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Last Updated: March 20, 2023
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In the last 50 years, the ways consumers pay for goods has drastically changed. It used to be you’d carry an amount of cash to pay in a restaurant, go to the grocery store or gas station. You might even use your checkbook at the checkout to purchase groceries or a new outfit at the mall.   That all changed with the onset of credit and debit cards. Credit cards came onto the scene first. With debit cards to follow. As businesses caught up with the technology, people slowed down their use of cash and the swipes started to happen.  Then the onset of the world wide web, online shopping commenced. Now, you need some form of card to make purchases. Once this happened consumers wanted a card that would help them make money too and the cash back rewards cards became a thing.

Before opening a credit card, you’d consider carefully what kinds of rewards it would offer you in return.   Now consumers don’t just want a credit card with rewards, they want debit cards that offer rewards too. Can you get cash back from using your debit card?  Read on to learn what you need to know about debit cards with rewards.

Debit Card Rewards Cards

As competition between traditional banks and online banking sources increases, more options become available for rewards debit cards. Here’s a look at some debit cards with rewards to consider.

American Express Serve Cash Back

Unlike a traditional debit card that is linked to a checking account, this card is a prepaid card. You can deposit money onto the card from direct deposits or transfers from other bank accounts.  You earn a straight 1% on all purchases using this card. The caveat is that it charges a fee of $7.95 per month. So, if you don’t spend at least $795 a month using the card you won’t come out ahead. So, the reward is good but only if you use it for most of your spending.

Axos Cash Back Checking Account

This is a debit card that offers you cash back and makes the deposit back into your account at the end of each month. Here are a few things to know about this card:

• 1% cash back on purchases that require a signature
• Must maintain a $1,500 balance to get the 1% reward
• Balance drops below $1,500, you earn 0.50% in cash back
• You can only earn up to $2,000 in rewards monthly
• There are a few restrictions on the purchases, so read the fine print.

Bank of America Visa Debit Card

This Bank of America card is their standard debit card. There are no monthly or annual fees associated with the card.  Once you have your checking account started, you get the card. Then you go to BankAmeriDeals and sign up with merchants who offer rewards by using your card at their business.  The card will give you cash back from purchases you make at those specific merchants. You can also earn what Bank of America calls coins. Those coins, as you earn them, also translate to cash back.  All of this can be navigated through Bank of America’s mobile app.

Discover Cash Back Debit

This Discover card debit card offers rewards a few ways. It gives you up to a $30 reward monthly that’s applied to your account for a total of $360 per year based on your purchasing power.  You can earn 1% up to $3,000 per month using this card. Discover pays the rewards by putting them in your Rewards Detail. You can go to these rewards and have the cash back transferred to your Discover checking, savings account, or credit card accounts.  A couple of noteworthy bonuses: The rewards do not expire and there is no annual fee for their debit card.  While Discover does not have brick and mortar locations, you can use their ATM at 60,000 locations to withdraw cash for free.

PayPal Business Debit Card

This is a great card for businesses and can earn a 1% reward. This MasterCard based debit card through PayPal earns those rewards when you use your card for signature-based, online and phone transactions. It does not earn the reward for their online debit transfers.  While the reward is worth noting, it’s also important to note it is tied to a PayPal account versus a traditional checking account. There are no traditional brick and mortar locations to manage the account either.

SunTrust Bank Delta SkyMiles World Debit Card

SunTrust offers a couple of different rewards associated with their checking accounts. Both offer some seriously good travel rewards.  A SunTrust Advantage Checking account earns debit cardholders $1 for every $2 spent. While the SunTrust Exclusive Checking or Signature Advantage Checking account earns a dollar to dollar reward.  Some features to know about this debit card:

• 5,000 bonus miles after your first signature-based or PIN-based purchase
• Bonus miles for Delta purchases
• Earning limit of 4,000 miles per month
• There is a $95 fee annually, so you want to weigh the rewards you will earn.

Know the Terms

Like with any kind of reward program, there can be restrictions and terms to understand. Read the fine print so you know how to earn the rewards and what restrictions might be in place.  Pay attention to:

• Expiration dates
• Caps on points you can earn
• Caps on cash back amounts

How you can accumulate rewards points

Also, make sure you know about any associated fees. It doesn’t work as a reward if the reward isn’t greater than the fees.

Finding the Debit Cards With Rewards

There are some debit cards with rewards available to consumers. With the right spending habits and planning, they can pay off too. Consider the type of reward, how to earn it and the fees when you consider opening a checking account to get one of these reward debit cards.  For more articles and information on personal finance and credit cards, be sure to visit our page often.