Citi is a TPG promoting associate.
A part of each award traveler’s technique is proudly owning an excellent cash-back rewards card.
The Citi Double Money® Card (see charges and charges) offers as much as 2% cash-back rewards — 1% whenever you purchase and 1% whenever you pay — on each buy with no limits and can even match properly into a bigger Citi ThankYou® Factors-earning portfolio.
If you happen to’re contemplating making use of for the Citi Double Money, you might be unsure whether or not you’ve got a excessive sufficient credit score rating to be accepted.
In fact, your credit score rating is just one of many concerns issuers take into consideration when deciding whether or not to approve you for a card. So, let us take a look at what it takes to get accepted for the Citi Double Money.
What credit score rating is required for the Citi Double Money Card?
Citi does not publish particular credit score scores wanted to be accepted for its playing cards. Different elements that go into Citi’s qualification determination past your credit score rating embrace your revenue and the age of your accounts.
Issuers want to have the ability to belief that you could repay your bank card invoice every month. In case you have low or no revenue, it is impossible that you’re going to be accepted for an unsecured card just like the Citi Double Money.
Associated: Why the right credit score rating is not needed
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Is the Citi Double Money an excellent card?
The Citi Double Money earns as much as 2% money again on all purchases — 1% whenever you make a purchase order and one other 1% whenever you pay your assertion — with out charging an annual charge and with no restrict on the cash-back rewards you possibly can earn.
The Citi Double Money is a good alternative for those who’re on the lookout for a cash-back rewards card to make use of on all of your purchases or on purchases outdoors the bonus classes in your different playing cards.
You’ll be able to even convert the cash-back rewards earned in your Citi Double Money to Citi ThankYou Factors by way of a linked ThankYou account. And, for those who even have a premium Citi ThankYou card, such because the Citi Strata Premier℠ Card* (see charges and charges), you possibly can then switch your rewards to e-book flights with any of Citi’s airline or lodge companions.
The Citi Double Money has just a few downsides, together with a 3% international transaction charge and minimal perks. Nevertheless, contemplating the incomes price and the dearth of an annual charge, it’s nonetheless an interesting possibility for a lot of shoppers.
*You might be able to entry the next welcome provide for the Strata Premier by means of Citi’s public touchdown web page. We’re dedicated to our readers getting the best welcome bonus out there.
What number of card accounts can I’ve open with Citi?
So, for those who get an “utility pending” discover whenever you apply for the Citi Double Money and you’ve got a minimum of one different Citi bank card, it could be price calling Citi’s reconsideration line at 1-800-695-5171 to see if you may get accepted by shifting some credit score from certainly one of your present playing cards to open the brand new card.
Associated: What number of bank cards ought to I’ve?
Find out how to test your credit score rating
Credit score Karma and Credit score Sesame are two fashionable (and free) web sites that enable customers to see their TransUnion and Equifax VantageScore 3.0 credit score scores.
Elements that have an effect on your credit score rating
Earlier than you begin making use of for any bank cards, it is necessary to grasp the elements that make up your credit score rating. In response to myFICO, 90% of high lenders use FICO scores to make lending selections. The system for calculating your credit score rating is not precise, however FICO is clear concerning the various factors they assess and the way a lot weight every is given:
- Fee historical past (35%): Whether or not you have paid previous credit score accounts on time
- Quantities of debt (30%): The relative dimension of your present debt and the ratio of your present debt to your out there credit score
- Size of credit score historical past (15%): How lengthy your credit score accounts have been established (together with the age of your oldest account, the age of your latest account and a mean age of all of your accounts), how lengthy sure credit score accounts have been established and the way lengthy it has been because you used sure accounts
- New credit score (10%): What number of new accounts have you ever opened lately
- Credit score combine (10%): What number of several types of credit score accounts you’ve got, similar to bank cards, retail accounts, installment loans, finance firm accounts and mortgage loans
What to do for those who get rejected
In case your utility is rejected, it is best to obtain a letter within the mail stating why Citi turned down your utility. Relying on the explanations given for the rejection, you might wish to use this data to enhance your credit score rating earlier than making use of once more.
Or, for those who imagine you possibly can present further data that may result in approval of your utility, it is best to name Citi’s reconsideration line at 1-800-695-5171 and make your case.
If you happen to name the reconsideration line, clarify that you just lately utilized for the Citi Double Money, you have been stunned to see that your utility was rejected and that you just’d like to talk to somebody about getting that call reconsidered.
As soon as the agent pulls up your utility, be ready to current a compelling argument for why Citi ought to approve your utility. You will have a greater probability of success for those who’re capable of tackle Citi’s acknowledged motive for rejection, similar to having closed an account if the explanation for denial was that you just had too many open accounts.
If you happen to aren’t capable of obtain an approval after calling the reconsideration line, cling up and take a look at another time. Typically, you may get an approval on the second strive.
How lengthy to attend earlier than making use of once more
It is best to keep away from making use of once more for a Citi card till you have addressed the explanations Citi gave for rejecting you. However, if you wish to apply once more, the consensus is that you could solely apply for one Citi card (private or enterprise) each eight days and not more than two playing cards in a 65-day window.
I like to recommend ready a minimum of just a few months earlier than making use of for a similar card once more. Making use of once more after solely a small period of time has handed could make you look determined for credit score, which will not do you any favors.
Think about different cash-back playing cards with no annual charge
There are various cash-back bank cards with no annual charge. One of the best card or playing cards for you’ll rely upon many elements, however for those who spend quite a bit in a particular class, you might wish to get a card that earns the next rewards price in that class.
Listed below are a number of the hottest choices, together with the Citi Double Money:
| Card | Welcome provide | Rewards price | International transaction charge |
|---|---|---|---|
| Capital One Quicksilver Money Rewards Credit score Card | Earn a $200 money bonus after spending $500 on purchases inside three months of account opening. | 1.5% on every part | None (see charges and charges) |
| Chase Freedom Limitless® | Earn a further 1.5% money again on every part you purchase (on as much as $20,000 spent within the first 12 months) — price as much as $300 money again. | 5% money again on journey bought by means of Chase Journey℠
3% money again on drugstore purchases and eating at eating places, together with takeout and eligible supply providers 1.5% on all different purchases |
3% of every buy |
| Financial institution of America® Personalized Money Rewards bank card | Earn a $200 money rewards bonus after spending $1,000 in purchases within the first 90 days of account opening. | 3% in your alternative of 1 class: fuel and electrical car charging stations, on-line purchasing/cable/web/telephone plans/streaming, eating, journey, drugstores or house enchancment/furnishings
2% at grocery shops and wholesale golf equipment (Elevated incomes is obtained solely on the primary $2,500 in mixed alternative class/grocery retailer/wholesale membership purchases every quarter, then 1%) 1% on different purchases |
3% of every buy |
| Blue Money On a regular basis® Card from American Specific | Earn a $200 assertion credit score after spending $2,000 in purchases inside the first six months of card membership. | 3% money again at U.S. supermarkets, U.S. fuel stations and U.S. on-line retail purchases on as much as $6,000 per calendar 12 months in purchases for every class (then 1%)
1% on all different purchases Money again is obtained within the type of Reward {Dollars} that may be redeemed for assertion credit |
2.7% of every buy (see charges and charges) |
| Capital One SavorOne Money Rewards Credit score Card | Earn a $200 money bonus after spending $500 on purchases inside the first three months from account opening. | 5% money again on lodges and rental vehicles booked by means of Capital One Journey
3% on eating, leisure, fashionable streaming providers and at grocery shops (excluding superstores like Walmart and Goal) 1% on all different purchases |
None (see charges and charges) |
Associated: Bank card showdown: Citi Double Money vs. Chase Freedom Limitless
Backside line
The Citi Double Money is certainly one of our favourite cash-back playing cards because of a easy but profitable earnings price. Incomes 2% on all purchases is superb (1% whenever you purchase, 1% whenever you pay), so you may wish to make sure you qualify earlier than making use of.
Bear in mind, there are different choices for those who get denied, similar to calling the reconsideration line or making use of for one more cash-back card.
To study extra, take a look at our full evaluate of the Citi Double Money.
Apply right here: Citi Double Money Card
Associated: One of the best starter journey bank cards
For charges and charges of the Amex Blue Money On a regular basis, click on right here
