Is the Citi Double Cash Card Worth It?
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Written by
David McMillin
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
The Citi Double Cash® Card, an advertising partner, does exactly what its name implies: It helps you earn cash back twice — 1% when you make a purchase, and 1% when you pay it off. There aren’t any hoops to jump through or category bonuses to consider, and there’s no annual fee. But with so many cash-back credit cards on the market, is the Double Cash Card worth it?
The answer comes down to thinking about a few key questions. Do you prefer simplicity, or are you willing to deal with some heightened complexities for juggling bonus categories? Will you be spending the majority of time at home, or are you aiming to become a more frequent traveler? And most importantly, do you need some assistance with appreciating the importance of the number-one rule of credit card management (paying your bill in full)? Read on to learn about how the Double Cash Card works and if it’s a good fit for your financial needs.
Quick Verdict
The Double Cash Card is a great addition if you want a simple card that doesn’t require a bunch of research to maximize its value. The 2% earning rate applies to all purchases (once you’ve paid your bill for each of those purchases), and there are no limits on how much cash back you can earn.
The downside: This card isn’t that great for traveling due to a 3% foreign transaction fee and a lack of additional travel protections.
Citi Double Cash Card: At a Glance
- Annual fee: $0
- 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.
- Rewards structure: 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, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Estimated value: Depends on how much spending you put on the card
Who Should Consider the Double Cash Card?
Two main types of cardholders will reap the rewards of the Double Cash Card benefits:
You’re Learning How To Use a Credit Card Responsibly
When I was first out of college, I used a since-discontinued Citi credit card with a similar structure. My rewards doubled when I actually paid the bill. For anyone at the beginning of their financial journey, that kind of reinforcement can be very valuable. Credit cards can be a slippery slope that leads to carrying a balance and racking up debt. The sooner you can train yourself to pay your bill in full each month, the better off you’ll be in the long run by avoiding that debt trap.
You Want a Straightforward Credit Card
One of the most appealing Double Cash Card perks is that you don’t have to do the math to determine how much you can earn based on different types of spending. With a rewards rate that never changes, you get to enjoy earning cash back — without constantly thinking about ways you’ll be able to earn more.
Who Should Skip the Double Cash Card?
The Double Cash Card isn’t for everyone. While the flat 2% cash back rate is among the most competitive structures for across-the-board spending, it doesn’t mean it’s an automatic win. If you fit either of these profiles, keep looking around for a different card.
You Travel a Lot
While the list of Double Cash Card perks includes some benefits for being away from home, the card isn’t a great pick if you’re a frequent traveler. There is no trip cancellation or interruption insurance, and the card doesn’t offer rental car insurance, either.
And with a 3% foreign transaction fee, this is not the card for seeing the world. You’re better off looking at no-annual-fee credit cards with no foreign transaction fees, like the Wells Fargo Autograph® Card or the Bank of America® Travel Rewards credit card.
You’re Willing to Analyze Your Spending Patterns for More Rewards
Take a look back at your past six months of spending. Are you buying loads of groceries for a family of four? Or are you regularly dining out with your significant other? Are you in love with entertainment and happy to pay for 17 different subscription services?
There’s a card for just about every type of spender, and you may be able to earn a much bigger pile of rewards by picking a different card with a higher rate on a few categories paired with a lower flat rate (1 to 1.5%) on the rest of your spending.
Pro tip: If you’re already carrying the Double Cash Card, it’s not worth canceling the card — even if you’re planning to move up to a more complex rewards credit card. I made the rookie mistake of parting ways with my old Citi card because I didn’t want to have that many cards in my wallet.
At the time (I was in my mid-20s), I assumed that it would be bad for my credit score to have so many cards. That’s not the case. Since your Double Cash Card doesn’t have an annual fee, keeping it can help improve your credit utilization ratio, along with maintaining a long credit history.
How to Maximize the Double Cash Card’s Value
Know How To Hit the Bonus Threshold
The Double Cash Card welcome bonus is relatively easy to earn: You need to spend $1,500 within the first six months you have the card. However, there are significantly lower thresholds with some cards — just $500 in the first three months with the Chase Freedom Unlimited®, for example. Look ahead to your upcoming expenses to make sure you’re going to get that extra $200 easily.
If You’re Planning to Transfer an Existing Balance, Do it Quickly
If you have been struggling to pay off a balance on another credit card, the Double Cash Card can offer help in getting yourself on track with a 0% intro APR for 18 months on Balance Transfers, then 17.99% - 27.99% (Variable) APR.
However, you’re going to want to act as soon as you open the card. The balance transfer fee is 3% for any amount transferred within the first four months; after that, it jumps to a hefty 5% fee.
Pay Your Bill in Full
Paying your credit card balance each month is what unlocks the “double” amount for this card. If you spend $1,000, for example, you’ll get $10 back, but as soon as you pay that $1,000 off, you get another $10. Plus, you want to keep that balance at $0 anyway. The card’s APR ranges between 17.99% - 27.99% (Variable).
Use Citi Travel for Your Next Vacation
While the Double Cash Card isn’t great for frequent travelers, everyone needs to get away from home at some point. When you’re thinking about rewarding yourself with a trip, compare your booking options on the Citi Travel portal. It’s the only place you’re going to be able to earn more than the 2%. Hotels, car rentals and attractions booked through the platform earn an attractive 5% cash back.
Understand How Transferring Points for Travel Works
If you’re new to the credit card rewards game, you’ll find plenty of articles about the exponential value you can score by transferring points to an airline or hotel partner. In some cases, that’s true, but with the Double Cash Card, it’s going to be tough.
While you can transfer Citi ThankYou® points earned from the card to programs like American Airlines AAdvantage and JetBlue TrueBlue, it’s at a lower rate than what you would get with a higher-priced Citi card like the Citi Strata Elite℠ Card or Citi Strata Premier® Card (advertising partners). You may be better off redeeming for standard cash back. However, it’s always worth a look to see if there are limited-time bonus opportunities that can increase the value of a transfer to certain Citi airline and hotel partners.
Final Verdict on the Double Cash Card
The combination of no annual fee and 2% unlimited cash back means this card has loads of upside for just about anyone. If you’re overwhelmed by the thought of earning four different rewards rates or juggling quarterly categories you have to remember to activate, the Double Cash Card can be a refreshingly straightforward way to earn rewards from spending you’ll do anyway. With no rotating categories and no limit to your cash back potential, it’s a strong introduction to the world of credit card rewards.
Frequently Asked Questions About the Citi Double Cash Card
Can you transfer Citi Double Cash Card points for travel?
Yes. You can transfer ThankYou points — the Double Cash Card currency — to nearly 20 travel and retail partners. However, in most cases, points transfer at less than a 1:1 ratio, which means the value gets significantly diluted.
Is the Citi Double Cash Card hard to get approved for?
To be considered for the Citi Double Cash Card, you’ll need a good credit score or better (at least 670 on FICO’s scale). Citi will look at other factors, including your overall financial profile, when deciding whether to approve you.
