In-depth evaluation of the Citi® Double Money Card
Rewards
The Citi® Double Money Card’s rewards fee is twofold: it affords cardholders as much as 2% money again on all purchases, however provided that you repay your month-to-month assertion on time and in full. This encourages cardholders to make good choices to reap the complete potential of the money again fee.
In the end, many individuals will admire the simplistic strategy provided by the Citi® Double Money Card. You don’t have to consider whether or not or not you’re maximizing each single buy that comes your approach. Merely swipe your card and earn 1% once you purchase and 1% once you pay —for a complete of two% money again — regardless of the acquisition.
You’ll earn all of your rewards within the type of Citi ThankYou® factors, which you’ll be able to then redeem for the money again redemption of your alternative: assertion credit score, direct deposit, or test. Every level is price 1 cent apiece, so 50,000 factors is price $500 in money again. There’s no minimal quantity required to money out.
Better of all, your factors won’t ever expire so long as you retain your account open.
Bonuses
Sadly, the Citi® Double Money Card doesn’t present a welcome supply for brand new candidates, past its 0% introductory APR on steadiness transfers. Nevertheless, for a card with no annual payment, its 2% incomes fee is profitable sufficient to miss the dearth of a one-time bonus.
APR
New cardholders can get pleasure from a 0% introductory APR interval for the primary 18 months of account opening — however just for steadiness transfers. This may be compelling in the event you’re seeking to scale back debt on any present bank cards you might carry.
Even so, you’re not completely off the hook for charges. For those who conduct a steadiness switch, you’ll be hit with a 3% payment ($5 minimal) of every steadiness switch accomplished throughout the first 4 months of account opening, then 5% of every switch ($5 minimal) after the introductory interval.
Moreover, steadiness transfers should be accomplished throughout the first 4 months of account opening. In any other case, the usual variable APR of 17.74% – 27.74% (Variable), which depends upon your creditworthiness, will apply to unpaid or new steadiness transfers and ongoing card purchases.
In sum, it’s finest to make well timed funds in your assertion to keep away from accruing late costs and curiosity charges, because the Citi® Double Money’s commonplace APR is kind of steep.
Learn extra: How do bank card steadiness transfers work?
Annual payment
There isn’t a annual payment with the Citi® Double Money Card, making it probably the most cost-effective but profitable playing cards available on the market — as long as you don’t get dinged by the excessive curiosity from carrying a steadiness month-over-month.
Learn extra: Finest no annual payment bank cards
Different charges
The Citi® Double Money Card costs a 3% international transaction payment once you pay in a unique foreign money, so it’s probably not the cardboard you’ll wish to convey in your worldwide travels.
The two% limitless money again fee will basically be negated in the event you pay with this card in a international foreign money.
Learn extra: Finest no international transaction payment bank cards
Different distinctive advantages
As a no annual payment card, the Citi® Double Money Card doesn’t include a complete lot of fancy advantages. Nevertheless, cardholders will obtain complimentary entry to Citi Leisure®, getting you first dibs for tickets to 1000’s of occasions worldwide.
Relying on how a lot you wish to spend on live shows, sports activities, or different occasions, this cardholder profit can come in useful.
Citi® Double Money Card vs. the competitors
The Citi® Double Money Card does face some fierce competitors available in the market. Let’s see the way it stacks up towards two of its greatest rivals: the Chase Freedom Limitless® and the Capital One Quicksilver Money Rewards Credit score Card.
Chase Freedom Limitless®
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- Money again: Earn a further 1.5% on all purchases, 5% on journey bought by means of Chase Final Rewards®, 3% on eating and drugstores, and 1.5% on all different purchases.
- Intro supply: Earn a further 1.5% on all purchases as much as $20,000 spent within the first 12 months. That’s a worth of as much as $300 money again!
- Intro APR: 0% intro APR for 15 months from account opening on purchases and steadiness transfers.
- Ongoing APR: 17.99% – 26.74% Variable.
- Annual payment: $0.
One of many Citi® Double Money Card’s closest rivals is the Chase Freedom Limitless®, which additionally doesn’t carry an annual payment.
There are two massive differentiators between these playing cards. First, the Chase Freedom Limitless® comes with an attractive welcome supply. For those who spend as much as the utmost restrict, you would earn $600 in money again rewards from the sign-up bonus alone!
The Chase Freedom Limitless® additionally affords a pleasant ongoing earn fee of a further 1.5% on all purchases (as much as $20,000 spent within the first 12 months), with 5% money again on journey bought by means of Chase Final Rewards®, 3% money again on eating and drugstores, and 1.5% money again on all different eligible purchases.
Whereas the rewards fee may probably be extra profitable in sure areas, reminiscent of journey or eating, the Citi® Double Money affords simplicity by offering 2% money again on all purchases.
Learn extra: Citi® Double Money Card vs. Chase Freedom Limitless®: Which is best for you?
Capital One Quicksilver Money Rewards Credit score Card
- Money again: Earn limitless 1.5% money again on each buy.
- Intro supply: Earn a $200 money bonus once you spend $500 on purchases inside three months from account opening.
- Intro APR: 0% intro APR for 15 months on purchases and steadiness transfers.
- Ongoing APR: 17.99% – 27.99% (Variable).
- Annual payment: $0.
One other money again card price contemplating is the Capital One Quicksilver Money Rewards Credit score Card. There’s no annual payment, and it affords the same limitless incomes fee.
The Capital One Quicksilver Money Rewards Credit score Card affords a decrease payout, at simply 1.5% money again on all purchases. Nevertheless, it affords a profitable $200 welcome bonus after simply $500 in spend within the first three months of account opening.
For context, you’ll have to spend as much as $10,000 on a competing bank card to earn $200 in money again rewards, so this sign-up bonus could be fairly priceless in the event you overlook the mediocre 1.5% incomes fee.
Lastly, the 0% introductory APR interval on the Capital One Quicksilver Money Rewards Credit score Card applies to purchases — not simply steadiness transfers.
Who ought to get the Citi® Double Money Card?
These trying to find a starter card
For those who’re searching for someplace to begin, the Citi® Double Money Card checks off many packing containers for freshmen. There’s no annual payment, a profitable up-to-2% incomes fee, and rewards that by no means expire so long as you retain your account open.
Those that worth simplicity over every part
The senseless capacity to cost every part to at least one card — with out having to fret about maximizing each greenback for rewards — is a breath of recent air. The Citi® Double Money Card is finest for many who don’t wish to sustain with a number of playing cards and need a staple of their pockets.
Those that wish to construct and earn credit score
The Citi® Double Money Card solely affords the opposite half of its money again rewards once you repay your assertion credit score each month. This generally is a nice observe for younger adults who’re bank card newbies, so you may discover ways to keep accountable credit score habits and maintain an extended monetary future.
Learn extra: Learn how to use a bank card responsibly
Learn how to apply for the Citi® Double Money Card
If you’re prepared to use for the Citi® Double Money Card, you’ll want to produce fundamental info reminiscent of your full identify, handle, date of beginning, and Social Safety quantity, in addition to your gross annual earnings.
It shouldn’t take longer than 10 minutes to fill out the appliance, and a few candidates might even obtain instantaneous approval. In any other case, Citi may have some extra time to confirm your credit score historical past earlier than you obtain a last reply within the mail.
The underside line
For many who are trying to find a dependable bank card, the Citi® Double Money Card is likely one of the finest money again choices obtainable. Easy and reasonably priced, you’ll don’t have any hassle racking up cash-back rewards due to its easy 2% incomes fee.
Featured picture: Dean Drobot/Shutterstock.com
