Best Debit Cards That Offer Rewards In 2022

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Credit cards are great for those who are looking to build credit, earn rewards and take advantage of various purchase protections. However, they might not be a good option for everyone.

If you’re prone to overspending and can’t pay off your balance on time and in full each month, you’ll likely face late fees and costly interest. Plus, if you have a bad credit score, you might have trouble even getting approved for a credit card in the first place. This is where debit cards come in handy.

Unlike credit cards, where you’re essentially borrowing money from a line of credit, debit cards are linked to your checking account and you pay for each transaction instantaneously. This allows you to manage your spending better, to not worry about approval odds and to avoid any unexpected late fees and high interest.

One caveat is that most credit cards offer a lot more perks than debit cards – in part due to 2010 legislation limiting the interchange fees that debit card issuers can charge merchants. In other words, debit cards became a less lucrative product for banks, so they began offering fewer rewards on these cards.

There are, however, a handful of debit cards on the market that offer rewards and that can actually build credit (the latter usually being a big disadvantage to only using debit cards). To determine the five best rewards debit cards, Select looked at which debit cards have the lowest fees, the highest cash-back rewards rates and the lowest minimum balances to earn rewards. (Read more on our methodology below.)

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Best rewards debit cards

Best overall

Discover Cashback Debit Account

Discover Bank is a Member FDIC.

  • Monthly maintenance fee

  • Minimum deposit to open

  • Minimum balance

  • Rewards

    1% cash back on up to $ 3,000 in debit card purchases each month

  • Free ATM network

    60,000+ Allpoint® and MoneyPass® ATMs

  • ATM fee reimbursement

  • Overdraft fee

  • Mobile check deposit

The Discover Cashback Debit Account is one of the few debit cards that offers rewards and has no annual fee. While the cash-back rate is relatively modest – only 1% – cardholders can still earn rewards on up to $ 3,000 worth of purchases each month. This means you can receive up to $ 30 in rewards monthly.

In order to get the card, you must open a Discover checking account. There are no minimum deposit amounts, but you’re required to make a deposit within 45 days of opening the account. You can deposit money to your account through direct deposit, online transfer from another bank account or mobile deposit of checks.

If you want to withdraw money from your checking account without paying ATM fees, you can do so at 60,000+ Allpoint and MoneyPass ATMs. One caveat of this card is that it has limited use abroad: It can only be used at select merchants in Canada, Mexico and the Caribbean. Cardholders are also eligible for a feature called ‘early pay,’ which allows them to access their paycheck two days earlier than they normally would.

Runner-up

Axos Bank CashBack Checking

  • Monthly maintenance fee

  • Minimum deposit to open

  • Minimum balance

  • Rewards

    In order to earn 1.00% cash back on up to $ 2,000 worth of eligible purchases, you need an average daily balance of $ 1,500. Otherwise, you earn 0.50% in cash back for the month.

  • Free ATM network

  • ATM fee reimbursement

    All domestic ATM fees reimbursed

The Axos Bank CashBack Checking is a no-fee option that offers debit cardholders up to 1% cash back on up to $ 2,000 worth of purchases every month. This means that you can earn up to $ 20 in rewards monthly.

This card does, however, have a few restrictions on what cardholders can earn rewards on.
Purchases made at wholesale, discount, grocery, super stores and markets are not eligible for cash back. Cardholders also need to maintain an average daily balance of $ 1,500 in order to earn 1% cash back. If their balance falls below that, they will only earn 0.50% in cash back that month, or up to $ 10.

There’s a required minimum deposit of $ 50 to open an account. There are no monthly maintenance fees and account holders can get unlimited reimbursements for domestic ATM fees.

Best debit card to build credit

Extra Card

  • Rewards

    5 rewards points for every $ 1 spent

  • Welcome bonus

  • Annual fee

    $ 8 a month or $ 84 upfront for the year.

  • Foreign transaction fee

    N / A – cannot be used internationally

  • Credit needed

Pros

  • Does not require a security deposit like other credit cards for building credit
  • No credit check or minimum credit score required

Cons

  • Costs $ 84 annually
  • Only reports to two credit bureaus, Equifax and Experian

Best debit card for the environmentally conscious

Ando Visa ™ Debit Card

Information about the Ando Visa ™ Debit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. Community Federal Savings Bank is a Member FDIC.

  • Monthly maintenance fee

  • Minimum balance

  • Rewards

    1.5% cash back on all eligible purchases

  • Free ATM network

    Fee-free withdrawals from more than 34,000 MoneyPass® ATMs

  • ATM fee reimbursement

Ando is a FinTech company focused on investing in sustainable initiatives. While banks are able to utilize your deposits at their own discretion, Ando promises its customers that it will use their deposits to invest in green companies which customers can see on the mobile app feature known as the “Impact Center.”

Ando provides consumers with a checking account, optional savings account and debit card, and the company is FDIC-insured through the Community Federal Savings Bank.

The Ando Visa ™ Debit Card provides cardholders with a generous rate of 1.5% cash back on all eligible purchases. There are no minimum balances or fees.

Cardholders who want to withdraw money from their account can do so by going to one of over 34,000 MoneyPass ATMs nationwide. There’s a $ 2.95 fee for using an ATM that’s not within Ando’s network.

Best debit card with a high APY on a checking account

M1 Spend Visa® Debit Card

Information about the M1 Spend Visa® Debit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Annual fee

  • Minimum balance

  • Rewards

    1% cash back on eligible purchases for M1 Plus members and 0% for non-members

  • Foreign transaction fee

    0.8% to 1.0% for M1 members; 0% for M1 Plus members (through reimbursements)

  • Free ATM network

  • ATM fee reimbursement

    With M1, you get one reimbursement per month; With M1 Plus, you get four reimbursements per month

Our methodology

Editorial Note: Opinions, analyzes, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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