Citi Double Cash Card benefits guide

When it comes to earning credit card points, you should understand the different types of rewards credit cards to find the right fit. Some people benefit the most from rewards credit cards that offer different bonus categories, or from travel credit cards that let them earn points good for airfare, hotels and other travel bookings. However, there are also cash back credit cards to consider, including ones that let you earn a flat rate of rewards for each dollar you spend.

The Citi Double Cash® Card is among the top rewards credit cards in the latter category due to its flat earning rate, yet this card is also popular for consumers who need to consolidate and pay down high-interest debt.

If you want to earn the highest flat rate of cash back you possibly can, or if you need to pay down debt, the Citi Double Cash should be at the top of your list. Read on to learn about the main details of this offer, including the benefits you’ll get if you sign up and if this card is worth it for you.

Citi Double Cash Card benefits

Flat cash back rewards

Cardholders who sign up for the Citi Double Cash get the chance to earn a total of 2 percent cash back for each dollar they spend — 1 percent back when a purchase is made and another 1 percent when it is paid off. You receive cash back in the form of Thank You Points, which you can redeem as a statement credit, check or direct deposit to your bank account. You can also apply your points toward travel and gift cards or use them to pay for purchases when you check out at Amazon.com.

The Citi Double Cash doesn’t charge an annual fee and there is no limit to the rewards you can earn.

0% intro APR balance transfer

Separately, this card also gives you an introductory 0 percent intro APR for 18 months on balance transfers made in the first four months of account opening, followed by a variable APR of 19.24 percent to 29.24 percent based on your creditworthiness. This perk doesn’t necessarily combine well with the rewards aspect of this card, but you can use it to consolidate and pay down high-interest debt from other cards and save money along the way.

The Double Cash’s intro APR offer only applies to balance transfers, not purchases. With that in mind, you should know that purchases you make with your card will accrue interest at the regular variable APR if you carry a balance from month to month.

If you plan to use this card’s intro APR offer to consolidate debt, we suggest not using your card for purchases while you pay off old balances. This will allow you to focus on debt repayment without being enticed by rewards and racking up new balances you can’t afford to pay off. Also, remember that you don’t earn cash back on balance transfers.

Balance transfer example

How much money can you save if you transfer a balance to the Citi Double Cash? This all depends on the specifics of your situation. But let’s consider an example.

Let’s say you owe $6,500 in credit card debt at an APR of 21 percent. You’ve calculated that you can afford to pay $375 a month toward your balance. And at that rate, you could become debt-free in 21 months — although you would pay $1,313 in interest along the way.

If you transferred the $6,500 balance to the Citi Double Cash, you would pay a 3 percent (minimum $5) intro balance transfer fee if completed within four months of account opening (the fee is 5 percent or $5, whichever is greater, for balance transfers after that). This means you would begin debt repayment with a balance of $6,695. With the same $375 monthly payment, however, you could pay off the entire balance in about 18 months with $0 in interest charges — saving you more than $1,100.

Other protections and benefits

The Citi Double Cash doesn’t have many consumer protections or perks, but there are a few to be aware of. Consider the following benefits and how you might use them when gauging the total value of this offer.

ID Theft Protection program

After enrollment, this Mastercard program monitors your information and alerts you if suspicious activity is detected.

Citi Entertainment

The Citi Double Cash can help you gain access to special presale tickets and events that may not be open to the general public. Events available within Citi Entertainment can include concerts, sporting events, culinary experiences and more.

Tap to pay and digital wallets

You can add your Double Cash card to your mobile wallet and pay with a tap at contactless card readers.

Flexible redemption options

While the Citi Double Cash is a cash back credit card at heart, you have several different options when it comes to redeeming your rewards. The rewards you earn are deposited as Thank You Points at the end of each billing cycle, at the rate of one Thank You Point per dollar.

• Cash back or statement credit. You can request a check in the mail for your rewards once your rewards balance is at least $5. You can also request a statement credit to your card of any amount, or ask for a direct deposit to a linked Citi checking or savings account. You can also request a direct deposit to a non-Citi bank account, as long as you have used that account to pay your Citi credit card bill at least twice.
• Charitable contributions. You can arrange for Citi to send a check to a participating charity in denominations of $25, $50 and $100.
• Shop with Points. You can apply your points to purchases with participating partner merchants.
• Travel. Redeem points through the ThankYou Travel Center for bookings such as airfare, cruises, hotels and rental cars.
• Gift cards. Redeem your Thank You points for physical or electronic gift cards and gift certificates.

Maximizing the Citi Double Cash Card

If you are thinking of signing up for the Citi Double Cash, we suggest figuring out your goals first. Here are the two strategies to consider once you’re a card member.

Earn rewards on all your purchases

The Citi Double Cash lets you earn one of the best flat rates among all cash back credit cards, and you don’t have to keep track of bonus categories or limits. Use your card for all your spending and regular bills and earn a total of 2 percent cash back for each dollar you spend — 1 percent when you make a purchase and another 1 percent when you pay it off.

Consolidate and pay down high-interest debt

Instead of focusing on rewards, you can use the Citi Double Cash to consolidate and pay down high-interest debt. We suggest transferring as much high-interest debt to this card as you can and then figuring out how to pay off as much as you can within the 18-month introductory period. Remember that any remaining balances you have will begin accruing interest at the regular variable APR after your offer ends.

The bottom line

There are several strategies you can use to make the most of the Citi Double Cash Card. Even so, you should take the time to compare Citi Double Cash Card’s benefits with the perks you get from other rewards credit cards.

If you can’t decide on a single rewards credit card for your wallet, you can also pair up a few cards with different rewards structures and perks. Be sure to research the top credit card combinations before you decide.