Tired of inflation? Bankrate swears by 3 credit cards that reward all that spending

Inflation is still squeezing household budgets. Bankrate's top picks help you fight back at the checkout counter

Patrick T. Fallon / AFP via Getty Images

Prices are still too high. While the worst of the post-pandemic inflation surge is now in the rearview mirror — the Consumer Price Index peaked at 9.1% in June 2022, according to the U.S. Bureau of Labor Statistics — the damage it left behind has been difficult to undo. As of February 2026, the CPI stands at 2.4%, still above the Federal Reserve's 2% target. 

And it may go higher yet. The war in Iran has triggered a surge in oil prices, threatening a global energy crisis and an underlying inflation boom that may force central banks to hike borrowing rates and make debt even more difficult to repay.

The squeeze is especially sharp at the grocery store and the gas pump, where households have little room to cut. Food costs rose an average of 3.1% from February 2025 to February 2026, while electricity and home gas service climbed 6.3% over the same period. A family of four following a moderate food spending plan is now shelling out $1,348 per month on food alone, according to the U.S. Department of Agriculture.

Carrying a credit card balance is hardly a solution. Personal finance website Bankrate says the average interest rate sits at just under 20%, and with the Fed holding rates steady at its most recent meeting, there is no relief in sight.

The strategic use of a rewards credit card is one of the more practical tools consumers can use to manage the ongoing cost crunch. In a March 2026 analysis, Bankrate reviewed the landscape of consumer credit products and identified three cards worth considering for inflation-weary spenders.

American Express Blue Cash Preferred Card: For supermarket rewards

Matthias Balk / picture alliance via Getty Images

The 6% cash back rate applies to eligible purchases at U.S. supermarkets on up to $6,000 per year — a cap that represents a maximum of $360 in grocery cash back annually. The card carries a $0 introductory annual fee for the first year, then $95. It also returns 3% on eligible U.S. gas stations and transit purchases, and new cardholders may be eligible for a welcome bonus of up to $300 cash back after spending $3,000 in the first six months.

The card earns 6% back on select U.S. streaming subscriptions as well, and 1% on everything else, making it a reasonable fit for households that consolidate a lot of their spending in a few predictable categories. The grocery cap is worth keeping in mind: At $6,000 per year, it works out to $500 per month, which may fall short for larger families. For those spending above that threshold, the rate drops to 1%. Still, for a moderate-sized household looking to claw back some value on weekly supermarket runs, few cards on the market match this one's return rate on that single category.

Bank of America Customized Cash Rewards: For broad spending

Michael Nagle / Bloomberg via Getty Images

This card offers an unusual degree of control for those who spend in many areas. It earns 6% cash back for the first year in a single category of the cardholder's choosing, with the option to switch that category once per month. Eligible categories include gas and EV charging, online shopping, dining, home improvement, and travel, among others. The card has no annual fee and pays 2% back at grocery stores and wholesale clubs, on up to $2,500 in combined quarterly purchases across those categories.

The monthly switching feature is where this card earns its edge. A cardholder anticipating a home renovation in March could shift their bonus category to home improvement, then move it to travel ahead of a summer trip. New cardholders can also earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days. For Bank of America $BAC Preferred Rewards members, the value compounds further: Eligible members can earn up to 75% more cash back on all purchases, depending on their membership tier, according to Bankrate.

Citi's Costco Anywhere Visa Card: For dedicated Costco shoppers

Igor Golovniov / SOPA Images / LightRocket via Getty Images

Wholesale shoppers who already pay for a Costco $COST membership can extract significant value from this card. It offers 5% cash back on Costco gas and 4% on other eligible gas and EV charging purchases for the first $7,000 in annual spending, then 1%. Cardholders also earn 3% at restaurants and on eligible travel, and 2% on all Costco and Costco.com purchases. The card carries no additional annual fee beyond the required $60 Costco membership, making it a low-overhead option for those already committed to the warehouse model.

The main caveat is the redemption structure, which is strict by design. Rewards are issued as a single annual certificate, redeemable in-store only once per year after the February billing statement. The limitation may frustrate cardholders used to more flexible cash back options. For die-hard Costco regulars who shop there consistently, the math still works. Those who prefer Sam's Club have a comparable alternative in the Sam's Club Mastercard $MA, which offers a similar rewards structure and redemption options.

© Quartz