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While many people using bonus credit cards love to play with points and miles, many people still prefer to get their money back. If you’re determined to find the best cashback card that offers a high flat return rate on all purchases – with no special categories to worry about – the Citi® Double Cash Card should be on your list of cards to consider.
When is the Citi Double Cash card beneficial?
You want a simple cashback card
With Citi Double Cash, you will receive 1 percent cash back on purchases and an additional 1 percent cash back on purchases, up to a total of 2 percent cash back. You’ll get the same money back on all your purchases, with no spending or category limits. However, please note that the cash back you receive with this card will technically be in the form of Citi ThankYou Base Points.
Plus, the cash rewards program is incredibly easy to use. Many competing cashback credit cards offer bonuses for certain categories of purchases, which often include many exclusions. The categories can be confusing and some cardholders may not know if their purchases qualify for a bonus until they receive a statement. Other cashback cards require you to pre-register for their bonus categories or have limits on the number of purchases that will be eligible (sometimes both). In contrast, Citi Double Cash requires you to do nothing more than make purchases and pay for them on time in order to receive all of your rewards.
You pay bills in full and on time
Citi likes to say that it’s the only credit card that offers you double cashback. Another way to look at this card is that it is a product that rewards responsible use. This is because you get half of your rewards for making a purchase and the other half for paying for purchases.
Also, like most reward credit cards, Citi Double Cash has a higher interest rate than similar cards that do not offer rewards. The standard variable interest rate for this card is between 16.24 and 26.24 percent. The rate you will receive will depend on your creditworthiness at the time of application. This means that the most qualified applicants may receive the standard interest rate at a lower level, but most of them are likely to receive a higher rate.
You need to transfer balance
If you have unpaid balances on another card, Citi Double Cash will still have you covered. New cardholders will receive a 0 percent initial annual interest rate on balance transfers for 18 months (from 16.24 to 26.24 percent variable per annum thereafter). You will also receive an initial balance transfer fee of 3 percent (minimum $5) for balance transfers made within the first four months of account opening (after which you will pay a balance transfer fee of 5%). Just note that balance transfers do not refund money.
You want a card with long-term value
Citi Double Cash is a card that people have kept for many years. It rewards you by consistently offering a consistently high return rate on all purchases. And this happens at no upfront cost to you. It has no annual fee and its other fees are just fines that are easy to avoid, such as late fees and chargeback fees of up to $41.
You want to connect cards to maximize your reward
If you’re looking to use multiple credit cards to maximize your rewards, Citi Double Cash is a valuable addition to your wallet. Combined with a Citi card(s), which offers higher reward rates on some purchases but only 1 percent on other purchases, you can easily use your Citi Double Cash to ensure you never get less than 2 percent cashback. for anything.
For example, you can pair Citi Double Cash with a premium Citi travel card such as the Citi Premier® Card, which gives you 3X points at restaurants, supermarkets, gas stations, flights, and hotels and 1X points on all other purchases. So you’ll get a higher reward rate in those bonus categories with Citi Premier, and then a higher reward rate for everything else with Citi Double Cash. Also, with this combination, you can combine all your rewards together. Please note that Citi Premier has an annual fee of $95.
When is a Citi Double Cash card not worth it?
You tend to balance
If you’re planning on balancing with this card, it’s probably not for you. Reward cards like this one are best for those who avoid paying interest by paying the entire balance of their statement every month. Do this and not only will you pay no interest, but you will get your full 2% cash back shortly after your purchase. Given that Citi Double Cash has no annual fees, the lack of interest payments means that using this card is free and you will actually receive an unlimited 2 percent cashback for using the card.
Would you rather get higher cashback rates
While Citi Double Cash will help you get at least 2 percent cashback on everything you buy, you can get higher cashback rates on some bonus tiers or rotating bonus tiers with a different cashback card. Many of these cards also come with no annual fee.
For example, you can try another Citi card such as the Citi Custom Cash℠ Card, which offers a 5 percent cashback on purchases in your most eligible spending category in each billing cycle (up to $500 per billing cycle, then returns 1 percent). ). Eligible upper categories include restaurants, gas stations, grocery stores, some transportation and shipping companies, some streaming services, pharmacies, home improvement stores, health clubs, and entertainment programs.
Or you can consider cashback cards from other issuers, such as the Capital One SavorOne Cash Rewards credit card, which is the best no-annual fee card for restaurants, or American Express’ Blue Cash Preferred® card, which is one of the best cards for groceries.
You are not interested in a refund
No credit card is right for everyone, and Citi Double Cash is no exception. It’s ideal if you’d rather get a high rate fixed cash back (or basic Citi ThankYou points), but it’s not a good card if you’d rather earn flexible points or miles that can be used for travel and other rewards.
If you’re more interested in the latter, the Citi Premier Card allows you to transfer Citi ThankYou Points to Citi partner airlines and hotels, which is not available to Citi Cards that earn basic ThankYou Points.
Should I get a Citi Double Cash Card?
Even if you prefer to use multiple credit cards to maximize your rewards, Citi Double Cash is worth having. Use one card to shop for groceries and the other to dine out, but when it’s time to buy furniture, pay your insurance bill, or visit a home improvement store, you can get a 2 percent cashback with Citi Double Cash instead of 1 percent on non – bonus categories offered by most cashback credit cards.
In addition, Citi Double Cash is a great choice if you are looking for a good balance transfer card. You can save a significant amount of interest by using the 18-month 0% original annual interest rate on balance transfers. As long as you fully pay off your balance before the end of the promotional period, you can continue to use the card for cash back.
Overall, Citi Double Cash is a great default cash back card. It’s also a great card if you prefer simplicity over more complex cashback credit cards. If you know you’ll be paying off your balance in full each month and want an easy way to get 2 percent cash back on all (or at least some) of your expenses, this card deserves a place in your wallet.