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- Several online banks and banking platforms have accounts with cash-back debit cards.
- Depending on the place, you may earn between 1% to 15% cash back on debit card purchases.
- The accounts may have limits on how much you can earn per month or year, or on what qualifies as an eligible purchase.
Cash-back debit cards are like cash-back credit cards, in that you can earn extra money off of your everyday purchases with them. But you might prefer a cash-back debit card over a credit card if can't pay off your entire credit card bill each month, or if you struggle with impulse spending.
Below, you'll find the best cash-back debit cards available nationwide. Several of these accounts are also some of the best rewards checking accounts.
Discover Cashback Debit Account
With the Discover Cashback Debit Account, you can get 1% cash back on up to $3,000 in eligible debit card purchases monthly (see website for details).
Certain types of debit card transactions aren't eligible for cash-back rewards though. For example, if you buy a money order or make a loan payment, you won't be able to get cash back for the purchase. You also can't get cash-back rewards for peer-to-peer payments (like Apple Pay Cash) or a purchase made using a payment app (like Venmo or PayPal).
Axos CashBack Checking
Axos CashBack Checking allows you to earn up to 1% cash back on signature-based debit card transactions.
To get 1% cash back on qualifying debit card purchases, you'll have to maintain an average daily balance of $1,500 or more in your checking account. Otherwise, you'll earn 0.50% cash back on eligible purchases. The maximum amount of cash back you can earn on signature-based transactions each month is $2,000.
Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus offers up to 2% cash back on everyday debit card purchases at convenience stores, gas stations, monthly subscription services, restaurants, and utility and phone providers.
To earn 2% on everyday purchases and 1% cash back on all purchases, your checking account must receive direct deposits of $1,000 or more each month. The 2% cash-back perk is limited to $500 in cash-back rewards per year. After the $500 limit, you'll get 1% cash back on debit card purchases for the rest of the year.
If you do not receive direct deposits of $1,000 or more each month, you'll earn 1% cash back on everyday debit card purchases and 0.50% cash back on other types of debit card purchases.
You won't be able to earn cash-back rewards on gift card purchases, loan payments, money orders, ATM transactions, wire transfers, or payments made through digital wallets or payment apps.
LendingClub Rewards Checking
With LendingClub Rewards Checking, you can earn an unlimited 1% cash back on qualifying signature-based debit card purchases.
To be eligible for the cash-back feature, your checking account must have a daily balance of $1,000 or more.
You won't be able to use the checking account for any purchases that are returned or are considered cash equivalents (like gift cards or prepaid debit cards).
ONE Account
The ONE Account lets you earn 3% cash back of up to $50 per year at Walmart locations or on Walmart.com.
To earn cash back, you'll need to receive direct deposits of $500 or more each month or have a total account balance of $5,000 or more.
Gift card purchases and prepaid cards are not eligible for cash-back rewards. You also won't get cash back at Sam's Club or any restaurants or vendors that are inside Walmart locations.
Venmo Account
Venmo technically isn't a bank or banking platform, it's a mobile payment app. However, you can get a Venmo debit card that links to your Venmo account.
The Venmo debit card allows you to earn up to 5% cash back at select retailers. You can find cash-back offers on the Venmo app.
Dave Spending Account
The Dave Debit Mastercard offers up to 15% cash back at select retailers. When you open a Dave Spending Account, the debit card will automatically be mailed to you. Cash-back offers from participating retailers can be found on the Dave mobile app through Dave Rewards.
Primis Perks Checking
Primis Perks Checking has a cash-back debit card. You can get $0.50 back on all debit card transactions except ATM transactions.
Salem Five Direct eOne Checking
Salem Five Direct eOne Checking lets you earn $0.05 back on all signature-based debit card purchases.
Varo Bank Account
Varo lets you earn up to 6% cash back on debit card purchases at select retailers (up to $50 in cash-back earnings per month). Each time you reach $5 in cash-back earnings, the money will be deposited into the Varo Bank Account. You can find participating retailers on the Varo mobile app.
Quontic Cash Rewards Checking Account
Quontic Rewards Checking offers 1% cash back on eligible debit card purchases (up to $50 in cash-back rewards per statement cycle).
The following types of purchases aren't eligible for cash-back rewards: cash over portions of sale transactions, peer-to-peer payments, loan payments, purchases through payment apps, or ATM-based transactions.
What Are Cash-Back Debit Cards?
How Cash-Back Debit Cards Work
Cash-back debit cards can work in several ways, but generally, you'll earn some amount of cash back after making purchases with the debit card. There's frequently some sort of limit on what types of purchases you can earn cash-back on; some cards might limit what brands you can buy to earn cash-back, and some might only give cash-back on certain types of purchases, such as buying gas. Some might require you to select what you want to earn cash-back from in your mobile banking app.
The cash can be delivered to you in various ways, as well; it might be put in your checking account automatically, or you might be able to redeem your cash for gift cards or rewards.
You might consider a cash-back debit card if you're looking for a way to get some money back from your purchases. Some banks and online banking platforms, such as online banks and apps that offer banking services, offer accounts with high-reward cash-back debit cards, which allow you to earn a percentage of cash back from certain types of debit card purchases.
Differences From Credit Cards
The primary difference between cash-back debit cards and cash-back credit cards is the pool of money that the cards pull from. Credit cards are lines of credit; each time you use one, you're borrowing money from the credit card lender that you're expected to pay back. If you don't, you'll have to pay interest on what you've borrowed. The average credit card interest rate is extremely high, so you'll want to pay your balance off each month to avoid paying extra.
In comparison, debit cards generally pull money from a checking account, although there are prepaid debit cards that work differently. Since it's pulling from your money, you aren't at risk of going into debt by making debit card purchases. But you also won't be able to make debit card purchases if you don't have any money in your checking account.
How to Choose the Best Cash-Back Debit Card
Consider Your Spending Habits
When deciding how to get a debit card with cash-back options you'll regularly use, consider what you generally buy with your debit card. Do you use your debit card primarily for grocery purchases? Do you use your debit card mostly for online shopping? Make sure to find a card that will reward you for the purchases you make most often.
Research Rewards Structures
Look into how you'll receive your cash back before you commit to a card. For example, If you don't want to have to redeem your cash back for gift cards or other types of rewards, look for a card that puts your cash directly into your checking account.
Fees and Requirements
Many cash-back debit cards come with fees. Look for a free checking account that has a cash-back debit card with no fees to make sure you aren't paying more in monthly fees than you're earning back.
Additionally, make sure that the requirements the debit card puts on how you earn cash back aren't too strict. If you can only buy from specific brands, and you never buy from those brands, you'll be missing out on the core features of your card.
Why You Should Trust Us: How We Reviewed the Best Cash-Back Debit Cards
Business Insider's personal finance team is editorially independent; you can learn more about how we review products through our editorial standards page.
For our top picks, we looked at national, regional, and local banks that had bank account with cash-back debit cards.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Cash-Back Debit Card FAQs
Yes, cash-back debit cards are generally safe. They're usually linked to your checking accounts, which are federally insured bank accounts.
No. Debit cards don't report to credit bureaus, so they won't impact your credit score directly. However, using debit cards instead of credit cards can help you avoid credit card debt, so using debit cards could help your credit score indirectly that way.
Redemption steps differ between cash-back debit cards. Some debit cards will direct deposit the money into your checking account, and some will let you redeem your cash back for gift cards, among other methods.
Yes, some banks offer checking accounts for teens that come with cash-back debit cards. These accounts can also be useful for people who want to get a cash-back debit card for students.
Cash-back debit cards may come with fees and reward caps. They might offer lower rewards rates than cash-back credit cards.
