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Is this "really" a 2% credit card ?
Old 11-01-2014, 06:45 AM   #1
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Is this "really" a 2% credit card ?

New card that claims 2% cash back (1% when you buy, 1% when you pay).

Of course, I never carry a balance and pay month charged.

There's "always a catch" with these cards - I can't find one here - anyone have any experience ?

First I thought it only paid the 2nd 1% if you paid over time - but looks like you can pay balance off every month and get second 1%.

https://www.citi.com/credit-cards/cr...?ID=DoubleCash
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Old 11-01-2014, 07:15 AM   #2
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About five or so years ago, I had a Schwab 2% VISA card. There were no hitches, no annual fee. So I signed up. About 6 months later, they amended the agreement to take it down to 1%. I felt duped. (I was.) Canceled the card. The banks sponsoring the cards cannot, IMHO, be trusted on these things.
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Old 11-01-2014, 07:18 AM   #3
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I've had several rebate cards over the years, and all of them paid as they advertised. I currently have AMEX Blue, which based on my usage is far and away worth the $75 annual fee.
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Old 11-01-2014, 07:20 AM   #4
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It looks to be 2% back, I didn't see any "gotcha" on the add site. Currently have 1.5% on existing card.

I had the Schwab card also, the reason it dropped is they sold the card business to BOA.


Here's a review, seems only drawback is there is no signup bonus. Hate to go switching cards again though.

http://www.valuepenguin.com/citi-double-cash-card
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Old 11-01-2014, 07:37 AM   #5
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Originally Posted by rbmrtn View Post

I had the Schwab card also, the reason it dropped is they sold the card business to BOA.
Yes, true. BOA should have honored the contract for the card it bought, IMHO. But they were not required to do so. It made me trust Schwab a bit less for not ensuring the deal they lured me in with was honored by the bank they flipped the card to. (Which, BTW, was followed by having them lure me into using their bank, which I then, after the fact, had to reapply on to "open" already operating bank accounts, in order for them to satisfy regulators....)

My only point being: While I use Schwab to this day, the banks/card issuers are a slippery bunch.... (And this post is authored by a slippery lawyer!!!)
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Old 11-01-2014, 07:48 AM   #6
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I think it is relatively new so you might not find someone with any experience. I have an Escape by Discover card that allows 2% rewards that can be used for any travel charges (airfare, hotels, restaurants, gas, rental cars, etc.) but they no longer offer it but those who already had it are grandfathered. I have enough travel charges that I have no trouble using the rewards. My Discover has a $65 annual fee though and this one has none, so it may be better.
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Old 11-01-2014, 08:30 AM   #7
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Originally Posted by rbmrtn View Post

I had the Schwab card also, the reason it dropped is they sold the card business to BOA.

Same here. I just don't like BoA and after several years they are still sending me new cards and paper work (I never have activated their cards)
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Old 11-01-2014, 08:32 AM   #8
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I've had a Fidelity Amex 2% back on everything for years. It's the only thing I use other than a MC where they don't take Amex. I just recently got a Delta Amex for miles and other benefits that I use for their flights only. Not sure I'll keep as it's $95 a year after first, the Fido is always no annual fee.

I've gotten so I use a cc for just about everything, even a $5 sandwich. I always have folding money in my wallet but just hate to deal with coins, so even for a cup of coffee I'll swipe.

It's amazing what that 2% amounts up to if you're using it for everything.
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Old 11-01-2014, 08:35 AM   #9
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I've had a Fidelity Amex 2% back on everything for years. It's the only thing I use other than a MC where they don't take Amex........
+1 I even use it at Costco on top of my 2% back executive membership premium.
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Old 11-01-2014, 09:02 AM   #10
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I have this card. It works with Apple Pay too, so even easier to use it everywhere.
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Old 11-01-2014, 09:03 AM   #11
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I use the capital one 1 1/2% card personal, the spark business 2% business. No games with either, just straight cash rewards on everything.


Sent from my iPhone using Early Retirement Forum
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Old 11-01-2014, 09:48 AM   #12
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Thanks for the link Delewaredave5. I got a few questions answered through the online chat. You have to call customer service to redeem the cash back each time you want to redeem. You can't automatically set up the cash back payments to be credited on your next statement. Not a show stopper for me, just something to be aware of. I'm going to sign up and cancel my current card which has limits on the 1% / 3% / 5% cash back awards.
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Old 11-01-2014, 09:56 AM   #13
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Quote:
Originally Posted by Delawaredave5 View Post
New card that claims 2% cash back (1% when you buy, 1% when you pay).

Of course, I never carry a balance and pay month charged.

There's "always a catch" with these cards - I can't find one here - anyone have any experience ?
Looks like a straightforward 2%, no annual fee, card. I see no major gotchas. One minor one: the rewards expire if you don't use the card for 12 months. Nerdwallet ranks it as the best flat-rate rewards card. Also gets good reviews on creditkarma. In fact, if you read the first review on creditkarma, it should address all your questions and concerns. Very comprehensive and well-written review.

Our cash back routine involves 3 cards:

1. AMEX Blue for 5% on gas, groceries, and drugstores (grandfathered, no annual fee, no caps)
2. Fidelity AMEX for 2% on everything else (no annual fee)
3. Fidelity VISA for 1.5% wherever AMEX not accepted (no annual fee)
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Old 11-01-2014, 11:20 AM   #14
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Originally Posted by H2ODude View Post
I've had a Fidelity Amex 2% back on everything for years. It's the only thing I use other than a MC where they don't take Amex.
<snip>
It's amazing what that 2% amounts up to if you're using it for everything.
+1

And it gives you cash back, not points. Points can be devalued over time when they change the rules as to what value a point has. Cash, put into your Fidelity account, is yours to keep and use as you wish.
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Old 11-01-2014, 11:37 AM   #15
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I've had this card for a month or two (converted from a different Citi card), and so far it is accruing rewards as advertised. You can redeem for a statement credit once you hit $25 in rewards. I haven't hit that threshold yet so haven't actually redeemed, but looks like it's just a few clicks online to redeem it. Other redemption options seem to be gift cards, check, or direct deposit (probably only into a Citi account).
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Old 11-01-2014, 12:08 PM   #16
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I've AMEX from fidelity which gives back 2% on everything I buy and have been using it for past six months.
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Old 11-01-2014, 12:45 PM   #17
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Oh goodie! I can now participate in this type of discussion because last May I got my first credit card in 17 years. Rewards are so good on credit cards lately that I couldn't help but apply.

The one I chose was the Amazon Visa rewards card. I read a post by FIREd that mentioned that he had one, and so I went to Amazon and read about it and was so impressed. It gives me 3% for Amazon purchases, 2% for gas, restaurants, and drugstores, and 1% for everything else. Pretty cool. No annual fees, and at the time they were offering a $60 Amazon gift card just for signing up. They have already spontaneously increased my credit limit. The interest rate on unpaid balances is staggering, but I have never paid it because I have the balance automatically paid in full each month.

I don't see how they can possibly make any money this way, but Frank tells me that there are lots of people who forget to pay in full, or just don't for whatever reason, and that is where the card issuer profits.

I have to admit that it is fun to get something from Amazon for almost nothing now and then, by using my points.
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Old 11-01-2014, 12:47 PM   #18
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We have the Fido 2% Am Ex and use it at Costco with the 2% executive membership, and we bought the membership after upgrading from the recent Living Social Costco deal.

I've just started learning the sign up bonus game. We recently received a Chase Sapphire card good for 50K bonus points, and are fulfilling the $3K spend in 3 months requirements by using it to pay our property tax. I also opened a Discover checking account for a $50 sign up bonus this month. I might actually keep that. They pay out 10 cents per transaction for online bill pay, payment by check and debit card purchases.

We have an Amazon Visa for 3% back at Amazon.

We have a Discover card we use sporadically for their 5% cash back bonus categories and for buying things online, or paying online for store pickup, through their affiliate links (Discover Shopping) for an extra 5% back.

I love doing this kind of stuff. Yesterday we went out for lunch at Chili's for a lunch special with a gift card I bought for half price with Verizon rewards and a free appetizer coupon from Chili's text message program and paid for the balance with the 2% back card.
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Old 11-01-2014, 12:57 PM   #19
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My primary CC for about 30 years has been Discover.

They advertise 1% but all charges are not 1%. Beginning purchases are <1% and some purchases get 5%. It's too complex to list it all here but since I pay off the monthly balance and use the cashback feature to reduce my monthly DC payment, I consider it free $ and don't try to track it or evaluate it's long-term financial effects on my life.

The real value of my CC (both MC and DC) is that it makes payment and purchases easy and trackable.

A bit OT, but my MC bank (USAA) recently reissued new cards (new # too) as they said that the card had been compromised. As we only use the USAA MC as a back up for the DC and only had a couple of gasoline purchases on it in October, we were confused but glad to get new plastic .
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Old 11-01-2014, 02:00 PM   #20
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+7 or 8 or whatever on the Fidelity Amex card and using it at Costco (thanks go to Nords I believe for that tip). Straight up 2%, no annual fee, bonus automatically plunks into the Fidelty savings account. Once set up it is truly a no-brainer, which works for me.

W2R! A credit card? You? Did I miss the "it's the end of days" memo?
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