Jun 26, 2021

With hundreds of credit cards on the market these days, it can be challenging to decide which credit card will be the most beneficial. The Citi Double Cash Card is one of those many choices, but how does it compare to the rest?

The Citi Double Cash Card has a wide array of benefits. With unlimited 2% cashback and no limits on rewards sums, it’s a tough credit card to beat. However, there are some potential concerns for users to take into account.

Read on to discover the benefits and possible drawbacks of the Citi Double Cash Card. We hope this review will assist in making the best decision about which credit card is perfect for you. 

Benefits of the Citi Double Cash Card

The Citi Double Cash Card is one of the most popular on the market today. The 2% cashback incentive is double the industry standard of 1% right now. The reliability and consistency of this card line up against the drawbacks it holds; no sign-on bonus and established minimum redemption requirements.

Below we delve into the pros and cons of the Citi Double Cash Card in more detail.

Intro Bonus Cash Back Annual Fee Regular APR
0% Intro APR for 18 months 2% No Annual Fee 13.99% – 23.99%

No Limit on Rewards Sums

The biggest perk of this card is undoubtedly the cashback program. You receive 1% cashback for each purchase made and another 1% when you pay that purchase off on time. This incentivizes users to pay off their purchases, while at the same time incentivizing initial purchases. It creates a circle of spending and earning throughout the lifespan of the card. 

This is an unlimited feature. Where some other cards have limits to how much cashback you can accrue annually, the Citi Double Cash does not, a huge perk. This makes for a card that is several important things:

  • Dependable
  • Consistent
  • Unlimited

You can be confident in earning unlimited cashback accruals as long as you are using this card. However, there are a few things that will not earn you cashback, including:

  • Returned items
  • Cash advances
  • Account fees
  • Interest paid

These are typical caveats for earning rewards. As long as the bill’s minimum amount due is paid on time, you will continue to accrue cashback on all purchases made with the Citi Double Cash Card. 

No Spending Categories to Keep Track of

The Citi Double Cash rewards program isn’t categorized like many other cards. It’s becoming more common to have cards with additional cashback on items like travel or gas purchases, designed to draw in a particular niche of spenders.

With the Citi Double Cash, you earn the same amount on every purchase, every time. That means groceries, car repair, or plane tickets will provide a consistent 1%-2% reward. This feature eliminates the hassle of deciding which purchases to put on which card because they can all go on the Citi Double Cash with equal benefits. 

The Flexibility of Reward Redemption Provides Many Options

The Citi Double Cash card provides the cashback in a few different ways. The flexibility of reward redemption is one more perk of this card. You can opt for any of the following when redeeming your rewards:

  • Statement credit
  • Check
  • Personal account deposit

In addition to these three delivery methods, the Citi rewards can also be redeemed for “Citi ThankYou Points.” These points can be converted into things like gift cards for specific retailers or deals on travel-related purchases, or even a charity donation.

Another Perk: No Annual Fees

As is common with most major credit cards in this day and age, there is no annual fee for having the Citi Double Cash Card. This is not necessarily a “pro” on the list anymore, as the vast majority of credit cards have done away with annual fees. However, it is still worth mentioning that it doesn’t cost you anything extra (besides interest, if accrued) to have this card.

Drawbacks of the Citi Double Cash Card

While every credit card highlights its own perks, it’s crucial to acknowledge features that may make owning this card a little less-than-ideal for some. Every customer has different spending habits, so it’s essential to take all features into account. 

Interest Rates Can Be High

The Citi Double Cash Card has interest rates varying from 13.99%-23.99%. The average interest rate for credit cards in 2020-2021 was right around 16%. The high end of the Citi interest rate is much higher than average.

If you get behind on your credit card bill, or the bill gets quite large, you can potentially face an interest payment of nearly a quarter of your balance. This can deter many would-be customers, especially those with a lower credit score. The lower your credit score, the more likely your interest rate will be higher if you get approved for the card. 

Acquiring the Card May Be Difficult for Some

The Citi Double Cash card generally requires a “Good” or “Excellent” credit score to be approved. A minimum credit score of 690 is recommended in order to obtain this card. Most US consumers have a credit score around 700.

To score a low interest rate, it is recommended to be closer to the 750-800 range, which is only the top 25% of US consumers, according to Experian.

No Sign-On Bonus Offered

Many major credit cards offer an incentive for signing up. This can be alluring to many customers, who start off with a perk right away. Some common signup bonuses include:

  • Initial batch of rewards points
  • Cashback sum within first several months
  • Long-term period without interest accrual

Many of the signup bonuses require the customer to spend “X amount of money” within the first “X number of months.” When this is achieved, the rewards (cash, miles, points, etc.) are added to your account. 

The Citi Double Cash card does not offer any signup bonuses or incentives. There is an initial 0% APR on balance transfers for the first 18 months, but that does not include regular purchases made with the card. 

Minimum Required for Redemption

Some major credit cards do not have a “minimum” when redeeming earned rewards. Citi Double Cash requires that there be at least $25 in rewards in order to redeem. If the rewards balance is under $25, you cannot access it until it has reached that point. 

While $25 might not seem like a large sum, many customers are (rightly) of the mindset that what is earned is yours to use immediately. With Citi Double Cash, this is not necessarily the case. For those who accrue cashback quickly or only redeem once per year for one large payout, this requirement will not have much of an effect. 

It’s important to note that the rewards also expire if not redeemed within 12 months from the last cashback earned. This means, if you choose not to use your card for an extended period of time, it’s important to redeem your rewards before your hiatus, or risk losing your earnings. 

When the Citi Double Cash Works Best

Depending on spending habits, this could end up being the best credit card option for you. People who will see the most benefits from this card are spenders who can reliably pay off their bill every month and have a wide array of expenditures.

The Citi Double Cash Card may not be the best choice for someone gearing towards travel or specific rewards. In addition, it may be a remarkably high interest rate for those with a less-than-excellent credit score. It’s important to take spending habits, goals, and usage into account when choosing the right credit card. 

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