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Verdict: The CitiBank Double Cash credit card is hard to beat with no annual fee and a solid 1% back on all spending. While there is no cash sign-up bonus, the card does reward you with an extra 1% back as you pay off your balance.
Citi Double Cash Card Overview
Annual Fee: $0
Credit Required: Excellent
Rewards Program & Signup Bonus*:
- Unlimited 1% Cash Back on All Spending
- An Additional Unlimited 1% Cash Back as You Pay Your Balance.
- Introductory 0% APR financing nor new purchases and balances transfers. Regular APRs apply thereafter.
0% for 15 Months
Intro Balance Transfer
0% for 15 Months + 3% Transfer Fee
12.99% - 22.99% Variable
The Citi Double Cash card is a no-nonsense cash back card that rewards you not only for spending but also for paying for your purchases.
The Double Cash Back Rewards Program
The Double Cash rewards program is very straightforward: you earn an automatic and unlimited 1% back on all purchases. You get another 1% back when you pay off your purchase, whether you pay your bill in full each month or you prefer to pay over time. The additional cash back is based on your payments. There are no restrictions or caps on your rewards.
While there are no bonus categories to allow you to earn even higher rewards, there is also no need to remember to sign up for those bonus categories wither.
You will need to remember to pay on time, however, in order to earn the additional 1% cash back. While there is no late fee charged for your first late payment, you must also pay your bill on time to get the extra 1% cash back
Every time you earn $25 cash back, you can redeem it for a gift card, statement credit, or a check. This is a pretty big downside, as most cash back cards today allow you to redeem your cash back at any time. While you can still earn the extra cash back if you pay over time, just remember that the interest charges will quickly wipe out your cash back.
Note that while the card does have a 0% intro APR on balance transfers, you still need to pay the balance transfer fee of 3%. This isn't the best card for a balance transfer because you can find better deals without a balance transfer fee.
Other Features of the Citi Double Cash Back Card
While the 2% cash back is the main draw of the Double Cash card, there are a few other neat features. The Double Cash card waives your first late payment fee, and you can choose your own billing date to make it fit your schedule.
The card also includes Citi perks, including Citi Price Rewind. If you register your purchases, Citi will search for lower prices and refund you the difference if it discovers a better deal. Purchases made with your Citi card also get a year added to a warranty of 5 years or less.
Negatives of the Double Cash Credit Card
There are a few complaints about the card:
- You need to earn $25 cash back before you can redeem any rewards.
- Interest charges can outweigh benefit of "extra" 1% cash back if you pay back over time.
- No sign up bonus cash.
- Balance transfer offer does come with a 3% fee.
- Other cash back cards offer more attractive regular interest rates.
The Bottom Line
If you want a simple rewards card without bonus categories to worry about, the Citi Double Cash is a good choice. This card encourages smart credit use by doubling your cash back as you pay, even if you choose to pay over time. If you have excellent credit, the Citi Cash Back cash rewards card is worth considering.