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7 Best Cashback Debit Cards to Earn Rewards

Varo is one of the best cashback debit cards to maximize rewards without fees.

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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7 best cashback debit cards

Explore the best rewards checking accounts by comparing their features, pros and cons.

Best overall for earning cash back

Varo

9.6 Excellent

Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
Go to site Read review
Fee$0 per month
Minimum deposit to open$0

Best for businesses

Bluevine Business Checking

9 Excellent

You can earn $300 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300.
Go to site Read review
APYUp to 3.70%
FeeFrom $0 per month
Minimum deposit to open$0

Best for everyday spending

Upgrade Rewards Checking Plus

8.6 Great

Read review
Fee$0 per month
Minimum deposit to open$0

Best for big spenders

Discover® Cashback Debit

9.6 Excellent

Go to site
on Discover's secure site
Read review
Fee$0 per month
Minimum deposit to open$0

Best for building a savings

OnePay Cash

9.6 Excellent

Earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent. Limited time offer. Earn 3% cash back at Walmart on up to $150 spent per month, with eligible deposits.
Go to site
on OnePay's secure site
Read review
APYUp to 3.75%
Fee$0 per month
Minimum deposit to open$0

Best for ATM reimbursements

Axos Bank CashBack Checking

9 Excellent

Fee$0 per month
Minimum deposit to open$0

Best for credit unions

PSECU checking account

8.8 Great

Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days.
APY0.20%
Fee$0 per month
Minimum deposit to open$0

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
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Alternatives to cashback debit cards

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.

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To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
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Written by

Writer

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

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Banking editor

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

Bethany's expertise
Bethany has written 431 Finder guides across topics including:
  • Personal finance
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