Bank of America® Cash Rewards vs. Citi® Double Cash

Bank of America® Cash Rewards vs. Citi® Double Cash

December 2, 2019         Written By Jason Steele

LowCards is a Citi partner. These offers, valid when the article was written, may have expired. View our full editorial disclaimer here.

Many American credit card users want to earn as much cash back as possible from their cards, and there are many ways to do so. Some cards offer bonuses for certain types of purchases, while others feature a higher level of cash back for on everything. Bank of America and Citi are two of the nation’s largest credit card issuers and they both offer very competitive cash back credit cards.

Let’s take a look at the features and benefits of both the Bank of America® Cash Rewards Credit Card  and the Citi Double Cash card, and then see which one will be best for you.

Bank of America® Cash Rewards Credit Card

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The Bank of America® Cash Rewards Credit Card is an outstanding cash back card. It offers 1% cash back on all purchases, but 2% on transactions made at grocery stores and at wholesale clubs, and 3% on a category of your choice: gas, online shopping, dining, travel, home improvement/furnishings or drug stores. These increased payouts are applicable on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. Cardholders can update their choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and the category stays the same. If you’re a Bank of America Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase. New customers can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of opening an account. In addition, new applicants will get 15 billing cycles of 0% APR on both new purchases and balance transfers. The balance transfers must be completed within 60 days of account opening, and a 3% balance transfer fee applies. The card has an APR ranging from 15.49% - 25.49% Variable APR on purchases, depending on your credit worthiness. The card has no annual fee but there is a 3% foreign transaction fee on transactions made outside of the United States.

Citi® Double Cash

The Citi® Double Cash card offers cash back twice on all purchases. Cardholders receive 1% cash back on everything at the time of purchase, and then another 1% cash back when the item is paid for, for a total of 2% cash back. There are no caps and no category restrictions for this cash back offer.

In addition, new applicants receive 18 months 0% APR financing on balance transfers. Qualifying balance transfers must be completed within four months of account opening, a 3% balance transfer fee applies, and balance transfers do not qualify for cash back. After the promotional rate expires, the standard rate of 13.99% – 23.99% (Variable) will apply, based on your creditworthiness at the time of the application.

This card also includes automatic account alerts, a customizable payment due date, and compatibility with the Apple Pay mobile payment system. There is no annual fee for this card, but there is a 3% foreign transaction fee imposed on all payments processed outside of the United States.

Which card is right for you?

By offering a total of up to 2% cash back on all purchases, the Citi® Double Cash card has set a new benchmark among cash back reward credit cards that is tough to meet. It also offers a very strong promotional financing offer for 18 months, and a competitive list of cardholder benefits for shopping and travel.

Nevertheless, the Bank of America® Cash Rewards Credit Card does have a few advantages. First, it offers a $200 sign-up bonus while the Citi Double Cash card has no introductory offer. In addition, Bank of America has a very large retail banking presence.

Bank of America customers who make a lot of purchases in one of the enhanced categories should strongly consider the Bank of America® Cash Rewards Credit Card , while many others may be better off with the Citi Double Cash card. By looking closely at your banking and spending habits, you will find the right card for you.

The information contained within this article was accurate as of December 2, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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jasonsteele

About Jason Steele

Jason Steele is a journalist that covers credit cards, travel and consumer credit. As one of the nation's leading experts in credit cards, Jason has contributed to dozens of travel and personal finance outlets including NerdWallet, Credit Karma and the Points Guy, where he serves as the Senior Points and Miles Contributor. Jason has also been widely quoted in mainstream media in outlets such as the Washington Post, the USA Today and Bloomberg Business Week. Jason is also the founder and producer of CardCon, which is the annual Conference for Credit and Credit Card Media.