Full Evaluation of Citi Double Money Credit score Card
desk of contents
- Full Evaluation of Citi Double Money Credit score Card
- Professionals Defined
- Cons Defined
- Who This Card Is Greatest For
- Rewards Incomes Particulars
- Rewards Redemption Particulars
- The way to Maximize Your Rewards
- Citi Double Money Credit score Card’s Excellent Advantages
- Normal Advantages
- Cardholder Expertise
- Safety Options
- Last Verdict
Professionals
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Excellent flat-rate cash-back rewards on limitless purchases
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Beneficiant intro APR on steadiness transfers
Cons
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Nobody-time supply
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$25 minimal for redemption
Professionals Defined
- Excellent money again on limitless purchases: This card provides limitless money again of 1% on purchases plus one other 1% once you pay your invoice, with no restrictions or spending caps. That charge is difficult to beat, particularly for a card with no annual charge. Competing playing cards with a flat charge on all purchases pay simply 1.5% in money again.
- Beneficiant intro APR on steadiness transfers: This card has a lovely introductory supply in case you're transferring a steadiness from one other card or playing cards inside your first 4 months with the cardboard. You get a 0% APR for the primary 18 billing cycles, which is an extended interval than many such provides. Not uncommonly, there's a charge of $5 or 3% of the quantity of the switch, whichever is larger. After the 0% introductory interval, the variable APR varies with a standard vary of 19.24% to 29.24%.
Cons Defined
- Nobody-time supply: Most competing playing cards present a money one-time supply, however the Citi Double Money provides none. True, the standard bonus for a cash-back card tends to be decrease than these for different card varieties, however it's nonetheless substantial, usually starting from $150 to $250.
- Miss a cost, lose half the money again: This isn’t a super rewards card in case you sometimes skip a cost, whether or not attributable to a reminiscence lapse or tight funds. If you happen to don't pay a minimum of the minimal due in your card in any month, you'll lose the matching 1% in money again that's paid after cost is obtained. (After all, as is customary, you'll additionally get dinged with a $41 late-payment charge and curiosity in your steadiness.)
Who This Card Is Greatest For
The Citi Double Money bank card is most interesting to these trying to find a no-fee card that's easy to make use of and earns glorious cash-back rewards. If you happen to're not the sort to grasp factors schemes or register for quarterly bonus-rewards classes, this card's excellent money again incomes charge provides easy and reliable rewards on on a regular basis spending.
It's additionally a positive selection in case you're a extra motivated shopper who needs a extremely rewarding default card to make use of with others that supply greater rewards on sure purchases. You'd then decide and select essentially the most rewarding card by transaction. For instance, you would possibly pull out the American Categorical Blue Money Most popular at supermarkets and to pay for streaming companies, each of which earn 6% money again, in addition to for gasoline and transit purchases, which earn 3% money again. You'd then cost every thing else to your Citi Double money card.
Rewards Incomes Particulars
Earn $200 money again after you spend $1,500 on purchases within the first 6 months of account opening.
Cardholders can finally earn 2% money again with this card. You get limitless 1% money again once you make a purchase order. You then earn a further 1% money again once you make cost on these purchases.
You may make funds suddenly or over time to earn money again, however you should make a minimum of the minimal cost on each invoice with a view to protect the additional 1% in money again. The cost is due no later than the primary day of your subsequent billing cycle. That can assist you preserve monitor of the money again rewards you're incomes, Citi maintains a "Buy Tracker" to your card account. You solely earn money again on the steadiness proven in your Buy Tracker.
Rewards Redemption Particulars
Cardholders have three essential redemption choices with this card:
- Request a test
- Redeem money again steadiness for a press release credit score
- Redeem money again for a credit score to your linked Citi checking or financial savings account, or to a checking account that you’ve used to pay your Citi bank card invoice a minimum of twice
- Convert to factors
A few minor caveats apply for redemptions, although, in contrast with another playing cards. Rivals just like the Capital One Quicksilver—which pays a decrease 1.5% money again rewards—permit you to redeem rewards for any quantity at any time. Nevertheless, with the Citi Double Money, your rewards steadiness should attain a minimum of $25 to request redemption. That might take some cardholders some time—since you have to cost and repay $1,250 to achieve that rewards steadiness.
Additionally, whereas rewards with many playing cards by no means expire, these with this card do, so in case you don't earn money again on purchases or funds for 12 months.
The way to Maximize Your Rewards
Getting essentially the most out of this card is fairly simple since there’s no want to fret about spending caps or rotating classes. You’ll earn essentially the most with the Citi Double money card in case you merely use it for each expense you possibly can, from groceries to main family prices. The one exceptions is likely to be for purchases on which you personal one other card that pays a greater charge on any specific buy.
Charging purchases to the cardboard earns you 1% in money again. When these purchases are paid off, you mechanically obtain the remaining 1% in money again, for a complete of two%. The money again you earn for any month stays in your account as a future reward, so long as you make a minimum of the minimal cost each month.
Paying off your steadiness in full each month maximizes how quickly you obtain rewards. And including licensed customers to the cardboard also can assist maximize rewards as an entire.
Common Case
If you happen to're the common American family, we estimate you'd earn a minimum of $264 in cash-back rewards on this card annually. Right here's how we did the mathematics to achieve that determine.
Utilizing the Client Expenditure Survey from the Bureau of Labor Statistics, we assume that you’d use this card to pay for purchases in 5 expense classes: meals, attire, gasoline, leisure, and private care. Assuming your spending was certainly typical, these bills mixed would lead to $13,230 per 12 months in your bank card.
Assuming you repay your steadiness in full every month and incur no curiosity prices and instantly obtain all of your money again, you'd earn simply over $264 over the course of the 12 months, merely on these 5 core spending classes.
Aspirational Case
Utilizing this card for different main bills, whether or not crucial or indulgences, can naturally assist enhance your rewards nonetheless additional. Let's assume that along with the spending situation within the instance above, you additionally cost a number of main bills to the cardboard, totaling $10,000 for the 12 months. Maybe you choose to have landscaping carried out or undertake a house renovation, otherwise you incur a significant dwelling upkeep invoice, corresponding to changing your HVAC system.
The extra $10,000 in spending would add $200 to your money again for the 12 months, once more assuming on-time funds of the complete steadiness. Added to the $264 in cash-back from on a regular basis bills, your rewards for the 12 months would whole $464.
Citi Double Money Credit score Card's Excellent Advantages
- Misplaced Pockets Service that replaces your card and supplies you with emergency money
- Contactless-chip enabled card
Normal Advantages
- 24/7 customer support
- 24/7 fraud safety
- Identification theft options
- $0 fraud legal responsibility
- Capability so as to add the cardboard to a digital pockets
- Particular entry to concert events, sporting occasions, eating experiences, and extra
Cardholder Expertise
In line with the 2021 J.D. Energy Credit score Card Buyer Satisfaction examine, Citi ranked sixth out of 11 card issuers. Its rating was 805, just some factors beneath the nationwide common for bank card issuers.
As a Citi buyer, as with most different card firms, you will get assist together with your card or account 24 hours a day, one year a 12 months. Simply name 1-800-347-4934.
Safety Options
The cardboard's security measures are pretty commonplace and should not intensive, however it does embody the power to lock your card if it's misplaced or stolen with Citi QuickLock.
Last Verdict
This card's excessive flat-rate rewards and ease make it a beneficial possibility for many who need easy-to-earn money again on on a regular basis spending. Its mixed 2% cash-back rewards assist make up for its lack of a one-time supply. It's among the many finest flat-rate cash-back playing cards out there, particularly because it lacks an annual charge.
It may be a robust companion to a card that gives a excessive charge on bonus or rotating classes in areas the place shoppers sometimes spend essentially the most. The Uncover It Money Again card, for instance, provides 5% money again on numerous classes every quarter, together with gasoline stations, grocery shops, eating places, and extra. Utilizing the 2 playing cards collectively would maximize cash-back earnings.
Whereas the Citi Double money card is a good selection for anybody searching for money again, it isn't the best choice for worldwide vacationers. There's a 3% international transaction charge on purchases, and it lacks the upper rewards and perks of playing cards that target journey.
