How to Earn Rewards on a Debit Card

Most of us use a debit card to get access to our checking account and pay for items we need. However, too many people do not realize that banks are offering rewards programs for using a debit card. These programs are very similar to credit card rewards programs but you do not have to go into debt to get the same benefits. If this sounds good to you, read on to find out how you can cash in on these great programs.

Find a Bank with a Rewards Program

There are several banks out there that offer rewards when you spend money using your debit card. Just some of the banks include Capital One, Wells Fargo, USAA and Wachovia. If your bank does not offer a debit card rewards program, then it may be time to switch banks as you could be missing out on hundreds of dollars a year.

Go Shopping

For most of these debit card rewards programs, you will earn rewards on just about every purchase you make. Double check the terms and conditions of your debit card rewards program just to make sure. Then all you have to do is shop as you normally would. Get gas, groceries, go to the movies and eat out as you normally would.

Swipe your Debit Card and Select Credit

Once you get to the register, swipe your debit card instead of a credit card or writing a check. When you do this, you will be asked whether you would like to run the card as debit or credit. When this comes up, select credit. With most of these rewards programs, you have to select credit in order to earn the point on you card or you will earn double the normal points for doing so. Once you do this, you just have to sign for the purchase as you would if you were using a credit card and go home with your purchase. The money will typically come out of your checking account the same day.

Then just continue to go through these steps over and over until your have built up enough points to redeem. Some banks will offer you cash back, other will give you the option of the gift card of your choice. No matter what you do, you will still be making money back on your everyday purchases without going into debt. How nice is that?