The Citi Double Cash Card is a competitive cashback card choice for anyone looking to earn more on their everyday purchases. Recently, Citi added a little something extra to this credit card that makes it more appealing. Today, we will review the Citi Double Cash Card comprehensively and explore how you can use it to its full advantage. If you are looking for a cashback card, we will also cover alternatives that may be better suited for you.
No Annual Fee
The Citi Double Cash Card has no annual fee. This is great news if you want a simple credit card that you can apply for and then forget about. People often acquire no annual fee credit cards to boost their credit score. This works because the new credit card will increase your overall credit limits, which should lower the credit utilization and, in turn, increase your credit score. If you want a card to help you achieve that, ideally, you’ll get one with no annual fee.
However, the Citi Double Cash card is likely to live in your wallet rather than your sock drawer because it earns 2% cash back on every purchase. Citi markets it as earning cash back twice, which could be slightly confusing. What they mean is you will earn 1% cash back when you make a purchase and another 1% cash back when you pay for that purchase. One percent when you buy, one percent when you pay equals 2% in total. This distinction is only significant if you don’t pay your credit card bill in full every month.
Of course, you do not earn cash back on balance transfers, cash advances, account fees, interest, or returned items. But for every other normal purchase, you’ll be able to earn unlimited cash back without any cap or category restrictions.
Thank You Points and Redemption Options
A recent update to the Double Cash Card is that your cash back is now earned in the form of Thank You Points. This is similar to how Chase sets up their cash back cards like the Freedom Flex and the Freedom Unlimited. All of them are now cashback cards, but they actually earn you points. Since you are earning Thank You Points, you have several ways to redeem them depending on which option works best for you.
Some redemption methods include gift cards, statement credits, shopping portals, or booking travel through Citi. All of these options will give your Thank You Points a point valuation of around one cent per point. That means 20,000 Citi points are worth $200. But if you want to maximize the value of those points, you need to also get the Citi Premier Card. Once you own this credit card, you can transfer your Thank You Points to their full list of travel transfer partners.
Travel Transfer Partners and Enhanced Value
Citi does not have as extensive a list of travel partners as Chase or Amex. Some of their airline partners include JetBlue, Virgin Atlantic, and Emirates. For hotel partners, you have Choice Privileges or Wyndham Rewards. Although Citi’s transfer partner list is limited, you can use your Thank You Points to book flights outside of Citi’s direct partners.
For example, Virgin Atlantic is a Citi transfer partner, but if you don’t like flying with them but still want to travel on points, you can use your Virgin Points to book flights on other airlines such as Air France, ANA, Delta, and Hawaiian Airlines. Alternatively, you can transfer your Citi points to the Turkish Airlines Miles and Smiles program and book flights with other Star Alliance airlines like United.
These methods are great because, for example, look at the Turkish Airlines award chart: 20,000 miles to fly one way within North America in economy, or 30,000 for business seats, and 50,000 for first-class seats. If you transfer your Thank You Points to a travel transfer partner, you will receive around 1.5 cents per point, which values 20,000 Citi points at $300.
Be warned, though, that using your points this way is not the easiest method at all. Redeeming your points by transferring them to and from airlines requires patience and effort. It’s not as simple as sending Citi points to Turkish Airlines and finding a flight for only 20,000 points. These award seats are limited, and everyone is trying to book them using points.
Sign-Up Bonus and Limited Time Offers
The Citi Double Cash Credit Card now has a sign-up bonus. Finally. You can earn $200 cash back after spending $1,500 on purchases within the first six months of account opening. This is a limited-time offer, and there is no telling when Citi will remove it. It’s a bit disappointing that it’s only temporary.
When you first get the Double Cash Card, you will also receive 0% APR for 18 months on balance transfers. This means if you have an outstanding balance from another credit card, it might be beneficial to move it here for 0% APR.
Additional Benefits and Features
The Citi Double Cash Card comes with basic benefits such as fraud protection, 24/7 customer service, and access to Citi Entertainment. Since this credit card is a World Elite Mastercard, you’ll receive a few extra benefits. These include a $10 Lyft credit every month, 5% cash back on Boxed purchases, and $5 worth of Fandango points when you buy two movie tickets through Fandango.
Being a World Elite Mastercard holder also grants you access to a 24/7 concierge service, luxury hotel and resort benefits, and a free ShopRunner membership.
Final Thoughts
The Citi Double Cash Card offers a straightforward and rewarding cash back system with no annual fee. Its recent updates and additional benefits make it an appealing choice for many. However, depending on your spending habits and preferences, alternative cards from Citi, Chase, American Express, or Wells Fargo might better suit your needs. Evaluate your options and choose the card that will provide the most value for your lifestyle.
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