The best cashback debit cards give you fun perks like cash or points when you use your debit card for everyday purchases. And the best-of-the-best rewards checking accounts have no monthly fees and easy ways to enroll in the cashback program. Unlike a cashback credit card, debit cards don’t charge interest, so you can take full advantage of the rewards without worrying about APR or repaying a balance.
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10 best cashback debit cards
Explore the best rewards checking accounts by comparing their features, pros and cons.
Coming in hot with a high 6% cashback rate, the online bank Varo allows you to earn up to $50 per month in cashback rewards. And with the high cashback rate, you only have to spend around $830 per month to make the most of the cashback limit. The Varo checking account doesn't charge any monthly fees, requires no minimum opening deposit and offers overdraft protection. Varo also has a savings account that offers up to 5% APY on balances under $5,000 that you can apply for when you open a Varo checking account and sign up for e-statements. However, you can't do wire transfers, and there are no checking writing privileges.
Pros
No monthly fees and $0 opening deposit
High 6% cash back
Up to 5% APY with optional savings
$25 referral program bonuses
Cons
No physical checks
No wire transfers
APY
5.00% on balances of $0 to $5,000 (with direct deposits of $1,000+) 3.00% on balances of $5,000+
Intro or bonus offer
Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
A spend and save account, ONE offers fair APYs, cashback rewards and saving features. One of its main perks is the savings roundups, which round up your purchases to the nearest dollar, and the difference is automatically deposited into your savings account. You can also create an unlimited number of savings subaccounts and earn up to 5.00% APY on balances up to $250,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000. Otherwise, you'll earn 1.00% APY on all balances. Cashback rewards aren't the best-of-the-best, but ONE offers up to 3% cash back at Walmart with eligible deposit, up to $50 per year. However, the account doesn't accept joint owners, and there are no bill autopay features.
Pros
No monthly fee or minimum deposits
Up to 5.00% APY with direct deposit requirements
Savings roundups and up to 3 sub-accounts
3% cash back at Walmart, up to $50 annually, with eligible deposits
Cons
No joint accounts
No automated bill pay
APY
5.00% on balances of $0 to $250,000 with $500+ direct deposit in previous month or $5,000+ daily balance. See details below 1.00% on balances of $250,000.01+
Rewards
Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Debit card rewards: ● Earn 3% cash back at Walmart, up to $50 every year, with eligible deposits¹ ● Earn up to 5% cash back on select brands² Early Pay: Get paid up to 2 days early with direct deposit³ 5.00% APY on Savings with eligible deposits: 5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and ONE@Work Save balances. In all instances 5.00% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYS are as of 2/7/2024, but may change at any time before or after account opening. Fees may reduce earnings on this account. ATMs: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred. Free Walmart Withdrawals: Use your One card at any Walmart Money Center, cashier, or Customer Service desk to deposit or make a cash withdrawal for free. ¹To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply. ²Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply. ³Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.
SoFi is an online, FDIC-insured bank offering a top hybrid checking and savings account. You can earn up to 4.60% APY on your savings balance, and 0.50% APY on your checking. To earn those high rates, you either need to set up direct deposits or just deposit at least $5,000 per month. SoFi is known for its lack of fees on many of its products, and that includes its Checking and Saving account — there are no monthly fees, no overdraft or nonsufficent fees, and no opening deposit requirement. You can also enjoy up to $2 million in additional FDIC insurance coverage. However, like some online bank accounts, cash deposits come with a $4.95 fee, and there are no physical branches, so customer support is limited.
Pros
No monthly fee or opening deposit
Earn up to 4.60% APY on savings
Earn 0.50% APY on checking
Up to $300 signup bonus
Cons
No international wire transfers
$4.95 fee for cash deposits
Deposit requirements to earn highest APYs
APY
4.60% on balances of $0+ 0.50% on balances of $0 to 1.20% on balances of $0+
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Rewards
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
This Cashback Debit account gives you 1% cash back on up to $3,000 in monthly debit card purchases, translating to approximately $30 in cashback earnings a month. There are also no monthly fees, no balance requirements, no insufficient funds fees, and there's free overdraft protection. Discover also works with Zelle for easy peer-to-peer transactions. The only fee is a $30 service charge for outgoing wire transfers, and there are no ATM reimbursements for using an ATM outside of Discover's network.
Pros
1% cash back on up to $3,000 per month
$0 opening deposit
No monthly fees
Cons
$30 outgoing wire transfer fee
APY
N/A
Rewards
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
An online bank, Axos' CashBack Checking account comes with unlimited domestic ATM reimbursements and no monthly fees. You can also earn 1% cash back on signature-based transaction purchases, up to $2,000 earned per month. To qualify for the cash back, you must maintain a $1,500 average daily collected balance. If you fall below that threshold, you can still earn 0.50% in cash back for the month. You can also enjoy unlimited check writing and send peer-to-peer payments from your account. On the downside, Axos customer support information is difficult to locate — the customer support page leads to a blog, and there's no phone number or email address listed.
Pros
Unlimited domestic ATM reimbursements
1% cash back on signature purchases
Unlimited check writing privileges
Cons
Cash back requires $1,500 average collected balance
Grasshopper is an online business bank account that offers 2.25% APY on balances between $25,000 and $250,000, and balances under $25,000 earn 1.51% APY. You can also enjoy unlimited transactions, no monthly fees, and 1% unlimited cashback rewards. To qualify for the cash back, you must maintain an average balance of $10,000, and the account must be in good standing. But it requires an opening deposit of $100, and like most online accounts, it doesn't accept cash deposits.
Pros
Up to 2.25% APY
Unlimited 1% cashback rewards
Unlimited free ACH and incoming wire transfers
No monthly fee or overdraft charges
Cons
No cash deposits
$100 opening deposit
Limited customer support
APY
2.25% on balances of $25,000 to $250,000 1.51% on balances of $0.01 to $25,000 1.51% on balances of $250,000+
If you need an everyday checking account, Upgrade's rewards checking is worth considering. You can earn 2% cash back on everyday expenses such as utilities, subscriptions, bars, restaurants, gas stations, drug stores, convenience stores, food deliveries and more — and you get up to 1% cash back on all other purchases. The 2% cashback rewards are limited to $500 annually or around $41 per month. To qualify for the highest cashback rates, you must be an 'active' account member, which requires at least $1,000 of direct deposits per month. With an Upgrade account, you'll also enjoy no monthly fees. You can also get one free domestic wire transfer per month, and each transfer costs $20 after that. But like most online accounts, it doesn't accept cash deposits, and there are no check writing privileges.
Pros
Up to 2% cash back on everyday spending
No monthly fees or opening deposit
Unlocks benefits with Upgrade's Performance Savings account
One free wire transfer per month
Cons
No cash deposits
No check writing privileges
APY
N/A
Rewards
Up to 2% cash back on everyday purchases for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases
Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade VISA ® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days.
PSECU's checking account features cashback rewards up to $0.10 on purchases over $10, or up to $0.50 on purchases over $10. To qualify for the higher cashback earnings, you'll need to set up monthly direct deposits totaling at least $500. PSECU also offers ATM reimbursements, up to $20 per month with direct deposits or up to $8 per month without deposits. You may also qualify for the signup bonus between $100 to $300, with simple requirements like setting up direct deposit and entering a promo code. However, as a credit union, you'll have to become a member, and the account's APY is lower than others on this list, sitting at 0.2% APY. If you don't qualify for membership, you can become a member of the Pennsylvania Recreation and Park Society (PRPS), and PSECU will cover the one-time $10 fee required to join.
Pros
Up to $0.10 cash back on eligible purchases
Up to $300 signup bonus
ATM reimbursements
Cons
Low APY compared to top accounts
Must qualify for membership
APY
0.20%
Intro or bonus offer
Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days.
Rewards
Up to $0.10 cash back on eligible purchases and up to $300 signup bonus
Fee
$0 per month
APY
0.20%
Fee
$0 per month
Minimum deposit to open
$0
verified_userFDIC Insured
Best for earning interest
Finder Award
Juno
4.8
★★★★★
Finder score
Spend with the Juno debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
Juno's digital account earns a high annual bonus rate of 5% on balances between $20,000 and $250,000. For balances below $20,000, you'll still earn a high rate of 3%. Plus, you can earn 5% cash back from five eligible merchants of your choice, up to $500 a year for Basic plan members or $3,000 a year for Metal plan members. Juno also donates 2.15% of its company profits to charities in India. As an online banking service, Juno's customer service is limited, and it doesn't offer any other accounts.
Pros
5% yearly bonus on balances up to $250,000
5% cashback rewards at eligible retailers
Option to receive direct deposits in crypto
Cons
No joint accounts
Doesn't support wire transfers
APY
5.00% on balances of $20,000 to $250,000 3.00% on balances of $0 to $20,000
Intro or bonus offer
Spend with the Juno debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
Rewards
5% cashback when you pay with cash or crypto, on total annual spends of $500 with the basic plan or $6000 of the total spend with the Metal plan
Aspiration has a heavy focus on eco-friendly practices, since they won't use any money made to fund fossil fuel productions. Aspiration's Spend and Save account offers to plant a tree through Plant Your Change, an opt-in feature that allows your debit card purchases to be rounded up to the nearest dollar. Its free plan earns up to 1% APY and up to 5% cash back on purchases made through the Conscience Coalition. There's also a paid plan for $7.99 per month called Aspiration Plus that offers additional bonuses such as Planet Protection, in which Aspiration purchases carbon offsets every time you gas up your car. Plus, your debit card is made from recycled ocean plastic. The paid plan earns up to 10% in cash back and up to 3% APY when you meet spending requirements. But both plans require a $10 opening deposit.
Pros
Up to 10% cash back for Conscience Coalition purchases
Round-up purchases to plant trees
Paid plan has more eco-friendly perks
Cons
Strict requirements to earn APY requirements
APY
3.00% on balances of $0 to $10,000 1.00% on balances of $0 to $10,000
Rewards
Unlimited cash back rewards on debit card transactions, plus extra cash back at businesses with high AIM scores
Finder’s banking experts research over 155 checking accounts to narrow down and find the best 10 reward checking accounts. When choosing accounts, we consider the average American’s spending — which is reported to be around $5,000 per month — to calculate the best value for cashback rewards. We also factor in these account requirements:
No monthly fees
Minimum opening deposits under $100
Existence of a rewards program
High cashback cap of at least $40 per month
At least 1% in cashback rewards
Few or simple requirements to qualify for the rewards program, such as:
Setting up direct deposits
No required number of transactions
Low average balance requirement under $1,500
What is a cashback debit card?
A cashback debit card lets you earn cash back on purchases. This means you’re technically getting a discount on purchases, often between 1% to 5%. For example, if you have a debit card that earns 5% cash back and you spend $100, you would get $5 back. Usually, cashback debit cards deposit the earnings right into your rewards checking account.
Most cashback debit cards limit where you earn cash back, similar to many rewards credit cards. For example, you may get 3% cash back on groceries, 2% on rideshares, and 1% on everything else. You may also be limited in how much cash back you earn each month, such as Varo’s card, which has a cash back earning limit of $50 per month.
How to choose a cashback debit card
Consider these five factors when choosing a cashback card and checking account.
Type of rewards earned. Most debit card rewards programs offer either cash back or points that can later be redeemed. They can also earn APY, referral bonuses, signup bonuses or offer discounts on select purchases like travel bookings.
Requirements. You may need to maintain a certain balance in your account or make a certain amount of purchases to earn rewards. The Consumer Finance Protection Bureau requires banks to list these terms and conditions.
Earning potential. Depending on the cashback rate and eligible purchases, you may find some debit card reward accounts offer a better payoff for you than others. Also, most rewards debit cards have cashback earning limitations either by month or year.
Account fees. Check to see if there are any monthly fees, and if they do, see if there’s a way to have them waived. These fees automatically cut into any cashback rewards you might earn.
Accessibility. This includes ATM availability, branch access and online access. Keep in mind that digital banks are less likely to offer in-person access.
6 types of debit card rewards
The types of rewards you can earn with a debit card can heavily influence your final decision.
Cashback. Many rewards debit cards offer cash for select purchases. The cash is often sent directly to your checking account.
Points. Similar to credit cards, some rewards debit cards give you rewards points that you can later redeem for cash or items.
Discounts or exclusive perks. Some debit cards may offer gift cards or discounts on future purchases, and a few can even offer roadside assistance or travel perks.
Signup bonuses. Some debit cards offer signup bonuses that reward after fulfilling certain opening requirements. Signup bonuses are typically between $50 to $300.
APY. Similar to a savings account, some rewards checking accounts also offer interest on your account balance. However, you may need to meet balance or transaction requirements to earn APY.
Referral bonuses. Many banks offer some form of bonus when you refer a friend, and they sign up and open an account.
Narrow down rewards checking accounts by fees, APY and the amount of cash back to find one that suits your needs. Select Compare on up to four accounts to see their features side by side.
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Alternatives to cashback debit cards
If checking accounts with rewards programs aren’t for you, here are some alternatives to consider:
High APY checking accounts. Instead of being rewarded with cash back, points or airline miles, high APY checking accounts earn passive interest that puts cold hard cash into your account each month.
Rewards credit cards. There are many more cashback credit cards than debit cards, often with significantly higher cashback rates. But you’ll have to watch out for interest charges and annual fees.
Debit-credit cards. These cards are like secured credit cards, but instead of requiring a cash deposit, they’re secured by an existing checking account. Some debit-credit cards offer cashback rewards, such as Fizz and Current.
Bottom line
Cashback debit cards can help you save money or earn rewards with everyday purchases. But don’t let the promise of extra cash convince you to sign up for an account that isn’t the right fit. Make sure to compare other top checking accounts to find one that’s right for you.
Frequently asked questions
What’s the highest cashback debit card?
Varo’s 6% cashback rate is one the highest we’ve seen among cashback debit cards. If you’re a business owner, there’s also Grasshopper Business Checking, which offers 1% cash back and up to 2.25% APY, and landlords can check out Baselane, which offers up to 5% cash back on debit card purchases with eligible home improvement hardware purchases.
Is cash back free money?
Cashback rewards can be “free” if the account has no monthly or annual fees — but to earn the cash back, you have to spend money. Don’t get caught up in the allure of an account’s ability to earn points or cash back through spending. It’s easy to get carried away and overspend under the idea that you’re earning that spending back. Think of the rewards account as a long-term investment rather than a quick way to get easy cash.
Is there a downside to cashback debit cards?
Cashback debit cards usually require a certain balance or direct deposit to earn the rewards. If you can’t meet those requirements, you won’t earn cash back, which can be a waste of time and energy. Also, if you’re prone to overspending and are tempted by cashback offers, a rewards debit card could tempt you to overspend for the sake of earning cash back.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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