Save on credit card debt with a long 0% intro APR on balance transfers
Credit card debt is notoriously hard to pay off, in large part because of the interest charges. Many cards have interest rates of over 20%. So your payments aren't just going to your debt every month. They're going to all the interest that keeps getting added to your balance.
The Citi Double Cash® Card can help with that, as it's also one of the top balance transfer cards. It has a 0% intro APR for 18 months on Balance Transfers on balance transfers. The go-to 18.24% - 28.24% (Variable) APR applies after the intro period. There's a balance transfer fee of There is an intro 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).
If you have any large credit card balances, you could transfer them over to this Citi card. Once they're transferred, you'll have a year and a half to pay off what you owe, interest free. On large amounts of debt, balance transfer cards like this one can save you over $1,000.
One of few top rewards cards that you can get without good credit
Most of the really good rewards cards require an equally good credit score to get approved. For example, it generally takes a credit score of 670 or higher to qualify for those other 2% back cards.
This Citi credit card is the rare exception. It's possible to qualify for the Citi Double Cash® Card with a credit score of 580 or higher -- significantly less than what you'd need for its competitors.
If your credit is still a work in progress, this is likely one of the best credit cards available to you. You'll also be able to keep an eye on your credit with a free FICO® Score tool online, a perk available with Citi credit cards. This allows you to stay up to date on the most widely used type of credit score by lenders and see what you can do to improve yours.
The Citi Double Cash® Card didn't always have a welcome offer. But as other 2% cards launched with bonuses for new cardholders, Citi followed suit. Thank you, peer pressure.
You earn $200 when you spend $1,500 on this card in the first 6 months. The fact that this welcome offer is fulfilled as points might be a bit confusing, but you can redeem those points for $200 cash back.
One minor criticism I have is that the spending requirement is a bit high. Most people will have no problem spending $1,500 in 6 months, as that's only $250 per month. But other cash back credit cards have welcome offers that are just as valuable and only require $500 to $1,000 in spending.
Combine with a Citi travel card for more ways to redeem rewards
When you're ready to redeem your rewards, you'll have several options. Technically, this card earns Citi ThankYou® Points. As mentioned above, you can redeem points for cash back at a rate of $0.01 per point. You have your pick of getting cash back as a statement credit on your credit card bill, a deposit to your bank account, or even a check in the mail.
Citi also lets you transfer your points to a few of its travel partners: JetBlue, Wyndham, and Choice Privileges. If you want to book travel with any of those partners, you could transfer over your points, essentially turning them into points in that partner's loyalty program. Then, you could make an award booking.
If this sounds like something you'd be interested in, you may want to consider also getting a Citi travel card, such as the Citi Strata Premier℠ Card. This will allow you to move all your points from your Citi Double Cash® Card to your travel card. Instead of being able to transfer points to three companies, you'll be able to transfer them to all of Citi's more than 15 travel partners.
