Many years ago, the idea of a double cash back credit card was fairly common. With bank interest rates above 4% and the economy on the rise, credit card companies were doing whatever they could to bring in new business. Then, in the blink of an eye, big bonus offers and high cash back percentages were gone. Cards like the Chase Freedom and the Discover it have been the best of the best in terms of cash back credit cards, and they offer a meager 1% on all purchases. That was until today of course, when Citi announced a brand spankin new cash back credit card called the Citi Double Cash Card; which offers double cash back on ALL purchases.
The Citi Double Cash Card is a new cash back credit card (MasterCard) which offers 1% cash back on all purchases. Then, when the cardholder pays their statement (in any amount, full or partial), they receive another 1% cash back on their payment. For example, let’s say I make a $1,000 purchase. I will immediately receive $10 cash back, then, when I pay the statement at the end of the month, I will earn another 1% ($10) for a $20 total cash back amount.
Additional reward details, including a 0% intro APR on balance transfers for 18 months (3% balance transfer fee) are below:
- Earn cash back twice on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- Balance Transfers do not earn cash back
- 0% Intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.24% – 23.24% based on your creditworthiness
- Click ‘Apply Now’ to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases.
- No categories to track, no caps on cash back, no annual fee*
I’d like to draw attention to two of the bullet points above if I may. No category restrictions and no caps means that the amount of cash back you earn is unlimited. Most every credit card on the market today that touts “5% cash back in select categories each quarter” caps the amount of cash back you can earn on those purchases. You won’t find that here.
Just as important, there is no annual fee to own the Citi Double Cash Card. Often, credit card issuers will offer a big bonus up front, and tie an annual fee to the card to alleviate some of the upfront benefit (or cost to them). No annual fee means you can own this card year after year, reaping the cash back benefits without paying a yearly membership fee.
It’s been a long time since a new credit card has hit the market, and I think the Citi Double Cash Card is one that will change the way other issuers look at their cash back rewards credit cards. For now, this is hands down the best cash back card on the market today. You won’t find a clever card name here, or round about, confusing rewards details but you will find a credit card I expect to be making a lot of purchases with. Take a look in your wallet at your QuickSilver, Freedom or Discover it Card and consider that the Citi Double Cash Card will earn you more cash back than all of the above.