flexible cash backUpdated: August 7, 2019

Most cash back credit cards offer fixed or rotating cash back in specific categories, but wouldn’t it be better to pick the category yourself? After all, you know your spending best. Lucky for you, there are a handful of credit cards that offer flexible cash back rewards and do exactly that, and we have the breakdown. Whether you’re searching for yourself or for your small business, read on for credit cards that let you choose which purchases will earn cash back.

For the most flexibility: Bank of America Cash Rewards credit card

Bank of America® Cash Rewards credit cardWith the Bank of America Cash Rewards credit card, you’ll choose 1 out of 6 categories to earn 3% cash back in. Your options include (1) gas, (2) online shopping, (3) home improvement and furnishings, (4) dining, (5) travel, and (6) drug stores. On top of your choice category, you’ll also earn 2% cash back at grocery stores and wholesale clubs, up to a total of $2,500 in quarterly purchases between the 3% and 2% categories (then it’s 1%), and 1% cash back on all other purchases.

We think grocery stores and wholesale clubs make for a strong foundational cash back category and we’re confident consumers will be able to find at least one choice category that they frequently use. And, what’s more, you can change the category every month, giving you the freedom to adjust to your needs throughout the year. At the same time, you can keep your category if you like it. That’s because your pick will remain until you decide to change it. The ability to choose your cash back category is rare enough, but having the option to switch it monthly or leave your selection in place makes the Bank of America Cash Rewards credit card stand out for flexibility and convenience.

New cardholders can also benefit from the Bank of America Cash Rewards credit card’s intro bonus. After spending $1,000 on purchases in the first 90 days of account opening, you’ll earn $200 cash back. That’s 20% cash back on the first $1,000 you spend. Plus, there’s no annual fee and you’ll have 15 billing cycles of 0% intro APR on purchases and on balance transfers made within 60 days of account opening (with a 3% balance transfer fee, $10 minimum). This credit card requires good to excellent credit to qualify (generally considered to be credit scores of 700 or above).

For the most choices: U.S. Bank Cash+ Visa Signature Card

For a higher percentage and two choice categories, take a look at the U.S. Bank Cash+ Visa Signature Card. First, choose 2 categories to earn 5% cash back in (up to $2,000 in combined purchases per quarter, then it’s 1% back). Next, choose 1 everyday category to earn 2% cash back in. Finally, you’ll earn 1% cash back on all other purchases.

The categories vary, but there are many choices. For example, options for the 5% category could include home utilities, electronics stores, department stores, select clothing stores, movie theaters, fast food, furniture stores, gym and fitness centers, sporting goods stores, car rentals, ground transportation and cell phone providers. Choices for the 2%, everyday category options could include gas stations, restaurants and grocery stores.

You do need to choose your categories each quarter, otherwise your purchases will earn 1% cash back, and you can’t change the categories during the quarter. However, those who know their spending habits well will benefit immensely from 5% cash back, and you can sign up for free email or text messages to alert you when it’s time to make your category selections.

In addition to the cash back you’ll earn in your choice categories, you’ll also earn $150 after spending $500 on eligible net purchases in the first 90 days of account opening and pay no annual fee. And, while there’s no 0% intro APR on purchases, you will have a 12-billing cycle 0% intro APR on balance transfers made within the first 60 days of account opening (with a 3% balance transfer fee, $5 minimum). That can be helpful if you’re carrying a balance on a credit card with high APR. It should be noted that the U.S. Bank Cash+ Visa Signature Card requires good to excellent credit to qualify (generally considered to be credit scores of 700 or higher).

The information about the U.S. Bank Cash+ Visa Signature Card has been collected independently by NextAdvisor.com. The card details have not been reviewed or approved by the card issuer.

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