The best cashback debit cards give you fun perks like cash or points when you use your debit card for everyday purchases. And the best-of-the-best rewards checking accounts have no monthly fees and easy ways to enroll in the cashback program. Unlike a cashback credit card, debit cards don’t charge interest, so you can take full advantage of the rewards without worrying about APR or repaying a balance.
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Coming in hot with a high 6% cashback rate, the online bank Varo allows you to earn up to $50 per month in cashback rewards. And with the high cashback rate, you only have to spend around $830 per month to make the most of the cashback limit. The Varo checking account doesn’t charge any monthly fees, requires no minimum opening deposit and offers overdraft protection. Varo also has a savings account that offers up to 5% APY on balances under $5,000 that you can apply for when you open a Varo checking account and sign up for e-statements. However, you can’t do wire transfers, and there are no checking writing privileges.
Bluevine
Bluevine offers interest-bearing checking accounts for businesses, and the debit card earns cash back. Earns 1.5% to 3.7% APY on your checking balance, depending on the plan. The Bluevine debit card offers up to 4% cash back rewards on purchases like fuel, hotels and dining, and even up to 20% cash back on select business services. You can choose from a free Standard account, or upgrade to a paid plan with extra perks like priority support and higher APYs. Bluevine supports cash deposits, offers up to $3 million in FDIC insurance and has no overdraft fees. There’s also a no-annual-fee cashback credit card that offers unlimited 1.5% cash back on business purchases. However, the credit card is invite-only and Bluevine doesn’t have physical branches.
Discover
This cashback debit account gives you 1% cash back on up to $3,000 in monthly debit card purchases, translating to approximately $30 in cashback earnings a month. There are also no monthly fees, no balance requirements, no insufficient funds fees, and there’s free overdraft protection. Discover also works with Zelle for easy peer-to-peer transactions. The only fee is a $30 service charge for outgoing wire transfers, and there are no ATM reimbursements for using an ATM outside of Discover’s network.
OnePay
A spend and save account, OnePay Cash offers fair APYs, cashback rewards and saving features. One of its main perks is the savings roundups, which round up your purchases to the nearest dollar, and the difference is automatically deposited into your savings account. You can also create an unlimited number of savings subaccounts and earn up to 3.75% APY on balances up to $250,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000. Otherwise, you’ll earn 1.00% APY on all balances. Cashback rewards aren’t the best-of-the-best, but OnePay Cash offers up to 3% cash back at Walmart with eligible deposits, on up to $150 spent per month. However, the account doesn’t accept joint owners, and there are no bill autopay features.
Upgrade
If you need an everyday checking account, Upgrade’s rewards checking is worth considering. Earn 2% cash back on everyday expenses such as utilities, subscriptions, bars, restaurants, gas stations, drug stores, convenience stores, food deliveries and more — and you get up to 1% cash back on all other purchases. The 2% cashback rewards are limited to $500 annually or around $41 per month. To qualify for the highest cashback rates, you must be an ‘active’ account member, which requires at least $1,000 of direct deposits per month. With an Upgrade account, you’ll also enjoy no monthly fees and fee-free access with Allpoint ATMs. You can also get one free domestic wire transfer per month, and each transfer costs $20 after that. But like most online accounts, it doesn’t accept cash deposits, and there are no check writing privileges.
Axos
An online bank, Axos’ CashBack Checking account comes with unlimited domestic ATM reimbursements and no monthly fees. You can also earn 1% cash back on signature-based transaction purchases, up to $2,000 earned per month. To qualify for the cash back, you must maintain a $1,500 average daily collected balance. If you fall below that threshold, you can still earn 0.50% in cash back for the month. You can also enjoy unlimited check writing and send peer-to-peer payments from your account. On the downside, Axos customer support information is difficult to locate — the customer support page leads to a blog, and there’s no phone number or email address listed.
PSECU
PSECU’s checking account features cashback rewards up to $0.10 on purchases over $10, or up to $0.50 on purchases over $10. To qualify for the higher cashback earnings, you’ll need to set up monthly direct deposits totaling at least $500. PSECU also offers ATM reimbursements, up to $20 per month with direct deposits or up to $8 per month without deposits. You may also qualify for the signup bonus between $100 to $300, with simple requirements like setting up direct deposit and entering a promo code. However, as a credit union, you’ll have to become a member, and the account’s APY is lower than others on this list, sitting at 0.2% APY. If you don’t qualify for membership, you can become a member of the Pennsylvania Recreation and Park Society (PRPS), and PSECU will cover the one-time $10 fee required to join.
Methodology
Finder’s banking experts research over 155 checking accounts to narrow down and find the best 10 reward checking accounts. When choosing accounts, we consider the average American’s spending — which is reported to be around $5,000 per month — to calculate the best value for cashback rewards. We also factor in these account requirements:
No monthly fees
Minimum opening deposits under $100
Existence of a rewards program
High cashback cap of at least $40 per month
At least 1% in cashback rewards
Few or simple requirements to qualify for the rewards program, such as:
Setting up direct deposits
No required number of transactions
Low average balance requirement under $1,500
What is a cashback debit card?
A cashback debit card lets you earn cash back on purchases. This means you’re technically getting a discount on purchases, often between 1% to 5%. For example, if you have a debit card that earns 5% cash back and you spend $100, you would get $5 back. Usually, cashback debit cards deposit the earnings right into your rewards checking account.
Most cashback debit cards limit where you earn cash back, similar to many rewards credit cards. For example, you may get 3% cash back on groceries, 2% on rideshares, and 1% on everything else. You may also be limited in how much cash back you earn each month, such as Varo’s card, which has a cash back earning limit of $50 per month.
How to choose a cashback debit card
Consider these five factors when choosing a cashback card and checking account.
Type of rewards earned. Most debit card rewards programs offer either cash back or points that can later be redeemed. They can also earn APY, referral bonuses, signup bonuses or offer discounts on select purchases like travel bookings.
Requirements. You may need to maintain a certain balance in your account or make a certain amount of purchases to earn rewards. The Consumer Finance Protection Bureau requires banks to list these terms and conditions.
Earning potential. Depending on the cashback rate and eligible purchases, you may find some debit card reward accounts offer a better payoff for you than others. Also, most rewards debit cards have cashback earning limitations either by month or year.
Account fees. Check to see if there are any monthly fees, and if they do, see if there’s a way to have them waived. These fees automatically cut into any cashback rewards you might earn.
Accessibility. This includes ATM availability, branch access and online access. Keep in mind that digital banks are less likely to offer in-person access.
6 types of debit card rewards
The types of rewards you can earn with a debit card can heavily influence your final decision.
Cashback. Many rewards debit cards offer cash for select purchases. The cash is often sent directly to your checking account.
Points. Similar to credit cards, some rewards debit cards give you rewards points that you can later redeem for cash or items.
Discounts or exclusive perks. Some debit cards may offer gift cards or discounts on future purchases, and a few can even offer roadside assistance or travel perks.
Signup bonuses. Some debit cards offer signup bonuses that reward after fulfilling certain opening requirements. Signup bonuses are typically between $50 to $300.
APY. Similar to a savings account, some rewards checking accounts also offer interest on your account balance. However, you may need to meet balance or transaction requirements to earn APY.
Referral bonuses. Many banks offer some form of bonus when you refer a friend, and they sign up and open an account.
If checking accounts with rewards programs aren’t for you, here are some alternatives to consider:
High APY checking accounts. Instead of being rewarded with cash back, points or airline miles, high APY checking accounts earn passive interest that puts cold hard cash into your account each month.
Rewards credit cards. There are many more cashback credit cards than debit cards, often with significantly higher cashback rates. But you’ll have to watch out for interest charges and annual fees.
Debit-credit cards. These cards are like secured credit cards, but instead of requiring a cash deposit, they’re secured by an existing checking account. Some debit-credit cards offer cashback rewards, such as Fizz and Current.
Bottom line
Cashback debit cards can help you save money or earn rewards with everyday purchases. But don’t let the promise of extra cash convince you to sign up for an account that isn’t the right fit. Make sure to compare other top checking accounts to find one that’s right for you.
Frequently asked questions
What’s the highest cashback debit card?
Varo’s 6% cashback rate is one the highest we’ve seen among cashback debit cards. If you’re a business owner, there’s also Bluevine Business Checking, which offers up to 4% cash back and high rates on checking balances, and landlords can check out Baselane, which offers up to 5% cash back on debit card purchases with eligible home improvement hardware purchases.
Is cash back free money?
Cashback rewards can be “free” if the account has no monthly or annual fees — but to earn the cash back, you have to spend money. Don’t get caught up in the allure of an account’s ability to earn points or cash back through spending. It’s easy to get carried away and overspend under the idea that you’re earning that spending back. Think of the rewards account as a long-term investment rather than a quick way to get easy cash.
Is there a downside to cashback debit cards?
Cashback debit cards usually require a certain balance or direct deposit to earn the rewards. If you can’t meet those requirements, you won’t earn cash back, which can be a waste of time and energy. Also, if you’re prone to overspending and are tempted by cashback offers, a rewards debit card could tempt you to overspend for the sake of earning cash back.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University. See full bio
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
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