Last updated on September 19th, 2023
Cash back credit cards are a popular option for consumers who want to save money on everyday purchases. Certain cards, however, offer higher rates of cash back than others, with the Chase Freedom Flex and Discover It being two of the most popular options available. These cards offer 5% back on select categories each quarter. Here are the 2023 5% cash back calendars:
At a Glance
These are the 5% categories for Chase and Discover for the first quarter of this year (January 1 through March 30, 2023).
 Chase Freedom |
 Discover It |
| Target, grocery stores (excluding Walmart), plus fitness and gym memberships | Grocery stores, drug stores, and select streaming services |
2023 Cash Back Calendars
Cash back credit cards are the most popular option for US consumers, and it’s easy to see why. Cash-back credit cards let you earn rewards for making everyday purchases on your card. Depending on the specific type of cash back credit card, you might earn even more rewards through bonus categories.
The 5% back rotating categories cash back credit card is one of the most accessible types of cash back card because they provide yearly variety. Both Chase and Discover offer credit cards with 5% cash back on up to $1,500 in spending per quarter in bonus categories that change each quarter and 1% back on all other purchases. To get the bonus cash back, you have to opt in, or “activate,” the category each quarter.
What Are the Chase Freedom Flex 5% Cash Back Calendar Categories
Chase Freedom Flex
Chase Freedom Flex
Chase Freedom Flex
- 20.49% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.49% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The Chase Freedom Flex is a hybrid cash back credit card that offers something for everyone. The card earns 3% cash back on dining and drugstore purchases, plus up to 5% back on rotating categories each quarter after activation – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening
- Earn 5% on up to $1,500 on combined purchases in bonus categories each quarter you activate
- Earn 5% on travel purchased through Chase Ultimate Rewards
- Earn 3% on dining at restaurants, including takeout and eligible delivery services
- Earn 3% on drugstore purchases
- Earn 1% on all other purchases
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.24%-27.99%
- No annual fee – You wo’t have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 20.49% to 29.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 20.49% to 29.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You want a versatile cash back credit card that earns rewards across various categories
- You don’t mind the lower cash back rates for dining and drugstore purchases over previous Chase cards
- You prefer to book travel through Chase Ultimate Rewards
- You don’t want to pay an annual fee for premium Mastercard features
The Chase Freedom Flex Card is one of the most popular cash back credit cards on the market. The card offers 5% back on select categories each quarter, with 1% back on all other purchases. Here are the 5% cash back categories for 2023:
| 5% Cash Back Category | |
|---|---|
| January - March 2023 | Target, grocery stores (excluding Walmart), plus fitness and gym memberships |
| April - June 2023 | Amazon.com and Lowe’s |
| July - September 2023 | Gas stations/EV charging and live entertainment |
| October - December 2023 | PayPal, wholesale clubs, and select charities |
How to Activate Chase 5% Cash Back Categories
Chase Freedom ad Freedom Flex card members must activate their bonus categories before they earn 5% back on the first $1,500 in spending each quarter. Fortunately, activating new categories with Chase is easy. They can activate their bonus categories by visiting the Chase bonus activation page or logging in to their Chase account.
How Does the 2023 Chase Freedom 5% Calendar Compare to 2022?
While the previous year’s cash back calendar usually provides insights into future categories in 2022, that may not be the case this year. Here’s a quick rundown of the 2022 Chase Cash Back Calendar:
- January to March: Grocery stores (excluding Target, Walmart) and eBay
- April to June: Amazon.com and select streaming services
- July to September: Gas stations, car rentals, movie theatres, and select live entertainment
- October to December: PayPal and Walmart
While Chase does not reveal its full 5% calendar until September, we can gain a few insights based on Q1 2023. Given the return of groceries. we can anticipate much of the same from 2023, including the usual hits, such as PayPal, Amazon, gas, and more.
Related Article: Best Credit Cards for Grocery Shopping
What Are the Discover It 5% Cash Back Calendar Categories?
Discover it® Cash Back
Discover it® Cash Back
Discover it® Cash Back
- 17.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 17.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 18 months from account opening Intro Purchase APR
At a Glance
The Discover It Cash Back Card is a cash back credit card that offers enhanced earning potential in a selection of rotating categories. Cardholders earn 5% back on purchases in categories that rotate each quarter, and 1% on all other purchases. The card also features 0% intro APR for the first 15 months on purchases and balance transfers, Discover’s 100% U.S.-based customer service, Discover’s bonus cash back match, and no annual fee or foreign transaction fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 5% cash back in rotating categories each quarter, up to the quarterly maximum, when you activate
- Earn 1% cash back on all other purchases automatically
- Discover matches all of the cash back earned by the cardholder at the end of the first year automatically; there is no limit to how much cash back is matched
- Cash back rewards never expire, earn unlimited cash back
- Use rewards at Amazon checkout
- No annual fee
- Intro Purchase APR: 0% for 18 months from account opening
- Regular Purchase APR: 17.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from date of first transfer
- Balance Transfer APR: 17.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transfer posted at the promotional rate. After that, 5% of the amount of each transfer
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: None the first time you pay late. After that, up to $41
- Return Payment Penalty Fee: Up to $41
- You want to earn 5% back on select category purchases each quarter, including restaurants, gas stations, select rideshares, and online shopping
- You don’t want to pay an annual fee or foreign transaction fees
- You want 100% U.S.-based customer service
- You don’t mind rotating categories changing every three months
Discover is another card issuer that offers a 5% cash back credit card. The issuer’s Discover It Cash Back is an excellent cash back card with no annual fees. It also features Discover’s Cashback Match for the first year (only for new cardholders).
Unlike Chase, Discover often announces its Cashback Calendar in full. Unfortunately, that seems to have changed in 2023, with the card issuer instead unveiling the first six months of 5% cash back for 2023:
| 5% Cash Back Category | |
|---|---|
| January - March 2023 | Grocery stores, drug stores, and select streaming services |
| April - June 2023 | Restaurants and wholesale clubs |
| July - September 2023 | Gas stations and digital wallets |
| October - December 2023 | Amazon.com and Target |
How to Activate Discover Cash Back Categories
Before earning 5% back on the first $1,500 in quarterly spending, Discover cardholders need to activate their 5% back categories. Users can activate a 5% Cashback Bonus using the Discover mobile app, their online account, or by calling 1-800-DISCOVER.
How Does the 2023 Discover 5% Calendar Compare to 2022?
Beyond streaming services in Q2, the 2023 Discover 5% Cashback Calendar is much different than the 2022 version. For reference, here’s the 2021 Discover Calendar:
- January to March: Grocery stores, gym, and fitness club memberships
- April to June: Gas stations and Target
- July to September: Restaurants and PayPal
- October to December: Amazon.com and digital wallets
Perhaps the most noticeable change is the switch to Amazon.com in the first quarter. This, in turn, can be a great bonus for savvy shoppers – especially with plenty of great deals after the holiday season!
Related Article: The Best No Annual Fee Credit Cards
Other Cash Back Options
Chase and Discover are currently the only major issuers with an active 5% back credit card that uses quarterly categories. Previously, Citi issued the Citi Dividend Card. though that card is no longer open to new applicants. Amalgamated Bank of Chicago (ABOC) also featured a 5X rotating category card, but that too has been discontinued.
What Are the 2023 Citi Dividend Platinum Visa 5% Categories?
Here are the 2023 Citi Dividend quarterly categories for existing cardholders:
- Q1: Amazon and select streaming services
- Q2: Drugstores and groceries
- Q3: Gas stations and home improvement
- Q4: TBD
FAQs About Rotating Cash Back
We get it. Sometimes cash back rewards structures are confusing. Don’t worry – here are answers to some of the most commonly asked questions:
- You can activate your 5% cash back categories quickly by clicking on the “Activate” option in your Chase mobile app, or by visiting the Chase website and logging in to your eligible card account.
- You can activate your Discover it cash back categories through the Discover mobile app, online via the Discover website, or by calling 1-800-DISCOVER.
- No. Neither card offers “unlimited” 5% cash back. Instead, cardholders earn up to $1,500 on combined purchases in bonus categories, with all other purchases earning 1% after that.
Bottom Line
Chase Freedom and Discover It are two excellent cash back cards. The 5% cash back calendars offer significant value for those who either like to shop online or prefer to plan their major spending ahead of time. The bonus categories are incredibly useful around the holidays, as department stores, online shopping, and other major retailers are the focus.
Those who don’t spend heavily in bonus categories, however, don’t have to settle for 1% cash back. There are plenty of excellent credit cards that offer accelerated cash back on all purchases.
Further Reading
Not sure which card is best for you? Check out some of our “Best Of” lists to discover the top credit cards in each category:
