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This article was last updated Aug 29, 2014, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
It’s not very often that a new credit card product comes out, let alone a new credit card that’s completely different from all other credit card offers available. But Citi has done just that with the release of their newest credit card, the Citi® Double Cash Card – 18 month BT offer.
I was able to speak with some of the brains behind this product and was pleased to hear the catalyst behind this was none other than the consumer itself. This product was developed after a lot of one-on-one interaction with existing credit card owners-whether it be Capital One, American Express, or Citi- in order to understand what exactly they are looking for and why. Consumers also revealed what they wish their credit card could offer and explained why they specifically have each card in their wallet or purse. So, where did “Double Cash” come from?
Earn When You Buy – Earn When You Pay
That’s right; this product sets itself apart from the rest because it rewards customers for paying their bill on-time. As long as you make your payments on time, you’re basically earning 1% cash back on every purchase twice, making this the best cash back card on the market for earning rewards on all purchases.This product is great because most consumers carry a balance with their credit cards, called “revolvers.”
The average American household carries $7,000 in credit card debt and as long as these “revolvers” make on time payments, they earn cash back. Citi is basically rewarding customers for doing something they already do anyway; make purchases and pay them off. The only other products on the market that offer an incentive like this are student credit cards, which makes sense, because students are typically first-time credit card owners so that kind of incentive helps them develop good credit management from the start.
The Journey® Student Rewards from Capital One®, for example, will allow cardholders to increase their credit line after they make their first 5 monthly payments on time. The Citi Forward Card, a product that’s no longer available, offered cardholders 100 ThankYou® Points each billing period their bill was paid on time and as long as their balance remained under their credit line. That card also featured an APR reduction on purchases if the cardholder used their credit wisely.
Here’s what else this card has to offer:
- Enjoy an intro APR of 0%* for 18 months on Balance Transfers*
- Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
- Free pass on your first late payment
- Pay $0* annual fee
- No category restrictions or caps, and no program enrollment requirement
The on-going APR for Citi® Double Cash Card – 18 month BT offer is a rather competitive 15.24% - 25.24%* (Variable) APR for both purchases and balance transfers and is a MasterCard. Not only will your card be accepted everywhere MasterCard is accepted, but you are also completely protected with 24 Hour fraud protection, EMV Chip Technology, Extended Warranty Protection, Lost Wallet Service, Citi® Identity Theft Solutions, and $0 Liability for Unauthorized Purchases. Cardholders will also enjoy:
- WorldWide Car Rental Insurance
- Citi® Private Pass®
- Citi® Price Rewind
- Quick & personal customer service
- Trip Cancellation & Interruption Insurance
- Access to Concierge Service
The rewards program attached to the Citi® Double Cash Card – 18 month BT offer card allows for the most flexibility a consumer can receive. There are no caps on the amount of cash back you can earn, no rotating categories to watch, and no enrollment requirement. Once you’re a cardholder, you are automatically eligible to earn the maximum amount of cash back possible. As soon as you earn $25 in cash rewards, you can redeem them as a check, redeem as a statement credit, or redeem them for a gift card.
It’s important to note that cash rewards can expire if you have not earned any cash back from purchases or payments for 12 months, so make sure you don’t open a new account and let it sit. Use the “Purchase Tracker” shown in your billing statement to understand how much of your balance can earn cash back on (net purchases less interest and fees). You also will not earn any cash back on balance transfer activity. Click here to Apply Now!
Editorial Note: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Citibank.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.