In the year 2022, certain government policies have limited the amount of fees that can be charged by internet banks on debit card transactions. This has led to most banks reducing debit card rewards.
Due to this policies, it can be very difficult to get a bank that offers you cashback on your purchases. Despite this challenges, certain debit cards issuers still offer bonuses and high rewards on your daily spending.
Many people have ran into huge debts with their credit cards and this is down to the fact they keep spending without considering the implication.
With debit cards, the risk of incurring debts is low. You can also earn rewards with debit cards by getting cash back on most of your purchase. This is a major reason why many decided to opt for debit cards. So, in this article we will show you the best Cash Back Debit Cards in the year 2022.
The disadvantage of using debit cards over credit cards is the risk of limitation and high transaction charges that will likely reduce your chances of getting rewards.
But the advantages outweighs the disadvantages.
The creator of Pay-Off Debt application once explained that debit cards don't usually come with debt related downsides like credit cards and some do offer rewards just as credit cards. So, understanding and figuring the types of debit cards that issue cash back on purchases is very important.
1. American Express Serve Cash Back Debit Card
2. Discover Bank Cash Back Debit Card
3. PayPal Business Debit MasterCard
4. Bank of America Visa Debit Card
5. SunTrust Bank Delta SkyMiles Debit Card
6. Axos Bank Cash Back Debit Card
7. Empower Debit Card
8. KeyBank Rewards Debit MasterCard
American Express Company is one of the very few companies that provide electronic payment debit cards. This prepaid charge card are cash back cards that offer huge and amazing rewards. Rewards such as cash back on every retail purchase or purchase you make online with the American Express debit card.
The American Express Serve Cash Back card offers approximately 1% cash back reward on online purchase and it has several features and reward programs.
Major Benefits of American Express Serve Cash Back Debit Card:
· This cash back card offers no limit on rewards.
· It has an online bill payment feature.
· You can make mobile deposits with the card.
· Direct deposit can be set up for free with your paycheck.
NOTE: This Cash Back Card charges $7.95 fee monthly and $95.40 annually.
Discover Bank offers the Discover debit card. This cashback card offers up to 5% cash back on daily purchases such as online shopping and gas station transactions.
You can earn unlimited 1% cash back on other purchases and there's no annual fees involved. Discover Bank gives you access to over 60,000 ATMs around the world. So, if you are a frequent traveler, you have nothing to worry about.
Major Benefits of Discover Bank Cash Back Debit Card:
· It offers a checking account that doesn't charge monthly fees.
· You can earn up to $30 cashback on your purchases within a month.
· Rewards can be used at Amazon.com checkout.
· Cash back rewards does not expire.
· You can redeem cashback rewards of any amount at any time.
NOTE: The 1% cash back on debit cards are mainly for purchases worth the value of $3,000 or more per month.
The PayPal debit MasterCard is best for freelancers and business owners. You can make payments with this card online.
The purchases made with this MasterCard are mostly charged as credit and you can earn 1% cashback rewards whenever you make transactions online.
You can create a PayPal business account on the PayPal website and you can apply for a Business Debit MasterCard immediately after sign up. You will get cashback deposits after earning at least $1.00 in a given month.
Major Benefits of PayPal Business Debit MasterCard:
· It does not charge monthly or annual fee.
· The Business Debit MasterCard can be used anywhere.
· It does not require a credit check or ATM fees.
· It also offers ID theft protection and rental insurance.
NOTE: You will not earn cashback on purchases that requires entering a PIN before completing a transaction. It also has a spending limit.
Bank of America Visa Debit Card is one of the best debit card you can use to enjoy cash back deals from varieties of merchants. It is a standard debit card.
This visa debit card offers additional rewards on cashback deals. There is a certain deal known as " BankAmeriDeals". It offers special rewards such as coins. You will get $5 deposit on 4 coins earned within a period of 60 days.
Major Benefits of Bank of America Visa Debit Card:
· You can get up to $26.00 within two months as cashback rewards.
· It charges no monthly or annual fee.
· You can earn up to 15% cashback on selected merchants.
· Cash rewards from coins can escalate.
NOTE: It charges certain fees for ATM transactions and BankAmeriDeals can only be done using the online banking feature.
This debit card offers several type of rewards depending on the type of checking account you have with the SunTrust Bank.
These rewards ranges from earning 1-mile on every dollar spent on a purchase to 1-mile rewards on every $2 purchase. There are two types of SunTrust Bank Checking Account which are SunTrust Advantage Checking Account and SunTrust Exclusive Checking Account.
Major Benefits of SunTrust Bank Delta SkyMiles Debit Card:
· It is the best debit card for travel rewards.
· Miles are earned on Delta purchases.
· You will get 5,000 bonus miles on your first signature-based purchase.
· Unlike other debit cards, it has brick branches in some states in the U.S.
NOTE: This card has an earnings limit of 4,000 miles per month. It also have an annual fee charge of $95.00.
Axos Cash Back Debit Card is a product of Axos Bank. This bank offers a cash back checking account on which you can earn as high as $2,000 cash back rewards per month for specific purchases. Its amazing right?!
Major Benefits of Axos Bank Cash Back Debit Card:
· It does not charge any monthly or annual fee.
· It offers cash back for signature purchases.
· Cash back rewards are deposited in your Axos Bank Checking Account.
· Axos Bank is a digital bank, which means it's easily accessible.
NOTE: There is a list of ineligible purchases when using Axos Bank Cash Back Debit Card for transactions. It charges foreign transaction fees and there's a daily balance requirements of $1,500 in other to be eligible to earn rewards.
The Empower Debit Card is a special debit card designed for personal financial use. It is an Artificial Intelligent Tool designed to different banking functions and activities.
It operates with an Empower Checking Account that requires no minimum balance. You can also sign up for a savings account on the app.
Major Benefits of Empower Debit Card:
· It offers ATM reimbursements once a month.
· Interest rates gets doubled for referrals.
· It does not charge monthly or foreign transaction fees.
· You can earn as high as $120 in cash back within a year.
· You will earn 1% cash back on your first $1,000 purchase monthly.
NOTE: A $6 monthly fee to access all features on the Empower Finance App.
KeyBank offers a reward program for its customers. This rewards program is exclusive to customers with a KeyBank Checking Account. They get to earn reward points on transactions made with their debit card and these points are converted to cash rewards.
Major Benefits of KeyBank Rewards Debit MasterCard:
· You get $25 for every 12,500 points earned on purchases.
· You can earn 5 points for every dollar spent using the KeyBank Rewards MasterCard.
· Bonus points can be earned on certain purchases.
· You can earn 10 reward points on purchases with the KeyBank Business Rewards MasterCard.
NOTE: It has a daily limit of $300 to $2000 ATM cash withdrawals .
There are several ways you can redeem rewards on your cashback cards. These cashback debit cards won't offer physical cash as rewards. The ways in which you can redeem these rewards are listed below.
· Bank Deposits
· Statement Credit
· Gift Cards
· Charitable Donations
There are three types of cashback cards:
1. Flat Rate Cashback Cards:
You earn the same percentage on every purchase with this card.
2. Tiered Cashback Cards:
This type of cashback cards offers up to 6% cashback. They are good for daily purchases such as groceries.
3. Rotating Category Cards:
With this card, you can earn up to 5% cashback on categories that change every quarter.
Major things to look out for when deciding which Debit Cash Back Card to get:
· Consider if you'll get sign up bonuses as a new cardholder.
· Consider the percentage of cashback you'll earn on specific purchases.
· Consider a card that charges no annual fee or one with huge rewards if annual fees are involved.
· Consider cashback cards with additional features such as foreign transactions.
· Consider if a cashback card cap the level of rewards you can get within a certain period of time before signing up for it.
YouTube Links: To learn more about the best cash back debit cards, visit this video links to watch detailed explanations on YouTube.
Watch to understand the meaning of cash back debit card
I believe this article has been very helpful in introducing you to the best cashback debit cards you can use. If you enjoyed reading, kindly drop your observations in the comment box.