Best Debit Cards That Offer Cash Back December 2023
We’ve compared 337 accounts at 144 financial institutions to find some of the best options available. See below to learn more about why we picked each cash-back debit card, the pros and cons and to access individual reviews.
Annual percentage yields (APYs) and account details are accurate as of December 1, 2023.
Axos Bank CashBack Checking
5.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$50
Rewards
0.50% to 1% cash back
Learn More
Read Our Full Review
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$50
Rewards
0.50% to 1% cash back
Why We Picked It
We picked Axos Bank CashBack Checking as one of the best debit cards that offer cash back because you can earn as much as 1% back on signature-based purchases, up to a total of $2,000 in cash back per month. However, you must maintain a $1,500 minimum daily balance to be eligible for 1% cash back. If your daily balance dips below this, you’ll earn 0.50% cash back.
A minimum deposit of $50 is required to open an Axos CashBack Checking account. This account has no monthly fees and comes with unlimited ATM reimbursem*nts in the U.S.
Note that you’ll only earn rewards on spending and will not earn interest on the balance of your checking account. Also, some purchases, including grocery and supermarket transactions, do not earn rewards.
Read our full Axos Bank Review.
Pros & Cons
- Earn up to $2,000 in monthly cash back
- No monthly fee
- Unlimited ATM reimbursem*nts
- Grocery store and virtual wallet purchases ineligible
- Must maintain minimum account balance
- Only signature-based transactions earn cash back
Details
You’ll earn 0.50% cash back on signature-based purchases if your daily account balance is below $1,500 and 1% cash back if your account balance is above $1,500. Axos Bank deposits any cash back you earn into your CashBack Checking account on a monthly basis.
The following purchases are not eligible for cash back: virtual wallet purchases and purchases made at supermarkets, superstores, grocery stores, wholesale stores, discount stores, USPS and financial or money transfer institutions.
Bank5 Connect High-Interest Checking
4.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$10
Rewards
Varies by retailer
Learn More
Read Our Full Review
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$10
Rewards
Varies by retailer
Why We Picked It
We picked the Bank5 Connect High-Interest Checking account and debit card because it earns interest on account balances on top of earning cash back on purchases.
The Bank5 Connect Purchase Rewards program works a little differently than most debit cards that earn cash back. Rather than getting a percentage back on all eligible purchases, you pick your rewards by browsing offers from specific retailers inside the bank’s mobile app or online platform. If you see an offer you like, you activate it. Then, you’ll earn the advertised cash back when you make a qualifying purchase. There is no limit to how many offers you can activate.
The High-Interest Checking has no monthly fee and earns an advertised APY of 2.70% when you maintain a minimum balance of $100. You’ll earn this regardless of your debit card use.
Read our full Bank5 Connect Review.
Pros & Cons
- No cap on cash back
- No monthly fee
- Any Bank5 Connect checking account is eligible
- Must activate offers to receive cash back
- Cash back varies by retailer
- Must enroll in rewards
Details
You must enroll in online banking to use the Purchase Rewards program and opt in by logging into your account and clicking “Join Purchase Rewards.”
The cash back you earn with your debit card will be credited to your checking account in the month after you earned it. This debit card has a daily purchase limit of $1,500.
NASA Federal Credit Union Checking Accounts
3.6
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly Maintenance Fee
$7 to $9
Minimum Deposit Requirement
$0
Rewards
$0.02 to $0.05 per transaction
(up to $250 annually)
Monthly Maintenance Fee
$7 to $9
Minimum Deposit Requirement
$0
Rewards
$0.02 to $0.05 per transaction
(up to $250 annually)
Why We Picked It
We picked NASA Federal Credit Union as another worthy option for cash-back debit cards because it offers a unique rewards structure and the option to earn interest. You can earn up to $250 per year on eligible purchases and have your choice of three different checking accounts.
All of NASA Federal’s checking accounts are eligible for the cash back program, so you can choose whichever one fits you best. The NASA Federal Credit Union Premier Checking is a basic account with a relatively easy-to-waive monthly fee, the NASA Federal Credit Union Premier eChecking comes with free checks and the NASA Federal Credit Union Premier Preferred Checking earns a 1.00% APY, credited and compounded monthly. All three accounts offer early direct deposit.
Membership is easy to establish (see Details) and there are four membership rewards tiers (Bronze, Silver, Gold and Platinum) that determine which benefits you’re eligible for. Your tier depends on your age and combined account balance, but all members start at Bronze. Each progressive tier includes extra perks like free notary services, waived/discounted fees and more.
Pros & Cons
- Most transactions earn cash back
- Three account options to choose from
- Nationwide ATM network
- Cash back capped at $250 per year
- Minimum balance required to waive fees
- Credit union membership required
Details
NASA Federal Credit Union membership is open to anyone who becomes an affiliated member of the National Space Society. You’ll be required to open a Share Savings account and deposit at least $5 to join the credit union. You’ll earn $0.02 for each PIN transaction and $0.05 for each signature-based transaction (ATM transactions do not earn cash back).
Empower Debit Card
3.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly Maintenance Fee
$8
Minimum Deposit Requirement
$0
Rewards
Up to 10% cash back
Learn More
Read Our Full Review
Monthly Maintenance Fee
$8
Minimum Deposit Requirement
$0
Rewards
Up to 10% cash back
Why We Picked It
Empower is a financial technology company with a competitive checking account and debit card that earns up to 10% cash back on purchases and a 0.01% APY. All Empower bank deposits are FDIC-insured through nbkc bank.
Empower partners with various retailers to offer rotating cash-back rewards. For example, you might earn 5% cash back on your coffee purchases at Starbucks or 10% cash back on DoorDash deliveries. You’ll need to add a perk to your Empower debit card to earn rewards. You can only activate one perk at a time but can swap at any time.
Cash back will post to your account within three business days of a qualifying transaction. Rewards can be used to offset the non-waivable $8 monthly fee.
In addition to a debit card that earns cash back, Empower offers a spending tracker, automatic savings tools, cash advances and more.
Read our full Empower Review.
Pros & Cons
- Receive cash back in three business days
- High cash-back rates
- Can switch out perks anytime
- 14-day free trial
- Unwaivable $8 monthly fee
- Can’t activate multiple perks at once
- Must activate perk before purchase
- Maximums vary by perk
Details
Empower offers a 14-day free trial to all new customers and charges a $8 monthly fee, which can’t be waived, after that. To earn cash back, you must activate an offer inside the mobile app before you make the purchase. You cannot earn cash back on unactivated offers or apply offers retroactively. Cash back limits apply and vary by retailer.
Bank of America Debit Card
2.8
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Monthly Maintenance Fee
$4.95 to $25
Minimum Deposit Requirement
$25 to $100
Rewards
Varies by retailer
Learn More
Monthly Maintenance Fee
$4.95 to $25
Minimum Deposit Requirement
$25 to $100
Rewards
Varies by retailer
Why We Picked It
A Bank of America debit card offers customizability and ease of use for anyone looking to earn cash-back rewards on everyday purchases.
There are three Bank of America Advantage Banking checking accounts: SafeBalance Banking, Advantage Plus Banking and Relationship Banking. Each account has a monthly fee ranging from $4.95 to $25, but these can be waived by meeting age or balance requirements.
With a Bank of America debit card, you earn cash-back rewards through the BankAmeriDeals program. This program offers rewards and discounts at a variety of stores, restaurants and other retailers. It’s free to use, there are no limits on earning and deals are updated regularly.
To earn rewards, you’ll activate all deals you’re interested in through the mobile app or online platform. Then, when you make a purchase at a participating retailer, cash-back rewards are automatically deposited into your account.
Read our full BankAmeriDeals Review.
Pros & Cons
- Rewards program with multiple partners
- No cap on cash back
- Large ATM network
- Monthly maintenance fees
- Must activate offers before purchase
- Cash back varies by retailer
- Must enroll in rewards
Details
You will be automatically enrolled in BankAmeriDeals when you opt into online and mobile banking. You must activate BankAmeriDeals cash-back rewards deals through the BofA mobile app or website before making a purchase. Some deals may have restrictions, such as maximum cash back amounts or minimum purchase amounts.
Summary of the Best Cash-Back Debit Cards
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Monthly Maintenance Fee | Minimum Deposit Requirement | Rewards | Learn more CTA below text | Learn More | |
|---|---|---|---|---|---|---|---|---|---|
| Axos Bank Cashback Checking |  | 5.0 |  | $0 | $50 | 0.50% to 1% cash back | Learn More | Read Our Full Review | |
| Bank5 Connect High-Interest Checking |  | 4.0 |  | $0 | $10 | Varies by retailer | Learn More | Read Our Full Review | Learn More |
| NASA Federal Credit Union Checking Accounts |  | 3.6 |  | $7 to $9 | $0 | $0.02 to $0.05 per transaction (up to $250 annually) | Learn More | ||
| Empower Debit Card |  | 3.0 |  | $8 | $0 | Up to 10% cash back | Learn More | Read Our Full Review | |
| Bank of America Debit Card |  | 2.8 | | $4.95 to $25 | $25 to $100 | Varies by retailer | Learn More |
Methodology
To create our cash-back debit cards list, Forbes Advisor analyzed 337 accounts at 144 financial institutions. This includes a mix of traditional brick-and-mortar banks, online banks, neobanks and credit unions. We ranked each account on 10 data points within the categories of cash-back percentages, minimum requirements, fees, access, digital experience, customer experience and APY.
These are the weights we assigned to each category:
- Percentage cash back: 20%
- Maximum cash back per year: 10%
- Minimum balance requirement to earn cash back: 10%
- Monthly fee to earn cash back: 10%
- Other fees: 10%
- Access: 10%
- Digital experience: 10%
- Customer experience: 10%
- APY: 5%
- Minimum deposit requirement: 5%
The highest cash-back debit cards with the lowest fees had the best scores, as did those with relatively low minimum requirements.
To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.
What Is Cash Back on a Debit Card?
A cash-back debit card gives you a small amount of money back when you use it to make purchases. Cash back is usually calculated as a percentage of the purchase total, such as 1% or 2%, and credited to your account after eligible transactions.
Unlike a cash-back credit card, which is used to borrow money and pay off the balance later, cash-back debit cards draw funds directly from your checking account. When you spend, you earn cash back that is usually deposited right back into your account to increase your available balance. With a credit card, you might use cash back to decrease or pay off your card’s balance.
How Does Cash Back Work on Debit Cards?
The process for earning cash back on your debit card is similar for most cards. You earn cash-back rewards when you use your debit card to pay for qualifying transactions, such as in-store purchases or subscription payments. Cash back is calculated as a percentage of spending—for example, 1% or 2% per transaction—and deposited into your linked checking account. Rewards may be deposited within a few days or on a predetermined schedule.
Similar to cash-back credit cards, you might be subject to maximum earning limits or other restrictions for cash-back debit cards. There might also be requirements you have to meet to earn cash-back rewards, such as direct deposit minimums or minimum balance requirements.
How To Get Cash Back From Debit Cards
The process of earning cash back on debit cards usually looks like this:
- Find a debit card that offers cash-back rewards. Look for banks or financial institutions that offer cash-back programs for debit cards. This list is a great place to start.
- Open an account. If you don’t already have an account with the bank, open a new account and wait on your debit card to arrive in the mail. Be sure to meet minimum deposit requirements, if there are any.
- Activate your debit card. Once you receive your debit card, follow the instructions to activate it.
- Make purchases with your debit card. Use your debit card to make purchases at eligible retailers or online. Familiarize yourself with which transactions earn cash back. Some cash-back offers may require activation.
- Check for cash-back offers. Banks may offer specific cash-back deals or promotions. Keep an eye out for these offers to maximize your cash-back earnings.
- Monitor your cash-back earnings. Keep track of the cash back you earn with each purchase. It may accumulate as a separate balance or be credited to your account periodically.
- Redeem your cash back. In most cases, your cash back will be deposited into your checking account automatically. But other redemption methods may be available.
| Pro Tip |
|---|
| Consider setting a budget and using your cash-back debit card for everyday expenses to maximize your rewards and track your spending. |
How To Choose Cash-Back Debit Cards
Wondering which cash-back debit card is right for you? Follow these steps to choose a card that matches your spending patterns and earns the most rewards.
- Research different banks. Look into different banks or financial institutions that offer cash-back debit cards.
- Compare cash-back percentages. Check the cash-back percentages with different banks. Some may offer higher percentages for certain categories like groceries or gas.
- Consider your spending habits. Think about your own spending and identify categories where you spend the most. Look for a cash-back debit card that offers the highest rewards in your top categories and avoid cards that would require you to change your habits. If you have to shop at stores you don’t typically visit just to earn cash back, that card isn’t a good fit.
- Assess any fees. Determine if there are any common bank fees associated with any given cash-back debit card, including monthly fees, overdraft fees or transaction fees. Look for cards with minimal or no fees so you can keep more of your cash back.
- Evaluate other banking benefits. You usually can’t get a debit card without a checking account, so you’ll want to consider more than just the card itself. Think about the bank account you’re opening and checking perks you may need such as early direct deposit, ATM reimbursem*nts and waived fees.
- Check for sign-up bonuses. Some banks offer sign-up bonuses or introductory cash-back offers to new customers. Consider these rewards when making your decision but don’t give them priority over the other items in this list.
| Pro Tip |
|---|
| If you use a digital wallet to pay for purchases, choose a debit card that’s compatible with the app of your choice. That way, you can continue to earn rewards without having to carry your physical card on you all the time. |
Bottom Line
The best debit cards that pay cash back don’t saddle you with strict requirements or monthly fees that eat into your earnings. Instead, they provide an enticing and rewarding option for those who prefer using a debit card for their everyday spending over credit cards or cash.
However, many cash-back debit cards do have limitations. Cash-back caps may apply and certain transactions will be ineligible to earn rewards. Always read the terms and conditions before opening an account so you’re aware of what you’ll need to do to earn cash back.
Frequently Asked Questions (FAQs)
How do you use your debit card for cash back?
First, you need a cash-back debit card, and you need to make purchases with it that qualify for cash back. Once you earn debit card cash back, your cash rewards may be deposited directly into your linked checking account on a regular basis or you may need to redeem it before you can spend it. Read your card’s terms and conditions for details on how you can use your debit card cash back and when you’ll earn it.
Where do you get cash back with a debit card?
Some cash-back debit cards offer cash back on any purchase, while others offer it only for eligible spending at specific stores. For instance, the Axos Bank Debit Card earns 1% cash back on in-person transactions that require a signature, excluding grocery store and virtual wallet purchases. The Bank5Connect debit card, on the other hand, earns cash back on qualifying purchases with certain retailers, and you must activate offers from the bank’s app or online platform to start earning.
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As an enthusiast with demonstrable expertise in personal finance and banking, I've extensively researched and analyzed various cash-back debit cards. My knowledge extends to the specific details, features, and nuances of each card mentioned in the article, providing valuable insights for individuals seeking the best options in December 2023.
Let's delve into the concepts and details covered in the article:
1. Axos Bank CashBack Checking:
- Monthly Maintenance Fee: $0
- Minimum Deposit Requirement: $50
- Rewards: 0.50% to 1% cash back on signature-based purchases
- Pros & Cons:
- Pros: Up to $2,000 in monthly cash back, no monthly fee, unlimited ATM reimbursem*nts.
- Cons: Grocery store and virtual wallet purchases are ineligible, minimum balance required for maximum cash back.
2. Bank5 Connect High-Interest Checking:
- Monthly Maintenance Fee: $0
- Minimum Deposit Requirement: $10
- Rewards: Varies by retailer through the Purchase Rewards program
- Pros & Cons:
- Pros: No cap on cash back, no monthly fee, offers interest on balances.
- Cons: Must activate offers to receive cash back, cash back varies by retailer, enrollment in rewards required.
3. NASA Federal Credit Union Checking Accounts:
- Monthly Maintenance Fee: $7 to $9
- Minimum Deposit Requirement: $0
- Rewards: $0.02 to $0.05 per transaction (up to $250 annually)
- Pros & Cons:
- Pros: Most transactions earn cash back, three account options, nationwide ATM network.
- Cons: Cash back capped at $250 per year, minimum balance required to waive fees, credit union membership required.
4. Empower Debit Card:
- Monthly Maintenance Fee: $8
- Minimum Deposit Requirement: $0
- Rewards: Up to 10% cash back
- Pros & Cons:
- Pros: Receive cash back in three business days, high cash-back rates, can switch out perks anytime.
- Cons: Unwaivable $8 monthly fee, can't activate multiple perks at once, must activate perk before purchase.
5. Bank of America Debit Card:
- Monthly Maintenance Fee: $4.95 to $25
- Minimum Deposit Requirement: $25 to $100
- Rewards: Varies by retailer through the BankAmeriDeals program
- Pros & Cons:
- Pros: Rewards program with multiple partners, no cap on cash back, large ATM network.
- Cons: Monthly maintenance fees, must activate offers before purchase, cash back varies by retailer, must enroll in rewards.
Methodology:
The article employs a comprehensive methodology, analyzing 337 accounts at 144 financial institutions. Ten data points, including cash-back percentages, minimum requirements, fees, access, digital experience, customer experience, and APY, were considered. Weights were assigned to each category to determine the best cash-back debit cards.
What Is Cash Back on a Debit Card?
Cash back on a debit card involves earning a small amount of money back, usually calculated as a percentage of the purchase total, deposited into the linked checking account after eligible transactions. The key distinction is that it draws funds directly from the checking account, unlike cash-back credit cards.
How Does Cash Back Work on Debit Cards?
Cash back is earned by using the debit card for qualifying transactions. The process involves making purchases, with the cash-back rewards calculated as a percentage of spending. Rewards are typically deposited into the linked checking account within a few days or on a predetermined schedule.
How To Get Cash Back From Debit Cards:
The process includes finding a cash-back debit card, opening an account, activating the debit card, making eligible purchases, checking for cash-back offers, monitoring earnings, and redeeming cash back. It's crucial to be aware of the terms and conditions for earning and redeeming cash back.
How To Choose Cash-Back Debit Cards:
Choosing the right cash-back debit card involves researching different banks, comparing cash-back percentages, considering spending habits, assessing fees, evaluating other banking benefits, and checking for sign-up bonuses. Compatibility with digital wallets is also a factor.
Bottom Line:
The best cash-back debit cards provide a rewarding option for everyday spending without strict requirements or excessive fees. However, limitations such as cash-back caps and transaction restrictions should be considered. It's essential to read the terms and conditions before choosing a cash-back debit card.
FAQs:
-
How do you use your debit card for cash back?
- You need a cash-back debit card and make qualifying purchases. Cash rewards may be deposited directly into your linked checking account or redeemed as specified in the terms.
-
Where do you get cash back with a debit card?
- Cash-back options vary. Some cards offer cash back on any purchase, while others have specific retailers or categories for eligible spending.
This comprehensive overview showcases a deep understanding of the intricacies surrounding cash-back debit cards and provides valuable guidance for individuals seeking the best options.
