High Cash Back on Checking/Debit Spend

[Curious_George2]

Sometimes we all have to, or choose to, use a checking account or debit card for some of our spending. There are opportunities to earn cash back -- sometimes at generous rates -- for this spend. Some well known examples are the PayPal debit card (5% back, up to $50/mo, on one selectable category), Amex rewards checking (0.5 MR point per dollar spent), and Kasasa cash back checking accounts. 

Kasasa, for those who don't already know, 

is the brand name of a type of rewards checking account offered by many small banks and credit unions. Many of them pay relatively high interest on balances, but those aren't the ones I'm interested in. The cash back accounts typically pay around 2% (but sometimes more) cash back on debit card purchases, typically capped at $7 to $10 per month. To earn rewards, you must meet monthly requirements like logging in, making 10–15 debit transactions, being enrolled in e-statements, and receiving a direct deposit or ACH. There are no categories and no fees. 

The rewards caps are pretty low, but when I'm in the mood to play this game hard, I look around for unusually generous Kasasa accounts. 

The best one I found recently is First Federal Bank of Louisiana. They offer 6% back on up to $200 of spend per month. $12/mo isn't life changing, but 6% is tough to beat. Has anyone used them? Have any feedback to share? Do they balk at non-local people opening accounts?

If you know of other standouts, please share them!

[AndySoCal]

@Curious_George2  I know of  a credit union In Louisiana  Baton Rouge area that has two Kawasaki Cash checking accounts plus one other. If your interested it is Pelican State FCU. I am a member of this credit union.

[Outbackexplorer]

Discover has a 1% back debit with no requirements. Affinity has one for 10% back up to $15 a month iirc.

[ptatohed]

Not necessarily "high cash back" (but it can be, percentage-wise ) but I just opened the primis Perks checking account.  50c per purchase, no limits, no requirements.  Yeah, it's only 50c but buy two tacos at Jack in the Box for 99c and get 50% cash back?  Can't beat that!  

That's 5% or more on every purchase $10 and under.  Even 1% or more on purchases $50 and under which is the typical cash back rate for cash back debit cards.  

[Curious_George2]

---

@ptatohed wrote:

Not necessarily "high cash back" (but it can be, percentage-wise ) but I just opened the primis Perks checking account.  50c per purchase, no limits, no requirements.  Yeah, it's only 50c but buy two tacos at Jack in the Box for 99c and get 50% cash back?  Can't beat that!  

That's 5% or more on every purchase $10 or under.  Even 1% or more on purchases $50 and under which is the typical cash back rate for cash back debit cards.  

---

Good find! I hadn't heard of that. I'm intrigued. Thanks!

[batsy71]

The highest in terms of combined monthly-cashback and % cash back nationwide IMO is Gather Federal Credi Union.

5% cash back on upto $400 spend per month so you get a whopping $20 cash back per month. I am not aware of any other bank or credit union that gives as high a cash back for as high a monthly debit spend.

[ptatohed]

---

@batsy71 wrote:

The highest in terms of combined monthly-cashback and % cash back nationwide IMO is Gather Federal Credi Union.

5% cash back on upto $400 spend per month so you get a whopping $20 cash back per month. I am not aware of any other bank or credit union that gives as high a cash back for as high a monthly debit spend.

---

Difficult to navigate website.   https://www.gatherfcu.org/cashback   

[TrapLine]

@AndySoCal 

Hmm ... Pelican CU interesting? 

Must be for the birds 

[AndySoCal]

@batsy71  The big drawback is you have to live on the islands of  Kauai or Niihau. If you do not cannot join Gather Federal Credit Union .

@TrapLine It may appear my joining Pelican State Credit Union was a birdbrain idea. 😂 The reason was at that time they had a 2 year CD  for 5.4% interest. Sadly it will mature later this year. Currently the 1 year is at 4.33% APY and 2 yr CD is at 4.07%. This is in contrast to two Mega banks offering 2% for year. One year bank will give  2.00% for 2 years another Megabsnk bank will give you .03% for years.

all,

If you your looking for a high yield checking account that does not have any debit card transaction requirements Pen Air Credit Union has yield checking at 5.05% 

[TrapLine]

@AndySoCal 

You obtain great financial returns! Nothing bird brained about that. I have come close on returns but not quite at that level of return. 

Related to Pen Air CU (Florida)? New to me! WOW! The High Yield Savings Account earnings is enough to "knock your socks off" and the CDs are all right too.