UPDATE : The $150 sign up bonus offer has ended. You can apply for the card without the sign up bonus at this link.
I love to use the Citi Double Cash card as a standard to compare all other credit cards against. For no annual fee, it earns 2% cash back on all purchases. If you’re not getting this much value from another card, you’d be better off using the Double Cash Card.
Citi has now increased the sign up bonus on the Double Cash card to $150 so if this is a good card for you to get, there’s no time like the present.
Here’s more about it…
The Citi Double Cash Card is exactly what it claims to be. A card that pays you back 2% on all purchases. Here are the details about the card:
Annual Fee – The Citi Double Cash has no annual fee
Sign Up Benefits – There is no current sign up bonus for this card.
Card Benefits – The gimmick with the Double Cash card is the rebate structure. You receive 1% back when you make a purchase and another 1% back when you make the payment. Now, if you’re not making the full payment every month, you really shouldn’t be worried about credit card rewards in the first place and should instead work on paying down your debt first.
Foreign Transaction Fees – The Citi Double Cash charges a 3% fee on foreign transactions, entirely wiping out the 2% earnings you get with the card. You’d be better off using a card that charges no foreign transaction fees.
Additional Card Benefits – Citi Double Cash cardholders do get to take advantage of Citi benefits like Citi Price Rewind and Travel Protection.
Reward Redemption – You can redeem your cash back from the card once you’ve earned $25. This is much less than other cards which require $50 or $100 in value before letting you cash out.
Reward Expiration – You need to use your card once every 12 months or your remaining points will expire. That’s not that hard of a limit to keep; just charge something once a year. This is a little different from other cards that let you keep your rewards active as long as you have the card, regardless of card activity.
I don’t have a Citi Double Cash card as I can easily get more than 2% (two points per dollar spent) value from other cards. Combining bonus categories, like 3x points for travel purchases with the Chase Sapphire Reserve, with the ability to transfer points to hotel programs allowed me to book a room at the Hyatt Pinon Pointe in Sedona. For that hotel stay, I earned way more than 2% back.
However, I did recommend this card to my father for his everyday spending. It made sense at the time for him to earn 2% cash as his travel was mainly in the U.S. and often road trips. I’m glad he eventually switched to using his AMEX Gold card as I needed those Membership Rewards points to book him and his wife on the best reward ticket I ever booked, getting them to Bali and back.
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