The Citi® Double Money Card earns a flat 2% money again on all purchases (1% when a purchase order is made and one other 1% when it is paid off) that makes it laborious to beat, particularly since there isn’t a annual charge. Cardholders additionally get a aggressive intro annual share charge (APR) for steadiness transfers—balance_transfer_intro_apr,balance_transfer_intro_duration , adopted by reg_apr,reg_apr_type.
Citi Double Money® Credit score Card
Credit score rating
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This mix of advantages morphs the Citi® Double Money Card right into a bank card shoppers with debt can profit from now and in a while. People with high-interest bank card debt can use the Citi® Double Money Card for debt consolidation and work towards debt freedom over 18 months. After that, the Citi® Double Money Card turns into a wonderful software for incomes 2% money again with no annual charge required.
TIME’s Take
Because the Citi® Double Money Card presents a beneficiant rewards charge for spending and an intro APR supply for steadiness transfers, it is easy to see how this card can work properly for 2 fully totally different objectives. Customers who need to earn 2% money again on all purchases with out an annual charge can profit in the event that they repay their balances every month to keep away from curiosity prices. And folks with high-interest debt on different playing cards can use the Citi® Double Money Card to repay that debt with zero curiosity over the introductory interval. That helps solidify the Citi® Double Money Card as a prime steadiness switch card.
As well as, the cardboard has an balance_transfer_fees.
Execs & cons
Execs:
- 2% money again on all purchases (1% when a purchase order is made and one other 1% when it is paid off)
- Intro APR supply for steadiness transfers
- Intro steadiness switch charge
- No annual charge
Cons:
- No bonus rewards classes to maximise
- No welcome bonus
- No intro APR for purchases
- Expenses international transaction charges
Who’s the cardboard for?
The Citi® Double Money Card is geared to candidates with good to glorious credit score who need to earn rewards for spending or consolidate high-interest debt to allow them to pay it down. The cardboard additionally works properly for shoppers who desire a steadiness switch card proper now that gives rewards and advantages in a while, as soon as they grow to be debt free.
By way of rewards, the Citi® Double Money Card works properly as a standalone money again bank card or as a companion card alongside one other rewards bank card that gives greater than 2% again in bonus classes like eating out, journey, fuel, or drugstores. If a client opts to have multiple rewards bank card, together with the Citi® Double Money Card, they might use different playing cards to maximise rewards on bonus class purchases then change to the Citi® Double Money Card for different spending to earn a minimal of two% money again.
Options
Money again rewards for spending
One of many largest advantages of this card is the very fact it presents the identical beneficiant rewards charge on all the pieces you purchase —2% money again on all purchases (1% when a purchase order is made and one other 1% when it is paid off).
This profitable incomes charge is increased than most competing playing cards supply on common purchases, and the shortage of bonus classes or incomes caps retains the incomes construction on the Citi® Double Money Card extremely easy and hassle-free.
Time to pay down debt
The intro APR supply on the Citi® Double Money Card can be price pursuing by itself, even for shoppers who solely need to switch balances with out utilizing the cardboard for spending. The size of the intro supply mixed with the introductory steadiness switch charge makes the Citi® Double Money Card aggressive in a sea of different profitable steadiness switch presents.
Rewards flexibility
Additionally remember that the money again earned with this card comes within the type of Citi ThankYou factors. These rewards factors are very versatile and simple to make use of, so cardholders do not have to fret about getting caught with rewards factors which can be tough to money in.
Primary redemption choices for the Citi® Double Money Card embrace direct deposits right into a checking or financial savings account, assertion credit, or a examine within the mail ($5 minimal required for a examine). Rewards factors can be redeemed for reward playing cards, purchases by way of Amazon, or journey by way of Citi.
Customers may even switch their factors to a handful of airline and resort companions, albeit at an inferior switch ratio in comparison with the Citi Premier®—Citi’s essential journey bank card. Particularly, cardholders with the Citi® Double Money Card can switch their rewards factors to Alternative Privileges, JetBlue TrueBlue, and Wyndham Rewards.
The superb print
What rates of interest and costs will you encounter with the Citi® Double Money Card? This is a rundown of the superb print on this card.
Rates of interest
- Common APR: reg_apr,reg_apr_type.
- Intro APR: 0% intro APR on steadiness transfers for 18 months, adopted by reg_apr,reg_apr_type. (for steadiness transfers accomplished inside 4 months of account opening).
- Money advance APR: cash_advance_apr..
- Penalty APR: Up reg_apr,reg_apr_type.
Charges
- Annual charge: annual_fees.
- Money advance charge: cash_advance_fee.
- Stability switch charge: balance_transfer_fees
- International transaction charge: foreign_transaction_fee of every transaction in U.S. {dollars}.
- Late cost charge: late_payment_fee
- Returned cost charge: None.
Extra hidden perks
The Citi® Double Money Card does not have many notable advantages or options aside from its rewards charge and intro APR supply for steadiness transfers. These are the few perks you do obtain:
- Citi Leisure entry: Citi cardholders can achieve particular entry to tickets to 1000’s of occasions, together with sporting occasions, eating experiences, live shows, and extra. This profit could embrace particular entry to presale tickets for wanted occasions.
- Mastercard ID theft safety: This ID theft safety contains monitoring of your private info and alerts if suspicious exercise is discovered. Mastercard ID theft specialists are additionally out there to assist resolve issues and restore credit score after cases of fraud.
What might be improved
Whereas the Citi® Double Money Card comes with an distinctive rewards charge and a aggressive intro APR supply for steadiness transfers, it is price noting that some money again bank cards have strong incomes charges and intro APRs that apply to each steadiness transfers and new spending. Selecting the sort of card lets customers keep away from curiosity on new purchases and on debt transferred to the cardboard on the similar time, which might make sense for individuals who desire a steadiness switch card they will additionally really feel snug utilizing for purchases.
Within the meantime, many different money again bank cards supply welcome bonuses price $200 or extra for brand new cardholders who meet a minimal spending threshold within the first few months after signing up. As we already identified, the Citi® Double Money Card does not have a welcome supply of any form.
Additionally remember that the Citi® Double Money Card is geared to individuals who have good or glorious credit score already, so it is not card for constructing credit score from scratch or rebuilding credit score after previous errors. In these eventualities, shoppers can be higher off on the lookout for a secured bank card or a bank card for honest credit score.
Card alternate options
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Backside Line
Whereas the intro APR supply for steadiness transfers is a good characteristic of the Citi® Double Money Card, this money-saving profit solely lasts for 18 months. Nevertheless, the cardboard earns a vast 2% money again on all the pieces you purchase from day one and for lengthy after the intro interval ends. This makes the Citi® Double Money Card a wonderful bank card to maintain for the lengthy haul.
Even so, it by no means hurts to match the very best bank card presents to seek out the appropriate match. The Citi® Double Money Card might simply be the very best card for you now and in a while, however evaluating it to some different prime money again bank cards is one of the simplest ways to know for certain.
Citi Double Money® Credit score Card
Credit score rating
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Incessantly requested questions (FAQs)
Is the Citi® Double Money Card card to have?
Contemplating that the Citi® Double Money Card earns a profitable money again charge with no annual charge, it is positively a “good” bank card. The intro APR supply for steadiness transfers additionally makes the Citi® Double Money Card a wonderful selection for debt consolidation.
Is it laborious to get the Citi® Double Money Card?
The Citi® Double Money Card is for shoppers who’ve good credit score or glorious credit score, so not everybody can qualify.
Does Citi® Double Money Card enhance your credit score restrict?
The credit score restrict you are assigned upon approval of the Citi® Double Money Card can rely in your earnings, your credit score historical past, and different components. Citi might increase your credit score restrict sooner or later primarily based on adjustments in your private monetary state of affairs, or in case you ask the cardboard issuer for a credit score restrict enhance.
All details about the Chase Freedom Limitless® has been collected independently by TIME Stamped and has not been reviewed by the issuer.
The knowledge offered right here is created independently from the TIME editorial employees. To be taught extra, see our About web page.