This Is The Credit Card To Get If You Want Cash-Back Rewards

Cash-back rewards are great, but not all cash-back credit cards are created equal.

For example, NextAdvisor.com, a consumer information site that reviews credit cards to help consumers save money, thinks the new Citi Double Cash Card is a major player. According to the site, it offers some strong competition for other cash-back cards like the Blue Cash Preferred from AMEX, BankAmericard Cash Rewards, and Capital One Quicksilver.

What's special about the Citi Double Cash Card?

For starters, the Citi Double Cash Card gives you an effective 2% cash back on all your purchases with no limits - an incredibly high cash-back rate. And it does so in a unique way: You get the first 1% when you make the purchase and the second 1% when you pay for it. You'll have to wait about 30 days for the second 1%. If you carry a balance, it will take longer to earn the second 1%, but you will earn it eventually. (Rewards cards aren't always the best option for carrying a balance; instead, it's best to focus on getting a card with the lowest APR.)

Double Cash is a great option if you need to make a big purchase but can't pay for it right away. It has a lengthy intro APR on both purchases and balance transfers for 15 months. You could get three more months of 0% intro APR with a card like Citi Simplicity, but you wouldn't get any rewards.

The rewards are also easy to redeem. Once you've accumulated $25 cash back, you can either request a check, use it as a statement credit, or purchase a gift card. It has no annual fee and no rotating categories. The only drawback is that it doesn't have a cash introductory bonus, but the cash-back rewards make up for it.

How do you know if you should apply?

There are a few things to consider before you apply:

• You should have excellent credit.
• Look at your spending patterns. If you spend a lot on groceries and gas, the Blue Cash Preferred from American Express might be a better fit since it offers 6% cash back on groceries (up to $6,000 per year), 3% on gas and department stores, and 1% on everything else.
• If you think an introductory bonus is important, this card is not for you.

But if you don't need the bonus and don't want to worry about cash-back percentages or limits, the Citi Double Cash Card is a new no-hassle, straightforward cash-back champion - at least for those who pay their balance in full every month.

Learn more about the Citi Double Cash Card and see if it's right for you.

This post is based on an article originally published on NextAdvisor.

This post is sponsored by NextAdvisor.

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