Citi Bank has a wide range of credit cards with various benefits and cash back. Citi Double Cash Credit Card has some benefits that are worth looking at. It is better than secured Citi Secured Mastercard, but worse than credit cards like Citi Rewards+ with a $200 signup bonus and no annual fee.
What credit score do I need for Citi Double Cash?
The minimum credit score for the card is 700 points. But to increase the chance of being approved your credit score should go above 720. At the same time, there are other factors that can impact approval odds. For example, the number of recent inquiries and your credit card debt.
Does Citi Double Cash has Cash Back?
One of the key benefits of a credit card is cash back. This credit card has flat 2% cash back. You earn 1% back when you make purchase and another 1% when you payoff the balance. Citi gives ThankYou Points that you can later redeem. Each point is worth 1 cent.
You can redeem ThankYou points as cashback in the form of a Direct Deposit so that money will go straight to your checking or saving account. Additionally, cashback can be used as a statement credit that reduces the balance of the credit card. The third way is to receive a paper check in the mail. The minimum amount is $5. Later you can deposit it into any bank account.
The minimum ThankYou points you can withdraw is 2,500 that is equal to $25.
Intro APR on balance transfer
Citi Double Cash has intro APR on balance transfers for the first 18 months. It means you don’t have to pay any interest on your balance for the first 1 and a half years.
If you are late with minimum payment then Citi charges a $41 late fee. When you miss even a single payment Citi terminates the intro APR. Then you’ll have to pay interest anywhere between 19% and 29%. This is why you must set up auto-payment as soon as you activate the credit card.
0% intro APR on balance transfer may look great at first sight. However, there is a balance transfer fee. If you make the transfer within the first 4 months of opening a credit card it is 3% and after that 5%. The minimum fee is $5. This way intro APR hides the 5% fee.
Foreign Transactions
If you travel and use Citi Double Cash to pay in other currencies bank can charge an international transaction fee. Citi Double Cash has a 3% foreign transaction fee.
Cash Advance
As with many other credit cards Citi Double Cash allows you to take cash out of your available credit limit. Cash advances cost a 5% fee and the minimum is $10. Taking money this way is very expensive. Not only do you pay the fee, but also interest on the amount starts accumulating immediately. There is no grace period.
Overall the Citi Double Cash credit card doesn’t have exciting benefits. Its intro APR is a questionable benefit. Other cards have much better benefits and sign-up bonuses.