The highest cash back percentage you’ll find anywhere is five percent on select categories that change every three months. There are two major credit cards that offer 5% cash back: the Discover it Card and the Chase Freedom® Visa. These rotating categories are one of the reasons each of these cards made our list of the best cash back credit cards.
But there is a catch. You need to sign up for the 5% categories each quarter in order to be eligible for the increased payout. It only takes a few seconds to sign up online, but you don’t want to forget. With the start of a new quarter upon us, here are the current categories for July, August and September:
Discover it 5% Categories
You can get five percent back on up to $1,500 in purchases made in various categories that change quarterly. For October to December 2014, the 5% cashback bonus applies to online shopping and department store purchases.
Chase Freedom 5% Categories
For 2014, you can earn bonus cash back on up to $1,500 spent each quarter on the following categories:
- Gas Stations
- Movie theaters
- Starbucks® stores*
- Lowe’s® home improvement stores
- Gas stations
- Select department stores
As with the Discover card, you can earn this increased bonus on up to $1,500 in purchases.