creditworthiness and other factors.
- Balance Transfer APR: 0% Intro APR for the first 18 months from the date of your first transfer, which must be completed within 4 months of opening your account. 14.74% - 24.74% Variable APR after the intro period, depending on your creditworthiness and other factors.
- APR for Cash Advances: 25.99% Variable
- Penalty APR: Up to 29.99% Variable
- Annual Fee: $0
- Balance Transfer Fee: There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Cash Advance Fee: $10 or 5% of the transaction amount, whichever is greater.
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars.
- Late Payment Fee: Up to $40
- Returned Payment: Up to $40
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