Best Cash Back Debit Cards of 2023

by Victor C.

With the federal government enforcing the reduction of charges on debit card usage, due to the amendment of Dodd-Frank law, several banks had scrapped rewards attached to debit card usage by their customers.

Debit cards offer more convenience to customers since there is no liability of debts or interest attached to the money on it, unlike credit cards.

Cashback packages on debit cards is still a possibility, especially with competitions among banks to attract more customers to themselves. We have come up with a list of some of these banks and financial institutes that offers benefits for you to enjoy as you make use of their debit cards.

Summary of Best Cash Back Debit Cards of 2023

The table below highlights some key features and summary of the listed cash back debit card above.

Axos Discover Paypal American Express Skymiles Keybank
  1. Chase
  2. Disney
Empower BOA
% Cash Back Rate 1%1%1%1%$1 per mile and $2 per mile(depends on the type of account)$1 for 5 points and $1 for 10 points(depends on the type of account)10% discount1% (additional 1% as referral bonus)15%
Cash Back Earning Limit $2,0000$360 yearlyUnlimitedunlimited4,000 miles per monthUnlimited (Minimum of 12,500 points to convert to cash)
  1. Unlimited
  2. (purchase must be $50 upward)
$120 per yearUnlimited
  1. Monthly/
  2. Yearly Fee

Best Cash Back Debit Cards of 2023

Best Cash Back Debit Cards of 2023
Best Cash Back Debit Cards of 2023

Here is the list of 9 best cashback debits cards below with some other information to ease your decision on which one to opt for:

1. Axos Bank CashBack Checking - Cash Back Debit Link

Axos Bank CashBack Checking
Axos Bank CashBack Checking

Axos Bank Checking is previously known as Bank of the Internet Federal Bank. It offers the service of a checking account.

Features and Benefits

· It rewards 1% cashback monthly on signature-based transactions.

· Reward up to $2,000 on spending per month.

· No expiring of reward

· No charges on the use of your debit account.

· Free withdrawals

· Usage access to over 60,000 ATM around the nations of the world.

How to get your cashback:

Your reward gets deposited into your Axos Checking account after the monthly statement.

Restrictions and Limitations

Cashback reward excludes the following kinds of purchases at;

i. Superstores,

ii. Grocery shops,

iii. Supermarkets,

iv. Wholesale stores,

v. Discount stores,

vi. Postal service point

Also, it excludes purchases through;

i. Funds transfer.

ii. Virtual Wallets.

iii. Loans payments etc.

Other Limitations

· An average of $1,500 as a daily balance must be ensured in your checking account to access the 1% cashback reward. If otherwise, you get 0.5% as a cashback rate.

· Cashback at a maximum of $2,000 monthly.

· It has no banking branches.

· It charges you when you make foreign transactions.

2. Discover Cashback Debit - Cash Back Debit Link

Discover Cashback Debit
Discover Cashback Debit

Discover is popularly known for offering checking account at no cost either monthly nor annually.

Features and Benefits

· It rewards 1% cashback monthly on purchase through the debit card.

· Cashback on spending above $3,000

· No expiring of reward

· No monthly or yearly charges on the use of your debit account.

· Free withdrawals

· Usage access to over 60,000 ATM around the nations of the world.

Ways to get your cashback reward:

You can claim your cashback into accounts like:

i. Your checking account.

ii. Your savings account.

iii. Money market account.

iv. Discover credit card

Restrictions and Limitations

There is no cashback for the following type of services carried out:

· Point of sale transaction

· Money orders or cash equivalent

· Transactions done on ATMs.

· Loans payments

· Funding of other checking accounts

Other Limitations

· There are no other branches to contact aside from the main one.

· Cashback reward is at a maximum of $360 yearly.

You can also check: best checking accounts

3. PayPal Business Debit Card - Cash Back Debit Link

PayPal Business Debit Card
PayPal Business Debit Card

The PayPal Business Debit card is suitable for business owners and freelancers.

Features and Benefits

· Unlimited 1% cashback on transactions processed by Mastercard such as online purchases, signature-based, and others.

· Rewards on cash withdrawal carried out on Paypal account through the card at ATMs

· Cashback bonus gets credited at the starting of the next month into your account

· The card is linked to a business PayPal account and not a checking account.

· Receive online payment

· No monthly fee nor annually fee is required

How to fund account:

You can fund your account online or offline

Restrictions and Limitations

· No branches to contact for help

· Daily spending limit is $3,000

· Daily withdrawal limit is $400

· 1% charges on foreign transactions

· $1.50 on withdrawals using the ATMs abroad.

4. American Express Serve Cash Back - Cash Back Debit Link

American Express ServeCash Back
American Express ServeCash Back

American Express Serve is a prepaid debit card. It is different from other debit cards attached to a checking account.

Features and Benefits:

· Unlimited access to 1% cashback rewards on transactions of any kind.

· Instant access to your cashback earnings

· Free withdrawals on ATMs that networked with American Express Serve

· It is not linked to a checking account

· Monthly charge of $7.95 except for users in New York, Texas, and Vermont

· Cash deposit or reload cost $3.95

· Charges $16.99 on transfer to foreign nations

Ways to Credit the Debit Card

You can get money into the card through any of the means below:

i. Direct deposits

ii. Bank account transfers and any other ways

Restrictions and Limitations

· You can't issue a check

· It has no overdraft protection

· It does not offer cashback on purchases below $0.50

· It has no branches to reach out for help or complaint.

5. SunTrust Bank SkyMiles Debit Card - Cash Back Debit Link

SunTrustBank SkyMiles Debit Card
SunTrustBank SkyMiles Debit Card

The SkyMiles debit card is a card that best suits travelers. It offers good cashback rewards on signature or PIN-based transactions.

Features and Benefits

  • Your cashback reward is dependent on the type of your checking account with SunTrust Bank.
  • On the SunTrust Checking account, you get a reward on 1 mile on each $2 spent on purchases that are allowed for cashback.
  • On SunTrust Exclusive/Signature Advantage Checking account, you get a reward on 1 mile per dollar spent on purchases that are qualified for cashback.
  • $95 charges as a yearly fee

Restriction and Limitation

  • A reward limit of 4,000 miles per month
  • It requires an annual fee of $95
  • It is only residents of Alabama, Washington, D.C, Maryland, Mississippi, Arkansas, Georgia, Florida, North Carolina, South Carolina, Tennessee, and Virginia that the card is available to for usage.
  • There are branches to reach out for help or complaints.

6. KeyBank Rewards Program - Cash Back Debit Link

KeyBankRewards Program
KeyBankRewards Program

KeyBank allows its users to get rewards through points accumulation on transactions made on their checking account.

Features and Benefits

  • The debit cardholders receive points on purchases.
  • Points converted into cash at the rate of 12,500 points for $25
  • KeyBank rewards 5 points for every $1 transacted through the Key2More package along with other bonus points.
  • KeyBank business rewards 10 points for every $1 transacted aside from other bonuses.
  • There is no limit on the number of points you can earn.

Restrictions and Limitations

  • Rewards are in points before converting to cash
  • Minimum of 12,500 points before conversion to cash
  • Rewards are gotten only on qualified purchases.

7. Chase Disney Visa Debit Card - Cash Back Debit Link

ChaseDisney Visa Debit Card
ChaseDisney Visa Debit Card

Chase Disney Visa debit card offers its users with checking account rewards on their purchases.

Features and Benefits

  • At the Disney store, there are 10% discounts on every purchase of $50 upward
  • The restaurants also offer 10% discounts.
  • Discounts received on shopping at resorts associated with Disneyland and Disney World.
  • No monthly or annual fee

Restrictions and Limitations

  • Only users with checking accounts can benefit from the rewards
  • Only purchases at Disneyland and Walt Disney World receive rewards with discounts.
  • Purchases must be $50 above to enjoy discounts.

8. Empower Debit Card - Cash Back Debit Link

Empower Debit Card
Empower Debit Card

Empower offers simple banking features along with budgeting through its A. I. designed app. The debit card provides cashback rewards for its customers.

Features and Benefits

  • 1% cashback on first $1,000 purchases every month
  • Additional 1% on your cashback reward if you refer a new customer.
  • Customers get up to $120 yearly as cashback.
  • No monthly or yearly fee
  • Access to free withdrawals on over 25,000 ATMs that are under the network
  • No minimum balance required to access cashback reward
  • No charges on foreign transactions
  • Access to the app saving account to benefit 2.15% yearly interest. And a double if you refer a new customer

Restrictions and Limitations

  • Cashback reward activated on the first purchase of $1,000.
  • No branches to contact for help or complaints

9. Bank of America Debit Card - Cash Back Debit Link

Bank of America Debit Card
Bank of America Debit Card

The bank of America debit card offers its customers cashback on purchase through its BankAmeriDeals program.

Features and Benefits

  • Up to 15% cashback reward on purchases from chosen merchants.
  • Additional reward through earning of a coin within the periods of 2 months
  • Every 4 coins give $5 as cashback.
  • 16 coins equivalent to $26 as cashback
  • No monthly or yearly fee

Restrictions and Limitations

  • Account has to be activated online before purchase at designated merchants.
  • $2.50 charged on local ATM withdrawals and $5 on foreign ones that are not networked with Bank of America

We hope with the information above you can carefully make a choice, or possibly change the debit card you have been using into a better one that satisfies your needs as well as help you conserve more money.

You can check this best saving accounts

About Victor C.

Victor is a highly acclaimed sports writer known for his insightful analysis and captivating storytelling. Born and raised in a small town, he developed a deep passion for sports from an early age. He excelled in both academics and athletics throughout his school years, which laid the foundation for his future career.

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