|❯ Annual Fee: $0|
|❯ Purchase Intro APR: 0% for 15 months|
|❯ Rewards Rate: 1.5 - 5% Cash Back | Bonus: $200|
|❯ Transfer Intro APR: N/A|
|❯ Regular APR: 14.99 - 23.74% Variable|
True to its name, the Citi Double Cash Card offers 1% cash back twice: once when you make purchases and again when you pay your bill. The average cash rewards card gives you a total of 1.07% back.
Although Double Cash offers much more ongoing value than most other cash back credit cards, the deal does not include an initial bonus. That puts Citi Double Cash at a $207 disadvantage compared to the average cash rewards card with an initial bonus.
Some of the best rewards cards charge hefty annual fees, forcing you to make a lot of purchases just to get your money’s worth. But not Double Cash. Its $0 annual fee saves cardholders about $20 per year, compared to the average credit card. The lack of an annual fee also means you can get Citi Double Cash to complement or backup another credit card without worrying about wasting money if you don’t use it all the time. For example, some people use Citi Double Cash for purchases in categories their other rewards cards won’t provide higher bonus earning rates.
The Citi Double Cash Back Card currently offers new applicants a promotional intro APR of 0% for 18 months on balance transfers. Balances transferred within four months of account opening are eligible for the introductory rate. The clock starts on the date of your first transfer. The average balance transfer credit card is interest-free for about 13 months.
The Citi Double Cash balance transfer offer is a good deal, but it would be great with a lower balance transfer fee. The Double Cash transfer fee is 3% (min $5).
Given that the Double Cash Card’s rewards are tied to your monthly payments, carrying a balance from month to month would be a money-losing proposition even if the card’s rates were low. And they’re not. Your regular APR could be slightly above average for a card that requires excellent credit for approval. It could also be well above the average among cards for people with fair credit. In other words, Citi Double Cash is nothing special if you don’t pay your bill in full every month.
The fact that you need an excellent credit score of 750 or higher to qualify for Citi Double Cash means that more than 60% of potential applicants are unlikely to get approved. So make sure to check your credit score for free on WalletHub before you apply.
To see how Citi Double Cash stacks up against its top competition, check out BestCreditCard’s picks for 2020/2021’s best rewards credit cards.