topic Re: Citi Double Cash - Should I apply? in Credit Card Applications

Citi Double Cash - Should I apply?

Anonymous — Fri, 11 Dec 2015 22:28:27 GMT

I got a prequal letter by snail mail yesterday for Citi Double Cash. The interest rate offered is 20.99%. All the cards I have are in my sig below. My Citi ThankYou Preferred is currently close to maxed out due to BTs--other CCs are either PIF or <10% util. The DoubleCash offer is good through 2/15/2016. My scores took a dip recently when I did the BT, but within the past month, my scores have been as high as 690 EQ, 703 EX, 716 TU.

Currently I'm using my QS1 as my daily driver, except for gas and restaurants--for that, my Chase Amazon Rewards (2%). Hubby is AU on my Discover and he uses that one as his daily driver.

I typically run an average of $1500 through my QS1 every month, maybe $250 through my Chase Amazon. Hubby runs around $250-300 through Discover each month. Other purchases beyond household spend are sporadic (though we did spend a lot this summer on vacation) except for proactive repairs on our vehicles.

I hear a lot of buzz, both on this board and other financial sites, about Citi Double Cash being a great card. I wonder, is it worth risking the HP to get a card that only increases my rewards by 0.5% each month?

Opinions/advice welcomed.

Re: Citi Double Cash - Should I apply?

Anonymous — Fri, 11 Dec 2015 23:58:15 GMT

1) Pay down balances to below 20% at least, and preferably 10%. Never apply for credit when any card is maxed out.

2) Watch your scores jump from making your utilization better. Your score is currently too low for Double Cash.

3) Apply for Double Cash once the above is complete.

Also, consider the length of your credit history. If most of your cards are new as of this year, you will want to build more positive history before applying.

Hope this helps. It's a great card but there is some work to be done in order to make your application succesful.

Re: Citi Double Cash - Should I apply?

Anonymous — Sat, 12 Dec 2015 00:00:15 GMT

@Anonymous wrote:
1) Pay down balances to below 20% at least, and preferably 10%. Never apply for credit when any card is maxed out.
2) Watch your scores jump from making your utilization better. Your score is currently too low for Double Cash.
3) Apply for Double Cash once the above is complete.

Also, consider the length of your credit history. If most of your cards are new as of this year, you will want to build more positive history before applying.

Hope this helps. It's a great card but there is some work to be done in order to make your application succesful.

Good advice!

Re: Citi Double Cash - Should I apply?

Anonymous — Sat, 12 Dec 2015 04:23:07 GMT

@Anonymous wrote:
I got a prequal letter by snail mail yesterday for Citi Double Cash. The interest rate offered is 20.99%. All the cards I have are in my sig below. My Citi ThankYou Preferred is currently close to maxed out due to BTs--other CCs are either PIF or <10% util. The DoubleCash offer is good through 2/15/2016. My scores took a dip recently when I did the BT, but within the past month, my scores have been as high as 690 EQ, 703 EX, 716 TU.

Currently I'm using my QS1 as my daily driver, except for gas and restaurants--for that, my Chase Amazon Rewards (2%). Hubby is AU on my Discover and he uses that one as his daily driver.

I typically run an average of $1500 through my QS1 every month, maybe $250 through my Chase Amazon. Hubby runs around $250-300 through Discover each month. Other purchases beyond household spend are sporadic (though we did spend a lot this summer on vacation) except for proactive repairs on our vehicles.

I hear a lot of buzz, both on this board and other financial sites, about Citi Double Cash being a great card. I wonder, is it worth risking the HP to get a card that only increases my rewards by 0.5% each month?

Opinions/advice welcomed.

Well....Honestly, I would keep checking their site for prequalified offers and see if you can get better terms from them. Longer 0% and lower APR. Your chase amazon spend should be going on your discover right now.

I would like to see more of your spend moved to the discover card because they seem to be good about CLIs especially with the spend. Would help your utilization. I also am not a fan of the preferred card. Discover has lots of great balance transfer offers.....and not to encourage a person to carry more debt and do more balance transfers, but I always prefer a Debt Shuffle as opposed to opening a new card specifically for a balance transfer. If you had a card that had low or no BT fees, you could move the interest accruing balance to that card, then move it back to the original card on a BT promo. We have done this with discover and barclay ring quite a few times. (maybe your usaa card does this). Cap1, BOA, Discover, and many more are known for BT offers after the intro period is over.

Do you have any accounts charging you interest that is offsetting your rewards?

I would also get on chat and ask for a CLI on your amazon store card ask for 25k and let them counter (u probably already know this but had to say it). Get your high util down on the preferred, and wait until your scores a teeny bit higher and get a Ring.

I would also suggest the aarp card for dining....and buy some gas gift cards on ebay using your quicksilver. I think now that youre bumping 700, you could figure out what you spend in which categories and focus on cards that get the most back. Check the link in my sig.

TLDR: No.

Re: Citi Double Cash - Should I apply?

SouthJamaica — Sun, 13 Dec 2015 02:38:06 GMT

@Anonymous wrote:
1) Pay down balances to below 20% at least, and preferably 10%. Never apply for credit when any card is maxed out.
2) Watch your scores jump from making your utilization better. Your score is currently too low for Double Cash.
3) Apply for Double Cash once the above is complete.

Also, consider the length of your credit history. If most of your cards are new as of this year, you will want to build more positive history before applying.

Hope this helps. It's a great card but there is some work to be done in order to make your application succesful.

I have the card and have not been impressed. My experience has been:

1. Low starting limit.

2. All CLI applications have been hard pull, and all have been denied.

3. No balance transfer option at all after first month.

4. Month delay on receiving first half of reward points.

5. 2 month delay on receiving 2nd half of reward points.

6. Reward points can't be redeemed until $25 accumulated

7. Obscenely high interest rates & cash advance fees

Re: Citi Double Cash - Should I apply?

Anonymous — Wed, 16 Dec 2015 13:44:54 GMT

Thanks, everyone. I think I'll wait a while. Appreciate the observations and advice!

Re: Citi Double Cash - Should I apply?

Anonymous — Wed, 16 Dec 2015 13:56:30 GMT

@SouthJamaica wrote:
@Anonymous wrote:
1) Pay down balances to below 20% at least, and preferably 10%. Never apply for credit when any card is maxed out.
2) Watch your scores jump from making your utilization better. Your score is currently too low for Double Cash.
3) Apply for Double Cash once the above is complete.

Also, consider the length of your credit history. If most of your cards are new as of this year, you will want to build more positive history before applying.

Hope this helps. It's a great card but there is some work to be done in order to make your application succesful.

I have the card and have not been impressed. My experience has been:

1. Low starting limit.
2. All CLI applications have been hard pull, and all have been denied.
3. No balance transfer option at all after first month.
4. Month delay on receiving first half of reward points.
5. 2 month delay on receiving 2nd half of reward points.
6. Reward points can't be redeemed until $25 accumulated
7. Obscenely high interest rates & cash advance fees

Not my experience.

1. $5k starting limit

2. All my CLIs have been soft pull, and I have the option to request one today for SP. (Auto CLI at 12 months of $1500)

3. BTs available, but no promotional rate

4-5. There are delays while they wait for charges and payments to post.

6. Hasn't really been an issue.

7. 12.99% APR, not the greatest I have, but certainly not the worst.

Re: Citi Double Cash - Should I apply?

Anonymous — Wed, 06 Jan 2016 20:16:44 GMT

i love the double cash card. i get over $20 cash back per month for using it. getting over $240 back per year. all that just for paying my sons child care and other home bills.

and you get refunds when some of your purchases are marked down in price. so not only do you get double cash for spending and paying back, you get refunds too! lol. i love it

example:

Say you bought a pair of shoes online for $95 and a few weeks later they get marked down to $80, citi will see that and give you the difference. so its like a triple win lol. so far i got like 30 bucks back in refunds alone.

Re: Citi Double Cash - Should I apply?

Anonymous — Thu, 28 Jan 2016 01:23:39 GMT

@Anonymous wrote:
@Anonymous wrote:
I got a prequal letter by snail mail yesterday for Citi Double Cash. The interest rate offered is 20.99%. All the cards I have are in my sig below. My Citi ThankYou Preferred is currently close to maxed out due to BTs--other CCs are either PIF or <10% util. The DoubleCash offer is good through 2/15/2016. My scores took a dip recently when I did the BT, but within the past month, my scores have been as high as 690 EQ, 703 EX, 716 TU.

Currently I'm using my QS1 as my daily driver, except for gas and restaurants--for that, my Chase Amazon Rewards (2%). Hubby is AU on my Discover and he uses that one as his daily driver.

I typically run an average of $1500 through my QS1 every month, maybe $250 through my Chase Amazon. Hubby runs around $250-300 through Discover each month. Other purchases beyond household spend are sporadic (though we did spend a lot this summer on vacation) except for proactive repairs on our vehicles.

I hear a lot of buzz, both on this board and other financial sites, about Citi Double Cash being a great card. I wonder, is it worth risking the HP to get a card that only increases my rewards by 0.5% each month?

Opinions/advice welcomed.
Well....Honestly, I would keep checking their site for prequalified offers and see if you can get better terms from them. Longer 0% and lower APR. Your chase amazon spend should be going on your discover right now.

I would like to see more of your spend moved to the discover card because they seem to be good about CLIs especially with the spend. Would help your utilization. (snip)

_____________________________

jfriend33, I took your advice and moved some of my QS1 spend over to Discover. BAM. About a week ago, got notified that they gave me a $500 CLI, which brings me to $2.9K. You were right--thank you for the guidance! I think I will keep going with that until they CLI me to at least $5K.