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While using a debit card can be convenient, especially if you're worried about ending up in debt, you're missing out on lucrative credit card rewards if you frequently swipe your debit card instead of using credit.
It is possible to earn cash back on a debit card purchase so you can get the best of both worlds — rewards points without worrying about paying interest. Unfortunately, debit card rewards programs aren't very common and usually aren't very generous.
Debit card rewards programs used to be much more prevalent and offered a better bang-for-your-buck in the past, when there were fewer regulations and banks could charge merchants larger fees for debit card purchases. But the Dodd-Frank Wall Street Reform and Consumer Protection Act put a cap on those fees and many of the best banks responded by discontinuing their programs or scaling down rewards offered after the reforms went into effect in 2010.
While it's still possible to find rewards debit cards that provide points or cash back, you're likely better off with a rewards credit card — as long as you can control your spending and make sure you pay your bill on time.
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Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Discover's cashback debit card can be used anywhere Discover cards are accepted and provides 1.00% cash back on up to $3,000 in purchases made with your card each month.6 <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p>
That translates to a maximum of $30 in monthly rewards, which are automatically deposited in a Discover® Savings Account each month.
Your debit card can also be used to access more than 60,000 ATMs throughout the United States with no ATM withdrawal fees — but there's no cash back provided for money withdrawn from an ATM.
To start using your Discover debit card to earn cash back, you'll first need to sign up for a Discover® online banking account. You can do this right online at Discover.com.
The account truly aims to provide fee-free banking, with no monthly maintenance charges, no fees for standard checks, online bill pay at no cost, and no charge for stop payment orders, insufficient funds, or closing your account. If you lose your debit card, Discover even provides you with a replacement for free with expedited delivery.
A fee-free checking account plus the chance to earn cash back with a large spending limit makes Discover's debit card cash back program one of the best available.
Details about Discover Cashback Debit have been collected by FinanceBuzz editors. This information is accurate as of the date of the review and was not reviewed or approved by the issuer. FinanceBuzz does not receive commission for this product.
2. Bank of America Debit Card
Bank of America's debit card rewards work differently than other cash back rewards programs on this list. With the Bank of America card, you earn cash back only on special deals that you pay for with your Bank of America debit card or credit card.
To be eligible to earn cash back through BankAmeriDeals, you need to sign in to your online bank account or use your mobile app. After signing in, check out the available deals (note that the amount of cash back you can earn will likely vary) and activate the ones you're interested in — then pay for qualifying items with your debit card to earn cash back, which will be automatically credited back to your account.
Anyone with a Bank of America checking account can take advantage of AmeriDeals, so just sign into your account and click "View all Cash Back Deals." Other terms and conditions of your account, including monthly fees and ATM access, will vary depending on which Bank of America account you choose.
While you don't have the flexibility to earn cash back on any purchase that other cards on this list provide, the chance to take advantage of these deals that provide cash back can be attractive for existing Bank of America customers.
3. Axos Cashback Checking
Axos provides up to 1% cash back on all signature transactions made with your debit card. To score 1% back though, you'll need to maintain at least a $1,500 average daily balance. If you can't maintain this average balance, your cash back for the month will be just 0.50%.
With the Axos debit card, you can get a maximum of $2,000 in cash back each month. You can earn this cash back if you have a debit card linked to an FDIC-insured checking account.
As one of the best checking accounts, Axos Cashback Checking also comes with no monthly maintenance fees and unlimited reimbursements for ATM fees at any domestic ATMs. And while you'll need at least $50 to open an account, there's no monthly minimum balance requirement once your account is open. Still, because you need a high balance to earn the maximum 1% cash back for debit card purchases, this account is the best choice only for those who tend to keep a large sum of cash in their account.
4. American Express Serve Cash Back Prepaid Debit Card
American Express Serve Cash Back is not a traditional debit card, but instead is a prepaid debit card that provides 1% back on all purchases with no limits.
The Amex card is different because you can spend only up to the amount you load onto your Serve card. But there are numerous free ways to transfer money to your account, including direct deposit and transfers from a bank account.
This card isn't perfect, though. Adding cash to your card at a retailer comes at a cost of up to $3.95 per transaction, depending on which store you choose. In most states, you'll also have to pay a $6.95 monthly fee for the Serve Cash Back card.
If you can't open a traditional bank account or don't want to, the Amex Serve Cash Back might be a good option for you. But the monthly fees and costs associated with adding cash to your account can be expensive, so many may prefer other alternatives on this list.
4 credit card options to use for cash back
While it is possible to get cash back with a debit card, you're usually limited to getting just a small percentage back on a finite number of purchases per month.
If you want to maximize the rewards you earn for spending, you're likely far better off with a cashback credit card instead. Many of these cards offer more than 1% back — at least on some purchase categories — and don't limit your rewards to just a few thousand dollars in monthly spending. You'll also have way more choices when it comes to cashback credit cards, so you should be able to find a card well suited to your spending style.
Credit cards typically also come with other benefits that debit cards don't offer, including better fraud protections, travel or shopping perks, sign-up bonuses for new cardmembers, and the chance to improve your credit score through responsible repayment.
If you're open to using a credit card to get more cash back, the following cards offer competitive rewards with no annual fee.
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Travel℠, 3% on dining and drugstores, and 1% on all other purchases
5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases
1.5% cash back on every purchase, every day; and 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases; plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel
Welcome offer
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
Earn a $300 Bonus after you spend $500 on purchases in your first 3 months from account opening (limited-time offer)
Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back
4.6
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Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank7 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.8 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks9 <p>Your first deposit may take longer depending on your employer.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.10 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Some debit cards that offer rewards include the following:
Discover Cashback Debit Card
Bank of America Debit Card
Axos CashBack Checking
American Express Serve Cash Back Prepaid Debit Card
Delta SkyMiles World Debit Card
PayPal Business Debit Mastercard
With the majority of these cards, you can become a cardholder by opening a qualifying bank account.
Which is better for rewards, a debit card or a credit card?
Credit card rewards programs generally provide much better rewards than debit card programs. You typically have a broader choice of rewards programs, including those that provide bonus rewards for grocery store or gas purchases (with certain credit cards). You're also likely to earn rewards at a higher rate with certain credit cards than you would for debit card transactions.
Bottom line
If you want to maximize the rewards you earn, it makes sense to pay for as many purchases as possible using a credit card. But you do need to pay off your balance in full each month or the interest you'll pay will far exceed the value of any rewards.
If you aren't confident you'll be able to be responsible with credit or if you can't qualify for a credit card, you may decide a debit rewards card is better for you. Fortunately, now you know what some of your options are for debit cards that offer rewards and you can find a card that's right for your needs.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network11 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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