The Ultimate Guide to Cashback Debit Cards and Debit Card Rewards: Top 15 Questions Answered

May 22, 2023
4 min read

Stepping into the labyrinth of finance can leave you feeling like a lost traveler, especially when it comes to the enticing world of cashback debit cards and debit card rewards. But fear not! We've crafted a treasure map in the form of a comprehensive guide to unlock the answers to the top 15 questions that have been haunting curious minds like yours. Prepare to arm yourself with the wisdom needed to conquer financial uncertainties and emerge as a savvy decision-maker, ready to reap the rewards that await you. Get ready to embark on a journey that will transform your financial future!

1. What is a cashback debit card?

A cashback debit card is similar to a regular debit card, but with a bonus feature — it gives you a certain percentage of cash back on your purchases. This means every time you use this card, you're earning a bit of your money back.

2. How do cashback debit cards work?

When you make a purchase using a cashback debit card, a percentage of the purchase amount is returned to you. This cashback percentage varies depending on the card provider and the nature of the purchase.

3. How do debit card rewards differ from cashback?

While cashback gives you a direct monetary return, debit card rewards may come in different forms like points, miles, or discounts at specific retailers. The rewards can be redeemed according to the bank's or issuer's reward program policies.

4. How do I earn rewards with a debit card?

Rewards are typically earned with each transaction made with the card. Depending on the rewards program, you might earn points, miles, or cashback. The earning rate can vary based on factors such as the purchase type or the specific retailer.

5. Can I get cashback at any store with my debit card?

There are few ways how you can get cash back and rewards on every purchase with your debit card. One is that you can link to the Benjamin Cash Back Shopping app, and then you can start to earn rewards automatically with your card, no matter what kind of card it is. Other way is to just get Benjamin Cash Back Debit card which pays you cash back on every purchase.

6. What are the benefits of cashback debit cards?

Cashback debit cards allow you to earn money back on your everyday purchases, essentially saving you money. They're a great option for those who prefer to avoid credit and its associated risks.

7. Are there any fees associated with cashback debit cards?

Fees can vary based on the card issuer. While some cashback debit cards have no fees, others might charge monthly or transaction fees. Always read the terms and conditions before choosing a card.

8. Can anyone get a cashback debit card?

Eligibility for cashback debit cards depends on the issuing bank's criteria. Generally, you would need to have a checking account with the bank and meet their qualifications.

9. Can I boost my cashback with debit cards using cashback apps?

Yes, linking your cashback debit card to cashback apps can potentially increase your rewards. Just ensure the app is compatible with your card.

10. Are there any limitations or caps on how much cashback I can earn?

Many banks set a cap on the maximum cashback you can earn in a given period. This cap can be daily, monthly, or yearly and varies from bank to bank.

11. Is the cashback on debit cards taxable?

In most cases, cashback from debit cards isn't considered taxable income. However, always consult with a tax professional to be sure.

12. How do I redeem the cashback I earn?

Each bank has a different process for redeeming cashback. This can range from automatic deposit into your account to manually redeeming through the bank's app or website.

13. Are cashback debit cards safe to use?

Yes, cashback debit cards are as safe to use as regular debit cards. They come with the same safety features, such as personal identification numbers (PINs) and fraud protection.

14. Does using a cashback debit card affect my credit score?

No, using a cashback debit card does not affect your credit score. Debit card usage, unlike credit card usage, is not reported to the credit bureaus since you're not borrowing money.

15. Can I use my cashback debit card overseas?

Most cashback debit cards can be used overseas. However, foreign transaction fees may apply, and not all purchases may qualify for cashback. Check with your card provider to understand their policies for international use.

Conclusion - Are Cash Back Debit Cards Worth It?

Navigating your finances can be a smoother journey with cashback debit cards and debit card rewards at your side. They offer a unique opportunity to transform everyday spending into meaningful savings. However, these benefits hinge on your understanding of your card's terms and conditions, as well as the specifics of its reward program.

Remember, these cards aren't just financial tools — they're keys to unlocking potential savings. If used wisely, they can help you step up your financial game and meet your savings goals sooner.


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