One of the big reasons people are hesitant to switch from using their credit cards to using debit cards is due to the potential loss of rewards they get from their credit card. I have written in the past about how reward credit cards actually reward the bank, in the form of more charges being made, and not yourself. Still people keep using credit cards for their rewards, so today I thought I would share the debit cards that give rewards.
Perkstreet Debit card
The Perkstreet reward debit card works much like a credit card, except you do not have to go into debt to get the rewards. You can earn up to 2% of your purchases made on the card each month and convert them into gift cards to stores such as Target, Best Buy, Amazon, iTunes, and much more. That means if you spent $2,000 each month on your debit card, you could get up to $480 a year in gift cards.
Community banks are starting to offer a variety of reward checking accounts. I recommend checking out the website checkingfinder.com to find a local bank in your area offering reward checking. In the central Ohio area, I personally use and recommend Farmers Citizens Bank. The best part about their reward checking program is that you get 3.01% APY on ALL your money as long as you meet the monthly requirements of using your debit card 12 times, receive electronic payments, and use the online bill pay or direct deposit once a month. It’s a great deal and if you have a large sum of money the interest can really add up fast as it is a lot better then the savings rate you get for your typical savings account. If you are interested in signing up, please email me and I’ll send you a referral link where you can get $50 just for signing up for the account!
Reward debit cards can be just as rewarding or better than a reward credit card. However, if you overspend and buy things just for the rewards you ultimately lose in the end no matter if you are using a debit or credit card. So please spend wisely and stay with in your monthly budget. If you do that, these reward debit cards can be a nice pass back to your bank account.
Which reward debit cards do you use?