Maximize Your Citi Double Cash Rewards: Avoid These Costly Foreign Transaction Fees

The Citi Double Cash card is known for offering a simple yet rewarding cash-back structure. But, for frequent travelers or online shoppers who make purchases in foreign currencies, one concern often arises—foreign transaction fees. In this article, we’ll dive into how these fees work, particularly with the Citi Double Cash card, and how they can affect your international spending. If you’re a rewards-driven cardholder who wants to get the most out of your Citi Double Cash card, this is an essential read.

When using a credit card abroad, many people are caught off guard by extra charges for transactions in foreign currencies. These fees can quickly add up, especially when making large purchases or multiple international transactions. Understanding how these fees work, and whether the Citi Double Cash card charges them, will help you make more informed decisions on how to spend your money abroad.

In the sections ahead, we will clarify the Citi Double Cash’s foreign transaction fee policy, provide insights on how to avoid these fees, and explain how to make the most of the card’s rewards system, even when using it internationally. By the end, you’ll be ready to travel or shop internationally with confidence, knowing how to minimize costs and maximize your rewards.

What is the Citi Double Cash Card?

The Citi Double Cash card is one of the most popular credit cards in the market for those looking to earn cash back on their purchases. It offers an appealing rewards structure: 1% cash back on every purchase, and an additional 1% cash back when you pay for those purchases. This makes it a straightforward, no-hassle option for users who want to earn rewards without worrying about complicated categories or rotating offers. The Citi Double Cash card is particularly appealing to people who want a reliable way to earn cash back on everyday purchases.

However, what makes the Citi Double Cash card stand out even more is its simplicity and ease of use. Cardholders can earn up to 2% cash back, which is quite competitive, especially when compared to other cards that may require a lot of effort to maximize rewards. It’s ideal for users who want to earn cash back without keeping track of special categories, making it an attractive choice for a wide range of individuals, from casual shoppers to avid online buyers.

But, as with all credit cards, it’s important to understand the associated fees and charges. One of the main concerns when using a credit card internationally is the foreign transaction fee, a fee charged by many cards for transactions made in foreign currencies. Let’s now break down what exactly this fee is and why it matters to you as a Citi Double Cash cardholder.

What is a Foreign Transaction Fee?

A foreign transaction fee is a charge that many credit card issuers apply when a cardholder makes a purchase in a foreign currency or from an overseas merchant. This fee typically ranges from 1% to 3% of the total transaction amount. Essentially, it’s the cost of processing a transaction made outside the card issuer’s home country. Even if you’re making an online purchase from an international retailer, you might still incur this fee if the transaction is processed in a foreign currency.

The purpose of the fee is to cover the costs incurred by the credit card issuer for converting the currency and processing international transactions. However, for cardholders, these fees can quickly add up, especially when making large purchases or traveling abroad. Understanding how these fees work—and whether your credit card charges them—can help you make better financial decisions when using your card internationally.

When traveling abroad or making international purchases, it’s essential to consider the impact of foreign transaction fees on your overall spending. Depending on the size of the transaction, the fee can significantly reduce the benefits you receive from your rewards program. This is especially important for those who rely on rewards cards like the Citi Double Cash to maximize their spending power.

FAQ

Is Citi Double Cash Card worth it?
The Citi Double Cash Card is definitely worth it for those who want a straightforward rewards structure. With 1% cash back on every purchase and an additional 1% when you pay off your balance, it offers a reliable and simple way to earn rewards on everyday purchases.

Is the Citi Double Cash hard to get?
The Citi Double Cash card is not particularly difficult to get, but it does require a good credit score. Typically, a score of around 700 or higher is recommended to increase your chances of approval.

What was the drawback of the Citi Double Cash Card?
One of the main drawbacks of the Citi Double Cash Card is its foreign transaction fee of 3%, which can add up quickly for international travelers. Additionally, it doesn’t offer bonus categories or rotating rewards, making it less appealing for those who want to maximize their rewards through specific spending categories.

Does Citi Double Cash give high limits?
Citi Double Cash cardholders can receive high credit limits depending on their creditworthiness. The higher your credit score and income, the more likely you are to receive a higher credit limit.

What is the best credit card to have?
The best credit card depends on your spending habits and financial goals. For those looking for simple rewards, the Citi Double Cash is a great option. However, if you’re focused on travel, cards like the Chase Sapphire Preferred or Capital One Venture Rewards may be better suited for you.

Is Citi double cash really 2%?
Yes, the Citi Double Cash card offers 2% cash back in total: 1% on the purchase and 1% when you pay off the balance. However, the foreign transaction fee and potential interest charges can reduce the overall value.

What is the minimum income for Citi Double Cash Card?
Citi doesn’t specify a minimum income requirement for the Citi Double Cash card. However, to be approved, applicants typically need to show sufficient income to handle the credit limit.

What’s the easiest Citi credit card to get?
The Citi® Secured Mastercard® is the easiest Citi card to get, as it’s designed for those looking to build or rebuild their credit. If you have good credit, the Citi Double Cash card is also a relatively easy card to obtain.

Why did Citi Double Cash reject me?
Citi may reject your application for various reasons, including a low credit score, insufficient income, or too many recent credit inquiries. Reviewing your credit report and improving your financial standing may help increase your chances next time.

What is a good APR for a credit card?
A good APR for a credit card typically falls between 12% and 18%. However, the exact rate depends on your creditworthiness, and some cards may offer introductory 0% APR periods.

Does Citi do pre-approval?
Yes, Citi offers a pre-approval process, allowing you to check if you’re likely to be approved for a card before submitting a full application. This is a soft inquiry and won’t impact your credit score.

Is Citi Preferred better than double cash?
It depends on your spending habits. The Citi Premier® Card offers higher rewards on travel-related purchases but has a higher annual fee. The Citi Double Cash card, on the other hand, offers a simpler, no-fee rewards structure.

What FICO score does Citi use?
Citi typically uses your FICO score to determine your eligibility for credit cards. A score of 700 or higher is generally required for premium cards like the Citi Double Cash.

What is the highest credit limit for Citibank?
Citibank does not have a set maximum credit limit, as the limit depends on factors such as your credit score, income, and overall creditworthiness. High-income individuals with excellent credit may receive very high limits.

Does Citi Double Cash do a hard pull?
Yes, Citi performs a hard pull (hard inquiry) on your credit report when you apply for the Citi Double Cash card. This can temporarily impact your credit score.

What’s the hardest credit card to get?
The hardest credit card to get is typically the American Express Centurion Card (Black Card), which has very high eligibility requirements, including significant wealth and spending history.

Is Citi Double Cash a good credit card?
Yes, the Citi Double Cash card is considered one of the best cash-back cards because of its straightforward and generous rewards structure. It’s particularly good for those who want a simple, no-hassle way to earn rewards.

What are the three top credit cards?
The top three credit cards vary depending on your needs, but some of the best are:

1. Chase Sapphire Preferred® Card – Best for travel rewards.
2. Citi Double Cash Card – Best for straightforward cash back.
3. Capital One Venture Rewards Credit Card – Best for flexible travel rewards.

Does applying for a credit card hurt your credit?
Yes, applying for a credit card can cause a small, temporary dip in your credit score due to the hard inquiry. However, if you manage the card responsibly, it can ultimately help improve your credit score over time.

Which cashback card is best?
The best cashback card depends on your spending habits. The Citi Double Cash card is excellent for earning a consistent 2% cash back on every purchase, but cards like the Chase Freedom Unlimited or the Blue Cash Preferred® Card from American Express offer higher rewards in specific categories.

How much is 20,000 Citi points worth?
20,000 Citi ThankYou® points are worth approximately $200 in travel rewards when redeemed through the Citi ThankYou® Rewards program, or $100 in gift cards or statement credits. The value can vary depending on how you redeem the points.