Best Debit Cards with Cash Back Rewards in 2023

by Rachel Garza

There was a time when cash used to be the only source of making transactions. We have come a long way since then. You do not need to rely only on cash anymore. There are digital wallets, debit cards and credit cards. To woo in customers and build a customer base, banks came up with numerous rewards for debit and credit card holders. A simple plastic card that was connected to your own checking account came with enough perks to attract customers. It offered rewards, discounts and even cash back. All your loved products and services were offered at a lower price if you used your debit card.

However, the tables turned in 2010 when the Durbin Amendment passed that limited the amount charged when swiping debit cards. This consequently resulted in banks in increasing fees charged while at the same time decreasing the rewards offered. This amendment was not applied to credit cards so the rewards and discounts still remained on those cards. Internet cards saw this as an opportunity and decided to step in and provide rewards for people who signed up and used their cards. Seeing this, banks started bringing back the cash back rewards system

List of Best Debit Cards with Cash Back Rewards in 2023

Below is a list of the best debit card that offers cash back rewards.

1. Bank of America Visa Debit Card

Bank of America Visa Debit Card
Bank of America Visa Debit Card

At first glance, Bank of America's debit card seems the same as other debit cards. However, it offers many rewards and is not like your other standard cards. Firstly, it charges $0 annual or monthly fee. The real catch comes in with the BankAmeriDeals. Now this can be accessed through the mobile application or their website that you will need to download in order to avail different discounts and cash back rewards. After entering your details and logging in you will be able to see a variety of different merchants offering various deals. The next part involved is simple. You just have to select what you like best. For example, if Starbucks offers 15% cash back rewards on each purchase, you can avail this and eventually after a period of 30 days the amount will be transferred to your account.

There is also the benefit of earning 'coins' with using BankAmeriDeals. You can earn it when you use a deal from here. After earning 4 coins in 2 months, you can earn an additional $5 pay back. However, if you earn 16 coins in 60 days you can earn $26 in pay back rewards from the bank along with the rewards you will earn by shopping from the merchant.

Though there are a few drawbacks. If you use a non-Bank of America network then ATM withdrawal fee is of $2.50 for national and $5 for international transactions. The ATM operator also charges you. Not to forget that having their mobile app is a must in order to avail all these offers.

2. Empower Debit Card

Empower Debit Card
Empower Debit Card

Empower debit card is ideal for students who are 7 feet deep in student loans. It helps you in saving, keeping a check and also in budgeting. Empower is an application that helps in dealing with your personal finances. This app does not have huge costs and thus are able to transfer those benefits to their customers. It works like this. You earn 1% for every $1000 you spend in a month. So, in a year you can earn up to $120 cash back. Additionally, you can raise your 1%/month reward to 2% if you recommend it to a friend. So, there is a chance of earning $20 for that month.

One more benefit of this card is that there is no requirement of any minimum balance neither are there any charges for international ATM withdrawals. There is also an added feature of just using Empower's saving account. It offers the best return, that is 2.15%. you can also boost it 4.30% for that month when you recommend it to a friend and they start using it. Not to forget that Empower even compensates the amount of ATM charges if you use any other network's ATM.

3. Discover Cashback Debit

Discover Cashback Debit
Discover Cashback Debit

This card is more suitable for people who make purchases of $3000 and above. Discover offers 1% cashback on spending $3000/month, which means $30 per month and up to $360 in a year. There is absolutely no monthly or annual fee, neither is there any fee to open an account. However, a deposit must be made within 45 days. You can keep yourself updated with rewards earned by checking online. Yu can either get these rewards in terms of credit in your account or as savings which can be redeemed at your convenience. These points do not expire as long as you have good amount in your account.

There is absolutely no fee when it comes to using any of the 60,000 ATMs. This card is also acceptable in a number of places. Another thing is that if you have Discover Credit Card you can transfer your rewards earned from your debit card account to your credit card and vice versa. This option comes in handy when using one card's rewards to another.

This link below reviews Discover cashback debit card. It lists down all pros and cons that may assist you in deciding if this what you want.

4. Axos Cash Back Checking Account

Axos bank has come up with its debit card that offers cash back. It offers 1% cash back on purchases made. There are a few requirements and limitations in order to make full use of it. Firstly, it only offers these rewards if you have a daily maintained balance of $1500. If it decreases, so does your cash back percentage. It falls from 1% to 0.5%. Also, you can only earn cash back on transactions that require a signature hence, inapplicable to no signatory purchases.

The bank claims that you can earn a maximum of $2000 in cash back/month. When you earn these, at the end of the month Axos automatically adds this amount in your checking account. However, there are a few more limitations such as shopping at grocery stores and making purchases do not count even if they require a signature. So, they are automatically cut off from gaining cash back. And lastly, it is not ideal during travel since it charges international transaction fees.

This link provides a detailed explanation and answers all major questions that one may have about Axos' cash back checking account.

5. American Express Serve Cash Back Prepaid DebitCard

American Express Serve Cash Back Prepaid DebitCard
American Express Serve Cash Back Prepaid DebitCard

It is prepaid charge card. It is not linked to any checking account although it still works like any debit card out there. Albeit, you would not have any checks to pay someone. American Express claims that it operates like any other card but offers unlimited 1% cash back.

Cash back rewards can be earned either online or through in store purchases. You need to spend at least $0.5 in order to earn cash back. Any purchase below that would not be counted and deemed illegible. Cash back is rounded off to the nearest dollar, earning you a 1% cash back. Also, most of the banks ask you to wait till the end of the month to earn and use your cash back. However, this is where American Express differentiates itself. It claims to offer instantaneous cash back. Few fine print states that it can take up to 2 months. Nevertheless, these points can easily be earned and checked through their mobile application or even online to stay updated.

They also offer 24/7 customer service that you can utilize to personalize your experience and get a better understanding. There is also no fee for ATM withdrawals along with fraud protection that can come in handy. They have also partnered with Ria, an application that aids in transferring money.

However, there are a few drawbacks as well. It has a monthly fee of $7.95. This means that you have to spend at least $795 in order to break even from the cash back received. Cash back is offered as 1%. So, when you spend $795, that is when you will even out the monthly fee, you will only earn a positive cash back if you spend more than $795. It should be kept in mind that if you are going with this card you should earn excessively to cross the threshold and actually earn any benefits. Next, if there is an international transaction the fee charged is $16.99. It is charged to send money across borders. There is also an additional $2.95 fee to reload cash onto your card. It is not ideal for travelling as there is a fee of 2.7% that can prove to be really costly.

In conclusion, when it comes to decide which card should a person go for actually depends on one's own preference and way of living. If you have greater spending you might be able to earn a better cash back through a specific card. However, if you are a student who is looking to save money along with earning cash back, preference will differ. Hence, it will be different for every individual who wants to get a debit card that pays cash back.

About Rachel Garza

Rachel Garza is a passionate writer with a deep fascination for technology and science. Born and raised in an intellectually stimulating environment, she developed an early interest in exploring the latest advancements and breakthroughs in these fields. Rachel's love for writing and her insatiable curiosity led her to pursue a career as a tech and science writer.

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