Best 5% Cash Back Credit Cards

No, you cannot get 5% cash back with your Chase Freedom card at Walmart at the moment. However, Chase sometimes offers Chase Freedom promotions that give cardholders 5% cash back on up to $1,500 spent at Walmart.

Keep in mind that the bonus categories on Chase Freedom's calendar change quarterly and don't usually repeat year over year. It's also important to note that any purchases in these categories that go above the $1,500 limit will give 1% cash back.

Alternative Credit Card Option

If you're after Walmart-oriented rewards, the Capital One Walmart Rewards® Mastercard® offers 5% cash back on Walmart.com purchases. This is matched by an introductory offer of 5% cash back on in-store purchases through Walmart Pay during the first 12 months of account opening.

The best 6% cash back credit card is the Blue Cash Preferred® Card from American Express, which offers 6% back at U.S. supermarkets on up to $6,000 per year in purchases, and on select U.S. streaming subscriptions. The card's annual fee is $0 intro 1st yr, $95 after, and you need at least good credit for approval. 

Here's what the Blue Cash Preferred card offers: 

• Ongoing rewards: Earn 6% cash back at U.S. supermarkets (up to $6,000 spent per year), 6% back on select U.S. streaming subscriptions, 3% back at U.S. gas stations and on transit, and 1% back on all other purchases, earned as statement credits.
• Initial bonus: You can earn $250 statement credit for spending $3,000 in the first 6 months of account opening.
• Intro APR on both new purchases and balance transfers: This card offers an introductory interest rate of 0% for 12 months on both new purchases and qualifying balance transfers. If you wish to transfer a balance with this card, note that there is a fee of 3% (min $5). The card's regular APR is 18.74% - 29.74% (V). 

Although Blue Cash Preferred is the only 6% cash back card currently available at the moment, there are plenty of other attractive offers to consider. 

Other Notable Cash Back Credit Cards 

Ultimately, feel free to check out our editors' latest picks for the best cash back credit cards available right now on the market. 

To get Chase Freedom Flex's 5% cash back rate, go to the activation page and enter your name, the last 4 digits of your card number and your zip code. You will need to activate new 5% categories for Freedom every quarter to get the bonus rate.

Chase Freedom Flex cardholders get 5% cash back on the first $1,500 spent per quarter in select purchase categories. Purchases that exceed the $1,500 quarterly limit will earn 1% cash back. The current Chase Freedom Flex 5% categories (for Q1 2023) are grocery stores (excluding Target & Walmart) and eBay. Chase has not announced the next quarter's categories yet, but you can always check the Chase Freedom 5% calendar for updates. You can activate an upcoming quarter's bonus categories on the 15^th of the month before it starts.

Purchases that do not qualify for the 5% cash back bonus earn 1% cash back, except for travel booked through Chase, plus dining and drugstores (which earn 3%). If you spend up to the $1,500 limit, the Chase Freedom Flex 5% cash back categories can save you $75 every quarter. Just make sure to always activate the new bonus categories, or your eligible purchases will earn only 1%. If you're worried you'll forget, Chase makes it easy to set up activation reminder messages and calendar alerts.

The Chase Freedom Flex 5% bonus categories are Amazon.com and Lowe's, from April through June 2023. Chase Freedom Flex gives 5% cash back on the first $1,500 spent in these bonus categories, as long as the cardholder activates them by June 14.

Keep mind that the bonus categories on Chase Freedom Flex's calendar change quarterly and don't always repeat year over year. It's also important to note that any purchases in these categories above the $1,500 limit will give 1% cash back.

Chase Freedom Flex Calendar for 2023

How the Chase Freedom Flex Calendar Works

The Chase Freedom Flex 5% calendar is pretty straightforward and easy to use. In order to earn 5% cash back in the Chase Freedom Flex bonus categories each quarter, you will need to “activate” the category. The deadline to activate is typically halfway through the final month of the quarter.

Unfortunately, you can't see the whole year's cash back categories in advance. But you do get about a month's notice, and Chase is very transparent about the activation dates. As long as you activate before the deadline, all purchases in the bonus categories during the quarter will get 5% cash back, even if you made them before activation.

How to Activate the Chase Freedom Flex Bonus Categories

• Online: For online activation, visit the Chase bonus categories page and enter your name, the last 4 digits of your card number, and your ZIP code. Then, click on the green “Activate your 5%” button.
• Through Chase Ultimate Rewards: You can also activate the bonus categories through the Chase Ultimate Rewards webpage. Just log in using your credentials and click the “5% cash back” button, followed by the “Activate your 5%” button.
• Via the Chase mobile app: Download the Chase mobile app and log in to your account. Scroll down until you find “5% cash back” and tap that link. On the next screen, tap the “Activate your 5%” button.
• At a Chase branch: You can visit your nearest Chase branch and ask for a teller to help you.
• Over the phone: You can call (800) 432-3117 or the number you see on the back of your card. Enter your credit card number, and you will be connected to a live representative who should be able to assist you with your request.
• At a Chase ATM: You can activate your Chase Freedom Flex bonus categories with one click at a Chase ATM while making a cash withdrawal.

Past Chase Freedom Flex Bonus Categories

It's also worth noting that the Chase Freedom family has another good rewards credit card, the Chase Freedom Unlimited®. This card's bonus categories don't rotate but include a wide range of purchases, from drugstores to dining and travel. The card offers 1.5 - 5% cash back, depending on the type of purchase.

Alternatives to the Chase Freedom Flex Card

You can also check out our editors' latest picks for the best 5% cash back credit cards on the market.

The Discover calendar shows what purchases qualify for Discover's 5% cash back bonus rewards categories. Eligible cardholders can earn 5% cash back on up to $1,500 spent per quarter in the purchase categories listed on Discover's bonus rewards calendar, when they activate.

2023 Discover Calendar for 5% Rewards Categories:

Discover's 5% cash back calendar applies to three Discover credit cards: Discover it® Cash Back, Discover it® Student Cash Back and NHL® Discover it® (this offer is not currently available on WalletHub and may be out of date). Cardholders must activate new bonus categories by the end of each quarter for purchases to qualify for the 5% rewards rate. And the bonus rate will apply only from the date of activation through the last day of the quarter. To activate a category, click the blue “Activate Now” link on the calendar.

Just bear in mind that there are exceptions to Discover's calendar categories. For example, purchases at restaurants inside other locations – like hotels, convenience stores and grocery stores – are not eligible. Neither are restaurant delivery purchases. Each category has a bit of fine print. Be sure to read it.

You get Chase Ink 5% cash back on up to $25,000 spent on office supplies and phone, internet and cable TV services each account anniversary year. But it's not cash back as you'd normally think about it. The card earns 5 Ultimate Rewards points per $1 spent. You can trade those points for cash at a rate of one cent each, so it's basically 5% cash back. When you've reached the $25,000 threshold, purchases in the bonus categories will earn 1 point per $1 spent for the remainder of the account year with no maximum.

If you see “5x” or “5%” in some Chase marketing materials, those are just other ways of referring to the Ink Cash bonus rate of 5 points per $1 spent. The other two Chase Ink business cards, Preferred and Unlimited, don't offer 5% back.  

Here is what you should know about Chase Ink 5% cash back:

• Chase Ink 5% cash back refers to the Chase Ink Business Cash card's earning rate of 5 points per $1 spent. Chase Ink's rewards are provided in points, but they're sometimes called cash back because each point is worth 1 cent.
• The Chase Ink Cash 5% rewards rate applies to $25,000 spent per year on office supplies and phone, internet and cable TV services. The $25K limit resets every account anniversary.
• All purchases that don't qualify for Chase Ink 5% back get you 1 point per $1 spent.  
• Chase Ink Cash is the only Chase Ink business credit card with 5% back. Chase Ink Preferred offers up to 3 points per $1 spent. And Chase Ink Unlimited gives 1.5 points per $1 on all purchases.
• Chase Ink points do not expire as long as the account remains open.

Chase Ink 5% cash back (really 5 points per $1) can be pretty lucrative. But it's not all that Chase Ink Cash will reward you with.

There's also 2 points per $1 spent on gas and dining purchases, up to $25,000 spent per year. And 1 point per $1 on all other purchases. Plus, there's a bonus of 50,000 points when you spend $3,000 in the first three months, and there's no annual fee.

You cannot get 5x rewards on utilities purchases with any Chase Ink credit card. Only Chase Ink Cash offers 5% cash back on select purchases. Its bonus categories are limited to the first $25,000 spent annually at office supply stores and on internet, cable and phone services, though.

The best Chase Ink business card for utilities is Chase Ink Unlimited. It gives 1.5% cash back on all purchases for your business with no limit on the amount of rewards you can earn.

Yes, Chase Freedom Unlimited currently offers 5% cash back on travel booked through Chase Ultimate Rewards. In addition to its 5% cash back category, Chase Freedom Unlimited gives at least 1.5% cash back on other types of purchases.

Here's what Chase Freedom Unlimited currently offers:

There are also other attractive features to complement the card's current rewards. Chase Freedom Unlimited comes with a $0 annual fee. Plus, it comes with an introductory APR of 0% for 15 months on both purchases and balance transfers. The card's regular APR is 19.49% - 28.24% (V). Note that balance transfers are subject to a fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after).

The Chase Freedom 5% bonus categories are grocery stores (excluding Walmart), Target, fitness clubs, and gym memberships. Cardholders earn 5% back on up to $1,500 spent in the bonus categories from January through March 2023 (then 1% back). To earn the 5% bonus rewards rate, cardholders must activate the new bonus categories by March 14.

Just bear in mind that the bonus categories on Chase Freedom's calendar don't always repeat year over year. It's also important to note that any purchases in these categories above the $1,500 limit will give 1% cash back. The same 1% rate goes for all purchases outside of the Chase Freedom bonus categories. These policies apply to both the original Chase Freedom Card and Chase Freedom Flex℠.

Chase Freedom Calendar for 2023

In order to earn 5% cash back in the Chase Freedom bonus categories each quarter, you will need to “activate” the category. The deadline to activate is typically halfway through the final month of the quarter. Luckily, as long as you activate before the deadline, all purchases in the bonus categories during the quarter will get 5% cash back, even if you made them before you activated.

How to Activate the Chase Freedom Bonus Categories

• Online: Visit the Chase Freedom webpage and click the green “Activate your 5%” button. Enter your name, the last 4 digits of your card number, and your ZIP code. Then, click on “Activate your 5%.”
• Through Chase Ultimate Rewards: Visit the Chase Ultimate Rewards website and log in using your credentials. Click the “5% cash back” link that will be shown on your account page. On the next screen, click the “Activate your 5%” button that is located under the upcoming bonus categories.
• Via the Chase mobile app: Download the Chase mobile app and log in using your credentials. Scroll down until you find the “5% cash back” section. Tap that link and then tap the “Activate your 5%” button you will see on the next screen.
• At a Chase branch: You can visit your nearest Chase branch and ask for a teller to help you.
• Over the phone: You can call (800) 432-3117 or the number you see on the back of your card. Enter your credit card number and you will be connected to a live representative who should be able to assist you with your request.
• At a Chase ATM: You can also activate your Chase Freedom bonus categories with one click at a Chase ATM while making a cash withdrawal.

Past Chase Freedom Bonus Categories

It's important to note that the Chase Freedom Card is no longer available to new applicants, having been replaced by the Chase Freedom Flex Card. However, existing Chase Freedom cardholders can continue using their cards, and both Chase Freedom and Chase Freedom Flex have the same bonus categories.

The Chase Freedom family also has a third card, Chase Freedom Unlimited®. This card's bonus categories don't rotate and include a wide range of purchases, from drugstores to dining and travel. The card offers 1.5 - 5% cash back, depending on the type of purchase.

Alternatives to the Chase Freedom Card

Ultimately, you can check out our editors' latest picks for the best 5% cash back credit cards on the market to weigh your options.

The Discover cash back bonus pays you back a certain percentage of the money you spend as a reward. The Discover cash back bonus can be redeemed either at select merchants or for cash. More specifically, there are three types of Discover cashback bonuses:

• 5% bonus rate: You earn 5% cash back on up to $1,500 spent per quarter in bonus categories (which change every quarter and require activation), and 1% back on all other purchases. The Discover credit cards that offer this deal are the Discover it® Cash Back, the NHL® Discover it®, and the Discover it® Student Cash Back.
• Cash back in categories that don't change: Other Discover cards offer a cashback bonus in certain categories that never change. Discover it® chrome, Discover it® Student chrome and Discover it® Secured Credit Card offer 2% cash back at gas stations and restaurants (up to $1,000 spent each quarter combined), and 1% back on all other purchases.
• Cashback Match: There's a final Discover cashback bonus that all Discover cards have. With Cashback Match, Discover will match all the rewards you earn the first year your account is open. So, if you rack up $500 in rewards during the first 12 months, for example, Discover will tack on another $500 as an anniversary present.

Discover's 2% cash back bonus and Cashback Match are fairly simple, but there are several other details you'll need to know about the 5% bonus. To start, Discover has a cash back calendar showing when the categories rotate. And to get the 5% Discover cashback bonus, you need to “activate” it every quarter. You can easily do so by logging in to your Discover account from their cash back bonus page. You can activate the new categories on the first day of the quarter.