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The New Citi Double Cash Card

September 7th, 2014 at 08:02 am

Just wanted to give everyone a heads up on a new card that was introduced by Citi. It's called

Text is Citi Double Cash Card and Link is http://creditcards.citicards.com/usc/doublecash/2014/Aug/PS/default.htm?BT_SC=J.PB.BfK.vy.Geh.aYw.hqp.A.LSA&BT_TRF=151460&m=8SGO111111W&cmp=KNC~01~110901~CRDACQXX~Google&BT_MKWD=test&ProspectID=ED21D865D6DA4ACC98C07FDED38B177B
Citi Double Cash Card. It pay 1% cash back on purchases and then another 1% cash back when you pay for them. Effectively 2% on all transactions. No annual fee. Currently, 0% interest for the first 15 months.

This Citi card now trumps the 1.5% cash back that the Capital One Quicksilver provides. The one flat rate can be nice, so that you only need to handle one card and still get cash back.

We are currently using a few different cards to get a combination of cash back at higher percentages. It can get very difficult to keep track. So I highly advise against this if you would have any trouble keeping track of different cards and their balances. I also don't recommend getting new credit cards if you would not be able to pay the new balance in full.

I will also say I'm not against people who are paying off debt to move balances to 0% cards. If you do this you need to know that nearly all cards charge a balance transfer fee of at least 3% of the balance transferred. You need to have a plan to pay off the balance you will transfer within the time frame of the 0% promotion. Otherwise, your interest rate will rise and could be higher than your original card! I would determine the balance to be transferred, add in the fee, then divide by the number of promotional rate months to determine a monthly payment. If you can meet or exceed the monthly payment you set for yourself, then you are in great shape to reduce debt and pay no interest!!

Is anyone using a 0% card to pay down debt? Did you use one in the past to accelerate your payoff?

8 Responses to “The New Citi Double Cash Card”

  1. scottish girl Says:

    CC2 was 0% when I got it. That and having hubby as an additional cardholder - and having lunches out, shopping... And then I needed to use it when I was pregnant (with SG)
    Ugh it's depressing to think about. It was meant to help me reduce my debt.
    on the plus side... It's been well over a year, maybe more, since I've usecd it.

  2. Ladya70 Says:

    Thanks for the heads up, the card I'm using pays 1.5% . I wonder since they are paying more does it take more to redeem rewards.

  3. monkeymama Says:

    Good deal! I have a 2% cash back card but it's American Express. This looks like it would simplify things for us (would no longer have to carry around a separate visa for all the places that don't take AmEx - and also means would get the full 2% back on more purchases).

  4. Petunia 100 Says:

    Thanks for the info, CreditCardFree! I applied and they said I will have my new card in 1 week. Whoo-hoo! This will be my new main card. Smile

  5. creditcardfree Says:

    @scottish girl, you should be really proud of not using a credit card to rack up debt for a year!!

    @Beawealthywarrior, I'm not sure about the rewards. Good question though.

    Glad it was of interest to some of you. I just got the Citi Thank You Preferred card, so I'm not applying quite yet.

  6. monkeymama Says:

    @BWW - you only need $25 rewards to redeem.

    The catch? They offered us a really low credit limit, which is kind of useless for our own purposes. Will see...

  7. creditcardfree Says:

    Interesting on the low credit limit. Thanks for sharing Monkey Mama!

  8. Petunia 100 Says:

    Mine was a low limit too, just 3k. I have cards with limits as high as 17.5k. But, since I usually charge < 1.5k per month, it will work OK. I expect within a year, they will raise my limit.

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