Citi Double Cash Card is as good as it sounds

The Citi Double Cash Back might cause you to do a double take. The credit card gives you back 1 percent when you make a purchase and another 1 percent when you pay at least the minimum due on your monthly statement.

If it sounds too good to be true, it isn't.

"If we had to single out one credit-card newcomer in 2014, it would be the Citi Double Cash Card," says Jelena Ewart, a general manager at NerdWallet, a personal finance website. The reason? Citi's reward applies to every purchase you make, and there is no limit on the amount of cash you can earn. You can redeem your cash back for statement credit, a gift card, or a check starting at $25. There's also no annual fee—ever—and the Citi Double Cash Card offers a 0 percent APR for the first 15 months.

Other credit cards give you rewards when you buy gas, plane tickets, or other goods and services. And while the Capital One Venture card, for example, provides 2 percent back on everything you buy, you typically get the best redemption value if you redeem against expenses classified as "travel."  Also, after the first year, the card charges an annual fee of $59.

For more information on how to pick a credit card, check our credit card buying guide.

What you should know

While the Citi Double Cash Card is probably a better option for most people, there are a few things to consider:

• After the first 15 months, you could be charged an APR of 12.99% to 22.99%, depending on your creditworthiness. So you don't want to carry a balance.
• Also, if you pay off your bill with cash-back funds you had previously earned through the card, you won't get the additional 1 percent back when you pay off your bill.
• To qualify for this card, you'll likely need an excellent credit rating.

Also, remember that when a card comes with special features, such as a cash-back offer, it can sometimes alter your perception of how much things cost. And that can lead you to overspend, says Ewart. That's a situation to avoid, especially since higher interest rates kick in after 15 months.  

—Nikhil Hutheesing (@Nikhil212 on Twitter)