Good morning everyone, I just wanted to share my experience and findings using the new Citi Double Cash Credit Card. I recently converted my Citi Dividend Credit Card to the Citi Double Cash Credit Card since the upcoming categories did not interest me. My first statement just closed and I learned some interesting things about my Citi Double Cash Credit Card.
First of all, this is what the front and back of the credit card looks like. The card has no raised/embossed numbers or letters. The card has EMV Chip and Signature but it does charge a 3% foreign transaction fee for all international purchases. If you pay a 3% fee but only get 2% cash back, you are losing. Never take this credit card out of the country.
With that said, I will show you how I ended up earning $41.56 cash back in my first month.
Here is a breakdown of all the calculations from the credit card statement. I charged $2,600 onto the credit card (Redbird reloads) which earned me 1% cash back = $26.00. During the month, I made a payment of $1,556.27, which also earned 1% cash back = $15.56. If you add those numbers up, I earned $41.56. I was under the impression that paying off my credit card early would not generate any cash back, but it looks like it does. If you have this credit card, you are better off paying the balance early so you get your full 2% cash back sooner.
Here is my Citi Double Cash rewards summary after the first statement closed. It shows the exact same calculations from above. I then clicked the green Redeem button.
With the Citi Double Cash Credit Card, you can redeem your cash back for gift cards, statement credit, direct deposit, and a check. I will walk you through all the options and end with statement credit since that is the option I chose.
The gift card selection is pretty small at the moment. I clicked on $25 gift cards and there were only 23 options available. The gift cards are at face value and you can redeem $25 in Citi Double Cash cash back for a $25 gift card. There is a 1-3 week delivery time for gift cards.
Moving over to direct deposit, it looks like this option is not available. It could be my account or Citi’s IT that is causing the problem. My guess is Citi’s IT department is having issues.
Moving over to the check option, you can request a check for $25 or more. Citi will mail a check to your billing address in a few days.
Last but not least, you can request a statement credit anytime you have at least $25 in cash back. The statement credit should post to your account in 2-3 business days. I decided to cash in my full $41.56 with one statement credit.
After a few minutes, my Citi Double Cash redemption page updated to show my new $0 balance and now displays my recent statement credit request.
I also received an email from Citi with details of my statement credit request.
If you have any questions, please leave a comment below. Have a great day everyone!