Does it feel like the cash back credit card market is changing in 2026?
There are definitely changes to the credit card menus from major banks this summer.
Wells Fargo, Citi and U.S. Bank have recently stopped taking applications for select cash back credit cards that pay 4-5% back on popular spending categories.
Is this the signal of the beginning of the end for credit cards that offer that type of categorical cash back? Or simply a part of the business cycle for rewards cards?
In this article, we’ll look at which cards are affected, discuss why this may be happening, and go over alternative cards that can still help you maximize cash back on your spending.
These 3 Cash Back Cards Are No Longer Taking Applications
As of June 2026, these three credit cards are still active for existing cardholders but are no longer taking new applications:
Citi Custom Cash® Card
Annual Fee:
$0 (See Rates & Fees)
Rewards Program Details:
Earn 5% cash back on your top eligible spend category each billing cycle up to $500 spent.
Earn 1% cash back on all other purchases.
Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi TravelSM portal through 6/30/2026.
Applications closed in May 2026. Existing cardholders are not impacted.
U.S. Bank Shopper Cash Rewards® Visa Signature® Card
Annual Fee:
$95.00
Rewards Program Details:
6% cash back: On your first $1,500 in combined eligible purchases each quarter with two retailers you choose.
5.5% cash back: On prepaid hotel and car reservations booked directly in U.S. Bank’s Rewards Travel Center.
3% cash back: On your first $1,500 in eligible purchases on your choice of one everyday category.
1.5% cash back: On all other eligible purchases.
Applications closed in June 2026. Existing cardholders are not impacted.
Wells Fargo Attune World Elite Mastercard
Annual Fee:
$0
Rewards Program Details:
Earn 4% cash rewards (1% base plus 3% bonus) at retailers whose merchant category codes include:
Select Sports, Recreation, and Entertainment: gardening and floral stores, campgrounds, sports supplies, movie theaters, live shows and sporting events, amusement parks, tourist attractions, and pet supplies, boarding, and grooming
Self-care: gym memberships, massages, hair and nail salons
Planet-Friendly purchases: public transportation, electric vehicle charging stations and secondhand stores
Other purchases: 1% cash rewards.
Applications closed in June 2026. Existing cardholders are not impacted.
Why Are Banks Closing These Cash Back Credit Cards?
While each of these banks has acknowledged halting applications on these cards with corporate buzz phrases like “managing evolving credit card product portfolios,” you may be wondering if there is more at play here.
I have a few ideas on what may be driving these decisions:
These cards may not have been very profitable. Credit card rewards typically are “bait” to get you to run up high-interest debt. But if enough customers are paying the bill in full each month and claiming the high-percent rewards, the math on these cards may not be as pretty as the issuers want it to be. I wouldn’t be surprised if this was Citi’s issue with the Custom Cash. The 5% on a category of your choice each month was an easy one to manipulate in your favor by using it as a “gas only” option or “dining only” card.
Issuers want to funnel customers to more profitable cards. Cards marketed on TV that offer fewer rewards are often the profit drivers. They may also have annual fee-driven cards, which are very profitable, being negatively impacted by offering solid rewards on no and low annual fee cards.
These concepts may simply not be popular with customers. I think the Wells Fargo Attune card may be an example of this. While it can be really nice for the right customer, the general public may not see “recreation” and “self-care” as the most useful bonus categories.
We may see some similar cards still on the market retired in the coming months, but I think most no annual fee cash back cards are likely to remain functional with their existing rewards programs.
How Does This Impact Credit Card Strategy?
Team Clark has long been a proponent of taking advantage of cash back opportunities available with no annual fee credit cards (when paying the bill in full each month before any interest is due).
We recommend starting with an everyday credit card that awards unlimited 2% cash back on all purchases. That way, you can assure yourself of what amounts to a 2% discount on all of your purchases.
That advice remains unchanged in the face of these card closures.
Those of you who are willing to commit a bit more time and resources to shuffling cash back cards in your wallet can STILL supplement that 2% everyday card with cards that will reward certain types of purchases with even more cash back.
You can earn upwards of 5% cash back in select spending categories by swiping the right card for the right purchase. And while the cards above that did so may be inaccessible for new applicants, there are still plenty on the market to leverage.
Let’s take a look at some of our favorites that are still standing.
Remaining Cards That Still Offer 5% Cash Back
While the trend may be moving away from offering high-end cash back opportunities on low or no annual fee credit cards, there are still some cards accepting new applicants that offer a good rate of return.
Let’s walk through a few of them in three distinct categories.
Category-Specific Cards
For people looking for a credit card that awards 5% or more cash back on purchases in popular categories like gas or groceries, there are still a few options on the market.
Those include:
card_name →
Blue Cash Preferred® Card from American Express
Annual Fee: $0 intro annual fee for the first year, then $95. (See Rates & Fees)
Rewards Program: Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at eligible U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) purchases and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
Terms apply.
Learn More →
Sam’s Club® Mastercard®
Annual Fee: $0.00
Rewards Program:
5% back in Sam’s Cash on gas anywhere Mastercard is accepted (on first $6,000 per year, then 1%)
3% back in Sam’s Cash on Sam’s Club purchases for Plus members. (Club members earn 1% cash back)
3% back in Sam’s Cash on dining and takeout
1% back in Sam’s Cash on other purchases
Learn More →
Costco Anywhere Visa® Card by Citi
Annual Fee: $0 (See Rates & Fees)
Rewards Program:
Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.
3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel.
2% cash back on all other purchases from Costco and Costco.com
1% cash back on all other purchases
Retailer-Specific Cards
If you are a brand-loyal shopper, you may find that your favorite retailer has a co-branded credit card that offers a good cash back rate.
In particular, major retailers Amazon, Walmart and Target each have a no-annual-fee card that offers members of their subscription products a chance to earn 5% cash back.
Team Clark recommends considering one of these as a supplemental card to your everyday 2% cash back card.
Learn More →
Prime Visa
Annual Fee: $0.00
Rewards Program:
Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market and on Chase Travel purchases with an eligible Prime membership
Prime Card Bonus: Earn 10% back or more on a rotating selection of products and categories at Amazon.com
Earn unlimited 2% back at restaurants, gas stations and on local transit and commuting, including rideshare.
Earn unlimited 1% back on all other purchases.
Learn More →
Walmart OnePay CashRewards Card
Annual Fee: $0
Rewards Program:
Walmart+ members earn unlimited 5% cash back on all Walmart purchases (in-store and online).
Non-members earn 3% cash back on all Walmart purchases (in-store and online).
All cardholders earn 1.5% cash back on non-Walmart purchases.
Learn More →
Target Circle Card
Annual Fee: $0
Rewards Program: 5% off every day at Target, in store and online. Free 2-day shipping on hundreds of thousands of items at Target.com. Save $50 on a Target Circle 360 subscription each year.
Rotating Category Cards
If you’re willing to play the “rotating rewards” game, you can assure yourself 3-4 different spending categories in which you can earn a capped 5% cash back for a three-month period.
This is probably only for the most dedicated rewards chasers, because it requires consistent (and maybe even constant) monitoring to ensure you’re swiping the right card at the right time.
Learn More →
Discover it® Cash Back
Annual Fee: $0.00
Rewards Program:
5% Cash Back: Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants and gas stations, up to the quarterly maximum when you activate. The eligible purchase categories rotate every three months.
1% Cash Back: Earn 1% cash back on all other purchases – automatically.
Learn More →
Chase Freedom Flex®
Annual Fee: $0.00
Rewards Program: Earn 5% cash back on different categories like gas stations, grocery stores (excluding Target® and Walmart®) and select online merchants on up to $1,500 in total combined purchases each quarter you activate.
Earn 5% on travel purchased through Chase TravelSM.
Earn 3% on dining at restaurants, including takeout and eligible delivery services.
Earn 3% on drugstore purchases.
Earn 1% on all other purchases.
Learn More →
U.S. Bank Cash+® Visa Signature® Card
Annual Fee: $0.00
Rewards Program: You earn 5% cash back on your first $2,000 in eligible net purchases each quarter on the combined two categories you choose.
You earn 2% cash back on your choice of one everyday category, and 1% cash back on all other eligible net purchases.
Do you have a cash back card that has stopped taking new applications? Will you be hanging on to it? We’d love to hear about it in the Clark.com community.
Not all available financial products and offers from all financial institutions have been reviewed by this website.
To see the rates and fees for the American Express cards featured, please visit the following links: Blue Cash Preferred® Card from American Express: See Rates and Fees.
All information about the Citi Custom Cash® Card, U.S. Bank Shopper Cash Rewards® Visa Signature® Card, Wells Fargo Attune World Elite Mastercard, Sam’s Club® Mastercard®, Prime Visa, Walmart OnePay CashRewards Card and Target Circle Card, Discover it® Cash Back, Chase Freedom Flex® and U.S. Bank Cash+® Visa Signature® Card has been collected independently by Clark Howard, Inc. and has not been reviewed or provided by the issuer or provider of this product or service. Prime Visa and Chase Freedom Flex® are no longer available through CardRatings.
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