While most debit cards offer no rewards, there are several debit cards that offer rewards or cash back on your qualifying purchases. This can help you earn rewards while spending using a card that’s directly linked to your bank account.
Debit cards like the Discover Cash Back Debit Card and the Axos Cash Back Checking Debit Card offer straightforward cash back on a wide range of qualifying purchases. Others like the Stash Stock-Back Card offer more unique rewards like fractional shares instead of cash back.
- Some of the best banks offer cash back debit cards that help you earn cash back or other forms of rewards on your daily debit card purchases.
- Banks like Discover, Axos, and M1 offer debit cards with a straightforward cashback system, while Stash and Bank of America offer cards with more unique rewards programs.
- Cash back debit cards typically offer lower reward rates compared to the best cash back credit cards. However, their rewards rates can still be helpful for someone who’d rather not use a credit card or finds it difficult to qualify for one.
- Debit cards typically draw money out of a checking or savings account. Some of the top savings accounts help you earn high annual percentage yields (APYs), which can help your funds grow over time.
The best cash back debit cards
- Discover Cash Back Debit Card
- Stash Stock-Back Card
- Axos Cash Back Checking Debit Card
- M1 Plus Checking Debit Card
- Bank of America Visa Debit Card
Compare the best cash back debit cards
|Card name||Rewards rate||Account monthly maintenance fees||Other features|
|Discover Cash Back Debit Card||1% cash back on up to $3,000 in eligible debit card purchases each month||$0||
|Stash Stock-Back Card||Up to 1% back in stocks or ETFs on eligible purchases||$3 or $91||
|Axos Cash Back Checking Debit Card||Up to 1% cash back on purchases requiring a signature, up to $2,000 cash back each month||$0||
|M1 Plus Checking Debit Card||1% cash back on eligible purchases for M1 Plus members||$10||
|Bank of America Visa Debit Card||Select from a variety of cashback deals||$4.95, $12, or $25 (can be waived)||
Discover Cash Back Debit Card
- Earn 1% cash back on up to $3,000 in debit card purchases each month
- Benefit from a large ATM network
- Access to your paycheck two days early with direct deposit
- Pay no monthly maintenance fee
- Cashback rate only applies on up to $3,000 in eligible purchases each month
- No in-person branches
- No cash deposits
Like many of its products, Discover’s Cash Back Debit Card is a straightforward card that’s attached to an account with no monthly maintenance fee. You can earn 1% back on up to $3,000 in qualifying debit card purchases each month. This equates to up to $360 each year in cashback rewards.
Discover pairs its 1% cashback rate with features many people would find useful. This includes fee-free ATM withdrawals from over 60,000 machines, two-day early direct deposits, and an easy-to-use mobile app.
However, Discover’s Cash Back Debit Card won’t be right for everyone. People who like to bank with a financial institution that has a strong branch presence won’t find what they’re looking for with Discover, as it’s an online bank. Plus, the $3,000 purchase limit may annoy big spenders who don’t want a limit to the amount of cash back they can earn.
Visit Discover Checking Acount to find out more about its Cash Back Debit Card.
Stash Stock-Back Card
- Earn up to 1% back in stocks or ETFs on eligible purchases
- Benefit from a large ATM network
- Automatically invest via stock round-ups
- Not all debit card purchases qualify for cashback rewards
- Has a monthly account fee that’s either $3 or $9, depending on your subscription
The Stash Stock-Back Card2 is unique because it helps you earn fractional shares of popular stocks when you swipe your card, instead of traditional cash back. You can earn up to 1% in stock back. Keep in mind that some transactions don’t qualify for stock back, such as cash withdrawals, money orders, prepaid debit cards, and P2P payments.
You’ll earn rewards in one of two ways. The first is when you spend at locally owned businesses or certain private companies. The second is when you buy from well-known brands. If you shop locally, you can simply select a default investment that your cashback rewards will go toward when you spend at these shops.
If you buy from well-known companies that have their own publicly traded shares, you’ll earn stock back in the form of these shares. This means you’re investing in the businesses you support most.
Stash’s rewards system is tailored specifically towards investors, but people who are looking for more traditional cashback rewards might not like what Stash offers. Keep in mind that you need a Stash account that has a $3 monthly fee or a Stash+ account that has a $9 monthly fee.
Learn more in our Stash review
… Or visit Stash Stock-Back Card.
Axos Cash Back Checking Debit Card
- Earn up to 1% cash back on purchases requiring a signature, up to $2,000 cash back each month
- Receive unlimited ATM reimbursements on U.S. ATMs
- Easily pay others via its mobile app
- Pay no monthly maintenance fee
- Has a minimum account balance requirement of $50 when opening an account
- Cashback rewards only apply to purchases that require a signature
The Axos Cash Back Checking Debit Card offers 1% cash back on signature-based purchases. While this may sound limiting, in many situations this might simply mean choosing the credit option rather than debit when you swipe your debit card.
On top of its simple cashback offering, Axos Bank shines with its ATM access. Unlike other card issuers that offer a network of fee-free ATMs, Axos simply reimburses you for any U.S. ATM you use, making its network virtually limitless within the nation.
Axos requires a small minimum balance of $50 to open your account. Once your account is open, you can access a variety of helpful banking features. You’ll have access to peer-to-peer payments where you just need an email address or phone number to send money to your friends and family. Plus, once you download the mobile app, you can activate, deactivate, and manage your debit card from one place.
Learn more in our Axos Bank review
… Or visit Axos Cashback Checking.
M1 Plus Checking Debit Card
- Earn 1% cash back on eligible purchases for M1 Plus members
- Benefit from early direct deposits
- Easily schedule recurring checks
- Cashback rewards are only available with an M1 Plus subscription
- Check writing is only available with M1 Plus
- Has a $10 monthly account fee
M1 Plus is a subscription-based checking account that charges a $10 monthly fee or $95 annual fee. This account gives you access to the M1 Plus Checking Debit Card that helps you earn 1% cash back on qualifying purchases. Keep in mind that fund transfers and P2P payments don’t qualify for rewards.
M1 Plus also enables you to send checks through M1, either once or on a regular basis. Your M1 membership doesn’t require maintaining a minimum balance to keep your account open. Additionally, if you have direct deposit set up, you might qualify for a two-day early payday.
Keep in mind that most of these benefits aren’t available for the regular M1 account, so you’d need to make enough use of your subscription to justify the $10 monthly fee.
Learn more in our M1 Finance review
… Or visit M1 Checking.
Bank of America Visa Debit Card
- Choose the cashback deal you want
- Round up purchases to start saving
- Lock and unlock your card as needed
- Use contactless payment options
- Must activate deals individually to receive cash back
- Bank of America checking accounts come with monthly fees
The Bank of America Visa Debit Card is a good fit for people who already use Bank of America for their banking needs. This debit card attaches to one of the rewards checking accounts that Bank of America offers. These accounts charge monthly maintenance fees of $4.95, $12, or $25, which can be waived.
The Bank of America Visa Debit Card lets you choose your own cashback offers from its long list of options through its BankAmeriDeals portal. This means if you want to activate an offer based on your shopping that day you can right from the mobile app or your online banking portal.
Some of the extra features available to cardholders include having a card that can be locked and unlocked from the mobile app. It also has contactless payment options and a $0 liability policy that can help protect you from unauthorized transactions.
How to choose the best cash back debit card
While there are credit cards that offer 5% cash back on certain spending categories, debit cards don’t typically offer similar rewards rates. Consider the following factors before choosing a cash back debit card that fits your personal finance situation:
- Cashback rate: Look for a debit card that offers a higher cashback rate on most of your everyday purchases, since you’d use your card for these purchases most often. Some cards offer a flat cashback rate, while others may have tiered rates depending on your balance, account type, or purchase.
- Spending categories: Consider your spending patterns and choose a debit card that offers cash back in the categories where you spend most frequently. For example, if you spend a lot at grocery stores or gas stations, look for a card that offers higher cash back in those categories.
- Redemption options: Check the redemption options available with the cashback debit card. Some cards may allow you to redeem cash back as statement credits, direct deposits, or even gift cards. Choose a card with flexible and convenient redemption options that suit your preferences.
- Fees and limitations: Consider any fees associated with the rewards debit card. Is there a monthly fee for the checking account? Do you have to maintain a minimum balance to earn the highest rewards? Are you limited to how much cash back you can earn? Look at the whole picture and calculate whether additional fees outweigh the potential rewards you could earn.
- Compatibility with existing accounts: If you already have a checking account or other financial products with a specific bank, consider choosing a cash back debit card from the same institution. This can provide convenience in managing your accounts.
Cash back debit cards FAQ
Is it better to use a credit card or debit card?
It’s not inherently better to use a credit card versus a debit card. It simply depends on your spending habits and your financial preferences. One of the main differences between credit cards and debit cards is that credit cards allow you to make purchases using credit that you pay back later. Debit cards typically allow you to spend only the amount of money that you have.
While there are some reasons to stop using your debit card and switch to one of the best rewards credit cards or best cash back credit cards, every financial situation is different. You might prefer to work on your credit score, build credit history, or simply prefer using debit cards. If that’s the case, make sure to select one that helps you earn rewards for your daily purchases.
Are cash back debit cards worth it?
Cash back debit cards are worth using, especially if you don’t use a cash back credit card that has a higher rewards rate. Cash back debit cards can also offer various features attached to their checking accounts. Some cash back debit cards can help you earn 1% or more on qualifying purchases.
Can someone access my bank account with my debit card?
A person may be able to access your bank account with your debit card, especially if they also have your PIN. Your debit card includes your card number, first and last name, CVV code, and card expiration date, among other information. This information can be used online, over the phone, or in person to access funds in your bank account. To improve your security, make sure to activate measures that your financial institution may offer, including warnings against suspicious activities, two-factor authentication, and more.
Best cash back debit cards: bottom line
Cash back debit cards can help you make the most of your everyday spending. When selecting a cash back debit card, always consider what you’re looking for in a debit card as well as in the checking account attached to it. Check out our list of the best checking accounts, some of which offer cashback rewards.
To choose the best cash back debit cards in the market, we compared various debit cards based on several factors that typically matter to consumers. These factors included cash back rate, monthly maintenance fees, ATM access, minimum balance requirement, and other potential benefits and perks.
We understood that every consumer is different, with their own spending limits and preferences. Therefore, we selected debit cards that offered value to various consumers. We examined each card to better understand its main features, benefits, and drawbacks.
It’s important to note that our list doesn’t follow any specific order and is not meant to be a comprehensive list of all available options. Instead, our recommendations aim to provide a helpful starting point for consumers looking to research debit cards that meet their cashback needs.
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