Banking and Finance

The 6 Best Debit Cards That Pay Cash Back Rewards

July 27, 2021

Researching how to get a debit card that will earn you cashback? Yes, they exist; they’re not just reserved for rewards credit cards. Instead of worrying about getting approved for a credit card, simply sign up for a checking account at a bank that’ll hook you up with a cash back debit card.

Whether you’re earning cashback on every purchase or are reaping the benefits of a fee-free account, you’ll be able to save more money each month without having to worry about whether or not you’re hurting your credit score or staying on top of payments.

Ready to get a debit card that’ll finally earn you money? Here are our top picks for six of the best cash back debit cards of 2020.

Best Cash Back Debit Cards

1. Discover Cashback Debit Card

Image: Discover Bank
Image: Discover Bank

[Update]:  The Discover Cashback Debit Card isn't taking new applications right now, but you can sign up for email updates to know when you can apply for this Cashback Debit account.

No worries, though, Discover has more to offer, such as their high-yield savings account with an impressive 3.75% APY and no fees attached. Plus, if you go through CreditDonkey, you can get a $150 or $200 bonus when opening your account. It's a great opportunity to grab some extra cash! Discover more about this deal here.

Discover is well-known for having some of the best cashback credit cards. But, they also offer a pretty great fee-free debit card that’s ideal for earning cashback, too. Perks like mobile check deposit and 1% cashback per month make it ideal for fee-free banking with a side of savings.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: $0 in ATM fees at over 60,000 ATMs nationwide; incoming wire transfers are free; outgoing wire transfers are $30.

📈 Interest Rate & APY: While this account earns 1.15% APY (up to $30 per month), you also have to open a Discover Online Savings account in order to have the cashback savings sent there.

💰  Cashback: Get 1% cashback on up to $3,000 of eligible purchases each month.

🤑  Other Perks: You’re eligible to receive free checks when you sign up for this account.

2. Axos Bank CashBack Debit Card

Image: Axos Bank
Image: Axos Bank

Because Axos Bank is an online bank, they’re able to offer great cashback deals for customers who open a CashBack Checking Account. With your debit card, you can access a fee-free banking option is a fantastic benefit for those who simply want to save money and earn cashback on their purchases.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: N/A

💲 Other Fees: Unlimited domestic ATM fee reimbursements. The minimum Balance Required to Open the Account: is $50.00

📈 Interest Rate & APY: N/A

💰  Cashback: 1% cashback on eligible purchases when you maintain a $1,500 balance.

🤑  Other Perks: Upgrade to the Rewards Checking account and earn 1.0% APY; free mobile deposits and online bill pay.

3. LendingClub Banking

Rewards Checking : Open an account online now | Bank with LendingClub
Image: LendingClub Banking

If you’re able to set up direct deposit, the LendingClub Bank Rewards Checking account is a great deal for you in terms of earning cashback. With no monthly fees on the account, you’re able to earn 1.0% cashback on all qualified purchases, but you’ll need to meet a daily minimum balance of 2,500 or receive at least $2,500 in direct deposits to earn the rewards.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $100

😢  Overdraft Fee: N/A

💲 Other Fees: Unlimited ATM fee reimbursements.

📈 Interest Rate & APY: 0.00% APY applies to balances of $0.01–$2,499.99, 0.10% APY applies to the entire balance on balances of $2,500.00–$99,999.99, and 0.15% APY applies to the entire balance of $100,000.00 or more.

💰 Cashback: 1.0 % cashback on all qualified purchases.

🤑  Other Perks: If you set up direct deposit, you’re eligible to receive your money up to two days early; money management tools are built in the app.

4. Empower Debit Card

Image: Empower
Image: Empower Bank

Empower is a financial startup that almost acts as more of a money management app than an online bank. Their Empower Interest Checking account offers you the chance to earn 0.25% APY on your money with few fees. Plus, they send you a pretty snazzy-looking debit card.


🛠️  Monthly Maintenance Fee: Empower experience is free for the first 14 days, then $8 per month to access all of the money management features in the Empower app.

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: Reimbursements of up to 3 ATM withdrawals per month; 1% foreign transaction fee.

📈 Interest Rate & APY: N/A.

💰 Cashback: While this isn’t cashback per se, their high-interest checking account is one of the best ways to earn easy cash without doing anything.

🤑  Other Perks: Unlimited transfers, 24/7 spending alerts, access to the cash advance, plus budgeting and money management features within the Empower app.

5. Bank of America Advantage SafeBalance Banking

Image: Bank of America
Image: Bank of America

If you’re interested in banking with a well-established and very prominent bank, Bank of America is a good option. While their checking accounts and debit cards aren’t directly connected to cashback rewards, you can sign up for Bank of America’s Preferred Rewards to access great cashback deals.

🛠️  Monthly Maintenance Fee: $4.95

💸  Minimum Opening Balance: $25

😢   Overdraft Fee: $0

💲 Other Fees: $2.50 fee for withdrawals at non-BOA ATMs; view the Bank of America wire transfer fees here.

📈 Interest Rate & APY: N/A

💰  Cashback: Enroll in Bank of America’s Preferred Rewards to access cashback deals.

🤑  Other Perks: Students and persons under 25 can have the monthly maintenance fee waived; the ability to enroll in their rewards program can save you a lot depending on where you routinely shop and spend.

6. Extra Card

Image: Extra Card

🛠️  Annual Maintenance Fee: $149/year for Extra Credit Building; $199/year for Extra Rewards + Credit Building

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💰  Cashback: Up to 1%

🤑  Other Perks: Help build credit

The last one on the list is the Extra Card. As you can see from above, the cashback rewards of Extra Debit Card is not outstanding compared to other brands. You might have the question: so why is it recommended? Because it can help build your credit! At the end of each month, Extra will add up your purchases and report them to 2 major credit bureaus: Equifax and Experian. As credit-building expert, we know that if you want to have more benefits and save money in the long run, improving your credit score is actually the most effective way. However, the pricing of Extra is a bit high, so definitely compare it with other cards and make your decision based on your needs.

As mentioned, expect for these debit card that give you cashback, credit building can be the long-term resolution of money saving and getting rewards. After all, the benefits that having a good credit can bring you are not just a couple of dollars, but something better. For example, have a look of the car insurance cost by different credit score:

Image source

As you can see, an excellent credit score can save you around $1500 on car insurance! And there are more: credit cards benefits, auto loans, mortgage loans...Ok now, how can you improve your credit score? Cheese can help (more affordable than the Extra Card)!

Cheese Rent Reporting

Do you know your rent payments can actually help build your credit? Right. With Cheese, you can get your rental history (up to 2 years) and your future ongoing rent reported to the major credit bureaus! In this way, your rent will show up on your credit report so that it helps to boost your credit score instantly. Pricing? $49 one-time fee for the rental history reporting service; $5/month for the ongoing rent reporting service!

Cheese Credit Builder Loan

Is there anything can help you save money and build credit at the same time? Definitely. With Cheese Credit Builder Loan, you make monthly savings to your Cheese account; we report it to 3 major credit bureaus and give your savings back to you at the end of the loan term. Easy, right? And the best part: we don't require any credit check! No matter if you don't have any credit history, or you have poor credit score, you are welcome to join Cheese!

Stay tuned, Cheese credit-building products are on the way!

Here're more you need to know about the best debit cards and credit-building solutions:

8 Things to Consider When Choosing Rent Reporting Services in 2022

How to Boost Your Credit by Simply Reporting Your Rent

What is A Credit Builder Loan and How It Helps Build Your Credit

The 5 Best Prepaid Debit Cards

Hidden Savings Account Costs You May Not Know About

Savings Account vs. CD: What's the Difference & How to Choose?