A programmable input/output (I/O) circuit includes an output buffer coupled between an output signal and an I/O pad and an input comparator coupled between an input signal and the I/O pad. The input comparator includes a first input coupled to the I/O pad. A multiplexor receives a select signal for selecting a first reference voltage from the plurality of reference voltages at a first time and for dynamically selecting a second reference voltage from the plurality of reference voltages at a second time.