The Citi Double Cash Card lives up to its name and works by offering cardholders a total of 2% Cash Back cash back on every purchase, but they get it in two chunks. First, Citi Double Cash Card gives half the cash back at the time of purchase. Then, it gives the other half when Citi gets repaid for that purchase, either at once, or over time – adding up to 2% Cash Back once you’ve paid in full. To earn cash back, you’ll have to pay at least the minimum payment. The Citi Double Cash Card rewards system is unique compared to most other rewards cards, which reward purchases only – without providing the extra incentive to pay in full. So it’s understandable why people are sometimes confused by how it works.
Rewards aren’t the only aspect of the offer that might need some explaining, either. Aside from letting you earn twice the market rate with its 2% Cash Back cash back, the Citi® Double Cash Card – 18 month BT offer lives up to its name yet again by offering an introductory APR of 0% for 18 months on balance transfers- that’s what "BT" stands for. Each balance transfer will get charged a fee of 3% (min $5) though.
Here’s how the Citi Double Cash Card works:
- It offers 2% cash back: Half when you make the purchase and the other half as you pay for those purchases. To earn cash back, you must pay at least the minimum due on time.
- Cash back earnings redeemable as checks, statement credits, direct deposits to a Citi checking/savings account (must have used this account to pay a Citi Credit Card bill at least two times) and conversion to ThankYou Points.
- Cash rewards expire if you don’t earn cash back from payments or purchases for 12 months.
- Offers an introductory balance transfer APR of 0% for 18 months with a 3% (min $5) fee for each balance transfer.
- Charges a regular APR of 13.99% to 23.99% (V) that’s applicable to all purchases, but also balance transfers once the 18 months for the 0% introductory balance transfer APR are over.
- Charges a 25.24% (V) cash advance APR, with every cash advance also incurring a 5% (min $10) fee.
- Charges a 3% foreign transaction fee for purchases made while traveling outside the U.S. or through any internationally based merchants.
- $0 annual fee.
- Requires at least good credit for approval.
With its $0 annual fee, the Citi Double Cash Card costs are minimal, unless you carry a balance from month to month. Or, in the case of balance transfers, after 18 months, which is when the introductory balance transfer APR wears off. Its low costs coupled with its great 2% Cash Back cash back rewards make the Citi Double Cash Card a great card for everyday spending.