Citi Double Cash Card for Balance Transfer

Introduction

When it comes to Balance Transfer, it’s a great feature that some of the credit cards provide to its customers. You can transfer the balances from some of your higher APR% credit cards to save interest. Some of the credit cards offer you a 0% balance transfer offer for a longer time. Citi Double Cash is one of the best card to avail your balance transfer benefit. Let’s discuss in detail to analyze why Citi Double Cash is better for Balance Transfer.

Pros of Citi Double Cash Card

As a balance-transfer card, there’s a lot to like about Citi Double Cash. This card offers a zero percent Balance Transfer offer with a lengthy introductory interest-free period for transfers. And this card has tremendous ongoing value which offers 2% cash back on all purchases. You will get 1% cash back when you buy something and the other 1% when you pay it off.

Balance Transfer Fee and APR

Balance Transfer Only Offer is for 0% intro APR on Balance Transfers for 18 months. After 18 month mark, the variable APR will be somewhere around 13.99% – 23.99%. The variable APR will be based on your creditworthiness. Another important point to note – your balance transfers will not earn any cash back. There is an introduction offer 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). Flex Plan offers are made available at the bank’s discretion.

What we didn’t like about Citi Double Cash

• There’s no 0% APR period for your purchases. That means if you transfer a balance from another card onto Citi Double Cash card, you’ll get no grace period. You’ll be paying interest on purchases immediately. Your best way of getting the reward is to pay off the transferred debt first, then start using this card for the rewards.

• This card doesn’t offer any sign-on bonus which is not very attractive as most of the competition gives some kind of bonus offer. Also there is no other bonus categories like discover’s 5% categories or Chase Freedom Categories.

• There is a minimum amount set to redeem your rewards. Minimum redemption amount is set to $25 and it can be of the following forms – Statement credit, bank account deposit or a check sent out to you.

• This card has a 3% fee for foreign transactions means it’s a poor choice of card to use abroad. To be fair, this fee is more common on cash-back cards, but rare on travel cards.

Final Thoughts

If you have a fair to excellent credit score which is around 690 – 850, you have high odds of approval. If you prefer a low-hassle, flat-rate rewards card then Citi® Double Cash Card is a great choice. It offers 18 month BT offer which fits the bill because its 2% rewards apply to all spending and have no limit. Share your thoughts on how you like the Citi Cash Card.