Pros
- Offers 2% cash back
- $0 annual fee
- $200 initial rewards bonus
- Low intro APR on balance transfers
Cons
- 3% foreign transaction fee
- High regular APR
Citi Double Cash® Card
Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Rewards Details
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Additional Info
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- More Details & Reviews About Citi Double Cash® Card
Is the Citi Double Cash Card Worth It?
The Citi Double Cash® Card is worth it if you have fair credit or better and you want simple but lucrative cash back rewards. It is one of the best cash back cards on the market, as it has a $0 annual fee and offers 2% cash back on all purchases. This cash back comes in two rounds: 1% cash back when you buy and another 1% when you repay Citibank. Plus, new cardholders can now earn $200 for spending $1,500 in the first 6 months.
You could earn over $1,600 in rewards during the first two years you have the Citi Double Cash Card, according to our calculations. Citi Double Cash is more than just a rewards card, too. It can also help new applicants save on existing credit card debt with attractive balance transfer terms.
What You Need to Do to Make the Citi Double Cash Card Worthwhile
In order to make the Citi Double Cash Card worthwhile, you should pay your bill in full every month. Not only will this get you your rewards more quickly, given that you receive half of your rewards upon paying your bill, but it also prevents interest from eating into the value of your rewards.
If you make a balance transfer to the card, you should also make sure to pay everything off by the end of the introductory period. If you don’t, any remaining balance will be subject to the Citi Double Cash Card’s 19.24% - 29.24% (V) regular APR.
Citi Double Cash Highlights
Clearly Lucrative Ongoing Rewards
The beauty of this offer is that while rewards are its calling card, there isn’t much explanation needed to convey the deal. Cardholders earn 1% cash back on what they spend and another 1% on what they pay. So if you charge $500 to your Citi Double Cash card in a given month and then pay off the entire balance by the due date, you will earn a total of $10 in cash back. If, on the other hand, you only pay half your balance by the due date, you’ll earn only $7.50.
These amounts might not seem like much, but most people who have the credit standing needed to qualify for this card don’t spend just $500 per month. Someone who charges $3,000 to their card and pays their bill in full each month, for example, would accrue $720 in cash back over the course of a year.
What’s more, in direct contrast to many points- and miles-based credit cards, cash back rewards cannot be devalued by issuers, and you won’t have to wait for a vacation that may be months away to benefit from redemption. Keep in mind, however, that you will not accrue earnings on interest payments – yet another reason to always pay in full!
Plus, for a limited time, you can earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
$200 Sign-Up Bonus
Double Cash now offers a sign-up bonus of $200 for spending $1,500 in the first 6 months. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
$0 Annual Fee
Many of the best rewards credit cards require users to pay annual membership dues in return for their elevated earning rates. Citi’s Double Cash isn’t one of them. And that’s all you really need to know.
Cash Back Redemption Flexibility
Cardholders may redeem cash back earnings for a:
- Check
- Statement credit
- Gift card
- Direct deposit to a Citi savings or checking account
Citi Double Cash Lowlights
3% Surcharge on International Transactions
Double Cash assesses a 3% surcharge on transactions processed internationally. While this is common among credit cards, it’s also a deal breaker if you regularly travel outside the U.S. In such a case, you'll want to get a Visa or Mastercard with no foreign transaction fee.
Other Things To Consider About Citi Double Cash
Potential for a Very High Regular APR
If you get approved for the Citi Double Cash Card, you will be assigned a regular APR in the range of 19.24% - 29.24% (V), depending on your creditworthiness. For context, the average card for people with fair credit charges “just” 26.59%. That should underscore how important it is to always pay your monthly bill in full with a rewards card like Double Cash.
Balance Transfer Fees Are Lurking
If you want to use this card to reduce the cost of existing debt, don’t forget to account for the balance transfer fee. It’s a 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. You can use WalletHub’s balance transfer calculator to crunch the numbers.
Citi Double Cash vs. The Competition
We love Citi® Double Cash Card because it offers the powerful duo of simplicity and great value. There are no bonus categories or annual fees to worry about. You just have to pay your bill in full every month, and you’ll receive a handsome reward for your trouble.
That said, some people might be able to earn more rewards with another card, particularly those who travel a lot. And Double Cash may or may not be the answer if you want to transfer a balance. You can use our balance transfer calculator to find out.
Citi Double Cash® Card Review Methodology
This Citi Double Cash® Card review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the Citi Double Cash® Card and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.
The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the Citi Double Cash® Card out of a maximum of 100 points, which is then converted to a 5-point scale.
Ratings for each category reflect how close Citi Double Cash Card is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare Citi Double Cash Card to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.
To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.
About the Author
John S Kiernan
Ask the Experts
For more insight into Citi Double Cash Card, we consulted a panel of experts. Click on the experts below to read their bios and thoughts on the following key questions:
- How can a credit card such as Citi Double Cash, which gives 2X the market average in rewards and has a $0 annual fee, be profitable for the issuer?
- Why do you think there aren’t as many advertisements for Citi Double Cash as there are for cards like Chase Freedom Unlimited?
- Do you think everyone should have a $0 annual fee cash back credit card?
- Do you think we will see a triple-cash card with 3% cash back on all purchases anytime soon?
Ask the Experts
Distinguished University Professor and David Bruce Smith Chair in Marketing, Executive Director, Center for Excellence in Service, Department of Marketing, Robert H. Smith School of Business, University of Maryland
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