Cash Back Debit Cards

Cash back credit cards can be a great tool for consumers. Many of them offer great cash back rebates on the regular purchases that most consumers make each month. Things like gas, groceries, entertainment, and more.

When looking for the best cash back credit card, however, it might be wise to consider an alternative: the cash back debit card. Why choose a reward debit card over a credit card? There are actually several reasons:

1. Credit cards often come with high interest rates. Even a low starter rate can go higher if you’re late with a payment, carry balance, or just because the bank feels like raising it.
2. Credit cards usually charge large fees for things like late payments and going over your credit limit.
3. Credit cards will allow you to run a balance, which can erase any cash back rewards you’ve earned. This can also allow you to get into financial trouble. Even the most disciplined credit card user can occasionally run into trouble. Very few people with large credit card balances actually started out with that in mind. That's why many financial experts like Dave Ramsey recommend debit cards over credit cards.
   

So if you’ve made the decision that a cash back debit card might be best for you, what should you look for in your card? Definitely make sure any card you use has the following features:

• The account your debit card is linked to should be FDIC insured.
• There should be ample ATM access for free.
• There should be no fees to use the card.
• The card should offer protections, such as those offered by Visa and Mastercard, to limit your loss in case your card is lost or stolen.

In addition, make sure you understand the following about your card:

• How to make deposits.
• What kinds of rewards you’ll earn.
• How to redeem your rewards.
• What kind of fees and policies are in place for things like overdrafts and low balances.

1. Check first with your existing bank or credit union. They may already have a cash back debit card that you can apply for and have attached to your existing account.
   
2. If your bank or financial institution doesn’t offer this kind of card, check with other banks or credit unions in your area.
   
3. The internet is a great source for cash back debit cards. As long as the online bank chosen offers the right services, many bank customers find that it’s not necessary to have a bricks and mortar physical location in the area.
4. Perk Street Financial has introduced a very attractive cash back debit card.