Citi Double Cash FYI

[bigblue7722]

When i first read about this card i really thought i was going to apply for it. I still might someday lol but just as an FYI. You would have to spend $20,500 dollars on the card to make up for the difference between the 1.5% QS card with $100 back after you spend $500. Im not a math major so someone please correct me if i am wrong lol.

The Math:

CAP ONE QS

(20500X.015)=307.50+100=407.50

CITI DOUBLE CASH

20500x.002=410

[lobsterfordinner]

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@bigblue7722 wrote:

When i first read about this card i really thought i was going to apply for it. I still might someday lol but just as an FYI. You would have to spend $20,500 dollars on the card to make up for the difference between the 1.5% QS card with $100 back after you spend $500. Im not a math major so someone please correct me if i am wrong lol.

The Math:

CAP ONE QS

(20500X.015)=307.50+100=407.50

CITI DOUBLE CASH

20500x.002=410

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Actually the exact number is $20,000.

Let x be the number you're going to spend on Cap1 or Citi 2x cash back, therefore:

0.015x + 100 < 0.02x => 100 < 0.005x => x > 20000

[s_haliz]

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@bigblue7722 wrote:

When i first read about this card i really thought i was going to apply for it. I still might someday lol but just as an FYI. You would have to spend $20,500 dollars on the card to make up for the difference between the 1.5% QS card with $100 back after you spend $500. Im not a math major so someone please correct me if i am wrong lol.

The Math:

CAP ONE QS

(20500X.015)=307.50+100=407.50

CITI DOUBLE CASH

20500x.002=410

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You are absolutely correct. However your Math is only applicable to someone who is deciding between QS and Citi Cash. And your calculations assumes light use. If someone had already QS (like me with bonus already consumed..) they now have another opportunity to earn higher rewards. Also its MasterCard so that's plus for places like Sams Club. Most of the cards with Cash back offers are VISA.....

Of course as usual YMMV in deciding.....

[SunriseEarth]

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@s_haliz wrote:

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@bigblue7722 wrote:

When i first read about this card i really thought i was going to apply for it. I still might someday lol but just as an FYI. You would have to spend $20,500 dollars on the card to make up for the difference between the 1.5% QS card with $100 back after you spend $500. Im not a math major so someone please correct me if i am wrong lol.

The Math:

CAP ONE QS

(20500X.015)=307.50+100=407.50

CITI DOUBLE CASH

20500x.002=410

---

You are absolutely correct. However your Math is only applicable to someone who is deciding between QS and Citi Cash. And your calculations assumes light use. If someone had already QS (like me with bonus already consumed..) they now have another opportunity to earn higher rewards. Also its MasterCard so that's plus for places like Sams Club. Most of the cards with Cash back offers are VISA.....

Of course as usual YMMV in deciding.....

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+1.  

This also doesn't take into account that you may be deciding between Double Cash and QS1.  With QS1's AF and lack of sign-up bonus, Double Cash wins hands-down.  

[toothgrind3r]

Yeah, and then there's me, who has a sock-drawed Citi Diamond Prefered, and a QuicksilverOne which I can't for the life of me get CapOne to upgrade or waive the AF.

So, PC to DoubleCash, close QS1 = Win

[SunriseEarth]

In my case, my QS1 was a former Household Bank CC with a horrible $74 AF.   To simply break even on the difference between the QS1's 1.5% and my BCE's 1% on non-category items, I'd have to spend over $14,800 a year in non-category spend to even make the QS1 worth my fee.   So yes, a MC with a 2% structure has a most welcome spot in my wallet.

[chalupaman]

I have the no AF version of the Quicksilver and really like it but I'd still want to have the Double Cash mainly because I think it would blow my current card with Citi out of the water and I've been trying to see if I could PC to it after September 7th. Maybe I'd actually use it much more often again like I used to.

[SunriseEarth]

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@chalupaman wrote:

I have the no AF version of the Quicksilver and really like it but I'd still want to have the Double Cash mainly because I think it would blow my current card with Citi out of the water and I've been trying to see if I could PC to it after September 7th. Maybe I'd actually use it much more often again like I used to.

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PCing to the Double Cash also seems to be a winning option.  Good luck!

[s_haliz]

Nothing is sure. But there is a possibility that they might offer bonus sometime in near future just like other CC companies and their own other cards. 

[yfan]

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@bigblue7722 wrote:

When i first read about this card i really thought i was going to apply for it. I still might someday lol but just as an FYI. You would have to spend $20,500 dollars on the card to make up for the difference between the 1.5% QS card with $100 back after you spend $500. Im not a math major so someone please correct me if i am wrong lol.

The Math:

CAP ONE QS

(20500X.015)=307.50+100=407.50

CITI DOUBLE CASH

20500x.002=410

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Actually, your math is a little off. 

IF you do not earn an additional 1.5% on the first $500 on QS, then first figure out the rewards on the first $500 spent on DC. Which is $10. The gap then is not $100 but $90 to be made up by additional spend/cash back. 90/.005 = $18,000, which is to say one would need to spend $18K on the DC to earn an additional $90 over the reward amount of the QS. That plus the initial $500, coming to a total of $18,500.

IF you DO earn the additional 1.5% on the first $500 on QS, that's a total cashback of 107.50 on the first $500 vs. $10 on the first $500 in spend for the DC. Now we have a total of $97.50 to make up with additional spending. Again, since the DC gives you 0.5% in additional rewards for your spending, that would be 97.5/.005 = $19,500. Add the first $500, and you are at $20,000. Btw, you could have gotten to this number easier by just getting the $100 reward, which is outside of the regular rewards, and dividing THAT by 0.5% or 0.005.

Ok yeah, I'm kind of a math nerd.