Earn More on Every Purchase: Best Cashback Debit, Credit, and Crypto Cards Reviewed

Cashback and rewards programs have become an increasingly popular method for consumers to earn rewards on their everyday spending. This article explores four main types of reward cards: traditional cashback debit cards, cashback credit cards, crypto cashback debit cards, and reward points cards. Each segment has its unique features and benefits. We will review several popular choices within each category and cover key aspects such as how these programs work, their benefits, and factors to consider when choosing a card.

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Understanding the Three Segments of Reward Cards

Traditional Cashback Debit Cards

Traditional cashback debit cards reward users by returning a percentage of their spending back to them in the form of cash. Typically linked to a checking account, these cards allow cashback earned to be deposited directly into the account or used to offset the card balance. They are ideal for those who prefer to avoid debt, have a bad credit score and simply want to earn rewards from their regular spending.

Best 5 Cashback Debit Cards Reviewed

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1. Discover Cashback Debit

Key Features:

• Cashback Rate: 1% on up to $3,000 in purchases each month.
• Fees: No annual fee.
• Additional Perks: Access to Discover’s extensive ATM network, no overdraft fees.

Pros:

• Straightforward 1% cashback on all purchases.
• No monthly fees or balance requirements.

Cons:

• Cashback capped at $30 (1% of $3,000) per month.
• Limited to domestic use.

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2.Axos Bank Cashback Checking

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Key Features:

• Cashback Rate: Up to 1% on signature-based purchases.
• Fees: No monthly maintenance fees.
• Additional Perks: Unlimited domestic ATM fee reimbursements.

Pros:

• Higher potential cashback with signature-based transactions.
• Fee-free banking experience with ATM fee reimbursements.

Cons:

• Requires maintaining a minimum balance of $1,500 for maximum cashback.
• Cashback is only on signature-based purchases.

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3. American Express Serve Cash Back

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Key Features:

• Cashback Rate: Unlimited 1% cashback on all purchases.
• Fees: $9.95 monthly fee.
• Additional Perks: Free early direct deposit, access to Amex Offers.

Pros:

• Consistent 1% cashback on all purchases.
• Additional perks such as early direct deposit and special offers.

Cons:

• You would have to spend $995 to breakeven on the monthly fee.
• Limited ATM access compared to traditional banks.

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4. Aspiration Spend & Save™ Account

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Key Features:

• Cashback Rate: Up to 10% cashback on purchases at socially conscious businesses, 0.5% on other purchases.
• Fees: No monthly fee for the basic plan; $7.99/month for Aspiration Plus.
• Additional Perks: Option to plant a tree with every roundup transaction, up to 5% APY on savings with Aspiration Plus, carbon offsets for your car's gas purchases.

Pros:

• High cashback rates at socially conscious businesses.
• Environmentally focused perks like tree planting and carbon offsets.
• Up to 5% APY on savings with Aspiration Plus.

Cons:

• Higher cashback rates and savings APY require a paid Aspiration Plus plan.
• Limited high cashback to specific businesses.
• No physical branches for in-person banking services.

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5. PayPal Cashback Debit Card

Key Features:

• Cashback Rate: Cash back offers on selected brands.
• Fees: No annual fee, but $2.5 for non-MoneyPass ATMs.
• Additional Perks: Purchase protection.

Pros:

• Convenient for online shopping, purchase protection.

Cons: 

• Basic cashback rate.
• No physical branches for in-person banking services.

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Cashback Credit Cards

Cashback credit cards operate similarly to debit cards but come with the added benefit of credit lines, enabling users to make purchases on credit and pay off the balance later. These cards often offer higher cashback rates and more robust rewards structures, making them appealing to those who can manage credit responsibly and pay off their balances each month to avoid interest charges.

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Best 5 Cashback Credit Cards Reviewed

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1. Wells Fargo Active Cash® Card

Key Features:

• Cashback Rate: Unlimited 2% cashback on all purchases.
• Fees: No annual fee.
• Additional Perks: $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
• Credit Score: 670-850
• Credit APR: 0% for the first 15 months, then 20.24% - 29.99% (Variable)

Pros:

• Flat 2% cashback rate on all purchases, simplifying earning rewards.
• No annual fee, making it cost-effective.
• Generous welcome bonus for new cardholders.
• Long 0% intro APR period on purchases and balance transfers.
• Additional perks like cell phone protection and concierge service.

Cons:

• No bonus categories, which may limit higher earning potential for specific types of spending.
• Foreign transaction fee of 3%, which can be costly for international use.
• Requires good to excellent credit for approval.

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2. Discover it® Cash Back Credit Card

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Key Features:

• Cashback Rate: 5% cashback on rotating quarterly categories (up to $1,500 in purchases each quarter, activation required), 1% cashback on all other purchases.
• Fees: No annual fee.
• Additional Perks: Unlimited Cashback Match at the end of the first year
• Credit Score: 670-850
• Credit APR: 18.24% - 28.24% (Variable)

Pros:

• High 5% cashback rate on rotating categories, which can significantly boost earnings.
• No annual fee, making it cost-effective.
• Cashback Match effectively doubles your cashback in the first year, providing substantial initial rewards.
• No foreign transaction fees, making it suitable for international use.

Cons:

• Requires activation for 5% categories, which can be a hassle if forgotten.
• Quarterly spending cap of $1,500 for the 5% categories limits maximum potential cashback.
• Rotating categories may not always align with your spending habits.
• Excellent - Good Credit score requirement.

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3. Chase Freedom Unlimited

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Key Features:

• Cashback Rate: 1.5% on all purchases.
• Fees: No annual fee.
• Additional Perks: 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstore purchases.
• Credit Score: 670-850
• Credit APR: 19.24% - 29.24% (Variable)

Pros:

• Higher cashback rates on travel, dining, and drugstore purchases.
• No annual fee and flexible redemption options.

Cons:

• Lower base rate compared to some other credit cards.
• Excellent - Good Credit score requirement.
• Foreign transaction fees apply.

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4. Citi Double Cash Card

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Key Features:

• Cashback Rate: 2% (1% when you buy and 1% when you pay).
• Fees: No annual fee.
• Additional Perks: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months
• Credit Score: 580-850
• Credit APR: 19.24% - 29.24% (Variable)

Pros:

• Consistently high cashback rate on all purchases.
• No category restrictions.
• More accommodating for lower credit scores than competitors.

Cons:

• No additional perks or bonuses.
• Requires full payment to earn the second 1% cashback.

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5. Blue Cash Preferred Card from American Express

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Key Features:

• Cashback Rate: 3% up to $6,000 per year for each category (Supermarkets, Online Retail and Gas Stations), then 1% of these categories and all other purchases.
• Fees: No annual fee.
• Additional Perks: Earn $200 Back after you spend $2,000 in purchases on your new Card within the first 6 months
• Credit Score: 670-850
• Credit APR: 19.24% - 29.99% (Variable)

Pros:

• High cashback rates on groceries and streaming services.
• Comprehensive benefits and purchase protections.

Cons:

• Annual fee.
• Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
• Excellent - Good Credit score requirement.

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Bonus Paypal Cashback Mastercard

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Key Features:

• Cashback Rate: 3% cashback Paypal checkout and 1.5% on all other purchases.
• Fees: No annual fee.
• Additional Perks: Seamless integration with PayPal account, no redemption minimums, access to PayPal's Purchase Protection and Return Shipping on Us programs.
• Credit Score: 670-850
• Credit APR: 20.24% - 34.99% (Variable)

Pros:

• Combines 3% cashback with merchant offerings for greater savings.
• No annual fee makes it a cost-effective choice.
• Direct integration with PayPal account for easy management and redemption.
• No minimum cashback redemption requirements.

Cons:

• Requires a PayPal account for application and management.
• Foreign transaction fee of 2.7%, which can be costly for international use.

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Crypto Cashback Debit Cards

Crypto cashback debit cards offer rewards in the form of cryptocurrency instead of cash. Linked to a crypto wallet or exchange account, these cards enable users to earn digital currency as they spend. The appeal lies in the potential appreciation of the earned cryptocurrency over time, adding an investment aspect to the cashback rewards.

Best 5 Crypto Cashback Debit Cards Reviewed

1. Crypto.com Visa Cards

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Key Features:

• Cashback Rate: Up to 5% cashback in CRO (Crypto.com's native token).
• Fees: No annual fees for basic card, but higher tiers offer increased cashback for locking up CRO tokens from $400 to $400,000 for 180 days, and to continue the lockup for as long as you intend to use the card.
• Additional Perks: Free ATM withdrawals (limited for basic card), airport lounge access, free streaming service subscriptions (higher tiers), 10% cashback on Airbnb and Expedia, exclusive merchandise and even private jet partnerships.

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Pros: 

• High potential cashback rates, various benefits depending on card tier.
• Available in most countries around the globe.

Cons: 

• Staking requirements for higher cashback tiers are significant, especially considering the risk of the CRO token price volatility.

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2. Coinbase Card

Key Features:

• Cashback Rate: Variable, up to 4% cashback in various cryptocurrencies.
• Fees: No annual fee.
• Additional Perks: Easy linking to Coinbase account, purchase rewards program (limited-time).

Pros: 

• Simple application process.
• Option to choose preferred crypto asset for the cashback.

Cons: 

• Lower cashback rates compared to some competitors.
• The card may be available in most countries but the cashback program is exclusively for the US.

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3. Fold App 

Key Features:

• Cashback Rate: Up to 10% cashback in Bitcoin (BTC) or sats (smaller Bitcoin denomination) based on a rewards spinwheel.
• Fees: Free but monthly subscription fee applies for the Fold+ membership.
• Additional Perks: Rotating bonus categories, option to earn sats on everyday purchases and increase rewards with the membership

Pros: 

• High potential cashback rates for Bitcoin enthusiasts, bonus categories.

Cons: 

• Lack of additional perks.

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4. Wirex Visa Card

Key Features:

• Cashback Rate: Up to 8% in Wirex Token (WXT) or various stablecoins.
• Fees: Free tier with limited cashback, paid tiers offer higher rewards.
• Additional Perks: Free ATM withdrawals (limited amount), crypto exchange platform.

Pros: 

• High potential cashback rates, various reward options, built-in exchange.

Cons: 

• Higher cashback tiers require a WXT token allocation, which is an added volatility risk.

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5. Xapo Bank Card

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Key Features:

• Cashback Rate: Up to 1% cashback in Bitcoin.
• Fees: No annual fee.
• Additional Perks: 1% BTC and for 4.6% USD annualized yield paid daily and Bitcoin Lightning Network transactions.

Pros: 

• Earn Bitcoin through yield and spending 
• Lightning Network

Cons: 

• Relatively low cashback rate compared to competitors.

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The Future of Cashback and Reward Programs

The integration of cryptocurrency into cashback programs is a significant trend, reflecting the growing acceptance and usage of digital currencies. As more consumers become interested in crypto, the demand for crypto cashback cards is likely to rise. Additionally, innovations such as decentralized finance (DeFi) could introduce new ways to earn and manage cash back rewards, offering even greater flexibility and potential returns.

DeFi and Reward Programs

DeFi platforms allow users to engage in financial activities like lending, borrowing, and earning interest without traditional intermediaries. In the context of cashback programs, DeFi could enable users to automatically invest their cashback rewards in interest-earning protocols, potentially increasing their value over time.

Enhanced Consumer Choices

As the market for cashback and reward cards grows, consumers will have more choices than ever. This competition is beneficial, driving card issuers to offer more attractive rewards and lower fees. Future developments might include personalized cashback offers based on individual spending patterns, real-time redemption options, and more seamless integration with digital wallets and payment systems.

Tips for Maximizing Rewards

1. Choose the Right Card: Select a card that aligns with your spending habits and offers the highest cashback or points rates for your most frequent purchases.
2. Combine Cards: Use multiple cards to take advantage of different cashback categories. For example, one card for groceries and another for dining.
3. Pay Attention to Promotions: Many cards offer temporary promotions with higher cashback or points rates or bonuses. Keep an eye out for these opportunities and consider canceling them after the promotion.
4. Use Cashback/Reward Portals: Some issuers have online shopping portals that offer additional cashback or points when you shop through their links.
5. Stay Updated on Crypto Values: For crypto cashback cards, stay informed about the value and trends of the cryptocurrencies you’re earning.

Conclusion

Imagine every purchase you make earning you rewards and savings. By choosing the best cashback cards, you can enjoy the highest cashback rates without worrying about additional costs, thanks to no annual fee credit cards. As we look ahead to the best rewards credit cards of 2024, it's clear that the opportunities for smart spending and rewards are better than ever.

Whether you prefer the simplicity of cashback debit cards or the innovation of crypto rewards, there’s a card out there to suit your needs. Make informed choices, and let your everyday spending work harder for you, turning each purchase into a rewarding experience.

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