Earning 1% or 2% cash back on purchases is nice, but what if you could earn 5% on everything you buy? Over the past several years, more and more card issuers have started offering 5% or more back on select everyday categories, such as groceries, gas, or even utilities. While shopping with a flat 2% cash back card might be easy, there are opportunities to earn even more when you have the right cards in your wallet. Here are our favorite credit cards that offer at least 5% cash back, as well as a few tips to make sure you’re maximizing your earnings potential.
5 Top 5% cash back (or more) credit cards in 2023
Best for rotating categories: Chase Freedom Flex℠
The Chase Freedom Flex℠ card tops our list of the best credit cards offering 5% cash back. This no-annual-fee card will give you the chance to earn 5% cash back on up to $1,500 per quarter within rotating categories. Categories included for April through June 2023 are Amazon.com and Lowe’s. Any purchases that exceed the quarterly maximum will earn 1%.
You’re also going to have the chance to earn cash back on the following purchases:
- 5% cash back on up to $12,000 spent in grocery stores, excluding Target and Walmart, in the first year.
- 5% cash back on travel purchased through Chase Ultimate Rewards.
- 5% cash back on Lyft rides through March 31, 2025.
- 3% cash back on restaurants, including takeout and eligible delivery services.
- 3% cash back at drugstores.
- 1% cash back on all other purchases.
While the ability to earn up to 5% back is attractive, that’s not the only thing to love about this card. If you spend $500 in the first three months, you’ll also receive a $200 welcome bonus.
Best for groceries and streaming services: Blue Cash Preferred(R) Card from American Express
It’s no secret that inflation has caused the cost of groceries to increase significantly. Being able to earn cash back can help ease the pain. With the Blue Cash Preferred(R) Card from American Express, you’ll earn 6% cash back on up to $6,000 per year spent in U.S. supermarkets.
You’ll also earn cash back on the following purchases:
- 6% cash back on select U.S. streaming services, including Netflix and Disney+.
- 3% cash back on transit, including taxis, rideshare, parking, tolls, trains, and buses.
- 3% cash back at U.S. gas stations.
- 1% cash back on all other purchases.
Another benefit is you can bonus_miles_full. On the downside, there is a $annual_fees (Rates & Fees).
Best for business expenses: Ink Business Cash(SM) Credit Card
If you’re running a small business, you likely have quite a few expenses. With the Ink Business Cash(SM) Credit Card, you’ll receive 5% cash back on the first $25,000 spent each year at office supply stores and on telecom expenses like phone, internet, and cable. You’ll also earn 2% cash back on the first $25,000 spent each year at gas stations and restaurants. All other purchases will earn 1% cash back.
The Ink Business Cash(SM) Credit Card also offers the most generous welcome bonus of any of the cards on this list. You’ll bonus_miles_full. This card has annual_fees annual fee.
Best for Amazon purchases: Amazon Prime Rewards Visa Signature Card
If you do a lot of shopping on Amazon.com, having the Amazon Prime Rewards Visa Signature card is a must. Cardholders qualify for 5% cash back at Amazon.com as well as at physical Amazon stores, including Whole Foods — that rate drops to 3% if you don’t subscribe to Amazon Prime. The card also offers 2% back at gas stations and restaurants and 1% back on everything else.
In addition, when you sign up for the Amazon Prime Rewards Visa Signature card, you’ll earn a $100 Amazon gift card immediately after approval. This card has no annual fee.
Best for Walmart purchases: Capital One® Walmart Rewards® Card
If you find yourself shopping frequently at Walmart and Walmart.com, then you might want to consider adding the Capital One® Walmart Rewards® card to your wallet. With this card, you’ll earn 5% cash back when shopping on Walmart.com, including pickup and delivery. Plus, you’ll have the chance to earn 5% cash back at Walmart stores for the first 12 months.
In addition to earning 5% back at Walmart and Walmart.com, you’ll receive 2% back at restaurants, on travel, and at Walmart stores after the first year. All other purchases will receive 1% back.
This card comes with no annual fee, and you’ll have the opportunity to see if you’re pre-approved before actually applying.
Best for choosing your own bonus categories: U.S. Bank Cash+® Visa Signature® Card
If you want the freedom to choose your own bonus categories, look no further than the U.S. Bank Cash+® Visa Signature® credit card. You’re going to receive 5% cash back on your first $2,000 in combined purchases each quarter in two categories of your choice. These categories could include home utilities, department stores, cell phones, and more. You can also earn 2% cash back on one everyday category, such as gas stations, grocery stores, and restaurants. All other purchases will receive 1% back.
Earning 5% is great, but having the chance to receive a welcome bonus makes the U.S. Bank Cash+® Visa Signature® card even better. You’ll earn a $200 reward bonus after spending $1,000 in purchases within the first 120 days of account opening. This card comes with no annual fee.
Types of 5% cash back cards
When looking for a 5% cash back card, keep in mind that there are a few different types of cards to consider. Which you decide to go with should be determined by your spending habits.
Rotating category cards
Rotating category cards offer 5% cash back on categories that change each quarter. These cards require a little more work because you’ll need to opt into the bonus categories every quarter. Most rotating category cards will also have a quarterly spending maximum. Once you hit your maximum, your earnings rate will drop back to 1%.
Bonus category cards
Bonus category cards offer bonus cash back on specific things. It might be at gas stations, or it could be at restaurants. Similar to the rotating category cards, there may be quarterly or annual purchase limits.
Retail Cards
The last type of card is retail-specific. These cards are associated with an individual store and can offer cardholders 5% or more back on purchases made at that store.
Maximize your 5% cash back reward
When choosing a credit card, you want to make sure you’re going to maximize the cash back you can earn. To do this, it’s important to consider how you spend money each month.
Look at your budget and see if there’s anything that stands out. Maybe you spend more on groceries than anything else. Or maybe you have a long commute to work and spend a lot at gas stations. Once you find where the majority of your spending is each month, choose a credit card that’s a good match.
You can go a step further by picking out multiple cards that help you earn more than the standard 1% or 2% cash back on your top spending categories. For example, you could get the Blue Cash Preferred(R) Card from American Express if you spend a lot each month on groceries and the Amazon Prime Rewards credit card if you do a lot of your shopping on Amazon.com. By using both of these cards, you’ll be able to maximize how much you earn on your biggest monthly expenses.
For rates and fees of the Blue Cash Preferred(R) Card from American Express, please visit Personal Finances Blog.
Frequently asked questions (FAQs)
How do you get 5% cash back on everything?
You can get 5% cash back on most of your purchases by having multiple credit cards. For example, if most of your spending each month is on groceries, utilities, and Amazon.com, you can choose credit cards that offer 5% back or more on these particular purchases.
Is 5% cash back a lot?
Standard cash back is typically between 1% and 2%. There are very few cards that offer more than 5% cash back, which makes this a very attractive amount.
Can I get 5% cash back with Chase?
Yes, Chase has several credit cards that offer 5% cash back. The Chase Freedom Flex card will give you 5% back on rotating categories each quarter. Many Chase cards will also offer 5% cash back on travel booked through Chase Ultimate Rewards. And if you run a small business, you can get 5% cash back on office supplies and telecom expenses with the Chase Ink Business Cash card.