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Regret getting double cash card.

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Super Contributor

Re: Regret getting double cash card.


@wasCB14 wrote:

@12velectronics wrote:
Does it really matter when you get rewards as long as you're getting them? But yeah that card has never really been that appealing to me either..

I agree. Cash isn't like miles. If cash shows up a statement or two later, it's not a big deal. It doesn't mean missing out on an award flight.

 

People who favor QS over DC just because the rewards are more immediately available could be earning 33% (0.5%/1.5%) on their rewards over a period of a month or two. That's a great incentive to wait! Where else can a person earn an easy 33% in a few months?

 

Complaints about $25 thresholds seem odd to me...if it takes a very long time to earn $25, what's the point of having the card when easy cash and travel bonuses abound?


Actually I prefer QS over DC for some additional reasons, beyond the fact that my money is available to me about 2 months sooner, including constant good balance transfer offers, no foreign transaction fees, soft pull and automatic CLI's, and a no-hassle banking philosophy.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 31 of 47
Senior Contributor

Re: Regret getting double cash card.


@MJ-san wrote:

One more thing not to like ... and it's my fault for not reading clearly.

 

When you take the 0% for 18 months BT offer ... your new purchases are automatically no longer covered by any grace period ... you end up paying interest even if you pay in full all new charges.

 

This is unlike other issuers - Barclay, SYNC that I can think of - who will show you how much to pay to avoid interest on new charges. 

 

Not a big huge deal, but to maximize savings with 0% and rewards with 2% back, you can't do both. 


This is not unique to Citi. BoA & Discover (outside of a 0% introductory promotion) both charge interest on purchases if you utilize a BT. I'm sure others do too. 

 

Cap 1 breaks down the information for you when you make a payment, but I can't give any specifics because I generally don't use a credit card for purchases if it has a BT on it.

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Message 32 of 47
Established Member

Re: Regret getting double cash card.

Im sorry but I have had this card for a long time and its an easy 2% back on everything and with a great company backing it.  I have already gotten $1000 in price rewinds this year alone.  To be quite frank tho I just DO NOT understand the complaints about not getting their cash rewards for the 1% coming from making a payment until a month later.  

 

You would have to make a payment of $5,000 just to get $50 back...  whats the big deal guys?  

 

If your biggest concern is needing to get another $50-100 bucks back in your pocket in less than 30 days then TBH I think you have other financial issues to consider if that small amount is making such a big deal to you that you would rather go and get a card that gives you less back just to get less quicker... the logic here just doesnt make sense to me.  

 

I personally cash in the rewards for all my cards every January just so I can see how much my efforts have paid off in a nice big chunk!  (relatively speaking)


Message 33 of 47
Senior Contributor

Re: Regret getting double cash card.


@longtimelurker wrote:

@LAKings wrote:

@PapasChileHuevos wrote:

One very small thing I like about DC is that the available credit seems to rebound instantly after you make an online payment. Chase, BOA, and Discover wait for the payment to clear (usually no more than 24 hours) before updating the available credit, but DC does it right when you hit the button. A small thing, but nice. Is Citi the only company that does this?


AmEx does this. Didn't know any other bank did.


With Citi, when you pay online, on refresh it shows your balance as 0.   Amex doesn't do this (at least on my accounts!)


You're right LTL only the available credit is immediately refreshed after I make a payment.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
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Goal Score: 800
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Message 34 of 47
Senior Contributor

Re: Regret getting double cash card.

Heart my Double Cash!!!

 

I understood how the card worked when I applied for it and I'm okay with it.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 35 of 47
Mega Contributor

Re: Regret getting double cash card.


@kawaiiguy wrote:

Im sorry but I have had this card for a long time and its an easy 2% back on everything and with a great company backing it.  I have already gotten $1000 in price rewinds this year alone.  To be quite frank tho I just DO NOT understand the complaints about not getting their cash rewards for the 1% coming from making a payment until a month later.  

 

You would have to make a payment of $5,000 just to get $50 back...  whats the big deal guys?  

 

If your biggest concern is needing to get another $50-100 bucks back in your pocket in less than 30 days then TBH I think you have other financial issues to consider if that small amount is making such a big deal to you that you would rather go and get a card that gives you less back just to get less quicker... the logic here just doesnt make sense to me.  

 

I personally cash in the rewards for all my cards every January just so I can see how much my efforts have paid off in a nice big chunk!  (relatively speaking)


And this is giving a free loan to the issuer.  Why not withdraw when you can, put it in savings account, and get a little bit more without the risk of losing it for any reason.

Message 36 of 47
Established Member

Re: Regret getting double cash card.

 


And this is giving a free loan to the issuer.  Why not withdraw when you can, put it in savings account, and get a little bit more without the risk of losing it for any reason.


 

Technically a very valid point, but at today's rates and at the rate I spend/earn rewards it is not worth my effort to pull it out the frequently and make those transferrs, etc.


Message 37 of 47
Senior Contributor

Re: Regret getting double cash card.


@SouthJamaica wrote:

@MrDre wrote:

Waste of a pull imo. Failed to understand the rewards prior to app.

 

Ok so 1% after billing statement closes.

1% after paid.

Cool.

 

However im reading it can take another billing statement for the 1% from payment to appear. Smiley Indifferent

 

 

Then you need $25 to redeem. Seems like its going to take a while to cash in my rewards. Am i right?

 

I feel like im better off using the quick silver now.


I agree. It's a much overrated card IMHO:

1. first 1% delayed until statement after purchase
2. second 1% delayed until statement after payment
3. redemption minimum of $25
4. low starting limits
5. hard to get CLI's, usually no soft pull opportunity
6. no balance transfer opportunities after first 30 days
7. high interest & high fees
8. foreign transaction fees

 


I took a HP to get the CL I wanted. 

 

I currently have 2 BT offers and a purchase promotional 6.99% APR through March or May (I think it's March). I can't remember.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 38 of 47
Frequent Contributor

Re: Regret getting double cash card.

I love this card.  It's my main one for general purchases.  Since I PIF each month before closing it's all available immediately.  I don't consider it a flaw of the card or its system at all, but then again, that is just how I've been taught how to use credit.

Message 39 of 47
Established Member

Re: Regret getting double cash card.

 

5. hard to get CLI's, usually no soft pull opportunity
6. no balance transfer opportunities after first 30 days
7. high interest & high fees

5. after 6 mo of open Citi allows you to check for a SOFT CLI right on the site as many times as you like
6. There are way better cards for Bal trans
7. If you are carrying a balances (unless under a BT plan) you will never gain any actual rewards... you would be better off finding a low rate card to handle those balances you want to carry

Message 40 of 47
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