Given their increasing popularity, cashback debit cards have become a key element for banks and financial institutions. In this context, cashback works as an incentive for certain purchases, as users get rewarded with a percentage based on the purchase amount. Cardholders generally earn 1-2% cashback on every purchase they make.
Nonetheless, others offer bigger percentages, up to 5-6% cashback rewards for making purchases with specific partnering brands. Therefore, the card users select will greatly impact the cashback rewards they eventually get.
One of the best characteristics of 5% cashback cards is that they allow users to have a small yet impactful source of extra income, which is undeniably useful in today’s economy.
Another way to save money is to make cashback purchases on recurring expenses, which can add up to significant savings over time. For example, recent data from NerdWallet reveals that the average U.S. household spends $438 per month on groceries and $180 on dining. By earning 5% cashback on these purchases, users would save about $31 a month in these categories alone, which amounts to $372 annually.
However, receiving 5% cashback isn’t the only important characteristic of cashback debit cards. Although these cards do not typically align with sustainable companies, some 5% cashback debit cards serve as tools to promote responsible initiatives and eco-conscious purchases.
An example of this approach is the FutureCard Visa® Debit Card, which offers up to 6% cashback on select purchases from sustainable partners. This unique structure is designed to reward users who prioritize eco-friendly products, making embracing a more sustainable lifestyle easier. In addition to the 6% cashback on partner brands, cardholders can earn 5% on purchases at green businesses, such as plant-based food retailers, electric rideshares, and EV charging stations, while still benefiting from 1% cashback on non-green purchases.
Apart from giving 5% cashback on eligible purchases, some other benefits are available, given that some cards offer that percentage of cashback in combination with points, welcome bonuses, and significant discounts.
For instance, in the case of Future, users are not given cashback directly, but instead, they collect points and FutureCoins, which they can later choose to redeem as cashback and use to purchase products. FutureMissions allows users to earn points when making green purchases from sustainable brands. If users save four metric tons of carbon by switching to an electric vehicle, they’ll earn FutureCoins, which they can redeem at an initial starting value of $90 per coin.
It’s a must-have for anyone focused on saving money and maximizing rewards in everyday shopping (plus eco-friendly purchases). Here’s why it’s perfect for money-conscious individuals:
Top-notch security and reliability: FutureCard Visa® Debit Card offers top-tier security with Visa chip technology, biometrics, multi-factor authentication, and encryption, ensuring your information is protected. Fully compliant with PCI DSS standards, it also features advanced fraud detection tools and the ability to freeze or reissue your card via the app. Backed by the trusted Visa network, FutureCard provides peace of mind for every transaction.
Earn generous cashback on everyday purchases:
No limits on rewards: Forget about monthly earning caps. Future offers unlimited cashback, which means the more you spend, the more you earn.
Flexible redemption: Earn cashback as points, with one of the highest 1:1 point-to-cashback conversion rates available. You can choose to redeem your points for cashback or other rewards directly in the Future app.
Zero hidden fees: With no transaction fees, FutureCard helps you save more by eliminating the fees common with other debit cards.
Whether you’re focused on reducing your everyday expenses or earning rewards on public transit, the FutureCard Visa® Debit Card offers a smart, money-saving way to spend while making a positive impact.
The Chase Freedom Flex credit card offers a dynamic reward system offering cashback on rotating categories as well as additional bonus categories.
Unlike the previous card, the Chase Freedom Unlimited credit card provides unlimited 1.5% cashback on all purchases and an added bonus for select categories like dining and travel.
The Discover It Cashback card is a credit card that requires no annual fee. It offers 5% cashback on rotating categories and a generous first-year bonus.
Unlike the previous one, the Discover It Student Cashback card is designed to help students build credit while earning rewards. As such, it is specifically destined for students and includes student-centric perks that can be especially useful for them.
The Citi Custom Cash Card is a credit card that provides tailored cashback for consumers with varied spending patterns. It is great for receiving flexible reward options.
The Citi Double Cash Card is a more straightforward credit card mainly designed for users who value consistent cashback rewards.
The U.S. Bank Cash+ Visa Signature Card is a versatile cashback credit card that offers customizable rewards, so it is ideal for users who want to maximize their earnings in specific categories.
The U.S. Bank Shopper Cash Rewards Visa Signature Card provides customizable rewards for frequent shoppers, allowing them to maximize cashback rewards at major retailers.
The Ink Business Cash Credit Card is ideal for small businesses who wish to maximize rewards on specific expenses related to their businesses while avoiding paying an annual fee.
The Target Circle Credit Card is a store card designed for Target shoppers, given that it provides discounts on nearly all purchases at Target stores and Target.com.
As shown above, there are various cards on the market. However, to choose the one that best suits you, it is essential to analyze your spending habits. Given that different cards offer different benefits, choosing the card that matches your purchase patterns is key to getting more cashback rewards. Otherwise, you won’t get rewarded for the purchases you make daily.
Future's debit card offers a great option for individuals looking to earn up to 6% cashback on their sustainable purchases from partners. Users can earn 5% cashback on purchases like their power and gas bills, public transportation, and electric vehicle services, with 1% cashback on all other purchases. With no earning limits, Future provides flexibility and value for regular spending. Plus, the app's reward system allows cardholders to redeem their points for cashback or other options, making it an ideal choice for anyone seeking to maximize rewards without restrictions.
On the other hand, the Chase Freedom Unlimited credit card is a strong option for someone who prioritizes broader spending categories like dining and travel. It offers 5% cashback on travel booked through Chase Ultimate Rewards, 3% on dining and drugstore purchases, and 1.5% on all other purchases.
There are times when high interest rates surpass the rewards, meaning that the interest can easily become an issue. For example, a card offering 2% cashback may not be beneficial if the interest is 24%. That’s why it is best to choose cards without APR or interest rates, such as Future’s debit card.
Another reason why many wouldn’t choose cashback cards is annual fees, which can diminish the rewards’ value. In fact, some cards charge annual fees of about $95, but if you only make $100 in cashback, your net benefit would be minimal.
Some cashback cards provide several benefits combined apart from the cashback rewards, so it is a great idea to choose the ones that do this. For instance, Future features a points system called FutureMissions, which allows users to redeem points on everyday categories like EV charging.
Many cards offer generous welcome offers or bonuses, so users can consider that information when choosing the right cashback card.
For anyone focused on maximizing savings, the FutureCard offers a unique and safe alternative to traditional credit cards. With up to 5% cashback on everyday purchases—like power and gas bills, public transportation, and electric vehicle services—and 1% on other expenses, Future’s debit card gives you the chance to earn rewards without worrying about high interest rates or accumulating debt.
Unlike credit cards, Future allows you to avoid fees and earning caps, making it a smart choice for money-conscious individuals. The added security of a debit card, combined with a flexible rewards system, makes FutureCard the ideal way to make your spending work for you while keeping your finances safe and under control.
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