9 Best Cash Back Debit Cards for 2023

If you’re looking to earn money while you shop without relying on credit cards, cashback debit cards can be a rewarding option. These cards offer cash rewards when you make everyday purchases on your debit card.

Also known as rewards checking accounts, they’re a great personal finance tool, allowing you to earn cashback without the fees typically associated with cashback credit cards.

We’ve reviewed the best cashback debit cards based on their reward rates, account features, fees, and minimums.

9 Best Cash Back Debit Cards

Here are the best cashback debit cards you can get today:

  1. 🏆 Discover Cashback Debit Card
  2. Axos Bank Cashback Checking Debit Card
  3. Serve American Express Prepaid Debit Card
  4. Ando Visa Debit Card
  5. Extra Rewards + Credit Building Debit Card
  6. Stash Stock-Back Card
  7. Bank of America Visa Debit
  8. Truist Delta SkyMiles World Debit Card
  9. Aspiration Debit Card

1. Discover Cashback Debit Card

  • Rewards: 1%
  • Monthly fee: $0
  • Minimum deposit: $0
  • Minimum balance: $0

Discover’s Cashback Debit card makes our list for offering a cashback rate of 1% on purchases up to $3,000 each month (see website for details).

The account has virtually no fees, with no monthly maintenance fee, NSFs, or fees for account closures, check re-orders or official bank checks.

You also get free access to several convenient checking account features, including Zelle, online bill pay, standard checks, mobile and internet banking, and early pay with direct deposits. The account can be opened online and includes 24/7 customer support.

Discover’s ATM network has over 415,000 fee-free ATMs, giving you easy access to your funds.

2. Axos Bank Cashback Checking Debit Card axos bank Logo

  • Rewards: 1%
  • Monthly fee: $0
  • Minimum deposit: $50
  • Minimum balance: $0

Axos CashBack Checking account offers up to 1% on transactions that require a signature.

To get the 1% cashback, you need to maintain an average daily account balance of $1,500. If you drop below this threshold, the cashback will drop down to 0.50% for the month.

You can earn up to $2,000 per month in cash back, which is deposited directly to your checking account every month.

The account also comes with perks like check writing, unlimited domestic ATM reimbursements, peer-to-peer payments, and bill pay.

You can supplement your cashback earnings by inviting friends to join Axos Bank. When a friend joins with your link, you’ll earn $50.

3. Serve American Express Prepaid Debit Card American Express Logo

  • Rewards: 1%
  • Monthly fee: $0
  • Minimum deposit: $20
  • Minimum balance: $0

The Serve American Express Prepaid debit card works differently than the other cards on the list. It’s a prepaid card, meaning you preload funds onto the card before spending.

Serve offers competitive cashback, letting you earn unlimited 1% cashback on your purchases.

Amex will credit the cashback to your account with every verified purchase, but you need to register your card online before you can spend it. As soon as the purchase processes, your cashback is immediately available to use.

Other card benefits include FDIC insurance and Amex benefits like purchase protection, emergency assistance, and roadside assistance. You’ll also get 24/7 access to American Express’s highly-rated customer support team.

4. Ando Visa Debit Card Ando money Logo

  • Rewards: 5%
  • Monthly fee: $0
  • Minimum deposit: $0
  • Minimum balance: $0

Ando is a solid choice for sustainability-minded customers who want to make a difference and earn cashback along the way.

Ando is committed to protecting the environment, only investing in green initiatives.

The neo-bank offers unlimited 1.5% cashback on your everyday purchases. There are no monthly fees or balance requirements, and you can make fee-free withdrawals at MoneyPass ATMs.

The cashback account can also help you boost your savings. When you complete at least five debit card transactions, receive $500 of direct deposits within 31 days, and the friends you refer meet certain qualifications, you’ll earn 5.00% APY on your Grow More Savings account balance.

Ando accounts are secure, with $250,000 of insurance through Community Federal Savings Bank, Member FDIC.

5. Extra Rewards + Credit Building Debit Card

  • Rewards: Up to 1%
  • Monthly fee: $25, or $199/yr
  • Minimum deposit: $0
  • Minimum balance: $0

The Extra Rewards + Credit Building Debit Card is unique from the other cards in our review. It’s our top pick for individuals looking to build credit while earning cashback without having to submit to a credit check.

Here’s how it works—when you open an Extra card, you connect it to your bank account with Plaid and receive a spending limit based on your average account balance.

Every time you make a purchase with the card, Extra pays for it and then pays itself back the next business day. Each month, Extra reports all of your transactions to credit bureaus to give your score a boost.

In terms of cashback, Extra offers up to 1% on all purchases, which you can redeem for Apple AirPods and other popular products in the Extra app.

While there are more rewarding cashback cards if your main agenda is earning unlimited cash on your purchases, Extra is worth considering if you need to build your credit securely.

6. Stash Stock-Back Card stash Logo

  • Rewards: Up to 1%
  • Monthly fee: $3-$9
  • Minimum deposit: $1
  • Minimum balance: $0

Stash’s account and cashback program is another unique rewards card. Instead of earning points or cash, you earn a percentage of stock.

How much stock you earn depends on your subscription plan. If you have the Stash Growth plan, you’ll earn .125% in stock on all your purchases.

With the Stash+ account, you get 1% in stock on every swipe up to $1,000, and .125% on all excess purchases. Stash+ also gives you 3% back on purchases from select merchants.

The account has no overdraft fees or minimum balance requirements. Cardholders can make fee-free withdrawals at more than 55,000 ATMs and get paid up to two days early with direct deposits.

Bottom line—there are free accounts that offer higher cashback rates, but the Stock-Back card is a savvy pick for Stash customers looking to boost their investments with free stock.

7. Bank of America Advantage Debit Card Bank of America Logo

  • Rewards: Up to 15%
  • Monthly fee: $4.95-$25.00
  • Minimum deposit: $25-$100
  • Minimum balance: $0

Bank of America offers cashback deals through its AmeriDeals program, which you can access when you open an Advantage Checking account.

Monthly fees range between $4.95 and $25.00, depending on the account you opt for and whether you meet the criteria to waive fees.

To set up cashback rewards and start earning when you spend, you need to access AmeriDeals through your online or mobile account. From there, you can select the cashback deals you want to opt into from Bank of America’s partnering stores, brands, and restaurants.

There are no spending limits on rewards, and cashback rates can vary from one company to the next. Deals are updated regularly, so it’s important to check back often to find cashback offers and discounts that interest you.

The account includes several additional features, such as a $0 Liability Guarantee, which guarantees a refund of fraudulent transactions if your card is lost or stolen.

8. Truist Delta SkyMiles Debit Card truist Logo

  • Rewards: 1 mile per $2
  • Monthly fee: $95/yr
  • Minimum deposit: $50
  • Minimum balance: $0

While Truist is a relatively new name, forming in 2019 following the merger of SunTrust Bank and BB&T, it’s one of the largest banks in the US. It also offers one of our most highly recommended personal debit cards for travel rewards.

Truist’s Delta SkyMiles Debit Card lets you earn one mile for every $2.00 spent on qualifying purchases.

Miles don’t expire, and you can use them to book tickets, upgrade your seats, pay for a Delta Sky Club membership, and make in-flight purchases.

Your first qualifying purchase will earn a bonus of 5,000 miles, helping you get started on the right foot.

You can also enroll in the Truist Deals program, where you’ll find cashback deals from hundreds of participating outlets. All you need to do is log in to the mobile banking app or online banking portal and choose the deals you want.

9. Aspiration aspiration Logo

  • Rewards: Up to 10%
  • Monthly fee: $0.00-$7.99
  • Minimum deposit: $10
  • Minimum balance: $0

Aspiration is an environmentally-focused fintech backed by Coastal Community Bank. The company only invests in green initiatives such as sustainable agriculture projects and clean energy.

Its cashback rates depend on which plan you opt for. With the free Aspiration account, you can earn up to 3-5% cashback when you shop at sustainable businesses.

The Aspiration Plus account, which costs $7.99 per month (or $5.99 when you pay annually), offers up to 10% cashback on purchases from Aspiration’s Conscience Coalition brands.

In addition to cashback, you can get your paycheck up to 2 days earlier and earn an APY of up to 3.00% on savings when you make at least $500 of monthly debit card transactions.

The account also comes with access to 55,000+ fee-free ATMs, and Aspiration Plus reimburses one out-of-network fee per month.

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.

There are also prepaid debit cards offering cashback and some credit-building cards. These cards aren’t tied to a checking account, but you’ll need to load the money into the card or link to an external account to use them.

Cashback rewards can also vary from one card to the next. While rewards have traditionally come in the form of cashback, financial institutions have started to innovate by offering discounts, stock back, miles, and other perks.

How to Choose the Best Cashback Debit Card

It’s important to make an informed decision when choosing a cashback debit card that aligns with your spending habits and provides the maximum benefit.

Here are a few key factors to consider to choosing the right cashback debit card:

  • Cashback percentage: Look for a debit card that offers a competitive cashback rate on your everyday purchases. A higher cashback percentage means you can earn more money back on your spending.
  • Limitations/caps: Be aware of limitations on cashback rewards. Some cards may have a maximum limit on the cashback you can earn, or they might only offer higher rewards for a limited period. Read the terms and conditions to ensure the card’s limitations align with your spending.
  • Redemption options: Some cards offer direct deposit into your bank account, while others provide statement credits or gift cards. Choose a card that offers convenient redemption options that suit your preferences.
  • Fees: Look into account fees for each cashback debit card. Some cards charge an annual fee or transaction fees that could offset the value of the cashback rewards.

How to Get a Cashback Debit Card

Here’s a quick overview of how to open a cashback debit card account and start earning rewards:

  1. Research options: Compare banks and financial institutions to choose the one that’s best equipped to meet your preferences.
  2. Apply: The process of getting a cashback debit card can vary from one card to the next. You may need to open a checking account first, which you should be able to do completely online.
  3. Provide your info: In most cases, you’ll need to provide your SSN (Social Security Number), driver’s license, and personal information such as your name, date of birth, and address.
  4. Activate your card: Once your debit card arrives, you’ll need to follow the steps required to activate it before making purchases.
  5. Start spending: From there, you can start using your card to earn cashback. Make sure you understand your bank’s requirements so you can get the most cashback on your purchases.
  6. Keep track: Some cashback offers change over time. Check your bank’s website or app routinely to tap into new offers. You should also take stock of your spending and rewards to ensure they’re accurately recorded.
  7. Redeem your rewards: Most banks automatically deposit your cashback into your account, while others give you multiple redemption options, like products or miles.

Pros & Cons

Cashback debit cards have some serious pros that can help you improve your financial standing, but they also have some potential drawbacks to consider.

Let’s cover some of the advantages and disadvantages of cash-back debit cards:

Pros

  • No credit limit: As a rewards credit cardholder, you don’t have to deal with a credit limit. While you have to make sure you have the cash available, you don’t have to worry about fees, interest, or payments, either.
  • No credit score: Since no debt is involved, many financial institutions don’t 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 protection.
  • Interest rates: Several cashback debit cards are tied to high interest checking accounts that offer APY, helping you earn even more cashback on your account.
  • Other features: Since most cashback debit cards are linked to deposit accounts, you’ll also get access to features such as mobile check deposit, online bill pay, and free ATM withdrawals.

Cons

  • Overdraft fees: Some cards might include an overdraft policy that can leave you liable for overdraft fees if your purchases exceed your account balance.
  • No credit score improvement: While cashback debit cards won’t harm your credit score, most of them won’t improve it either since traditional debit card purchases aren’t reported to credit bureaus.

Frequently Asked Questions

Which banks give rewards points on debit cards?

Several banks offer reward points on debit cards, including Discover, Axos, Serve, Ando, Extra, Stash, Bank of America, Truist, and Aspiration.

Different banks have unique offers on their debit cards. Some promote cashback and other perks such as discounts, while others offer lower fees. While cashback is an attractive debit card feature, there’s more to consider if you’re looking to get the best offer on a debit card.

Are cashback debit cards worth it?

Cashback debit cards can be a worthwhile addition to your wallet, offering lucrative rewards on your everyday spending. Just make sure that the cashback rewards aren’t offset by high account fees, caps, or spending requirements.

What types of debit card rewards are there?

There are a few different types of debit card rewards. Some banks offer cashback rewards, while others provide travel miles or points to put toward products and gift cards.

How do you earn points on your debit card?

Some banks let you earn a set amount of points for all purchases, while others prioritize certain types of purchases, like swipes at grocery stores, gas stations, or restaurants, offering higher cashback amounts for select transactions.

Bottom Line

Cashback debit cards have become increasingly popular among individuals looking to maximize their savings and earn rewards on their everyday spending.

With several options to choose from, it’s important to compare the features, fees, and cashback rates offered by different cards to find the best fit for your financial needs.

By utilizing a cashback debit card wisely, you can effortlessly earn money back on your purchases and make the most out of your spending.

Our Methodology

To determine our list of the best cashback debit cards, the BankBonus team thoroughly evaluated rewards debit cards from traditional banks, online banks, fintechs, and credit unions.

We used the metrics below to assess each card and compile our recommendations:

  • Cashback rewards: First and foremost, we compared each card’s cashback rate, rewards program features, and limits.
  • Fees: We also zeroed in on account fees, favoring accounts with low or no maintenance fees or ongoing account fees.
  • Minimum requirements: Next, we factored in each account’s minimum balance and initial deposit requirements.
  • Account features: Then, we evaluated each account’s additional features, such as ATM access, early pay, and mobile deposits.
  • User experience: We also paid close attention to each institution’s user experience, evaluating their online resources and app availability.
  • Reputation: Likewise, we feature cards and accounts from institutions that are FDIC-insured and have a positive reputation in the banking industry.

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