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Every cardholder wants to earn more rewards when they spend, and the Citi Double Cash credit card is one of the best cash back cards for that. Before applying, it is important to know what the requirements are to ensure approval.
Here’s a closer look at the credit score requirements you need to meet to get approved for the Citi Double Cash credit card.
What are the Citi Double Cash Card approval requirements?
To guarantee approval, applicants for the Citi Double Cash credit card must meet the necessary credit score and income requirements to be eligible. Here is what they are.
Credit score
Although Citi does not list minimum credit score requirements on its website, Forbes recommends applicants have a FICO score between good and excellent to qualify for the Citi Double Cash card. Citi generally makes its decision for credit card approval based on the following optimal credit score ranges:
- Risky: 250 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Exceptional: 800 to 900
Having a credit score in the “Good” range or above can mean a decent chance of being approved for the Citi Double Cash credit card.
Citi Dual Cash Income Requirements
Although this Citi offer does not have a particular income requirement, a candidate who earns a high and stable salary can improve the chances of approval. Strong finances and a good credit history can help an applicant get approved even if their credit score is below what is considered good.
Good to know
A credit score is essential when applying for credit cards and loans, as well as when measuring a person’s financial health. Fortunately, there are now several ways for anyone to check their credit score. Here are some easy ways to check:
- Use GOFreeCredit.com. It offers credit score checks and credit reports.
- Credit card and bank accounts. These financial institutions generally offer free credit checks to their customers.
- Buy a credit report. Credit reports can be purchased directly from Equifax, Experian or TransUnion.
When Does Citi Deny Double Cash Credit Card Approval?
Sometimes, despite having a decent credit score and income, applicants for the Citi Double Cash credit card are denied approval. When this happens, it usually means the applicant has failed to meet some or all of Citi’s broader creditworthiness requirements. This may mean that the applicant has:
- Too many recent apps. If someone applied for more than two credit cards in a 65-day window, Citi will likely decline their application.
- Maxed their credit limit. Citi may reject an applicant if they have high outstanding balances on some or all of their credit cards.
- Poor credit history and usage rate. If a person’s credit history shows a series of late payments and a high rate of credit utilization, they will likely have their Citi application denied.
How are credit scores determined?
Card companies use credit scores to decide if a person is qualified to become a cardholder, as well as the amount of their credit limit.
They receive these scores through credit reporting agencies, which calculate them based on certain scoring model algorithms and information taken from their financial history.
Which credit bureau uses Citi Double Cash?
There are three major credit reporting agencies: Experian, TransUnion and Equifax. Each uses different algorithms and sources of credit information to determine a person’s credit score.
Citi — and, by extension, the Citi Double Cash credit card — relies on Equifax as its chosen credit reporting agency to determine whether applicants meet its credit score requirements.
Which FICO scoring model does Citibank use?
Because Citi receives credit scoring services from Equifax, which uses a model commonly used to calculate credit scores, specifically the FICO Bankcard Score 8.
This model ranges from 250 to 900 and is primarily used to manage and monitor cardholder accounts. Although most credit card companies and financial institutions use the same model, their scores may differ from those provided by Citi because they are based on information from credit reports and other documents that have been processed different times.
How good is Citi Double Cash compared to Citi Simplicity?
In addition to the Double Cash card, Citi also offers applicants the Citi Simplicity card, which is one of the best credit cards from Citi.
Like the Double Dash card, the Simplicity card has no annual fee. On top of that, there are no late fees or penalty rates. However, it also does not have a rewards program for cardholders. The Citi Simplicity Card is for people who want a hassle-free card in their wallet.
On the other hand, the Double Cash card has late fees and penalties, but also offers an excellent cash back program for cardholders who spend a lot and pay their balance on time.
For those wishing to apply for Citi Simplicity, there are no specific credit score requirements to meet. But, like the Citi Double Cash credit card, it’s best to expect a good to exceptional credit score — between 670 and 900 — to guarantee approval.
Is the Citi Double Cash credit card a good choice?
Whether the Citi Double Cash credit card is good or not depends on its ability to meet the needs and habits of the cardholder. New cardholders have access to 24-hour customer service from the first time they log in to their account, fraud and identity protection, as well as Citi’s Lost Wallet service and at Citi Entertainment, which offers special access to tickets to many events and dining experiences. .
Apart from this, generally speaking, some other benefits of the Citi Double Cash credit card include:
- Offer 2% cash back; 1% when making a purchase and an additional 1% when that purchase is paid
- Have no limits on cash back earnings
- Offer an introductory APR of 0% for the first 18 months
- Does not require an annual fee
This card also has some disadvantages, such as:
- A balance transfer fee requirement: 3% or $5 minimum for the first four months of card membership; 5% afterwards
- 3% foreign transaction fee
- No sign-up bonus
Overall, the Citi Double Cash credit card is a great cash back credit card, but it lacks many benefits and has a few fees that might make it unfavorable for those who like to travel.
Take away
The Citi Double Cash credit card is one of the best rewards cards from Citi. With a decent credit score, credit history and stable income, an applicant has high chances of approval. However, before applying, an applicant should determine if the Citi Double Cash card is best for them based on their needs and spending habits.
Data is accurate as of April 15, 2022 and is subject to change.
This content is not provided by Citibank. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.
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