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While using a debit card can be convenient, especially if you're worried about 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 capped those fees, and many of the best banks responded by discontinuing or scaling back their rewards programs after the reforms went into effect in 2010.
While it's still possible to find rewards debit cards that offer points or cash back, you're likely better off with a rewards credit card — as long as you can control your spending and ensure you pay your bill on time.
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Our partners do not influence our ratings.
Up to $400New 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $400 bonus with eligible direct deposit1 <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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> and up to 3.80% APY2 <p>Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. 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> on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 3.80% for up to 6 months on new accounts. Terms apply.2 <p>Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. 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 transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank 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>
Cash back rewards are usually associated with credit cards, but some debit cards also offer this feature.
The Upgrade Rewards Checking Preferred is a good fit for debit card users who want to maximize cash back and don't mind meeting the direct deposit requirement.
The American Express® Rewards Checking offers a fee-free checking account for eligible Amex customers who want to earn rewards on everyday debit card purchases.
3 options to earn cash back on a debit card
1. Happen Bank LevelUp Checking
Happen Bank LevelUp Checking is a rewards checking account that offers unlimited 1% cash back on eligible debit card purchases at gas stations, grocery stores, and pharmacies when you meet the monthly direct deposit requirement. It also pays interest, reimburses unlimited out-of-network ATM fees, and includes early direct deposit.
However, you must already be a Happen Bank member to open the account, and qualifying direct deposits are required to earn both cash back and the account's APY. You can earn up to 1.00% (as of 07/29/26) APY with a minimum balance of $2,500.
While the membership and direct deposit requirements limit who can qualify, the combination of cash back, interest earnings, and unlimited ATM fee reimbursements makes it a compelling option for eligible customers.
2. Upgrade Rewards Checking Preferred
Upgrade Rewards Checking Preferred is a solid choice if you want to earn cash back with a debit card. It offers 2% cash back on eligible everyday purchases and 1% on everything else, with no monthly fees and access to more than 55,000 Allpoint ATMs. While it doesn't pay interest, pairing it with an Upgrade Performance Savings account can unlock an APY of up to 3.05% (as of 04/20/26) with a $1,000 monthly direct deposit.6 <p>The Annual Percentage Yield (“APY”) for the Premier Savings account is accurate as of 09/23/2024. It is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1000. On days where the account closing balance drops below $1000, the APY will be 0%.<br><br>
There are no monthly account fees associated with Premier Savings accounts.<br><br>
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC.</p> The main drawbacks are the $2.50 fee for using out-of-network ATMs and the direct deposit requirement to qualify for rewards.
3. American Express® Rewards Checking
American Express Rewards Checking is a fee-free online checking account that lets eligible customers earn Membership Rewards® points on everyday debit card purchases while earning 1.00% APY on checking balances. It also offers access to more than 70,000 fee-free ATMs and 24/7 customer support, though it's only available to certain existing American Express customers and checking-only members have fewer rewards redemption options.
For eligible Amex customers who prefer using a debit card for everyday spending, it offers a simple way to earn rewards without paying monthly maintenance fees.
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 $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
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
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Our partners do not influence our ratings.
AWARD WINNERBest Online Checking
SoFi Checking & Savings - Earn Up to $400 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $400 bonus with eligible direct deposit and up to 3.80% APY on Savings (3.10% 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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a></p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.2 <p>Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. 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>
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.
Bank of America Advantage Plus Banking®
New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. Click Learn More for details. Bank of America, N.A. Member FDIC
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 $400 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.7 <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 $1,000 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 10/14/2026.
Rewards debit cards became much less common after regulations limited the fees banks can collect from merchants on debit card transactions. With less revenue from each purchase, many banks reduced or eliminated their debit card rewards programs. Today, a handful of checking accounts still offer cash back or points, but they often require direct deposit, limit eligible purchases, or cap how much you can earn.
Are debit card rewards worth it, or should I use a cash back credit card instead?
It depends on how you manage your money. If you always pay your credit card balance in full each month, a cash back credit card will usually earn you more rewards and often includes added benefits like stronger fraud protection, purchase protections, and welcome bonuses. However, if you prefer to avoid credit card debt or don't qualify for a credit card, a rewards debit card can still help you earn cash back or points on everyday spending. While the rewards are generally more limited, they're a good way to earn something back on purchases you'd make anyway.
Bottom line
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 use credit responsibly 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 there are debit cards that offer rewards, and you can find one that's right for your needs.
Incredible Offer!
$200 Bonus
+ Up to 5% Cash Back
Earn a $200 bonus after spending $500 on purchases in your first 3 months from account opening.
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