Rewards Programs for Debit Cards: Cards, Tips, and the Different Types of Programs

Rewards Programs for Debit Cards: Cards, Tips, and the Different Types of Programs

Debit cards that come with benefits are difficult to come by, but they are not extinct. It is feasible to get rewards by spending money that you already have (instead of using a credit card), provided that you are flexible about where you bank and where you keep your money. Since 2008, the number of available choices has decreased, however there are still plenty.

Credit and Debit Cards That Offer Cash Rewards

The era of ubiquitous cash back and debit card rewards has essentially come to an end. The money just isn’t there anymore as a consequence of the financial crisis that occurred in 2008 and the new legislation that restrict the fees that banks are allowed to charge for debit card transactions.

SEVERAL DEBIT CARDS ARE STILL OFFERING CASH BACK, BUT THEY ARE MUCH LESS THAN IN THE PAST. In certain circumstances, you can redeem your rewards for gift cards, which are arguably superior to cash in most circumstances. As of the month of July 2019, the following terms apply:

Discover Bank

Their Cashback Checking account gives you 1% cash back on most transactions made with a debit card. There are no monthly fees or minimum balance limitations, and you have the potential to earn up to $360 cash back every year (up to $30 each month).

Checking with Cash Back

It is offered by Axos Bank and gives customers the chance to earn a handsome $2,000 each month in an online checking account. However, you must have a balance of at least $1,500 in your account at all times, and certain activities, such as online transfers and purchases made at supermarkets or hypermarkets, may not qualify for cashback benefits. The normal reward is 1%, and if your balance drops to less than $1,500, you will earn half of that incentive. Have a conversation with a customer support agent about your typical spending patterns to figure out what you may reasonably anticipate happening.

Cash-Back® from American Express Serve is available.

The funds on this American Express card come from a pre-paid account. You have the opportunity to earn 1% cash back on purchases; however, the cash-back option comes with a monthly cost of $7.95; therefore, you will need to spend enough to compensate for the price. (There is not a charge if you are a resident of New York, Texas, or Vermont.) Due to the fact that it is a prepaid debit card, it is not associated with a traditional checking account. Instead, you “load” monies onto the card and then spend from the balance of the card after it has been loaded.

The Debit Business MasterCard offered by PayPal

If you don’t use your PIN while making transactions with this debit card, you’ll get 1% cash back on purchases that require your signature. On the other hand, the card can only be obtained by PayPal business account holders. Both businesses and individual customers have access to a variety of cards offered by PayPal; however, your debit card will not accumulate rewards.

Your best option for earning cash back is credit cards. However, it may be challenging to qualify for these cards, and they often carry a higher annual fee.

Points and Benefits

The easier times of making money in the past are, for the most part, behind us. Debit car reward programs are often divided into two categories:

Points-based Rewards

When you use your debit card, you can earn “points” toward rewards. You may earn one point for every dollar that you spend, or the formula may be less generous (for example, you may only gain one point for every five dollars that you spend). Because P points are not the same as cash, you cannot assume that exchanging one point for one dollar will provide you the same value. On the other hand, you have the ability to exchange points for goods that would normally cost you money, giving you the chance to cut costs and save money.

The Benefits of Relationships

Gain advantages by working with certain companies. For instance, the rewards program that comes with your debit card might provide you with discounts when you make purchases at particular retailers and websites. You will save money, but if you want to receive incentives, you will not have as much leeway in deciding where to spend your money as you would otherwise. Having said that, these reward programs might save you a large amount of money if you are aware of the locations at which you make significant purchases (and, thus, where you will benefit the most from discounts).

Reward Programs for Use of Debit Cards Based on Points

There are many banks that give rewards based on points, including:


You can earn points with KeyBank whether you sign for purchases made with your debit card or use your personal identification number (PIN). You can also rack up points whenever you use the bank’s online bill payment system or engage in any of their other services. Rewards can come in the form of gift cards, cash back, trips, items, or donations to a charity organization.

SunTrust Bank

This particular financial institution offers a debit card called the Delta SkyMiles World Debit Card, which awards you one “mile” for every dollar you spend (or two miles for every dollar if you purchase flights straight from Delta). You can earn miles with your SunTrust card in ways that other credit cards don’t, such as when you sign for transactions, shop online, or use your PIN. You can also rack up miles by handling your financial obligations online. It goes without saying that you can turn your miles into travel with Delta Airlines.

Direct from UFB

This bank allows customers to earn miles with American Airlines. However, you only receive one mile for every $3 that you spend, and certain transactions do not count toward earning miles. Because of this, you need to have a good understanding of your spending habits in order to determine how much you’ll earn from the account.

The Benefits of Relationships

You can use the rewards program associated with your debit card to gain discounts and other perks now, as an alternative to accumulating points that you’ll use in the future.

The Neighborhood’s Banks and Credit Unions

Because rewards programs are so common at financial institutions, it’s possible that you already have access to incentives in your account. If you want to know how to save money when you shop with your debit card, ask a bank representative.

When compared to point-based awards, those based on relationships need a little bit more labour. You won’t get much use out of them until you select a rewards program that works with your lifestyle and the way you spend your money. Verify if the “rewards” that a bank purports to offer are, in fact, beneficial to you before choosing it as your primary financial institution. Find a debit card that offers benefits in the form of gas points, for instance, if you put a lot of money into gasoline purchases.

Fine Print

There are always going to be requirements and constraints attached to these benefits, which makes them less gratifying overall. Find out if you will get what you anticipate by reading the small print carefully. Examine your pattern of card use in great detail and do a critical comparison to the terms and conditions of the rewards program offered by your financial institution.

Characteristics to look out for:


Accumulating Points

How quickly do the benefits accumulate? It’s possible that you’ll get one point for every dollar you spend, but it could also take you five or six dollars to get one point. If you spend money in certain areas, such as groceries or gas, you may find that you earn a greater percentage of that money back. Consider the ways in which you utilize your card. Will you ever amass sufficient prizes to make using them worthwhile? Will the accumulation of points cause a shift in your habit and spending that will be detrimental to your financial situation?


Find out when the time limit is on your incentives. Put that knowledge to use, along with what you already know about the process of point accumulation, to make an educated guess about whether or not you will be eligible for a reward. P oints may become invalid in a matter of years, right when you’re getting close to being able to redeem them for something of worth.

Put the Brakes on Points

Wondering whether there is a cap on the amount of points that may be earned in a given time period (like a month or a year, for example)? You might have a major price coming up or spend a lot of money every month, but you might not be able to make the most of those expenditures in the way that they could benefit you.

Maximum Cash Back

Find out whether there is a cap on the amount of cashback you may earn if you are eligible for it. If you are getting close to reaching this level, you will need to carefully time your purchases because it is possible that the limit is reset every year or every quarter. The availability of these limits on a card has the potential to make other types of incentive programs, which do not involve cash back, appear more appealing.

Fees It is more likely that reward credit cards will have fees associated with them (including annual fees, fees to redeem your rewards, fees to make purchases, and other fees). The benefits you obtain should, of course, be greater than the costs you incur.

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