Navigating today's credit card world can feel like trying to drink the ocean through a straw.
It's not just banks, hotels and airlines that offer credit cards. It seems like every gas station and department store has a co-branded card advertisement sitting at checkout, screaming at you to save a little extra on your purchase.
While just about any decent credit card offers enough value to justify its existence, the question is: How many credit cards do you want to have to justify?
If you're exhausted trying to maximize monthly smoothie credits while also being sure to use the card that earns an extra 1% back to pay for a streaming service you never use, there is a simpler way.
You won't ever find the perfect credit card, but the Citi Double Cash® Credit Card comes close. It's straightforward enough to offer value without melting your brain, but peek under the hood and you'll see that it offers much more value than other no-annual-fee cash back credit cards.
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- No annual fee
- Travelers face a foreign transaction fee
- Intro APR only applies to balance tranfer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% - 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
Why the Citi Double Cash is ideal for almost anyone
Earn rewards without thinking about categories
The gold standard for flat-rate rewards is 2% back on all purchases. Any card that offers more than this is riddled with stipulations, like annual or monthly caps or large deposit requirements in the card issuer's bank or investment accounts.
The Citi Double Cash earns at least 2% cash back on every purchase (1% when you buy and 1% back when you pay your balance). There's no limit to how much 2% cash back you earn and no hoops to jump through to qualify for it.
You could earn 1% to 3% more in specific categories (groceries, gas, dining, etc.) with another card, but the extra value is likely to be small unless you're spending huge amounts in uncapped bonus categories. But there's a lot of value in not having to make sure you're using the right card for each purchase. You also don't have to worry about accidentally making a big purchase that falls outside of your card's bonus categories and only earns 1% back.
If you're not a true maximizer and don't find a deep enjoyment in maintaining spreadsheets, the difference between a 2% cash back card and a card with bonus categories could be negligible.
No annual fee is a significant savings
There are plenty of valuable rewards credit cards that earn 2% back or 2X in rewards on every purchase. But if you have to pay an annual fee for that privilege, you're wiping out a significant chunk of value. For example, if your 2X everywhere card has a $95 annual fee, you'll have to spend $4,750 a year just to cover the cost.
While many premium credit cards offer statement credits and other perks worth far more than the annual fee you pay, it takes effort to recoup the upfront cost. A credit card with no annual fee is a great way to save your mental energy; with the Citi Double Cash, you don't need to prepay for benefits you may or may not use.
It's a cash back credit card and travel credit card
There are valuable no-annual-fee travel credit cards, and you have plenty of options if you're looking for a flat-rate cash back card. But the Citi Double Cash occupies a unique space by being both a cash back card and a travel credit card at the same time.
The Citi Double Cash earns cash back as Citi ThankYou® Points (1 cent in rewards = 1 ThankYou® Point), and that sets it apart from other no-annual-fee 2% cash back cards. You can redeem ThankYou® Points for more than just cash back, including transferring points to any ThankYou® Rewards travel partner.
The ability to transfer rewards is rare for a no-annual-fee credit card. And having the flexibility to convert the rewards you earn with your Citi Double Cash card into airline miles or hotel points expands the card's usefulness and greatly increases its value.
That said, you don't have to bother diving into the world of complicated airline partnerships and international award flight rules. The Double Cash can just be your cash back credit card, and if you ever change your mind and want flexible travel rewards, you have that option at your fingertips.
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