4 Best Free Debit Cards of 2023

Millions of Americans use their debit card to make purchases each day. Here’s a list of debit cards offering various rewards at no extra cost.

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Adam Moelis
Dec 15, 2022
12 min read

Debit cards have been around for much longer than you might think. While modern debit cards have only been around since the 1960s, the concept can be traced back to the late 1600s. Around that time, paper checks started to be used as a viable payment method. 

A paper check would authorize the transfer of an established amount of money to the recipient. Funds would be removed from the check writer's account and either transferred to the check receiver's account or paid out in cash. 

Debit cards were ultimately invented to function like an electronic version of a paper check. Currently, Statista estimates more than 87% of Americans have a debit card. If you have a checking account, you will likely have access to a debit card. 

What Should You Consider When Getting a Debit Card?

When considering debit cards, various factors are essential to consider. Having the answers to the following questions can help: 

  • Is the financial institution offering the card FDIC-insured, and what does it mean to be designated member-FDIC? 
  • Does the card come with fee-free ATM withdrawals and an extensive ATM network? 
  • How does your card integrate with your mobile device, considering features such as mobile banking apps, online banking services, and mobile apps for payment like PayPal, Venmo, Apple Pay, and Google Pay?
  • What are the fees (transaction fees, overdraft fees, replacement card fees, money transfer fees, enrollment fees, monthly fees)?
  • What are your deposit account agreement's spending limits and minimum balance requirements?

Where Can You Find the Best Debit Cards in 2023?

The vast majority of debit cards are the same. Unlike credit cards that offer various rewards programs, most debit cards are no different than using cash or a check to pay for something. 

It’s pretty tricky to find a debit card that features any kind of rewards program. Difficult, but not impossible. 

Assuming that you’re old enough to receive a debit card, here is a list of the four best debit cards currently available: 


The Yotta Debit Card is first on this list because it offers one-of-a-kind incentives you won’t find anywhere else

The Lucky Swipes

The Lucky Swipes program is unique to Yotta and is one of the best programs on this list. The way that it works is simple. Every time you use your debit card, you’ll have a chance Yotta pays for your next purchase. 

The Lucky Swipes program is only the tip of the iceberg regarding debit card incentives. The main benefits come in the form of prize-linked savings.

Daily Sweepstakes

Instead of paying out interest like banks, Yotta offers daily sweepstakes. Each night at 9PM ET 6 balls are drawn. Depending on how many numbers you match, you can win anywhere from a few cents to $1 millon!

Naturally, the best way to increase the odds of hitting the jackpot is to play as many tickets as possible. You’ll receive one ticket for every $25 in your account or for every $10 you spend using your debit card. Spending $2,000 or more in the first four months of opening your account will net you a bonus of 1,000 tickets. 

You won’t find any banks that offer interest payments in the eight-figure range. In fact, you probably won’t find too many that offer three figures in interest payments unless you have a few hundred thousand dollars in your account. 

The other options on this list are fine, but it’s pretty clear that Yotta is easily the best.

Note that Yotta does not hold any customer funds. Deposits are held with Evolve Bank & Trust, member FDIC. Funds held with Evolve Bank & Trust, member FDIC are eligible for FDIC insurance up to $250,000.

Discover Cashback Debit Account

You’re probably more familiar with Discover credit cards as it's one of the four major credit card networks in the United States

While credit cards are the specialty of Discover, they also offer one of the best debit cards. The Discover Cashback Debit Account offers a simple rewards program: 1% cashback for the first $3,000 worth of monthly purchases.

If you’re quick at math, you’ve likely concluded that the monthly cap is only $30. That’s far from a life-changing amount of money, but $360 annually is nothing to take for granted. 

It’s improbable that you’ll accrue interest payments like that in a traditional savings account. Besides, it’s bonus money that you’ll be earning by making everyday purchases such as gas and groceries. 

You’ll need to open a Discover checking account to get this card. There are no minimum deposit requirements, but you’ll need to make at least one deposit during the first 45 days of opening it. 

You can deposit a check, establish a direct deposit, or make a transfer from another bank account. 

Axos Bank CashBack Checking

The Axos Bank BashBack Checking account is similar to the Discover option listed above. You’ll be able to earn 1% cash back on purchases made using your card. The difference is that it’s only available for the first $2,000 you spend each month. 

You’ll only earn a maximum of $20 each month and $240 each year — a significant decrease from the $360 offered above. There is also a limit on which purchases that can earn rewards. Any purchases made at grocery, wholesale, discount, markets, or super stores aren’t eligible to earn cash back. 

In addition, you’ll also need to maintain an average daily balance of at least $1,500 to earn the cashback rewards. Should your balance fall below $1,500, you’ll only make 0.50% in interest ($10 maximum).

The last thing worth mentioning is that there is a minimum deposit for opening an account. You don’t have to pay maintenance fees, but you’ll need to deposit at least $50 when opening your account. 

Remember that you’ll need to maintain an average balance of at least $1,500 to earn the top cashback percentage. If you can’t afford the $50 opening deposit, this option might not be a good fit for you. 

Bank of America Visa Debit Card

The BoA Visa Debit Card offers incredible rewards for its users. For example, you can earn up to 15% cash back from select merchants, blowing the competition out of the water. This option is so low on this list because the system is relatively complicated to manage. The other options automatically generate rewards, but this one takes effort. 

After opening an account, you should go to the BoA website or download the app. Look for the BankAmeriDeals tab, and you’ll find many offers from select stores and local merchants. Here is where you’ll select the specific deal that you want. 

You’ll also earn a “Coin” every time you use one of these BankAmeriDeals. Collecting four Coins within 60 days can net you an additional $5 cash reward. Each additional Coin increases the cash reward and caps off at 16 Coins, earning an extra $26 bonus. These awards are separate from the cashback you’ll generate with the BankAmeriDeals. 

The Takeaway

Debit cards have replaced paper checks for financial transactions. Checks have been a suitable form for a few centuries, but the convenience of a debit card is too much to pass up. The majority of checking accounts offer a debit card for free. 

Many options, from debit MasterCards to prepaid debit cards, allow you to perform ATM transactions, cash withdrawals, pay bills, and purchase items from retailers like CVS or Walmart with contactless payments. Of course, most debit cards can do much more; the money management features can be incredibly extensive depending on the issuer.

The problem is that these debit cards are devoid of reward programs, and finding one with no fees is rare. The above options can help you generate extra income anytime you use them. Getting a few dollars back via cashback rewards can be a nice bonus. But it’s never going to amount to anything genuinely significant. 

Most have caps on how much you can earn and require massive spending to reach the limits. That’s why it should be clear that the best option is the Yotta Debit Card.

Why settle for a few measly percentage points when you can win $1 million? You can generate tickets for the Yotta sweepstakes by saving money or spending it using your debit card. You can’t lose, no matter which option you select. Visit Yotta today to open an account and make your first deposit. The sooner you open your account, the sooner you can try your luck.

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