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Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Which Debit Card offers best rewards?

Never had a debit card with rewards until today. On the way out of the grocery store today I passed by the US Bank counter and saw a sign advertising free $75 for opening a new checking account. I LOVE free money, so I took a few moments to sign up for the checking account. Got home and signed into my account online (the same page I access my US Bank credit card), and saw that I had a Cash Bonus Rewards card.

 

The card offers up to 25% cash back for shopping at select dealers (there are 150 of these listed), everything from Starbucks at 20% to Target 1 or 2% (Target.com is 5%) to Walmart 4%. Use at Six Flags earns 44% cash back. Card has to be used like a credit card to receive rewards, ATM withdrawals don't count.

 

All in all looks like a really good rewards program.

Established Contributor
Posts: 545
Registered: ‎03-20-2009
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Re: Which Debit Card offers best rewards?

[ Edited ]

I have a BB&T Visa DC that offers 1 point for every $1 spent.  This is for signature transactions only.  Then you redeem your points for various gift cards & things.  I also have an M&T Bank Visa DC that does the same thing but I rarely use the card so I doubt I will have enough points saved for anything. 

 

I like the fact that I can get the same rewards as CC folks do.  Although now I do have a CC (finally) & one is a cash back card (1%) & the other is a rewards card.  (similiar to the DC above that you get points & then redeem for statement credit, gift cards, etc) 

 

For both of my DC it is through Visa Rewards. 

 

I use my DC for everything so my points add up pretty quickly.  The only thing is I haven't found a way to pay my car payment or my house payment using it or I would really be racking them up.

Message Edited by mt2va on 06-05-2009 03:59 AM
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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Re: Which Debit Card offers best rewards?

I think paypal debit card is most easy to setup and also offers good returns. With paypal account we can choose different bank accounts to draw money from and also we can also connect it to paypal buyer credit. I think I'll start using paypal debit card more often.
Established Contributor
Posts: 622
Registered: ‎01-04-2009
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Re: Which Debit Card offers best rewards?

If you make quite a lot of small purchases with your debit card Bank of America's "Keep the Change" program for their debit cards looks pretty decent.   Basically it rounds up every purchase to the next dollar, that gets put into savings and for the first months they match 100%   After that 5%

 

So for a $3.42 coffee and $5.35 lunch every weekday that would equal $.58/$.65 cents saved plus cashback of $.03/$.03.  So for small purchases it would equate to slightly below 1% cashback, but it's also a form of forced savings.  For large purchases the reward would be very little proportionally.

 

I also use the PayPal debit card and think it's great.  I still have the 1.5% cashback originally offered, and still think it's a good deal now with 1%.

New Contributor
Posts: 110
Registered: ‎01-12-2009
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Re: Which Debit Card offers best rewards?

i wouldn't use a debit card just for security reasons

if a "questionable" clerk uses your debit card number for his own transactions, those transactions will come directly from your checking account.

if you use a credit card that never happens, you have way more protection with a credit card

yes transactions will mostlikely be reversed even on a debit card, but not having that money come out of your checking account right away is a huge difference imo

 

btw there's also a lot of reward checking accounts giving good rates with some monthly transactions on debit cards check out fat wallet finance forum for a big list.

Established Contributor
Posts: 545
Registered: ‎03-20-2009
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Re: Which Debit Card offers best rewards?


thoughts1 wrote:

i wouldn't use a debit card just for security reasons

if a "questionable" clerk uses your debit card number for his own transactions, those transactions will come directly from your checking account.


This is true but not everyone can get a CC.  I finally got my 1st CC in many many years & I dont' plan to run every transaction I have through it & hope to pay it off because I know with our budget/finances that something would come up & we wouldn't have the money & it would end up maxed out like we did in the past with our CC.  My parents do what you are suggesting & it works out great for them but they have more income than we do & no problem PIF or if its a large purchase within a couple months. 

 

I will say that my bank was very fast (BB&T) the couple times I had un-authorized charges come though that I had my money back the very next day & any over draft fees waived.  Funny thing is the one time it took me almost 2 weeks to get money put back into my checking account is when they actually put someone else's check through on my account!

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



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Posts: 4,336
Registered: ‎09-06-2008
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Re: Which Debit Card offers best rewards?

my chase leisure rewards card offers 4 points per $1 spent, & sometimes offers double points for a certain month.  only $25 per year, which is nothing compared to what i spend using it.
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