Finance

Top 10 Rewards Debit Cards

Alexandra VlasenkoMarch 10, 20237 Mins read661

People love credit cards because they offer cash back and/or reward benefits. Credit cards can lead to debt accumulation. Instead, you can opt to use a rewards debit card. This will give you cash back and other rewards without having to carry a balance on your credit card. So you can choose which card is best for you, we’ve compiled a list of the most popular rewards debit cards.

What Is a Rewards Debit Card?

A rewards debit card functions almost exactly the same as a rewards credit card. It is used to make purchases. You’ll be rewarded with cashback or other rewards depending on the terms of your card.

A rewards credit card differs from a rewards debit card in that there is no bill to pay at end of the billing cycle.

Instead, the rewards debit card money that you spend comes directly out of your checking account.

This means you can’t spend more money than what you have on hand. You still have the benefit of earning rewards for your purchases

Key Features of Rewards Debit Cards

There are several key features shared by the top rewards debit cards.

These features are:

Bank-level security to reduce the risk of fraud
There are no additional fees which mean you have more money in your pocket
There are no interest charges for purchases made using your rewards debit card

One major difference between rewards credit cards and rewards debit cards is that when you buy with a cashback credit card, You could be subject to interest fees if you don’t pay the balance in full each month.

You won’t have to pay interest on purchases made with your rewards debit card, as there is no accrued amount. The money is taken directly from your checking account.

Top 10 Rewards Debit Cards

You will find the best rewards debit cards with a wide range of benefits and features, including low to no fees and large rewards. These are the best rewards debit cards.

1. Upgrade – Rewards Checking

Upgrade has been a pioneer in fintech, offering consumers affordable loans, rewards checks, and credit education tools that will help them make the right financial decisions.

Features

Minimum opening requirement: $0
Minimum balance:$0
Monthly maintenance fees:$0
ATM: Upgrade will refund up to five third-party ATM fees per month for a daily average balance of $2,500 and direct deposits of at minimum $1,000 or eight purchases made with your Upgrade Rewards debit cards
Reward: 2% Cash Back on Everyday Expenses and 1% Cash Back on Everything
Convenience stores, gas stations, and restaurants are included in the 2% cashback rewards.

You can only earn $500 per year in 2% cashback rewards. You’ll be eligible for unlimited 1% cash back on all purchases once you have reached the $500 threshold.

Upgrade does not have an ATM network. Your ATM card can be used at any ATM. However, the fees may be charged by the third-party bank. You can upgrade your Rewards Checking Account if you meet the requirements to be active. Upgrades will pay the fees up to 5 times per month.

Also read: Top 10 Business Credit Cards for Startups

2. Axos

Axos Bank is an online bank. The company’s headquarters is in San Diego, California. It is FDIC insured. There are also branch offices in California and New York.

Features

Minimum to Open: 50
Minimum balance: $0
Monthly maintenance fees:$0
ATM: Unlimited domestic ATM fee reimburse
Reward: Up To 1% Cash Back on Eligible Purchases with a Minimum $1,500 Balance
You can still get up to 0.50% cash back on eligible purchases if your balance is below $1,500

You can even earn up to $2,000 per month in cash back earnings. Your Axos checking accounts will receive the cashback.

Cash back earnings are only available for signature-based transactions with Axos.

The Axos CashBack checking account also offers peer-to-peer transfer capabilities as well as referral bonuses.

To receive account alerts, manage your debit card availability, and access the Axos bank mobile banking app, you can use this app.

This account also comes with unlimited check-writing abilities.

3. Bank of America

The Bank of America Advantage Plus account is a checking account offered by the banking giant Bank of America.

Features

Minimum opening requirement: $100
Minimum Balance: $0
Monthly maintenance fee: $12 (with options to waive the fee).
ATM: No Fee at In-Network ATMs
Reward: Variable cashback percentages

This account doesn’t give you cash back for every purchase of a debit card. Instead, you get cash back when you make a BankAmeriDeal purchase.

BankAmeriDeals is a special cash-back offer that you can view when you log in to your BankAmerica account via your mobile app, online banking, or by using your bank’s website.

You’ll receive the cashback percentage 30 days after you make a BankAmeriDeal transaction using your debit card.

Best for Current BankAmerica customers and those considering opening an account at BoA

4. Discover

The Discover cash back Debit Checking account can pay up to $3,000 per Month in rewards debit earnings.

Features

Minimum opening: $0
Minimum Balance: $0
Monthly maintenance fees: $0
ATM: No Fee at In-Network ATMs
Reward:1% Cash Back on All Debit Card Purchases

This account doesn’t have fees that banks usually charge.

You won’t pay any fees for standard checks, overdrafts, or stopped payments, for example.

There won’t be any fees for outbound ACH transfers, replacement debit cards, or online bill payment usage.

If you use an ATM outside of your network, this account may be subject to a service fee. There are over 60,000 ATMs within the network.

Get your cash back rewards when you open an online Discover savings account. You can earn 5x the average national interest rate.

Also read: 9 Best Money Saving Apps for Saving

5. Empower

Empower is a fintech company that offers an online bank account. Transfer money from your bank account into your Empower account, and you can start spending.

This account does not have checks, but you will get an Empower debit card that offers rewards for purchases.

You can also get your money as early as two days if Direct Deposits are made to your Empower account.

Features

Minimum to Open:$0
Minimum Balance: $0
Monthly maintenance fees: $0
ATM: Free at In-Network ATMs
Reward: Get up to 10% cashback on your debit card purchases

Empower Perks Cash Back allows you to activate the store you wish to earn cash back.

You can only activate one store at a time. However, you can change your activated store at any time.

If your Perks activated store is Walmart, and you wish to go to Starbucks for a coffee, you can simply switch to the activated store before going into Starbucks.

Different factors will affect the percentage of cashback rewards that you earn from purchases made using your Empower card. For more information, visit the Empower website.

6. Extra

Extra a unique debit card. You can make purchases using the Extra debit card, you can earn as much as 1% in reward points and redeemable reward points for every purchase. but you also build credit as well.

Extra pays itself back every time you make a purchase using your Extra debit card. Extra can withdraw from your linked bank account to pay the extra fee. Extra and the Issuing Bank must approve all transactions and account activity.

They report each month’s purchases as creditworthy payments at the end. This will help you build your credit score.

Applying for an Extra card does not require you to have a credit check. Your bank account balance will determine your spending limit.

Features

Minimum to Open:$0
Minimum Balance: $0
ATM: N/A
Reward: Selected purchases earn points redeemable in the Extra rewards store

You can redeem your Extra membership points in extra’s famous rewards store, which offers everything you need from smart kitchen gadgets to seasonal trends.

You can view the available rewards items after you sign up to become a member.

7. LendingClub

LendingClub Bank’s Reward Checking account has many great features. You can receive your direct deposit paycheck as early as two days before the deadline.

You can also earn interest on balances over $2,500

Features

Minimum to Open: 100
Minimum Balance: $0
Monthly maintenance fees: $0
ATM: Fee reimbursements on all ATM transactions
Reward:1% Cash Back on Qualifying Purchases

Note that Cashback is earned only for signature-based online and in-store purchases.

LendingClub recommends that you choose “credit” over “debit” to ensure that you get your cash back rewards. Another amazing feature is the possibility to order and use checks from this account. The first 25 checks are completely free.

8. Sable

Sable is another fintech bank company. All Sable deposits are FDIC-insured (up to a specified limit) through Coastal Community Bank.

For those with no credit history, or for anyone new to the United States, Sable is a great option.

Sable accounts can be funded via wire transfer or direct deposit.

Features

Minimum opening: $0
Minimum Balance: $0
Monthly maintenance fees: $0
ATM: $0.0 by Sable. However, ATM owners might charge a fee
Rewards: Get 1% Cash Back at Select Retailers

Note that as of this writing, Cashback is only available to selected retailers like Amazon, Netflix, Hulu, Uber, Uber Eats, Spotify, and Whole Foods.

Sable reserves all rights to make cash-back-eligible retailer changes at any time.

Also read: Top 10 $50 Instant Loan Apps

9. Yotta

Yotta is a debit card that rewards spending and saving. When you have money in your account, the card will pay an annual interest rate of at least 0.2%.

You could also earn up to 4% APY if you invest in Yotta’s crypto investing bucket.

You will be entered into sweepstakes to win cash or other prizes for every deposit.

The card’s sweepstakes feature promises prizes as high as 10 million dollars.

Features

Account balances over $5 are exempt from fees
No foreign transaction fees
Minimum balance required: $0
55,000+ ATMs in-network and fee-free

To earn more cash and win other prizes, you can apply for a Yotta Credit Card to build your credit.

10. Firstcard

Firstcard provides banking services for college students. Firstcard recognized college students are often under stress and that money plays a major role in their lives.

Mastercard has created a debit card for students to ease financial pressure. This user-friendly card gives students back up 15% on select purchases at more than 27,000 partner retailers.

Firstcard offers a discount network that revolves around student campuses and beyond.

Firstcard is not a bank but a financial technology company. They are serious about security and will do everything they can to protect your personal information using industry-standard encryption technology. Depositors can have their funds insured for up to $250,000

College students can sign up for Firstcard reward debit cards easily. Sign up online in just a few seconds. There are no minimum balance requirements or signup fees.