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Get benefits with a rewards checking account
Earn miles or cash back on your everyday purchases.
A rewards checking account lets you earn cash back, miles or points when you spend money without having to open a line of credit.
What's in this guide?
Compare rewards checking accounts
How does a rewards checking account work?
Depending on which one you choose, there are a number of ways to earn rewards with your checking account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.
Depending on your banking habits, you could end up with a substantial number of points. These points can then be used toward airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you use your checking account and the types of rewards you’d use to compare accounts.
How do cashback offers work?
A cashback offer is a type of rewards program where you earn a percentage of your total purchases back. This can be paid toward the balance on your card or as a discount at checkout with certain partners or on a store-sponsored card.
Back to topHow do I compare checking accounts that let me earn rewards?
If you’re considering opening a rewards checking account, factor in:
- What types of rewards are offered. Would you prefer frequent flyer points or cash back? If the account offers points that can be redeemed another way, are the rewards useful?
- The terms and conditions of the rewards. Do you have to meet any requirements to get rewards, such as maintaining a minimum account balance or having a certain amount direct deposited each month? There may also be conditions on which purchases are eligible for points or cash back.
- How points are earned. What percent cash back do you get, or for miles, how much do you need to spend to earn a mile?
- Fees. Check to see if there are any monthly fees and, if so, if there’s a way to have them waived. You’ll also want to check ATM fees and international transaction fees.
- Accessibility. This includes ATM availability, branch access and online/app access.
What are the benefits of using a rewards checking account?
These types of accounts offer:
- Savings. Free plane tickets and cash back on purchases lets you spend less and save more.
- Flexible rewards. Some accounts offer multiple ways to earn rewards. For example, you might earn extra points or rewards for referring a friend or making purchases in a specific category.
- Accessibility. Rewards checking accounts come with debit cards so you can make purchases online, over the counter and over the phone.
- Guaranteed. If you use an FDIC-insured bank, your money is backed by the federal government up to $250,000.
What are the downsides?
Negative aspects of these accounts can include:
- Fees. Rewards checking accounts often come with monthly fees, though you may be able to have them waived by meeting certain requirements.
- Overspending. Avoid making purchases in order to gain points. With the right rewards account, you should be able to build your point balance with your normal banking activities.
Bottom line
Rewards checking accounts can help you save money and earn rewards with your everyday purchases. But don’t let the promise of extra miles or cash back convince you to sign up for an account that isn’t the right fit. Compare other checking accounts to make sure you’re getting the one that’s right for you.
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