Five Debit Cards That Offer Cash Back and Rewards
Historically, debit cards don’t offer any perks or points. However, there are some unique offerings on the debit card market
Five Debit Cards That Offer Attention-Worthy Rewards
At TheCreditShifu.com we focus on credit cards, for the most part because they enable us to get back a little of those processing fees that we’re charged every time we swipe the card in the form of cash back and points. Historically, debit cards don’t offer any perks or points, as they’re only meant to allow a point-of-sale transaction to replace cash and checks. However, there are some unique offerings on the market and we handpicked five debit cards that offer attention-worthy perks for you.
1. Discover Bank Cashback Debit
You’re probably familiar with the Discover It Card, which is a good Tier Two credit card. Discover also offers a checking account with no monthly fee (no balance or activity requirements), access to more than 60,000 ATMs worldwide, free official bank checks, and free check reorder. Most importantly, Discover Bank Cashback Debit offers 1% cash back on debit card purchases of up to $3,000 per month. Say your monthly debit card spending is $1500, your monthly cash back would be $15, totaling to $180 annually, and if you maxed out the full $3000 per month you would $360 per year.
2. Axos Bank CashBack Checking
Another debit card with 1% cash back on all purchases (when you maintain a $1,500 balance), no annual fee, no monthly maintenance fees, and free online banking comes from Axos Bank. Its cashback checking account is designed for frequent debit card and direct deposit users, who prefer cash back rewards and unlimited domestic ATM fee reimbursements.
3. Bank of America BankAmeriDeals Program
If you’re a Bank of America online and mobile banking customer, you can enjoy access to the BankAmeriDeals program, which offers cash-back rewards on Bank of America debit card qualified purchases. The qualified purchases include: purchases made at gas stations, restaurants, and other retailers. You need to first activate your card online, prior to making a purchase, because you earn cash back on deals you choose when you pay with your eligible Bank of America debit card.
4. American Express Serve Cash Back Card
The Serve Cash Back Card from the American Express is a prepaid debit card with a built-in rewards program. The card offers unlimited 1% cash-back reward on retail and online purchases. Cash Back is added to your Serve Account promptly after your purchase and is ready to spend when you choose. There is no Credit Check required and no Minimum Balance. The card comes with a $7.95 annual fee.
5. PayPal Business Debit MasterCard
If you’re a business owner, the PayPal Business Debit MasterCard offers 1% cash back, with no monthly limits, no annual fee, and no credit check. The card provides you with instant access to your money, that you can spend anywhere Mastercard is accepted – in-store, online, or in your favorite app. You will earn unlimited 1% cash back on eligible purchases – including ones paid using a linked bank account (PIN-based transactions do not qualify). You can also withdraw your cash from ATMs or with purchases.
Mind Overdraft. Earn More Cash Back
When using a debit card, one thing to be mindful of is a possible overdraft fee. You may trigger a fee if you overdraw your account using your debit card, just as you would if you “bounced” a check. Each year more than 50 million Americans overdraw their checking accounts and pay nearly $24 billion in overdraft fees.
Whether you are using one of these debit cards or a credit card and want yet another way to earn extra cash back, you should certainly check out Rakuten (formerly Ebates). This is a great way to earn extra cash back on purchases you make every day, from DIY kits at Home Depot to French perfume splurges at Macy’s.