The idea of doubling your money doesn't often go hand in hand with credit card use, but a new product is promising to do just that. Yet it's still a gamble for some borrowers. Citi's Double Cash card , launched Friday, offers the typical 1 percent back on purchases—and then awards another 1 percent back on what cardholders pay on that balance each month.

That 2 percent rate is a competitive offer among all rewards cards, not just cash back. It's the very best offer," said Odysseas Papadimitriou, chief executive of comparison site CardHub.

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Most cash back cards offer 1 to 1. Read More Cashing in on hidden credit card perks.

In the second quarter of , cash back offers accounted for 40 percent of mailed credit card offers, up from 36 percent a year earlier, according to Mintel Comperemedia. They're second only to points cards, which account for 47 percent of offers. Consumers could see more high-earning cash back deals as the cards' popularity increases, s aid Lisa Hronek, a research analyst for Mintel Comperemedia.

Extra Cash from Citi Offers New Way for Cardmembers to Get Online Discounts

Read More Strategies for a better credit score—fast. Double Cash doesn't carry an annual fee. There are no caps on rewards, but some transactions don't apply—you won't earn cash back on balance transfers or cash advances, said Andretta. Any fees or interest charges in the balance paid won't generate rewards, either. The extra 1 percent on Double Cash, for some cardholders, might serve as extra incentive to pay off the balance fast.

It's not the first card to offer an incentive for paying as well as spending, but again, it's the most generous. Capital One's Journey Student Rewards offers 1 percent back, plus a bonus of 25 percent cash back earnings for paying the bill on time.

Still, Citi's card isn't a good fit for everyone—particularly those consumers who might be enticed into spending more, with the net result of carrying a balance. After a month 0 percent APR on purchases and balance transfers, Double Cash will have a rate of Carrying a balance even for a short time would more than offset in interest charges any rewards earned, he said.

Read More A common credit report surprise that will cost you. Double Cash may also not be the best fit for avid reward hunters, who can do better than 2 percent by chasing bonuses over several cards, said Yuann.

Amex EveryDay offers a 20 percent point bonus for each billing period in which cardholders make at least 20 purchases, while cards such as Discover and Chase Freedom award 5 percent cash back in rotating categories which can result in bigger yields. But that strategy requires more diligence—users often need to sign up each quarter to earn bonuses, and pay attention to details on reward caps and eligible stores, he said.

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That Discover gas bonus doesn't apply for purchases made at warehouse club and discount store stations, or using a virtual wallet technology. Of course, the rotating rewards aren't a good deal if you aren't a big spender in the chosen category of say, home improvement or movie theaters. Asia Europe Stocks Commodities Currencies Bonds Funds ETFs Investing Trading Nation Trader Talk Financial Advisors Personal Finance Etf Street Portfolio Watchlist Stock Screener Fund Screener Tech Mobile Social Media Enterprise Gaming Cybersecurity Tech Guide Make It Entrepreneurs Leadership Careers Money Specials Shows Video Top Video Latest Video U.

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The Capital One Venture Rewards card and Barclaycard Arrival Plus offer a 2 percent rate, but in miles—a less attractive reward currency, Papadimitriou said. Both also have annual fees. Fidelity's Retirement and cards offer 2 percent back in points. Read More Strategies for a better credit score—fast Double Cash doesn't carry an annual fee. Read More A common credit report surprise that will cost you Double Cash may also not be the best fit for avid reward hunters, who can do better than 2 percent by chasing bonuses over several cards, said Yuann.

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