Credit Card Review: Citi Double Cash
Last fall, Citi released a credit card that was the first of it’s kind. You not only earned rewards on purchases you made, it was the first card to reward you when a payment was made. Other credit cards will reward you on your purchases. It would be nice to see others follow along and reward customers on payments made.
This card has a spot in my wallet because since my goal for this year is to earn more cash back, this is used for all my non-bonus spending. There are some nice perks to this card and the look of the card is pretty cool (not that this has any effect on me keeping the card).
The Earning Rate:
This card essentially earn you 2% on EVERY transaction you make. You will earn 1% on the purchase and 1% when you make a payment on that purchase. If you play this game, you shouldn’t hold a balance, since the interest rates will negate any rewards you earn.
The Annual Fee:
One great thing about this card, there is NO annual fee! If you were to get this card, this is a great card for your long term credit.
Sign Up Bonus:
This is where the Double Cash is lacking, badly! Citi needs to pony up some sort of sign up bonus if they want more people to apply for this card.
Currently, there is NO sign up bonus. 🙁 I think this will change and when it does, this card will be more appealing for some. There are reports of people being targeted for $200 bonus.
Unfortunately, I was not targeted and even tried my luck to have Citi match the target offer and they would not. I have read of people receiving the $200 sign up bonus for asking, so it doesn’t hurt to ask!
I personally do not care about the interest rate, since I do not hold a balance on my credit cards. Paying interest will make any rewards you earn useless, since the interest rates are higher on reward credit cards. BUT, if you needed to make a purchase and pay it off over time, the Citi Double Cash could be an option, because there is no interest for the first 15 months.
You are able to start redeeming your cash back when you earn $25. You can redeem as a credit statement, gift cards, direct deposit or check.
This is a awesome perk with the Citi Double Cash. Looking to make a big purchase like a TV, but worried you might be overpaying? With Citi Rewind you enter the information of your purchase and Citi does the work for you! If they find the same item within 60 days of your purchase they will refund the difference (up to $300 per purchase and up to $1200 a year!).
Citi Private Pass:
Another great perk with the Citi Double Cash! Citi Private Pass offers presale and preferred seating for sporting events, concert tickets, family shows and offers complementary tickets. There is a long list events to choose from and they even offer special events, such as meeting athletes or celebrities.
- Extended Warentee: Citi will add up to an extra year onto your product if the warrantee is 5 years or less. Coverage is up to $10,000 per year.
- If you miss a payment, you will get a pass. Only for your first missed payment. I hope to never use this feature of the card.
- Free Credit Score: This is a new perk Citi started offering this January. It’s nice to see more companies offering credit scores to its customers!
- Chip Technology: This is going to be a requirement for all cards by October 2015. Keep this card at home when going internationally because it comes with foreign transaction fees.
- Auto Rental Insurance: Up to $50,000 when you pay with for the rental with your Citi Card.
- Trip Cancellation Coverage: Up to $1,500 a year.
The Citi Double Cash is a great card that essentially earns 2% EVERY transaction. It comes with a whole list of fantastic perks, especially for a card with no annual fee. I really like the Citi Private Pass, Citi Rewind and the addition of a free credit score. Hopefully Citi comes around and offers a sign up bonus for this card, since that is the one thing I’d change!
What do you think of the Cit Double Cash? Will the lack of a bonus keep you from applying for it?