New Citi Double Cash Credit Card Gives Twice the Rewards for Paying Off Your Balance
A new rewards credit card from Citi known as Double Cash offers bonus cash back when you pay off your credit card debt. The program is designed to encourage consumers to keep their debt low and reward them when they make payments on their accounts.
With Citi Double Cash, you can earn 1% cash back on all transactions, plus another 1% cash back when you pay off each transaction on your card.
The card has no annual fee and offers a 0% APR% for 15 months on both purchases and balance transfers. The ongoing APR will range between 12.99% and 22.99% depending on your credit worthiness.
While 2% cash back may not be as high as some other cards on the market, this Citi card offers the same rewards throughout the year. Some cards, such as the Chase Freedom, will offer 5% cash back in revolving categories, but those categories change from quarter to quarter. With this new Citi card, you don’t have to wonder if this is a month for gas rewards or dining rewards because the cash back stays the same. In addition, Citi does not place a cap on your potential cash back rewards.
After you have earned at least $25 in cash back rewards with this card, you can choose to apply the money to your bill or receive it in the mail as a check or gift card.
The Double Cash Card also offers a free pass for your first late fee, in case you happen to miss a payment on your card.