Create your own rewards categories credit card.

[Anonymous]

As far as I know, a card like this doesn't currently exist.  I do however feel it would be pretty darn cool if it did, and I think the perceived value to the customer would actually exceed the theoretical value thus not making it unprofitable for the creditor.  In a nutshell, the creditor could provide a list of however many different categories that we're all familiar with such as gas, groceries, restaurants, home improvement stores, movies, amazon, etc.  Then the applicant could pick say any 3 categories and get X percent back on them (I don't know, 3%?) but 0% back on "all other" purchases.  I'm sure the numbers could be played with to make it worthwhile for the creditor.  

Anyway, I just think it would be a cool concept that the applicant actually gets to choose the categories that personally suit them best.  I would think something like this would catch on since it's able to be customized and tailored to the individual.  Any thoughts on some sort of variation of this? 

[noobody]

Cash+?

[coldnmn]

US Bank Cash+

[coldnmn]

https://cashplus.usbank.com/site/how_it_works

[Anonymous]

I need something for drag racing, motors and such. That would be cool. Automotive category.

[kdm31091]

Cash+ is about the only card that does it. It started off with broader categories but they have tightened up over time. I think many years ago the Chase Freedom did something similar but it was 3 percent.

I just think most regular consumers don't really want to be bothered, and pay little attention to these things, so opting in, rotating categories, choose your own, etc never seem to catch on with the public well.

[Anonymous]

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@Anonymous wrote:
I need something for drag racing, motors and such. That would be cool. Automotive category.

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This is me. I need a card for car/motorcycle parts, WalMart,  and cell phone/utilities. And I need them all to give me at least 10% back!

[Anonymous]

I like this idea...to add, it would also be great to have a system where I can hit the love button everyday for approved increases without disturbing the credit line increase god and be fearful of an AA.

[RonM21]

Nice idea. It certainly would allow for it to be customized to your preferred habits with the card.

[Anonymous]

It already exists... in Canada anyway. It's called the Tangerine Money-Back Credit Card (it's a Mastercard) and it has 10 different categories to pick from that offer 2% CB automatically every month (2% is a lot in Canada as the card competition isn't quite as stiff). You get 1% everywhere else and you can pick 2 categories for the 2%, but if you're a regular banking customer with them you get a bonus 3rd category. They are a virtual/online bank (formerly ING Direct, now owned by Scotiabank). You can even have the CB go automatically into a savings acct every month. You can also change your categories every 90 days, and many things are covered but not everything. There is no category that covers the Apple store or Costco, for example. The categories include gas, recurring bill payments (pre-auth ones), grocery stores, home improvement stores, drug stores, entertainment, hotels/motels, public transport, restaurants, and furniture. An electronics store & a warehouse or club store category would be nice. Maybe they will come later. Anyway, it's a pretty cool card. It's even orange and partially see-through, so it looks nice too (although some find that look to be ugly).

G