Everyone reading this probably knows that the Citi Double Cash earns 1% on all purchases and an additional 1% when you pay for the purchases (as long as you pay the minimum due). The question of whether the Citi Double Cash is truly 2% cash back rests with one little quirk: if you redeem your cash back as a statement credit, that redemption does not count as paying for the purchase and does not give you an additional 1% cash back. Ergo, you do not get a full 2%.
Another question then arises: if redeeming cash back for a statement credit on the Citi Double Cash does not earn the full 2%, is there a redemption option that does give the full 2%? Yes, indeed!
There are four ways to redeem cash back:
- Request a check for at least $25, up to the total cash rewards balance at the time you redeem;
- Redeem for a statement credit to your card for at least $25, up to the total cash rewards balance at the time you redeem;
- Redeem for a gift card in set denominations;
- Redeem for a credit to your linked Citi savings or checking account, or to a checking account from which you have paid a Citi credit card bill at least two times.
Methods #1, #3, and #4 do not affect the amount you pay on the Double Cash and so give you the full 2%. Obviously, you probably don’t want to redeem for gift cards and having a check mailed is rather annoying, so the best option is #4.
Realistically, though, there’s no disadvantage to using method #2. Even though you don’t get a full 2% in cash back, the difference is less than $20 per $100,000 spent and that’s a level at which it isn’t worth optimizing—choose the option that’s easiest for you!
If you’re thinking of applying for the Citi Double Cash, you’ll probably want to read out post “Things Everybody Should Know About Citi Credit Cards” first. (and note that Citi allows you to product change a card from a different product family to the Citi Double Cash, so you don’t necessarily need to apply to get the card.)
Questions, comments, etc. can be dropped below!
h/t forgotten commenter who asked me to cover this months ago.
drop a line below and I’ll credit you!
