Is Double Cash Worth It?
The Citi Double Cash Card is a popular credit card known for its exceptional rewards rate and intro APR offer on balance transfers. But is it worth it? In this article, we’ll dive into the pros and cons of the card and help you decide whether it’s the right choice for you.
Exceptional Rewards Rate
The Citi Double Cash Card offers a flat 2% cashback rate on all purchases, with no rotating categories or spending limits. This means you’ll earn 2% cashback on every dollar you spend, making it a great option for those who want a simple and straightforward rewards program.
Intro APR Offer on Balance Transfers
The card also offers a 0% intro APR on balance transfers for 18 months, which can be a huge help if you’re looking to consolidate debt or avoid interest charges. After the intro period ends, the APR will revert to the regular 15.49% – 25.49% (Variable) APR.
No Annual Fee
One of the best things about the Citi Double Cash Card is that it has no annual fee. This means you can earn rewards and enjoy the card’s benefits without having to pay an extra fee each year.
Other Fees to Consider
While there’s no annual fee, the card does come with some other fees to consider. For example, there’s a 3% foreign transaction fee, which can add up if you travel abroad frequently. There’s also a late payment fee of up to $35 and a returned payment fee of up to $35.
Credit Score Requirements
To qualify for the Citi Double Cash Card, you’ll need to have a good credit score. The exact requirements aren’t publicly disclosed, but a FICO score of 580 or higher is typically required.
Alternatives to Consider
If you’re considering the Citi Double Cash Card, you may also want to look at some of its competitors. For example, the Chase Freedom Unlimited Card offers a 3% cashback rate on all purchases in your first year, up to $20,000 spent, and no annual fee. The Discover it Cash Back Card also offers a 5% cashback rate on various categories throughout the year, such as gas stations, grocery stores, and restaurants.
Conclusion
So, is the Citi Double Cash Card worth it? If you’re looking for a simple and straightforward rewards program with no rotating categories or spending limits, it may be a great option for you. Additionally, the card’s intro APR offer on balance transfers can be a huge help if you’re looking to consolidate debt or avoid interest charges.
However, if you’re looking for a card with more complex rewards or higher earning potential, you may want to consider some of the card’s competitors. Ultimately, the decision to apply for the Citi Double Cash Card will depend on your individual financial situation and goals.
Table: Citi Double Cash Card Benefits
| Benefit | Description |
|---|---|
| Rewards Rate | 2% cashback on all purchases |
| Intro APR | 0% intro APR on balance transfers for 18 months |
| Annual Fee | No annual fee |
| Credit Score | Good credit score required (FICO score of 580 or higher) |
| Fees | 3% foreign transaction fee, late payment fee up to $35, returned payment fee up to $35 |
Bullets: Citi Double Cash Card Pros and Cons
Pros:
- Simple and straightforward rewards program
- No rotating categories or spending limits
- Intro APR offer on balance transfers
- No annual fee
- Good credit score required (FICO score of 580 or higher)
Cons:
- 3% foreign transaction fee
- Late payment fee up to $35
- Returned payment fee up to $35
- May not offer the highest earning potential
- May not be suitable for those with poor credit
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