topic Re: Explain How Citi Double Cash Back Works in Credit Cards

Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 02:25:21 GMT

The following quote is found at Credit Karma. Here is what he/she has to say:

Question has been answered numerous times below. [Thread is solved]

Can someone explain what he is trying to say clearer? This paragraph seems wordy for a credit card nub such as myself. I guess the second paragraph is just general ranting and that I should focus on the first paragraph.

Re: Explain How Citi Double Cash Back Works

axlm — Mon, 05 Oct 2015 23:34:11 GMT

My guess is he means you have to pay for charges after they already posted to your account, not before. If you pay before, you are not actually paying for those charges, but it may be considered as you having a positive credit. Not sure if that makes sense.

The payment hold issue I believe it's about the source of those payments and whether Citi trusts it. DW has been with Citi for years, her bank account is on file and has been used many times to pay for charges and they post quick.

The other tricky thing with Double Cash is to redeem rewards to your bank account, NOT as statement credit, or you may run into that same issue mentioned above (positive credit) or Citi not counting that as a payment (we only redeem to checking account, so not completely sure about this). So far, everything has been accurate for us.

Re: Explain How Citi Double Cash Back Works

Anonymous — Mon, 05 Oct 2015 23:43:27 GMT

This user from the same web page communicates better:

"Fact: 1% Cash Back on Purchase, no caps

Fact: 1% Cash Back on Payments, even if you choose not to pay the entire balance. (But do the math for your spending and paying habits; the extra 1% could be thwarted if you carry a balance.) If you pay your current balance before your current statement close date, you get the full 2% in the same statement. Otherwise, you will get the 1% Payment Reward on the following billing cycle.

Fact: Redemption methods are statement credit , gift card and check. You can redeem at a minimum of $25.

Fact: Rewards will expire if you do not earn any rewards for 1 year. Basically if you stop using your card for 12 consecutive months, your rewards will expire.

Fact: You do actually speak with a person immediately when you call. I have only had to call once when I was unable to active my card online. "

From what I read from the previous author is that it seems he/she is saying that if you pay to early, you do not earn the extra 1%. Of course, I will not, or can not pay if the merchant's charge is still in pending?

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 00:24:08 GMT

I have the Citi Double Cash card. I pay my bill as my charges post, usually once a week, I don't wait for the statement to cut and I have always received my full 2% cash back.

You can only pay 7.5% above the current balance so most of the time I can't pay for pending charges, and I never do. Even though I pay before the statement cut, I get the full 2% at the end of each billing cycle.

The Purchase Tracker only shows on the statement, internally Citi does keep track in real-time. That means that as soon as a purchase leaves pending mode and shows as actual charge it becomes eligible for the full 2%.

I have never had my payment held for 5 days, my available credit immediately updates (except for gas and hotel holds) and my balance updates one business day after.

I too have the CapOne Quicksilver. The biggest difference is that the CapOne 1.5% shows up immediately, instead at end of billing cycle, and you can redeem immediately in any amount. CapOne does make it easier to earn and redeem, but I'm fine with waiting until I have a sizable chunk before redeeming so CapOne's ease of use does not factor in.

I have had my DC for five months now and I've never experienced any discrepancies or inconvencies.

Hope this helps, any questions reply.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 00:28:02 GMT

@Anonymous wrote:
I have the Citi Double Cash card. I pay my bill as my charges post, usually once a week, I don't wait for the statement to cut and I have always received my full 2% cash back.

This is good to know. The quotation from the first post sounds like he/she is saying that you get penalized for paying early and that you will not receive the extra 1%. I do the same, I pay as soon as the charge has posted.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 00:46:51 GMT

You earn 1% cash back at purchase and the other 1% as you make payments on your purchases. I always pay after each purchase so I'm not really sure what the poster meant. If you PIF every month then you will earn the full 2% every month. If you carry a balance, then you will earn the other 1% as your payments post.

I always redeem my cash back in check form so I can't speak to statement credits. I was told by CS that the only account you can direct deposit your cash back earnings into is an account that has been used to make a payment. It sucks and is kind of annoying but it's a small inconvenience for me.

I have never had a problem with payments posting. I can make a payment right now on either of my Citi credit cards and my balance will immediately update. The balance updates right after you submit the payment. It may take 24 hours for the available credit to update but it has never been a problem for me.

Re: Explain How Citi Double Cash Back Works

Sharingan — Tue, 06 Oct 2015 03:07:25 GMT

@Anonymous wrote:
The following quote is found at Credit Karma. Here is what he/she has to say:

"Initially excited 2% cash back is a great reward. However, the details matter. You don't get the 1% of purchase as you make them - only after the billing statement closes. You MUST pay attention to when you pay the bill -> if you pay the balance too early, [you] don't get the 1% back on of payments. The payments must be captured on a "purchase tracker" -> which can be much later than when you make the charges.

But what really annoyed me -> they "hold" payments for up to 5 business days. The payment will show as posted..but will not increase your available balance. They claim this is to make sure the "funds" clear -- but then why show the payment as posted? It should remain at the status of pending. Also, it doesn't not take 5 business days to clear an online electronic payment, especially when the money is withdrawn from bank account within 2 business days!
I prefer the capital one card 1.5% - it is truly no hassle. Earn cash back immediately, payments that post immediately increase availble balance!"

Can someone explain what he is trying to say clearer? This paragraph seems wordy for a credit card nub such as myself. I guess the second paragraph is just general ranting and that I should focus on the first paragraph.

Don't pay any attention to that ill-informed review. The reviewer is clearly an ignoramus or a Capital One apologist, likely both. It's hard to lend much credence to a review like that when there is so much misinformation there meant to mislead people. The "Annonymous" name should be a dead giveaway that it's probably not authentic and not made in good faith. There are also several posters on this site (who don't even have DC cards and have absolutely no idea how it works, I will add) who love to reference that review to try and dissuade people from applying for the Citi Double Cash.

This recent thread should address any concerns, as it has actual DC cardholders who confirm that they receive their full 2% back, even when paying before the statement cuts: http://ficoforums.myfico.com/t5/Credit-Cards/Question-for-those-with-Citi-Double-Cash/td-p/4139586

If you pay your credit card bills (surprise!), then you have nothing to worry about with the DC.

Re: Explain How Citi Double Cash Back Works

thelethargicage — Tue, 06 Oct 2015 00:55:03 GMT

You get 1% when you purchase (after the statement closes, that is) and another 1% when you pay (after statement close). If you make a purchase and pay it off before statement close, you get the full 2% as soon as the statement closes.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 00:59:30 GMT

I am a newer Double Cash customer of just a few months, and my payments reflect in the balance right away. Never had any issues and I love my card.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:00:05 GMT

@Sharingan wrote:

Don't pay any attention to that ill-informed review...

It is unfortunate that 67 out of 72 users voted the anonymous users review as useful so that it is the first review that people see for the Citi Double Cash Back card.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:02:09 GMT

@Anonymous wrote:
This user from the same web page communicates better:

"Fact: 1% Cash Back on Purchase, no caps
Fact: 1% Cash Back on Payments, even if you choose not to pay the entire balance. (But do the math for your spending and paying habits; the extra 1% could be thwarted if you carry a balance.) If you pay your current balance before your current statement close date, you get the full 2% in the same statement. Otherwise, you will get the 1% Payment Reward on the following billing cycle.
Fact: Redemption methods are statement credit , gift card and check. You can redeem at a minimum of $25.
Fact: Rewards will expire if you do not earn any rewards for 1 year. Basically if you stop using your card for 12 consecutive months, your rewards will expire.
Fact: You do actually speak with a person immediately when you call. I have only had to call once when I was unable to active my card online. "

From what I read from the previous author is that it seems he/she is saying that if you pay to early, you do not earn the extra 1%. Of course, I will not, or can not pay if the merchant's charge is still in pending?

I think you might be misunderstanding what that poster is saying (no fault of yours, since it's not very straightforward!). Similarly to what other posters have already said in this thread, you don't get the second 1% until you actually pay your card off. If you wait to pay until your statement cuts, you still get the second 1%; you just have to wait until that payment goes through. Essentially you don't get the full 2% immediately, but you do still get it.

QS definitely seems like an easier redemption process in that you get the 1.5% immediately instead of a slight delay, but otherwise that's the only advantage of DC when it comes to the cash back.

EDIT: the review is technically useful, just a bit confusing/poorly worded

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:13:05 GMT

@Anonymous wrote:
I think you might be misunderstanding what that poster is saying... just a bit confusing/poorly worded

I don't care what the anonymous author at Credit Karma that I quoted had to say. I'll pay the entire balance before the statement date, leaving no balance to claim my 2% cash back.

As I said, it was wordy. And it contradicted what everyone said here.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:20:21 GMT

@Anonymous wrote:
I don't care what the anonymous author at Credit Karma that I quoted had to say. I'll pay the entire balance before the statement date, leaving no balance to claim my 2% cash back.

As I said, it was wordy. And it contradicted what everyone said here.

Considering your OP says

@Anonymous wrote:
Can someone explain what he is trying to say clearer? This paragraph seems wordy for a credit card nub such as myself.

It does seem like you care what they had to say; you just didn't understand it. Like I said before they didn't say anything wrong, just poorly.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:28:05 GMT

@Anonymous wrote:

I don't think you understand what I was confused about but forget it. Everything is A-Okay now. Thanks for your reply.

Re: Explain How Citi Double Cash Back Works

Sharingan — Tue, 06 Oct 2015 01:44:09 GMT

@Anonymous wrote:
@Sharingan wrote:

Don't pay any attention to that ill-informed review...
It is unfortunate that 67 out of 72 users voted the anonymous users review as useful so that it is the first review that people see for the Citi Double Cash Back card.

It is unfortunate, but that is for Citibank to deal with (assuming they even care) if they are going to have their products advertised on that site. I would imagine that some of those 67 may even be disgruntled applicants.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:50:15 GMT

While I still think I am getting 2%, I am confused by the purchase tracker and Citi gave no helpful answers.

My September statements has a balance of $25 and the purchase tracker information shows:

Total Payment Made: $27.75

Purchase Tracker: $612.75

Eligible Payment: $27.75

Cash Back on Payments Earned: $0.28

Ending Purchase Tracker: $585.00

That would suggest that if I pay $585 I would get 1% on that payment. But I only owe $25....

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:50:46 GMT

Great card, honored that I was approved for one. May have low limit, easily thwarted by doing a billpay from checking account for whatever you anticipate your purchases to be! (great trick by the way for any low limit card)

Quicksilver does provide rewards much more easily. But I actually ended up liking the DC more. Since the rewards take longer to process, and have minimums to redeem, I find myself redeeming for larger amounts than on Quicksilver! I pay all my utility/medical/pharmacy bills with it and anything else that isnt gas or restaurants (PRG).

I can confirm, no matter how you pay, or even if you redeem cash back, you still get 2%. 1% when u swipe, and 1% no matter when u pay so long as you had purchases to pay of course.

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 01:59:35 GMT

@Anonymous wrote:
Great card, honored that I was approved for one. May have low limit, easily thwarted by doing a billpay from checking account for whatever you anticipate your purchases to be! (great trick by the way for any low limit card)

Are you saying if I plan to purchase a $1,299.99 item, I should just simply pay Citi Bank Double Cash back that amount way before I actually make the purchase?

Re: Explain How Citi Double Cash Back Works

SouthJamaica — Tue, 06 Oct 2015 01:59:46 GMT

@Anonymous wrote:
The following quote is found at Credit Karma. Here is what he/she has to say:

"Initially excited 2% cash back is a great reward. However, the details matter. You don't get the 1% of purchase as you make them - only after the billing statement closes. You MUST pay attention to when you pay the bill -> if you pay the balance too early, [you] don't get the 1% back on of payments. The payments must be captured on a "purchase tracker" -> which can be much later than when you make the charges.

But what really annoyed me -> they "hold" payments for up to 5 business days. The payment will show as posted..but will not increase your available balance. They claim this is to make sure the "funds" clear -- but then why show the payment as posted? It should remain at the status of pending. Also, it doesn't not take 5 business days to clear an online electronic payment, especially when the money is withdrawn from bank account within 2 business days!
I prefer the capital one card 1.5% - it is truly no hassle. Earn cash back immediately, payments that post immediately increase availble balance!"

Can someone explain what he is trying to say clearer? This paragraph seems wordy for a credit card nub such as myself. I guess the second paragraph is just general ranting and that I should focus on the first paragraph.

1. You have to wait a month to get half your points.

2. You have to wait 2 months to get the other half of your points

That's what he's saying.

In addition I would say the following about it:

3. It gives low credit limits.

4. In 9 mos. it's never given me a credit limit increase.

5. After the 1st month I couldn't make any balance transfers.

6. You can't redeem your points until you accumulate 2500 of them

Re: Explain How Citi Double Cash Back Works

Anonymous — Tue, 06 Oct 2015 02:12:13 GMT

Please search the forum and do your reading. Many, many threads on this already.
It seems every few days there appears a post by confused folks who don't understand a rewards program. Someone write a masterthread for DC...