Cashbacks are a great way to be rewarded for being a customer. Most cash back programs are tied to certain credit cards, leaving many feeling left out. Fortunately, many banks have realized this and started introducing cash back debit cards.
Cashback debit cards are more common than you might think. Although cashback credit cards tend to get more attention, card issuers have started to offer cashback debit cards with some great cashback deals up for grabs.
Also known as rewards checking bank accounts, they can be a great personal finance tool, allowing you to earn cash back on your everyday purchases without the fees typically associated with cashback credit cards.
In this article, we will take a closer look at what cashback debit cards are, their pros and cons, as well as some of the best cashback debit cards available today.
9 Best Cash Back Debit Cards
Here are the best cash back debit cards you can get today:
- American Express Serve Cash Back
- Ando Visa Debit Card
- Stash, Stock-Back Card
- Discover Checking Account Debit Card
- Axos Cash Back Checking Debit Card
- Bank of America Visa Debit
- M1 Plus Checking Debit Card
- Truist Delta SkyMiles World Debit Card
- Citibank Debit Mastercard
- Card: American Express Serve Cash Back
- Fee: $7.95 per month
- Cashback: 1%
The Serve American Express Prepaid debit card works differently from the other cards on the list. It is a prepaid card not tied to an account. Funds need to be preloaded to the card before they can spend with reloads costing up to $3.95.
The card is free when purchased online; however, it will cost you not more than $1.50 when purchased from a retail store. Cashback is set at 1%, with no limits to how much money you can earn. Amex will credit the cashback to your account with every verified purchase, but you’ll need to register your card online before you can spend it.
If you direct deposit your tax refund to the card, not only can you get it up to 2 days earlier, but you’ll also get an account credit to the tune of $30. Other card benefits include Amex offers, FDIC insurance, emergency, roadside assistance, and many others.
- Card: Ando Visa Debit Card
- Fee: $0
- Cashback: 1.5%
Ando is quite different from the other banks that have made a list.
Firstly, they are not an actual bank but work with Community Federal Savings Bank to offer many traditional banks’ services.
Secondly, they’re on a sustainability mission! Ando only invests in green initiatives such as sustainable agriculture projects and clean energy – helping you rest easier knowing that Andi isn’t using your money to help polluting industries such as those involved in fossil fuels.
You also get 1.5% cashback on qualifying purchases with no cap on how much money you can earn per month.
On top of that, you can get your paycheck up to 2 days earlier, which is handy. Finally, you can also get an APY of 5.00% and $200 in overdraft protection for free if you qualify!
Another very interesting thing with an Ando account is Your Impact Center. Here you’ll find the various ways the environment benefits from your banking with Ando, including how your money is used and your CO2 footprint. If the environment is important to you, this is a feature that you’ll appreciate.
- Card: Stock-Back Card
- Fee: $1.00 – $9.00
- Cashback: Up to 5% in stock
Stash’s account and cashback program are unique but worth considering if you are looking at investing or already do.
Instead of earning points or cash, you earn a percentage of stock.
The value of the stock percentage varies according to your purchase. If you subscribe to the Stash+ plan, you’ll get twice the stock.
There is an element of risk here since the value of the stock can go up or down. The stocks you get vary depending on the kind of purchase you make. If you purchase from a publicly-traded company, you’ll get stock of that company. If the company isn’t listed, you’ll receive a custom investment.
Depending on the type of plan, you’ll also get access to other perks, including insurance, early paycheck deposit, and financial guidance. You’ll also get a $5 bonus with your first deposit of $5 or more, helping you get started on the right foot.
- Card: Checking Account Debit Card
- Fee: $0
- Cashback: 1%
Discover’s checking account comes with a Cashback Debit card that offers a cashback of 1% on purchases, up to $3,000.
The total cashback you can get each month is $30. The account has practically no fees, with $0 charged for the monthly maintenance fee, NSFs, account closure, and many others.
You’ll also get free access to many of the features you find in many other checking accounts, including Zelle, online bill pay, standard checks, mobile and internet banking, and many others.
Discover’s ATM network counts over 60,000 ATMs, all of which allow you to withdraw money without paying a fee. The account can be opened online and includes 24/7 support should the need arise.
- Card: CashBack Checking Debit Card
- Fee: $0
- Cashback: 1%
Axos CashBack Checking account offers up to 1% on transactions that require a signature.
To get the 1% cashback, you must maintain an average daily balance (collected). If you drop below this threshold, the cashback will drop down to 0.50%
You can earn up to $2,000 per month in cash back, which is deposited directly to your checking account every month. The bank may report the deposit to the IRS through a 1099-MISC form. Do take the time to verify this so that you’ll know if you need to set some of the cashback money aside for tax season.
You can supplement your cashback earning by inviting friends to join Axos bank. Successful referrals will earn you $20 each, which can supplement your cashback money nicely.
Bank of America
- Card: Bank of America Visa Debit
- Fee: $0 – $25.00
- Cashback: Various
Bank of America offers cashback deals through its AmeriDeals program. You first need to get an Advantage Checking account. Monthly fees vary between $0 and $25.00, depending on the type of account you opt for and whether you meet the fee-waiving criteria. Equally, the minimum opening deposit ranges between $25 and $100.
Once you have the account, you can apply for the Visa debit card and online banking or mobile banking app.
From the latter, you can access BankAmeriDeals which features various deals with cashback.
You can choose the deals you want to through the app, with cashback percentages varying from one deal to the next.
The account includes many other great-to-have features, such as the $0 Liability Guarantee, which guarantees a refund of fraudulent transactions should you lose your card or it’s stolen.
- Card: M1 Plus Checking Debit Card
- Fee: $125 per year
- Cashback: 1%
M1 is a financial app with a checking account offered through Lincoln Savings Bank. At the same time, there are two accounts to choose from – M1 and M1 Plus, only the latter offers cashback. The cashback is set at 1% on eligible purchases, including purchases done online.
With the M1 Plus, you will also earn an APY of 1%, which is like a cashback on the money you didn’t spend – a great option if you want to save money and earn cashback. The account includes early direct deposit, four ATM fees reimbursements per month, and other perks.
Since the checking account is offered through a bank, your money is FDIC-insured up to $250,000. There is no minimum balance to maintain, and you won’t need to pay the annual fee for the first year.
Truist (previously SunTrust)
- Card: Delta SkyMiles World Debit Card
- Fee: $95 per year
- Cashback: 1 mile per $2
Truist is a relatively new name, having formed in late 2019 following the merger of SunTrust Bank and BB&T. It is the 10th largest bank in the US with total assets amounting to $509 billion.
Their cashback card will earn you 1 mile for every $2.00 spent on qualifying purchases. The first purchase will earn you a bonus of 5,000 miles, helping you get started on the right foot.
While the card comes with contactless chip technology, you’ll need to use your PIN or sign for the purchase to qualify for the free miles.
Earned miles do not expire and can be exchanged for seat upgrades, membership for Delta Sky Club, and many others.
You will also earn bonus miles when making Delta purchases, including any in-flight purchases.
You can also enroll in the SunTrust Deals program, where you’ll find cashback deals from hundreds of participating outlets. All you need to do is log in to their mobile app or online banking portal and choose the deals you want.
Once a deal is activated, you’ll automatically get cashback on the corresponding purchases.
- Card: Citibank Debit Mastercard
- Fee: $0
- Cashback: Varies
The Citibank Debit Mastercard is a separate debit card from the Citibank ATM Card. You can use it to purchase and make withdrawals from locations that accept Mastercard, giving you a wider range of options than the ATM card.
The card comes with many benefits and privileges, including a cashback program. Cash backs are limited to overseas outlets however include several different outlets in 10 different destinations.
Cash backs are offered through the Mastercard Traveler Rewards, making it ideal for those who travel a lot.
The card also offers several discounts and experiences, mostly related to travel. Using the Citibank Debit Mastercard card, you also access exclusive events and lifestyle privileges customized for you and your family.
What are cashback debit cards?
Cashback debit cards are debit cards that offer cashback on eligible purchases.
Unlike cashback credit cards, debit cards are usually tied to a debit account such as your checking account, so money needs to be available in your account before you can spend it. You’ll also find prepaid debit cards offering cashback.
These cards are not tied to a checking account, but you’ll need to load the money into the card before you can spend it.
Cashback rewards can also vary from one card to the next. While traditionally, this has always been cash (hence the name), financial institutions have started to innovate by offering discounts, stock cash backs, and other perks and discounts.
Pros & Cons of Cashback Debit Cards
Cashback debit cards have some serious pros that can help you improve your financial standing. Let’s look at some of the top ones.
No credit limit
As a rewards credit cardholder, you do not have to deal with limits since no debt is involved.
While you have to make sure you have the cash available, you don’t have to worry about fees, interest, and payments.
No credit score
Since no debit is involved, many financial institutions do not look at your credit history. It’s important to note that the bank or financial institution might check your credit history if the account comes with overdraft facilities.
Several cashback debit cards offer an APY interest rate, helping you, in effect, earn cashback on the money you don’t spend.
Since many cashback debit cards are tied to deposit accounts, in many cases, you will also get access to features such as mobile check deposit, online bill pay, and free atm withdrawals, among others.
Nothing is perfect, and this is also true for cashback debit cards. We will now look at some of these cards’ potential drawbacks.
Some cards might include an overdraft facility which can see you liable to pay overdraft fees should you go over.
No credit score improvement
While cashback debit cards will not harm your credit score, they will not improve it either since no credit facility is involved.
How to get a cashback debit card
Getting a cashback debit card will vary from one card to the next. Prepaid cashback debit cards can be acquired online or in-store, with many retailers carrying such cards.
Others may require you to open a checking account first, with the actual process varying from one financial institution to the next.
Either way, you should be able to complete the entire process online without having to visit a physical branch. With some of the best offers coming from online banks such as Ando, this will certainly be the case most of the time.
In most if not all cases, you will need to provide your SSN (Social Security Number), driver’s license, and your personal information since you’ll be opening a bank account. Make sure you have these handy when opening the account for a smooth process.
Cash Back Debit Card FAQs
What store gives the most cash back on debit cards?
Cashback is given by the card issuer and not the store. Therefore if you shop at particular grocery stores or retail stores, you will need to find the card that offers the best cashback deals on those types of purchases.
Do cashback debit cards exist?
Yes, there are some excellent cashback debit cards out there.
Some of the best debit cards offer cashback and other promotions, including discounts, stock cashback, sign-up bonuses, and many others.
While not all banks currently offer cashback debit cards, this might not always be the case. Cases in point are Capital One and Chase, both of which don’t currently offer these types of credit cards.
They don’t offer them now does not mean that they will never offer them, so it’s always worth checking around before making your final decision.
Which debit card is best for rewards?
Most debit cards offer highly targeted rewards programs, so there is no one best debit card with the best rewards for everyone. Cashback usually hovers around the 1% mark.
That said, some require you to meet qualification criteria such as maintaining a minimum daily balance. Others offer more creative rewards, such as stock cash backs with a value that can go higher (or lower).
Many cashback debit cards also offer interest rates, helping you get more buck for your buck. If you’re trying to save money, such a debit card might be a great choice for you.
Which bank gives the best offers on debit cards?
Different banks have different offers on their debit cards.
Some offer cashback and other perks such as discounts, while others offer lower fees. While cashback can certainly be an attractive debit card feature, there is more to consider if you’re looking to get the best offer on a debit card.
Pay special attention to their network ATM size, monthly maintenance fees, and transaction fees.
Many banks will also waive their monthly fee if you meet the minimum balance requirement, which makes it even more worth considering.