They're perks you earn when you use your debit card - like cash back, points, or discounts on your favorite brands. It's like getting a little bonus every time you spend!
How do I earn rewards?
It’s easy! Just:
- Use it regularly. Load your debit card to your mobile wallet for everyday things like groceries, gas, or that morning coffee.
- Meet any requirements. Some financial institutions might ask you to make a certain number of transactions each month.
It’s also not uncommon that you must meet additional qualifications to unlock your rewards, such as:
- Sign up for eStatements. Get your bank statements online.
- Set up direct deposit. Have your paycheck deposited directly into your checking account.
Exact qualifications vary by institution.
How do debit card rewards compare to credit card rewards?
Credit cards might offer more rewards, but with debit cards:
- There are no debt worries. Spend only what you have—no surprise bills later.
- Interest charges and late fees are never a concern. Keep your finances stress-free.
- You still earn perks. Enjoy getting rewarded for your everyday purchases and big-ticket items like textbooks or electronics.
Are there different types of reward redemption options?
Yes. Depending on the card, you may be able to choose between:
- Cash back. Get a percentage of your spending back - like extra cash for weekend plans.
- Points. Collect points to redeem for merchandise for your dorm or apartment.
- Discounts. Save when you shop at participating partner stores.
What should I look for when choosing a rewards debit card?
When searching for a rewards debit card, consider the following:
- No minimum balance requirements. Look for accounts that don't require a high minimum balance.
- Categories vs. all-inclusive. Do you prefer a card that offers higher rewards on specific categories during certain times of the year? Or do you prefer a simple, all-inclusive card that rewards the same amount regardless of category?
- Low or no fees. Opt for a card that has no monthly fees, overdraft fees, or ATM fees, saving you money in the long run.
- User-friendly mobile app. A great mobile banking app lets you deposit checks remotely, pay friends instantly, manage rewards, and stay on top of your finances.
- Extra benefits. Some financial institutions offer additional perks, such as financial education resources or access to certified financial coaches.
Debit rewards programs make it easy to get something back on things you’re already buying. Plus, they help you live within your means – a necessary habit for lifelong financial success. Learn more about our Kasasa Cash Back® debit card!
