Citi Double Cash Card Review: 2% Cash Back and a Long Balance Transfer Intro APR

Citi Double Cash Card Benefits

Easy-To-Earn Welcome Bonus

The Citi Double Cash Card comes with a strong welcome offer: 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.

The six-month window to meet the minimum spending requirement is longer than many other top cash-back credit cards, which often have a tight three-month period to qualify for the introductory bonus.

Generous Rewards Earning

Most rewards credit cards have a base earning rate of 1x or 1% cash back, but this card earns double that. With the Double Cash Card, you’ll earn a total of 2% back — 1% when you buy, and 1% when you pay off the purchase.

Your rewards are issued in the form of Citi ThankYou points®, which are worth 1 cent apiece when you redeem for cash back. But you can also use them for travel booked through Citi’s portal, gift cards, charity donations and at checkout with participating merchants. You can also transfer your rewards to a handful of airline and hotel partners and potentially get a higher value from your Citi points.

Long Intro APR on Balance Transfers

If you’re carrying debt on other credit cards, a balance transfer might be exactly what you need to help focus on paying off what you owe without getting stung by high interest charges.

The Double Cash Card is one of the best balance transfer credit cards on the market, offering a 0% Intro APR on balance transfers for 18 months, then 18.24% – 28.24% (Variable). A 18.24% – 28.24% (Variable) APR will apply for purchases. Keep in mind that balance transfers don’t earn rewards, and you’ll pay an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening (after that, the fee will be 5% of each transfer, minimum $5).

No Annual Fee

No-annual-fee credit cards like the Double Cash Card are all upside. You’ll never see a recurring annual charge just for keeping this card in your wallet, which means you can keep it for the long term with no need to offset any costs.

Your credit score isn’t the only factor that determines if you’ll qualify, though. Citi will look at your overall financial profile and credit history before deciding whether or not to approve you.

Citi Double Cash Card Drawbacks

Rewards Don’t Come All at Once

The “double” part of the Citi Double Cash Card’s structure doesn’t kick in until you pay off the purchase. Since credit cards can be tempting options for overspending, I love connecting the dots between paying a bill in full and reaping the benefits, but some customers might dislike this earning structure.

This is one of the reasons I enjoyed being a Citi cardholder when I was first learning the nuances of having my own credit card. If you can start your credit-building journey with this card and stick with the pay-in-full routine forever, you’ll be in a position to earn even more rewards when you’re ready to graduate to a premium-level card.

Intro APR Doesn’t Include Purchases

Many of the top low-APR credit cards offer an intro 0% APR on new purchases, but the Double Cash Card isn’t one of them. So this isn’t an ideal card if you have large purchases on the horizon that you want to take time to pay off.

Foreign Transaction Fees

With a 3% foreign transaction fee on international purchases, this is not the card to use if you plan on spending time outside the U.S.

Limited Travel Partner Choices

Speaking of travel, this card isn’t going to get you very far in terms of transferring points to score a value boost. While Citi’s ThankYou network includes a long list of airline and hotel partners, you won’t get the flexibility to transfer to all of them with the Double Cash Card. Instead, you’ll be limited to just three options: JetBlue TrueBlue, Wyndham Rewards and Choice Privileges.

Potential for Limited Spending Power

The Double Cash Card offers a credit limit as low as $500 for some cardholders, which isn’t going to give you the ability to cover big purchases. Of course, if you do manage your card responsibly, you can always request a credit limit increase down the road.

Who Is the Double Cash Card Best For?

The Citi Double Cash Card is best for someone who wants a straightforward rewards rate that applies every time they use their card. If you’re just dipping your toes into the world of credit cards, this can lay a solid foundation for your financial journey.

You’ll get a glimpse of how transfer programs work via a few select options for your ThankYou points, and more importantly, you’ll recognize the importance of paying your monthly bill to earn your full rewards.

Is Citi Double Cash the Right Card for You?

As you compare other cards before hitting the apply button, ask yourself these key questions to figure out if the Double Cash Card should be in your wallet:

• Do you want to earn rewards without thinking about it? The Citi Double Cash Card doesn’t have any bonus categories or cutoff dates. If you simply want a credit card with rewards that will look the same at every merchant, every time, this is a solid choice.
• Are you a frequent traveler? The Citi Double Cash Card doesn’t offer some of the peace of mind that comes with other cards, such as rental car insurance or trip cancellation coverage. If you’re typically at home, however, those perks aren’t going to make a meaningful difference in your life.
• Where do you do your banking? Citi is a big bank, so you may be thinking about this one because you keep your checking and/or savings account here. However, it’s important to consider the potential rewards at other sizable banks, too. For example, Bank of America and U.S. Bank both offer elevated earning rates for account holders who can meet certain requirements — namely, having a bigger deposit balance —and open credit cards.

Alternatives to the Double Cash Card

Citi isn’t the only issuer that offers the ability to earn a simple 2% rate on all your purchases. Add these two options to your comparison set before you settle on the next card to add to your wallet:

• Wells Fargo Active Cash® Card: With the Active Cash Card, you’ll earn unlimited 2% cash rewards on purchases immediately — no waiting until you’ve paid off your balance. It comes with a 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers, then a 19.24%, 24.24%, or 29.24% Variable APR. And you’ll get some additional protections, such as rental car insurance and up to $600 in cell phone protection (with a $25 deductible).
• TD Double Up℠ Credit Card: This card also offers unlimited 2% cash back on purchases and a balance transfer offer: 0% introductory APR on balance transfers for the first 15 billing cycles after account opening. After that a 19.24%, 24.24% or 29.24% variable APR based on your creditworthiness. A 19.24%, 24.24% or 29.24% variable APR based on your creditworthiness applies to purchases.