It’s getting more and more difficult to find credit cards that have no annual fee but offer you cash back rewards. Citi just introduced a new card that will give you 1% back on all of your purchases—with an added bonus of giving you another 1% when you make your payment. The Citi Double Cash credit card gives you all of the regular Citi benefits, plus the added 1% on your paid purchases. Here are some more of the details you might be interested in!
No Annual Fee!
The Citi Double Cash credit card has no annual fee, which makes it very attractive. All of the perks that are included are free!
0% Intro APR for 15 Months
Cardholders will enjoy a 0% APR for the first 15 months that they have the Citi Double Cash card. At the end of the introductory period, the APR will be 12.99-22.99%, depending on your credit worthiness.
No Spending or Earning Cap
Earn 1% for all of your purchases, with no spending limit.
Earn an Extra 1%
As long as you make your monthly payments on time, you will earn an additional 1% on all of your purchase. You do not have to pay your balance in full each month, just make at least the minimum payment on time for this added bonus. Keep in mind that if you carry a balance and your introductory APR has expired, the interest that you end up paying will probably offset the additional 1% cash back and eliminate this bonus for you.
The bonus points will be based on the amount that you pay, not the purchases that you have made. Also, if you redeem your points for a statement credit, you will be reducing the amount you can potentially earn with the 1% bonus for payments, since you will ultimately be paying less toward your balance and cannot get bonus points for statement credits applied.
High Tech Protection
The Citi Double Cash credit card offers a nice security perk in the form of an EMV chip to protect you from fraud. It is rare to find a card with no annual fee that offers this level of security.
Citi Price Rewind Protection
If you are paying attention to sale prices, you can often find that an item you purchased can be found cheaper somewhere else. When you make the purchase using your Citi Double Cash card, you can be reimbursed for the difference in price for up to 60 days after you make the purchase. This can be significant when it comes to some big-ticket items. You can get up to $300 back, with a limit of $1,200 per year.
Citi offers Double Cash card holders their standard list of perks, including Purchase Protection (get a refund if an item is stolen or damaged within 120 days after purchase, 90 days in New York State). This perk applies to purchases up to $1,000. Purchases are also protected by an extended warranty for up to a year. Travel protection including auto rental insurance and trip cancellation insurance are available. Get access to presale tickets and preferred seating with any Citi card.
The Nitty Gritty
This card offers no annual fee. There is a 0% introductory APR for the first 15 months, with a 12.99-22.99% APR after that period ends. Balance transfer fees are 3% or $5, whichever is greater. Earn points for every purchase, and points for every dollar you pay toward your balance. Foreign transaction fees are 3%. You will need to have excellent credit to be approved for this credit card.
This card is a solid offering from Citibank. But, if you don’t pay your balance in full, then your rewards are really cancelled out. Also, there are some cards, including Discover it® and Chase Freedom that offer better cash back rewards (up to 5% in rotating categories) and you can usually build up a bigger balance this way. Don’t rule out this card, just shop around to make sure it really meets your needs.