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 arduous to beat, particularly since there isn’t any annual charge. Cardholders additionally get a aggressive intro annual share fee (APR) for stability 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 mixture of advantages morphs the Citi® Double Money Card right into a bank card customers 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 superb instrument for incomes 2% money again with no annual charge required.
TIME’s Take
For the reason that Citi® Double Money Card provides a beneficiant rewards fee for spending and an intro APR supply for stability transfers, it is easy to see how this card can work properly for 2 fully totally different targets. Shoppers 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 expenses. 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 stability switch card.
As well as, the cardboard has an balance_transfer_fees.
Professionals & cons
Professionals:
- 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 stability transfers
- Intro stability switch charge
- No annual charge
Cons:
- No bonus rewards classes to maximise
- No welcome bonus
- No intro APR for purchases
- Expenses overseas transaction charges
Who’s the cardboard for?
The Citi® Double Money Card is geared to candidates with good to wonderful 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 customers who desire a stability switch card proper now that provides rewards and advantages in a while, as soon as they turn out to be debt free.
When it comes to 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 provides greater than 2% again in bonus classes like eating out, journey, fuel, or drugstores. If a shopper 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 provides the identical beneficiant rewards fee 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 fee is greater than most competing playing cards supply on common purchases, and the dearth 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 value pursuing by itself, even for customers who solely need to switch balances with out utilizing the cardboard for spending. The size of the intro supply mixed with the introductory stability switch charge makes the Citi® Double Money Card aggressive in a sea of different profitable stability switch provides.
Rewards flexibility
Additionally bear in mind that the money again earned with this card comes within the type of Citi ThankYou factors. These rewards factors are very versatile and straightforward to make use of, so cardholders do not have to fret about getting caught with rewards factors which can be troublesome to money in.
Fundamental redemption choices for the Citi® Double Money Card embody direct deposits right into a checking or financial savings account, assertion credit, or a test within the mail ($5 minimal required for a test). Rewards factors can be redeemed for reward playing cards, purchases by means of Amazon, or journey by means of Citi.
Customers may even switch their factors to a handful of airline and lodge 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 fantastic print
What rates of interest and costs will you encounter with the Citi® Double Money Card? Here is a rundown of the fantastic print on this card.
Rates of interest
- Common APR: reg_apr,reg_apr_type.
- Intro APR: 0% intro APR on stability transfers for 18 months, adopted by reg_apr,reg_apr_type. (for stability 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.
Further hidden perks
The Citi® Double Money Card would not have many notable advantages or options aside from its rewards fee and intro APR supply for stability 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 might embody particular entry to presale tickets for wanted occasions.
- Mastercard ID theft safety: This ID theft safety contains monitoring of your private data and alerts if suspicious exercise is discovered. Mastercard ID theft specialists are additionally obtainable to assist resolve issues and restore credit score after cases of fraud.
What could possibly be improved
Whereas the Citi® Double Money Card comes with an distinctive rewards fee and a aggressive intro APR supply for stability transfers, it is value noting that some money again bank cards have stable incomes charges and intro APRs that apply to each stability transfers and new spending. Selecting this sort of card lets customers keep away from curiosity on new purchases and on debt transferred to the cardboard on the identical time, which might make sense for individuals who desire a stability switch card they’ll additionally really feel comfy utilizing for purchases.
Within the meantime, many different money again bank cards supply welcome bonuses value $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 would not have a welcome supply of any variety.
Additionally bear in mind that the Citi® Double Money Card is geared to individuals who have good or wonderful credit score already, so it isn’t a very good card for constructing credit score from scratch or rebuilding credit score after previous errors. In these eventualities, customers could be higher off in search of a secured bank card or a bank card for truthful credit score.
Card alternate options
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intro_apr_rate,intro_apr_duration |
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Backside Line
Whereas the intro APR supply for stability transfers is a superb function 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 superb bank card to maintain for the lengthy haul.
Even so, it by no means hurts to match the very best bank card provides to search out the fitting match. The Citi® Double Money Card may 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 best ways to know for certain.
Citi Double Money® Credit score Card
Credit score rating
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Regularly requested questions (FAQs)
Is the Citi® Double Money Card a very good card to have?
Contemplating that the Citi® Double Money Card earns a profitable money again fee with no annual charge, it is undoubtedly a “good” bank card. The intro APR supply for stability transfers additionally makes the Citi® Double Money Card a superb selection for debt consolidation.
Is it arduous to get the Citi® Double Money Card?
The Citi® Double Money Card is for customers who’ve good credit score or wonderful 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 revenue, your credit score historical past, and different elements. Citi may increase your credit score restrict sooner or later based mostly on adjustments in your private monetary scenario, or should 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.
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