5 Best Debit Cards For Cash Back Rewards In 2023
As someone who is always using my debit card, it’s nice to get a little something in return.
I admit, it was a drag not getting cash-back rewards except when I used my credit cards.
The only way I could benefit is if I were to pay the balance off every month or else interest and possibly late fees (if not mindful) would eat up the rewards perks making the whole thing pointless.
But thankfully, there’s a solution that could put more green back in your pocket – debit cards that offer cash-back rewards.
In this article, I will share with you my top picks for the best debit cards with cash-back rewards in 2023.
These cards will help you save money and earn rewards on everything from groceries to gas among other places, and you will earn these rewards using a form of payment you are already using anyway!
What Are the Best Debit Cards For Cash Back Rewards?
This list includes some pretty solid picks no matter what type of debit card you’re looking for.
I’m sure you are eager to find out what the 5 best debit cards for cash back are, so let’s stop wasting time and cut to the chase.
SoFi Money Debit Card
Main Features:
No account fees or minimum balance requirements
Offers cash back rewards on purchases
Unlimited ATM fee reimbursements at any ATM worldwide
No foreign transaction fees
Instantly freeze or unfreeze if your card is lost or stolen
Access to SoFi’s financial planning tools and member benefits
If you aren’t a fan of hidden fees that are found at traditional financial institutions the SoFi Money Debit Card will not only save you money but also offers a variety of benefits to help you manage your finances.
This debit card includes notifications for each and every transaction so you can keep track of your spending and avoid overdrafts. This is an added perk and a time saver so you can stay updated in real-time and know when your transactions will hit your account.
Additionally, you can easily freeze your card if it’s lost or stolen to keep your card from continued use when not in your possession. This gives you greater control over your fraud protection measures and creates added peace of mind.
Best of all, The SoFi Money Debit Card also offers cash-back rewards on qualifying purchases, so you can earn money back after you spend it on what you need.
Another perk is with access to over 55,000 ATMs worldwide, you can withdraw cash 24/7 without the worry of outrageous ATM fees.
This debit card is a great choice if you are someone who wants to strictly do all of your banking online and doesn’t want to deal with the monthly fees of a traditional bank.
Between the cash-back rewards, real-time transaction notifications, and a number of options to avoid hidden fees, this is a pretty slick debit card to check out.
Bank of America Cash Rewards Debit Card
Main Features:
1% cash back on purchases
No annual fee
No foreign transaction fees
Exclusive access to Bank of America’s financial planning tools and member benefits
Overdraft protection available for eligible checking accounts
The Bank of America Cash Rewards Debit Card is another solid pick for this list. This debit card offers cashback rewards on everyday purchases, high-level security with chip technology, and account alerts, with the flexibility of redeeming rewards as a statement credit, deposit, or charitable donation.
The card is managed through the Bank of America mobile app for easy access to account balances and transactions. Plus, with Bank of America being one of the largest and well known financial institutions out there, you can be assured that you will be in good hands with a brand that has been around for the long haul.
Cash back rewards are earned on purchases made at many popular retailers such as grocery stores, wholesale clubs, and gas stations, making it suitable for common everyday purchasing.
If you are looking for a way to earn rewards on purchases you make regularly, while also benefiting from enhanced security features and management of your account then this is a debit card to consider.
With the Bank of America Cash Rewards Debit Card, you can maximize your rewards potential while having more peace of mind when it comes to your finances.
American Express Serve Cash Back Prepaid Debit Card
Main Features:
1% cash back on purchases made at eligible retailers
No monthly fee when you direct deposit $500 or more each month
No credit check is required to obtain the card
No foreign transaction fees
Access to Amex Offers, which provide discounts and cashback rewards at select merchants
Free ATM withdrawals at over 30,000 MoneyPass ATMs nationwide
Ability to send and receive money with other Serve users
The American Express Serve Cash Back Prepaid Debit Card is a pretty versatile debit card that provides cash-back rewards on most purchases.
With this card, you can earn 1% cash back on purchases made in stores as well as online. With the boom in online shopping in recent years it’s nice to earn cash back shopping from the convenience of your own home.
One of the main features of the American Express Serve Cash Back Prepaid Debit Card is how flexible it is.
American Express is accepted almost anywhere nowadays, so using this card is a breeze, no matter where you shop.
Plus, with this being a prepaid debit card, there is no other credit history or check required to qualify. This is an excellent benefit for you if you have had trouble qualifying for a traditional credit card due to past financial headaches.
The American Express Serve Cash Back Prepaid Debit Card also offers budgeting tools, transaction alerts, and the ability to set up add-on accounts for your family members or friends. Plus, you can easily reload your cash-back debit card through direct deposit or at participating retailers.
Another benefit of the American Express Serve Cash Back Prepaid Debit Card is its enhanced security features. The card comes with fraud protection, purchase protection, and the ability to lock and unlock the card if it’s lost or stolen.
Jassby Virtual Debit Card
Main Features:
Available to kids and teens, with parental controls and spending limits
No annual fee
No credit check is required
Compatible with Apple Pay and Google Pay
Ability to send and receive money with other Jassby users
Security features such as two-factor authentication and fraud protection
In-app chore and allowance tracking for parents and kids
I included this card in the list since it is one of the more unique picks.
The Jassby Virtual Debit Card is designed to help your family manage finances while teaching your children good money habits.
It is a virtual debit card and access is gained through the Jassby app offering a range of features.
These features are designed to help your family save money while earning cash-back rewards as well as keeping track of spending.
The Jassby Virtual Debit Card can be used at a wide range of retailers, both online and in-store, especially at popular retailers such as Amazon, Target, and Walmart, adding extra convenience for you if these places are regular shopping destinations.
As mentioned earlier, this card offers unique features designed specifically for your family.
As a parent, you have the ability to set up chore lists and rewards for your children, teach them good money management habits and encourage them to earn money for things they purchase on their own.
Best of all, you have access to parental controls so you can monitor your children’s spending and set limits on the purchases they make. They probably won’t like that but they’ll thank you later I’m sure.
This debit card is easy to use and is accessed through the Jassby app, which offers a simple and intuitive interface for added convenience.
You can easily load money onto the card, set up automatic transfers, and monitor your spending in real-time.
Extra Debit Card
Main Features:
No annual fee
No credit check is required
Access to exclusive discounts and cashback rewards at select merchants
Optional overdraft protection
Mobile check deposit
Compatible with digital wallets such as Apple Pay and Google Pay
Ability to build your credit score through purchases and payments
Optional personalized debit card design
If you are looking for a way to build your credit while using your debit card, the Extra Debit Card is in a class of its own.
This is a fairly new product and is the first debit card to offer a way to build your credit with everyday purchases.
When you make purchases on the card, your totals are added up and at the end of the month, Extra sends your purchase and payment info to the credit bureaus.
This is a free debit card that acts as an alternate way to boost your credit score without doing it by way of the traditional credit card.
Not only that, you can earn up to 1% cash back on daily purchases as well as personal bills, however, you will have to upgrade your subscription to receive these extra cashback deals and rewards points. It is an option if you choose.
Lastly, you can connect this prepaid card to your current bank account so you don’t have to worry about where you can use your debit card. You can use it through any network your current bank accepts.
The Extra Debit card might be one of the coolest debit cards on the list as it is one of the more unique and one-of-a-kind prepaid cards out there.
What Are Cash Back Debit Cards?
Cash-back debit cards are a specific type of debit card that offer you a percentage of your purchases back in the form of cash rewards.
Unlike credit cards, these cards do not require users to take on debt, making them a popular choice for those who want to earn rewards without having to worry about paying the debt back.
By using cash-back debit cards, consumers can earn money on everyday purchases while still maintaining a healthy level of financial responsibility.
FAQ
What Are 2 Things You Should Know About Debit Cards?
1. Unlike credit cards, debit cards typically do not charge interest on your purchases since they are linked to your checking account or savings account. This can be a huge plus, especially if you use a debit card with a rewards program.
2. It’s vital to keep track of your current available balance to avoid overdraft fees, as these can add up quickly and negatively impact your financial situation.
By keeping these two things in mind, you can be a responsible debit card user and make the most of its benefits.
What Are 2 Disadvantages of Debit Cards?
While there are definitely many advantages to using a debit card, there are also a couple of potential disadvantages to take into consideration. Two of these disadvantages are:
Limited Fraud Protection: In some cases, debit cards don’t offer as much protection against fraudulent transactions. While many banks and financial institutions do have some form of fraud protection, there is still a risk that you could lose money in the event of unauthorized purchases or hacks on your account.
Withdrawal Limits and Fees: Depending on your bank or financial institution, limits on the amount of money you can withdraw from an ATM or spend can be common. Also, some banks may charge fees for certain types of transactions, such as foreign currency withdrawals or balance inquiries at non-affiliated ATMs.Be aware of these potential fees and limitations so that you can avoid unnecessary expenses and manage your finances effectively.
What Factors Should You Consider When Using a Debit Card?
When using your debit card, there are several factors you should consider to ensure that you are using it responsibly. Here are 5 key factors to keep in mind:
Available Balance: Be sure to keep track of your available balance and avoid overdraft fees. It’s important to track your spending and keep enough money in your account to cover all expenses.
Transaction Fees: Some banks could charge transaction fees for certain purchases, so be sure to check with your financial institution to understand what fees may apply when using your debit card.
Rewards: Some debit cards offer cash back or other rewards on your purchases. Consider picking a card that offers these rewards, especially ones that align with your spending habits and financial goals.
Fraud Protection: Choose a debit card with robust fraud protection measures in place, such as two-factor authentication and real-time transaction monitoring, to help protect you against unauthorized use.
ATM Accessibility: This is quite important since ATM fees can be outrageous. Check to see where you can use your debit card for withdrawing cash and if there are any fees associated with using ATMs out of your network. Some banks may also have daily limits on the amount of money you can withdraw from an ATM.
What Is the Most Secure Way To Use a Debit Card?
To be sure you are using your debit card securely, there are a few steps you can take:
Protect Your PIN: Always keep your PIN number safe and secure. Do not share it with anyone you don’t fully trust and pick a unique PIN that is not easy for anyone to guess. In addition, changing your PIN regularly will also create an extra level of security.
Check Your Account Regularly: Monitor your account on a regular basis and ensure that all the listed transactions are legitimate. If you notice any unauthorized transactions, report them to your financial institution immediately.
Use Secure Websites and ATMs: With online shopping commonplace in today’s world, make sure you purchase from a website that is secure and has a valid SSL certificate. When using an ATM, make sure it is in a well-lit and high-traffic area. Also, always check for tampering as this has become more common in recent years.
Enable Available Security Features: Many banks now offer security features such as two-factor authentication. Enable at least a few of these features to give yourself some added protection and peace of mind.
Notify Your Bank When You Travel: If you plan to use your debit card while traveling, notify your bank in advance. This helps prevent any unplanned account freezes or fraud alerts.
What Should You Not Use Your Debit Card For?
While a convenient way to pay, there are certain transactions that you should avoid using your debit card for:
Large Purchases: If you make a large purchase, consider using a credit card instead. This will give you better fraud protection, as well as the ability to earn rewards on your purchase if a rewards program isn’t offered with your debit card.
Automatic Payments: Avoid setting up automatic payments using your debit card. You should use a credit card, or better yet, use your bank’s routing number as credit and debit cards expire. This way you can avoid constantly updating your information when issued a new card.
Unknown or Unsecured Websites: While pretty obvious you don’t want to use your debit card to make purchases on any unknown or unsecured websites. Stick to reputable websites that use secure payment processing.
Deposits: Don’t use your debit card to make deposits, such as rental deposits or security deposits. These transactions can possibly tie up your funds for an extended time period.
Transactions with Temporary Holds: For transactions that may result in temporary holds on your funds, such as car rentals or hotel reservations, avoid using your debit card. Like the last point, these holds can freeze up your funds and impact your available balance.
Conclusion
At the end of the day, debit cards with cash-back rewards have become increasingly popular among consumers who want to get a little something back on their everyday spending.
By choosing the best debit cards, you can earn some nice rewards on your purchases and make the most of your spending habits.
Whether you prefer a card with cash-back rates on specific eligible purchases, such as groceries or gas, or flat-rate cash-back on all purchases, you can find a debit card to fit your needs.
Be sure to do your research on the various options and choose the one that best suits your spending habits and overall financial goals.
With the right debit card, you can earn some cool cash-back rewards on purchases you were already going to make, helping you to save money and get closer to your financial goals.
