Getting cash back is the best deal customers can get when making a purchase. Did you know you can have a cashback debit card that comes with many benefits? Since carrying cash is not always convenient , cashback debit cards are a better option when making purchases. These cards come with extended warranties, guaranteed results, and purchase protection against theft and damage.
What are Cashback debit cards?
Cashback debit cards are a kind of debit card that allows users to get cash back on their eligible purchases. Like reward credit cards, normal debit cards need to be linked with a checking account, so money needs to be available in your account when making purchases.
Cash Back debit cards don’t need to be linked to a checking account, but it is necessary to add money onto the card before making purchases .
The amount of cash back that is received for each type of purchase varies from card to card. As mentioned earlier, traditional cashback deals share the benefits of using cash by offering discounts, stock cash backs, perks, and discounts.
Benefits of Cashback Debit Cards
Cashback debit cards offer many benefits that can help you improve your financial situation . Let’s discuss some of the top ones.
Zero credit limit
Since no debt is involved, cashback debit card holders don’t have to worry about credit card limits. They also don’t have to worry about fees, interest, and payments when they don’t have cash available .
Zero credit score
Many financial institutions don’t check your credit history if your account does not show any debt. If your account shows overdraft protection , then it’s possible that a bank or financial institution can browse your previous history.
Many cashback debit cards offer an annual percentage-yielding interest to help the cardholder gain cash back on the money they are not utilizing.
Cashback debit cards vs. reward credit cards
The big difference between credit and debit cards lies in where your payment comes from. Debit cards are linked to your bank account, so the amount you spend when making purchases is directly deducted from your account. That means you can make purchases up to the amount of money in your bank account at that time. Credit cards work differently, as they extend you a credit line; you can borrow against it up to the designated credit limit. In this case you need to pay at least the minimum amount each month when you owe money . Credit cards also charge an interest rate if you don’t pay your full balance when it is due.
Are cashback debit cards worth it?
Cashback debit cards are a good alternative for cardholders not willing to opt for credit cards. With debit card rewards, cardholders can earn points with their purchase when money is deducted from their checking account. These cards also help you to avoid debt and keep you from racking up balances you can’t pay off.
How to get a cashback debit card
How to get a cashback debit card varies from card to card. Many retailers allow their customers to utilize this service, and online or in-store retailers issue many different prepaid debit cards.
On the other hand, some financial institutions require opening a checking account before proceeding with the process. This procedure asks for your SSN (Social Security Number), driver’s license, and personal information for opening a bank account. Keeping this information handy makes opening a bank account smoother and easier.
Cashback Debit Card FAQs
Which store offers the most cashback debit cards?
Generally, cashback cards are offered by the card issuer, not the retail store. If you are a regular shopper at retail or grocery stores, getting a cashback card helps you save a lot more on MRP and get great deals on your regular purchases.
Are cashback debit cards common ?
Yes, there are many exceptional cashback debit cards available to shoppers. Buyers can get cashback debit cards that offer amazing promotional coupons, discounts, stock cashback, bonuses, points, and many other benefits.
Some retailers don’t offer their cashback debit card offers all the time, but it is worth it to keep checking before making your final decision.
Which cashback debit card is best for rewards?
Cashback debit cards offer highly-targeted reward programs to their users. Generally, a user must meet certain criteria set by a cashback debit card issuer. These cards are a great choice if you want to save money on your expenditures. Many people also find out about cashback cards when they look at ‘how to pay off car loans faster’. Paydownhero rewards debit Mastercard helps people to ease the pressure of loans on easy terms.