topic Citi Double Cash & Rewards Plus questions/cashback card thoughts in Credit Cards

Citi Double Cash & Rewards Plus questions/cashback card thoughts

IcyCool7227 — Sat, 07 Dec 2024 09:29:19 GMT

I was reading about the Citi Rewards Plus and Double Cash equaling essentially a 2.2% cashback combo. Would that mean you would have two HPs applying for each or does that work like Amex where once you have a card with them, they only SP for additional ones? Which card would you have to have first in order for that to work or doesn't it matter? I like that they can accept debit cards for payment which would equal 3.2% cashback paying with an Affinity or Quontic debit card. I recently found that my top investments platform can accept credit card payments so that's why I was considering Citi as the only card I have for the everything else category like that that accepts a debit card for additional rewards is a 1% on the Mercury Rewards Visa.

That seems to be a better deal than getting the Alliant CU 2.5% card because you have to have $1,000 parked in there for 30 days in order to get that 2.5% whereas with $1000 I can easily find a 5% or better account to park that in earning more value. The AOD card at 3% is only for the first $1,500 and seems to be limited to residents/workers in Alabama or members related to one another. Plus I am not sure if they take debit card payments to really reap those rewards or not.

The BOA and USB Smartly Visas require too much in assets than what I would have to go for those cards in the near future. I have my eyes on the Amex BCE and Discover it as my own though. I could not imagine trying to get 4 cards at once with all those spending requirements wow so perhaps I should wait a bit after getting Amex BCE/Discover. The intro for balance transfers I could have used when my credit was in the early 600s with a Synchrony Cashback Mastercard balance of $2k plus to save on interest but oh well. I honestly think they should make 0% intro balance transfer cards for people with poor-fair credit - why not?

Re: Citi Double Cash & Rewards Plus questions/cashback card thoughts

coldfusion — Sat, 07 Dec 2024 12:01:49 GMT

The DoubleCash and Rewards+ cards each earn TYP (Thank You Points) which can be redeemed in several ways including as cash via ACH transfer to the bank account of your choosing. If you have multiple TYP-earning cards you can if you choose have their points pooled together into a single TYP pool.

One of the perks of the Rewards+ card is that you can redeem up to 100,000 TYP per calendar year and get 10% of those points reposited back into your TYP pool. If you're earning TYP at 2 points per $ spend and get 10% of them back at redemption time the effective earning rate is 2.2%.

If you apply for a Citi card you will take a hard pull regardless of whether or not you're an existing cardholder. (and it isn't a 100% guarantee that an existing AMEX cardholder won't take another hard pull if they accept an approval for an additional card either, although the probability of that happenins is low)

Re: Citi Double Cash & Rewards Plus questions/cashback card thoughts

Anonymous — Sat, 07 Dec 2024 20:43:18 GMT

@coldfusion wrote:
The DoubleCash and Rewards+ cards each earn TYP (Thank You Points) which can be redeemed in several ways including as cash via ACH transfer to the bank account of your choosing. If you have multiple TYP-earning cards you can if you choose have their points pooled together into a single TYP pool.

One of the perks of the Rewards+ card is that you can redeem up to 100,000 TYP per calendar year and get 10% of those points reposited back into your TYP pool. If you're earning TYP at 2 points per $ spend and get 10% of them back at redemption time the effective earning rate is 2.2%.

If you apply for a Citi card you will take a hard pull regardless of whether or not you're an existing cardholder. (and it isn't a 100% guarantee that an existing AMEX cardholder won't take another hard pull if they accept an approval for an additional card either, although the probability of that happenins is low)

And at least sometimes Citi will do a double pull (= a pull on 2 CRAs)