Best Cash Back Debit Cards [2024]: How to Maximize Your Spending

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® Cashback 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.

The key is to focus on the monthly fees, available rewards, and features included with the bank account to ensure it’s a good fit.

How we evaluate products

When choosing cash back debit cards, we considered various criteria including:

• Amount and type of rewards: We look for debit cards that offer various ways to earn rewards as we know not all consumers have the same spending habits
• Monthly fees: We strive to only recommend accounts with no monthly fees; however the Stash Stock-Back card is an exception due to its unique stock rewards
• ATM network: We aim for banks with a large ATM network or the option to get some of your non-network ATMS reimbursed (there are a couple of exceptions)
• APY: Earning cash back doesn’t have to be exclusive, so we try to include accounts that also pay interest, usually with a minimum balance requirement

The best cash back debit cards

• Discover Cashback Debit Card
• Stash Stock-Back Card
• Upgrade Rewards Checking Plus
• Axos Cash Back Checking Debit Card
• Bank5 Connect High-Interest Checking

Compare the best cash back debit cards

Card name	Great for…	Rewards rate
Discover Cashback Debit Card	Everyday spending	1.00% cash back on up to $3,000 in eligible debit card purchases each month1
Stash Stock-Back Card2	Beginning investors	Up to 1% back in stocks or ETFs on eligible purchases
Upgrade Rewards Checking Plus34	Recurring expenses	2% on everyday expenses up to $500 in rewards per year, then 1% plus
Axos Cash Back Checking Debit Card	In-person shoppers	Up to 1% cash back on purchases requiring a signature, up to $2,000 cash back each month
Bank5 Connect High-Interest Checking	Earning interest and cash back	Select from a variety of cashback deals

Discover Cashback Debit Card

Whenever I look for a cash back debit card, I look for those with no monthly fees. The Discover Cashback Debit card fits that bill and pays 1.00% back on up to $3,000 in qualifying debit card purchases each month. While $360 per year isn’t a ton of money, you earn it for doing nothing except making your normal monthly purchases and you don’t have to worry about rotating categories or activating offers.

In addition to the cashback bonus, Discover offers the following benefits:

• 60,000+ fee-free ATMs
• Two-day early direct deposit
• User-friendly mobile app
• Option to add cash at any Walmart location
• FDIC Insured

However, it’s important to note that there are no physical branches. You must be comfortable banking online, and if you need to deposit cash, you must either do so at a Walmart location (no charge) or deposit the cash into another account and transfer it to your Discover account.

Visit Discover to find out more about its Cash Back Debit Card

Stash Stock-Back Card

If you’re looking for different ways to earn rewards, check out the Stash Stock-Back Card⁵. Rather than traditional cash back, this card pays you in fractional shares of popular stocks when you swipe your card. The typical reward is 1%, but there are opportunities to earn more.

This option is great for beginning investors who don’t know where to start or who may not have much capital to invest. It’s like earning free stock for doing your normal spending.

When you shop with your Stock-Back card, you earn stock from the company you made a purchase from. For example, imagine buying something at Amazon only to earn fractional shares of AMZN stock, or filling up your gas tank at BP and earning BP stock. It certainly makes shopping more fun knowing that you’re building a portfolio, regardless of how small it may be.

Don’t worry, if you shop at small, local businesses, you’ll get a default investment in a stock.

The amount you earn depends on the plan you choose (each has a monthly fee):

• Stash Growth: $3 per month and earn up to 1% stock-back (up to 2% with certain bonuses)
• Stash+: $9 per month and earn 1% stock-back (up to 3% with certain bonuses)

Note that Stash Banking services are provided by Stride Bank, N.A., Member FDIC. Stock rewards are held in a Stock Invest account, however, and are not FDIC insured.

Visit Stash | Learn more in our Stash review.

Upgrade Rewards Checking Plus

If you have at least a $1,000 monthly direct deposit, you can earn significant benefits from the Upgrade Rewards Checking Plus account including the following:

• 2% back on restaurant, drugstore, convenience store, and gas station purchases
• 2% back on utilities and monthly subscriptions
• 1% back on everything else

What I love even more than the basic cash back option on everyday purchases is the option to earn up to 10% back at select stores with Shopping Powered by Dosh. The downside is that you must go into the Upgrade mobile app and activate these offers; they aren’t automatically applied like the offers above.

Also, while this account doesn’t earn interest, if you pair it with a Performance Savings account, you may earn an APY of up to 4.69% APY with a $1,000 monthly direct deposit.⁶ Upgrade Rewards Checking Plus is FDIC insured through Cross River Bank.

Visit Upgrade Rewards Checking Plus

Axos Cash Back Checking Debit Card

If you do a lot of in-person shopping and prefer to do signature-based transactions versus using your PIN, you can earn 1% back on your purchases with the Axos Cash Back Checking Debit Card.

I like that the limit is high, up to $2,000, so you can earn $200 a month or $2,400 annually just for making your regular purchases. However, there’s a catch; you must maintain an average daily balance of $1,500 otherwise your cash back percentage decreases to 0.5%. If you don’t regularly keep a higher balance, I’d suggest one of the other cash back debit cards on this list.

In addition to the rewarding cash back options, Axos also offers unlimited reimbursements on non-network ATMs. If you travel often or live in a rural area with only a few ATMS, this can be a great feature. Member FDIC.

Visit Axos Cashback Checking | Learn more in our Axos Bank review.

Bank5 Connect High-Interest Checking

The Bank5 Connect High-Interest Checking account offers double the rewards. First, you earn 2.7% interest on your balances, plus you can earn cash back rewards on your purchases. The downside is that you must activate the offers either in the online portal or mobile app before shopping.

However, after activating your offer, that’s all you must do. After making the purchase, Bank5 automatically credits your checking account for the cash back. I prefer this way because you never have to worry about expiring rewards. But the need to activate offers can be frustrating, especially if you forget. Member FDIC.

Visit Bank5 Connect to learn more about its cash back options.

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, but there are still factors you should consider, including:

• Cashback rate: Look for a debit card that offers a higher cash back rate on most of your everyday purchases, since you’ll 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.
• 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.

FAQs

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. Make sure the offers are something you can benefit from and the rewards will outweigh any monthly fees. If you’re ready to get your cash back debit card, check out our list of the best checking accounts to see which offer cashback rewards.