High Cash Back on Checking/Debit Spend

[AndySoCal]

@TrapLine @Pen Air I do not have a membership or an account with them. The small drawback in the high checking is capped at 10K. The limit would not be a problem for me.

[crystal626]

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@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 and under.  Even 1% or more on purchases $50 and under which is the typical cash back rate for cash back debit cards.  

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That sounds pretty unsustainable to me.

[crystal626]

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@AndySoCal wrote:

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% 

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Hmm this one offers membership to anyone and does the donation to the Friends of the Navy Marine-Corps Relief Society for you even.

[AndySoCal]

@crystal626   You classify credit unions into three broad groups. First group is you qualify to become member no matter where you live in the USA. Second group you can if you belong to an employer or organization if you do not meet any of other ways to become a member. The third group is you must live in a certain area or family member is a member of the credit union With banks and or credit unions I picky on where I bank. I check banks and credit unions for checking and savings rates also ACH transfer limits and the fee schedule. If ACH limit is low < 10K prefer higher most likely I will not apply to become a member. I have not done this for Pen Air Credit Union and currently I am not a member. 

[IcyCool7227]

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@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.

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Well then you don't know of Honolulu FCU where it gives 5% cashback up to $500 spend w/ 18 dc trans. (Hawaii residents only). They are having a holiday special where it doubles the cap to $1k! Or Marshfield Medical Center CU in Marshfield, WI giving the same amount but with 15 transactions. You have to be in the healthcare field in the state of WI to qualify.

[Jessie]

If you want a lot of cash back, use a credit card. Debit cards can't compete there. 

[Curious_George2]

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@Jessie wrote:

If you want a lot of cash back, use a credit card. Debit cards can't compete there. 

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But there are some situations where some people prefer to use a checking account or debit card. 

For example, I do some of my grocery shopping at WinCo. They accept debit cards, but not credit cards. 

My mobile phone and internet service providers, and some utility companies, give a discount for paying with checking accounts, or charge extra fees for using credit cards.

[crystal626]

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@Jessie wrote:

If you want a lot of cash back, use a credit card. Debit cards can't compete there. 

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I opened up an account with Affinity that gives me 1% on up to $1000 of debit card transactions a month because a lot of places around me are starting to have credit card fees. Getting 1% is better than breaking even on my 3% card although if they accept mobile wallet my US Bank Kroger card will still come out ahead by 2% if they're charging 3%.

Still though, it looks highly likely that cash back rewards will largely disappear when fees inevitably get capped and at that point I'll just shift to debit card spending (and probably shift to spending a whole lot less too because credit cards give me extra float I wouldn't otherwise have). 

[TrapLine]

@crystal626 

Agree, my area is working through the local chambers of commerce and many now have added a 3.99% credit/debit surcharge to all transactions. As you mentioned it is harder to justify non-check and cash transactions as the rewards may not cover the spending.

Unreal! Do remember the marketing pitch of the recent past, eliminates handling cash and taking bad checks. Funny how all that is out the window. For me to say I will boycott the offenders, I am in an outback area living among the lakes, trees and mines so, the number of merchants is getting fewer every day. That is now my reality. Did chew out a merchant so bad we parted company ... he wins!

[crystal626]

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@TrapLine wrote:

@crystal626 

Agree, my area is working through the local chambers of commerce and many now have added a 3.99% credit/debit surcharge to all transactions. As you mentioned it is harder to justify non-check and cash transactions as the rewards may not cover the spending.

Unreal! Do remember the marketing pitch of the recent past, eliminates handling cash and taking bad checks. Funny how all that is out the window. For me to say I will boycott the offenders, I am in an outback area living among the lakes, trees and mines so, the number of merchants is getting fewer every day. That is now my reality. Did chew out a merchant so bad we parted company ... he wins!

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I try to not go back to places that have these surcharges and I'm going to start getting really petty and report the ones that don't have the required signage or who charge more than 2% to the state to be investigated (surcharges are supposed to be capped at 2% or what the merchant actually pays and some of these jerks are asking for 5% or more plus they're required to have a sign that's clearly visible that shows there is a surcharge or they try to charge you for using a debit card, which is outright illegal). The thing is, when it's places like the vet or a doctor, it's better to just pay it than have to find another one and hope they're as good.