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Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

By Jason Steele
August 4, 2020
Money

Many people go about looking for a cash back credit card the way they might shop for a savings account. In other words: They just look for the highest rate of return and ignore the other details.

If this sounds like you, then you might be interested in the Citi Double Cash card. This card’s rewards are simple and straightforward: It offers up to 2% cash back on all purchases and features a valuable promotional financing offer.

Key Terms

  • Welcome Bonus: None
  • Rewards: 1% cash back when you make a purchase and 1% back when you pay for your purchases, for a total of up to 2% cash back with no limits.
  • Annual Fee: $0
  • APR: 13.99% – 23.99%
  • Promotional Financing Offer: 18 months of 0% APR financing on both new purchases and balance transfers, with a 3% balance transfer fee.
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How the Citi Double Cash Card Works

Citi Double Cash offers you 1% cash back at the time of purchase, and another 1% back when you pay for your purchases, for a total of up to 2% cash back with no limits. It also features 18 months of 0% APR financing on both new purchases and balance transfers, with a 3% balance transfer fee.

Your rewards are delivered as Citi ThankYou points, which can be redeemed for cash back, gift cards or merchandise. You can also transfer your rewards to frequently flyer miles with one of Citi’s 16 airline partners. There’s no annual fee for this card, but there’s also no welcome bonus.

Advantages: Great Cash Back

The chance to earn up to 2% cash back on all purchases, with no limits, is extremely competitive. Also, the card’s promotional financing offer is one of the best available today. You have the option of transferring your rewards to airline miles, which makes it possible to receive even more value when you redeem those miles for expensive last-minute reservations or seats in international business or first class.

Disadvantages: No Welcome Bonus Offer

Unlike many of the top cash back cards, this one has no welcome bonus. It’s also a little bit more complicated than cards that simply deliver all of their cash back at the time a purchase is made. Citi cards also have very few cardholder benefits that you might expect from other cards, like purchase protection, rental car insurance and extended warranty coverage.

Of course, this card will have a higher standard interest rate than similar cards that don’t offer rewards. If you need to carry a balance, then you should choose a card with the lowest possible standard interest rate, which won’t be a rewards card.

Alternatives: Other Good Cash Back Cards

Citi Rewards+. This card offers you double points at grocery stores and gas stations, but only on your first $6,000 in combined purchases each year. All other purchases earn one point per dollar spent. Citi will also round up the points you earned on each transaction to the nearest 10 points. You also receive 10% of your redeemed points back. This card offers new applicants 15,000 points after spending $1,000 within three months of account opening, and 15 months of 0% APR financing on both new purchases and balance transfers, with a 3% balance transfer fee. There’s no annual fee for this card.

PenFed Power Cash Rewards: This card offers everyone 1.5% cash back on all purchases, but you’ll get 2% if you are a PenFed Honors Advantage Member which you can become by opening a free checking account. New applicants also receive a $100 statement credit after using their card to spend $1,500 within 90 days of account opening. There’s no annual fee for this card.

Chase Freedom Unlimited. The Freedom Unlimited offers 1.5% cash back on all purchases, and 5% cash back on your first $12,000 spent at grocery stores within 12 months of account opening. New applicants also receive 15 months of 0% APR financing on new purchases. There’s no annual fee for this card.

Bottom Line: Is the Citi Double Cash Card Worth It?

The Citi Double Cash card isn’t the right card for those looking to score a quick welcome bonus. But if you want a chance to earn the highest rate of cash back available on a no-fee card, then it’s definitely a product that’s worth considering.

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Advertiser Disclosure

Money has partnered with CardRatings.com and ConsumersAdvocate.org, among other companies, for our coverage of credit card products. Money, CardRatings.com, and ConsumersAdvocate.org may receive a commission from card issuers. For example, Money receives a commission from Citi when you apply and are approved for a Citi product through the links on this site.

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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