I receive compensation for many links on this blog. You don’t have to use these links, but I am grateful to you if you do. American Express, Citibank, Chase, and other banks are advertising partners of this site. I do not write about all credit cards that are available — instead focusing on miles, points, and cash back (and currencies that can be converted into the same).
The new Citi® Double Cash Card offers the biggest cash rewards credit card — a 1% rebate when you make purchases and then 1% more when you pay off the purchases (which you should do always do, and not carry a balance).
Yesterday I wrote that I like this better than the Fidelity Investment Rewards American Express because — while that card has been the benchmark, offering 2% real cash back — this new Citi cash rewards credit card product is a MasterCard and so gets you the great rate of return while also giving greater acceptance.
It’s simply a straight play on earning the highest possible cash back for ongoing purchases. It’s not a card for signup bonuses (it doesn’t have one), and it’s not a card for benefits (no lounge access, no waived foreign transaction fees). But it looks like the new standard in that space bar none.
My post yesterday shared that the product is a MasterCard (although the card’s landing page is silent on this).
A few folks asked in the comments about the mechanics of the rebate on the card.
So I connected up with a Vice President at Citi who explained some details that turn out to be interesting.
The rewards are provided in the form of your choice of statement credit, check, or gift card. Redemptions can be done online, or over the phone.
There is a $25 minimum for redemption. You can redeem for $25 or any amount over that.
Some folks have asked about downgrading or exchanging other Citibank cards to this one, something to consider since there’s not a signup bonus you would be foregoing in order to get it. Doctor of Credit says that Citibank will start allow cardmembers with other cards to switch or downgrade to this product starting September 7.
Editorial note: 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 any card issuer. Comments made in response to this post are not provided or commissioned nor have they been reviewed, approved, or otherwise endorsed by any bank. It is not the responsibility of any advertiser to ensure that questions are answered, either.
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