Why the Citi Double Cash Is Now a Rewards Powerhouse
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
You don't have to pay an annual fee to find a credit card with a lucrative rewards earning structure. Just take a look at the Citi® Double Cash Card. It has $0 annual fee and offers a combined 2% rewards rate with no cap. You earn 1% when you make a purchase and 1% when you pay it off.
Plus, after a recent change, you’re not limited to redeeming cash-back rewards exclusively. As of March 2022, cardholders now earn Citi ThankYou points rather than cash back, which you can transfer to airline transfer partners. However, those points don't have to remain points — cardholders can redeem points earned with the Citi® Double Cash Card for cash back at a rate of one cent per point.
The Citi® Double Cash Card is worth considering whether you’re new to rewards credit cards or just looking for a no-annual-fee card with a high earning rate.
Valuable rewards
The Citi® Double Cash Card doesn’t typically offer a welcome bonus. Even so, the ongoing rewards structure can make up for it once the limited-time offer expires, depending on your spending habits.
Here’s an example of the rewards you can earn with the Citi® Double Cash Card. Let’s say you make $1,000 worth of purchases each month and pay off the balance in full. You’ll earn 200 ThankYou points ($40 in cash rewards) each month. That’s $480 worth of cash back over the course of a year, which is not bad for a card with a $0 annual fee.
To redeem your points for cash back, you can choose a statement credit, check or credit to a linked account.
The bottom line
This $0-annual-fee card offers a straightforward rewards structure with a high earn rate. The ability to convert cash rewards to Citi ThankYou points provides greater flexibility and value.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Bank of America® Travel Rewards credit card
Flat-rate travel rewards: Capital One Venture Rewards Credit Card
Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card
Planning a trip? Check out these articles for more inspiration and advice: Find the best travel credit card for you Citi just lost a minor transfer partner. Here’s why it matters Earn more points and miles with these 6 strategies
