What is a cashback rewards checking account?
A cashback rewards checking account gives you more than a safe place to store your money. It is an account that pays you for using its services. Typically, this is in the form of a rebate of any purchase you make on your debit card. For example, you may get 1% cash back on every purchase, as in $100 for every $10,000 you spend. However, sometimes the cash is paid in the form of sign up bonuses, high APYs, or other perks.
How do you qualify for a cashback rewards debit card?
The details vary depending on the checking account. Typically have to fill in a form by providing personal information, such as full name, government issues ID, SSN, address, proof of address, and date of birth. Once the account is open you can deposit money and start spending and earning cash back on every purchase made with the debit card.
Some accounts require you to maintain a minimum account balance, make a certain number of transactions in a month, or deposit a minimum initial dollar amount.
What financial institution has the best cashback rewards debit cards?
This varies depending on the bonuses and offers currently available since financial institutions change their promotions regularly. The debit cards listed above are among the best deals available now.
How do cashback rewards debit cards work?
They work very similarly to cashback credit cards. Every time you swipe the debit card associated with your checking account, you earn a percentage of the total amount. So, for example, if you have a 2% cash back account and spend $1,000 on a TV, you could get $20 back. The main difference between cashback debit cards and cashback credit cards is that, obvioulsy, you have to deposit the money in the account before you can spend it when you use a debit card.
How to compare cashback rewards debit cards
It can be a challenge to compare cashback rewards debit cards. The list above includes some of the best offers available. Here are some tips on how to make smart choices when shopping for cashback reward debit cards.
- Do you want a high yield interest rate, cashback rewards, or both?
- How important is a signup bonus to you.
- Is paying a monthly or annual fee a deal breaker for you?
- How do the account’s other fees compare, and how easy is it to avoid them?
- What other perks does the checking account offer? Think no-fee ATM access, linked savings account, or generous deposit insurance.
If you see a cashback rewards debit card that includes the features that are most important to you, act quickly. The best offers often come with a deadline.
Note that promotional offers change all the time. So, come back to this page often to find the best deals currently available.