Debit cards typically deduct funds from your checking account fairly instantly whenever you charge anything to them, so there’s also an issue of security (credit cards have transaction protection).
Many debit card users aren’t interested in credit cards for their interest rates, annual fees, or for potentially debt draining situations. Also, if a potential credit card applicant doesn’t have excellent credit, don’t expect credit card rewards to flock your way either.
Financial landscapes change though, and with that have introduced newer Debit Cards with Rewards! Yes, we’ve seen several debit cards take part of the value proposition that once only belonged to Credit Cards. I actually won charity money for the number 1 option (Aspiration Bank) below at the FinCon Conference.
Banks are evolving into social conscious beings. Aspiration is no different. This totally free bank offers an amazing interest rate at 2.00% as a Checking Account! Not only this, you’ll be helping the environment. How so?
Aspiration Bank offers its services as a Fossil Free and Socially Conscious backed organization. While other larger banks contribute to Fossil Fuel funding, Aspiration does not.
Even if you arent’ totally environmentally conscious, no biggie! Aspiration sports a ton of perks through their Summit Account including:
- 2.00% Interest Rate
- Cash Back on Every Purchase
- Zero ATM Fees
- FDIC Insurance ($250K)
- Identity Fraud Insurance
- Cell Phone Protection Insurance
Aspiration actually makes money through tips. We’ve seen this business model before with the Earnin’ app, where you can choose to tip the company and that’s how they get funded for business purposes.
Overall, you’ll struggle to find a more beneficial FDIC backed bank online, including major competitors from the likes of Ally, Capital One, and more.
2: Stash Invest
The popular stock trading app has entered the banking game with a furious vengeance. Offering some unique features like faster direct deposit (two days earlier than actual payday) and FDIC insurance, the Stash Banking portion of the app is sure to make its waves in the financial world.
Here are the benefits of the new Stash Debit Card:
- Automatic Cash Back through Card Linking
- Faster Direct Deposits
- Faster Stock Trading with Instant Stash Invest Access
- Zero ATM Fees
- $0 Minimum to Start
- Neat Card Design
Set aside spare change into an investment account when you look into Acorns investing for just $1 per month. The company has just released their Debit Card (VISA), so now you can instantly fund investment accounts without lifting a finger. Here’s how a traditional Acorns account would work:
- Buy Anything Anywhere
- See that you are close to the nearest dollar
- Acorns will take the spare change that would round it up to a dollar amount
- Invest it into an investment account
In the past Spare Change investments called Round Ups would occur on a delayed checking basis, taking several days to invest that money into your investment accounts. With Acorns Spend Debit Card things happen much quicker!
If you shop at Target in-store or online, you should take a look into the REDCard. Why? There are a few outstanding benefits that a Target Shopper would and should take advantage of!
- 5% OFF EVERYTHING
- Free Shipping on All Online Orders
- Extended Return Policy (Increased 30 Days)
- Instant Payout through the Target App
- Early Access to Black Friday Deals
Most people think that the REDCard is a VISA Credit Card or something along those lines. The REDCard only works as a Debit Card for TARGET ONLY. You can’t bring the Target Debit card anywhere other than Target shopping destinations both online and in-person. Just add your checking information when you sign up, and you are all set to use this card when you receive it.
Since the beginning of e-commerce, PayPal has been a force to be reckoned with. Partnering up with eBay has been one of their most significant advantages over time, although they mentioned they might delete that partnership down the road. As of now, if you are a seller or operate any selling on eBay, you should 100% take a look at the PayPal Cash Card. What it does is make your digital PayPal account and turn it into a tangible Debit Card which is acceptable at thousands of locations nationally (and even internationally). Because it’s a Mastercard, you can use it pretty much anywhere. Other benefits include:
- Deposit Cash into the Card Using 10,000 Locations Nationwide
- No Monthly or Annual Fees
- NFC (Tap and Pay) Accessibility
- $0 Fee to Withdrawal Cash from MoneyPass ATMs
And finally, one of the biggest factors that draw people into credit cards is protection. With this Mastercard, you have 0% liability from unauthorized activity making it another amazing benefit!
You could argue that PayPal is secondary to the ever more popular Cash App. Recently they released an all-black (cool!) Visa Debit Card that acts pretty much the same way as a PayPal Cash Card does. You’ll be able to access ATMs as long as you maintain a balance on the actual Cash App. Because it’s a VISA card it’s considered the most widely accepted form of card around making it a nice benefit to have. Here is some other noteworthy tips:
- Must be 18 years or older to use
- Customize Front Design with a Signature
- Works with Apple Pay, not Google Pay
- Easily Reset Four Digit Debit Pin through the App
- Fees at ATMs Still Apply (bummer)
We really recommend this card only for dedicated Cash App users, as the PayPal Cash Card has slightly more benefits. On the other hand, the way Cash App is growing, it could be that you may have a harder time with PayPal transactions than the Cash App!
We’re happy to see Discover make the list here. Though you’ll have to deal with the fact that Discover cards aren’t accepted everywhere, this Debit Card has a slew of features that make it a unique debit card to consider. While you’ll need to sign up with a checking account (much like how other banks require) Discover’s application process can be completely done online without any sort of hiccups. Because there are no annual or monthly fees with a Discover Checking account you are essentially reaping the debit card rewards seamlessly! Here are the major benefits:
- 60,000 ATMs with Zero Fees
- Earn 1% Cash Back (up to $3,000 in purchases)
- No monthly fees
- No balance minimums
- Free card replacements
- First Late Fee Forgiveness
For those willing to forgo the popular of Discover acceptance, this Checking Debit Card is one of the more powerful and rewarding ones out there!
Don’t Forget Card Linked Offers
Boost rewards when you dine and shop locally and online when you pair your Debit (or Credit) cards through the new card linking rewards apps!
- DOSH: Earn Cash Back
- Drop: Earn Points
- SPENT: Earn Cash Back
- Fuel Rewards: Get 5 cents off each Shell Gallon of Gas
- Groupon Plus: Earn Cash Back Dining Out on Groupon Plus Deals
Charity Charge is a Credit Card with Tax Deductible Donations
With the Charity Charge card, you’ll be able to receive 1% Cash Back on all purchases as long as that 1% goes to a charity of your pickings. Though it’s technically a credit card, they’ll work with you in order to be approved.
Because it’s a newer focus on donations and the overall good of community it’s certainly worth a shot. For those looking at the Aspiration Bank but want a Credit Card offering similar benefits Charity Charge is for you. Here are the major bullet points when you apply:
- Fraud Protection (Mastercard)
- Donations are TAX DEDUCTIBLE (Hmm.. Nice)
- No Monthly or Annual Fee
- Price Protection (Great with an app like Earny)
- ShopRunner 2 Day Shipping Included