The best kind of earnings for some are those you don’t have to actively work for — and when you’ve got a cash back bank account (or other checking rewards program), that’s exactly what you get.
Rewards checking accounts offer you cash (or another reward) back just by engaging in everyday spending. It’s especially useful during periods when inflation is higher than average (like right now), since most consumers are hoping to stretch each dollar just a little bit further.
Curious how a rewards checking account could work for you — and interested to learn more about the unique rewards Quontic offers, like a cash rewards bank account? Read on for the full scoop on getting paid every time you spend.
What is a rewards checking account?
A rewards checking account is a deposit account that offers the account holder some sort of reward — often cash back — when they engage in certain activities — usually point-of-sale debit card spending (ATM transactions rarely count). Usually what it looks like is: every time you swipe your debit card to make a purchase, you get a small percentage of that purchase back (often less than 1%) in cash-back rewards.
Those rewards may be exchangeable for actual cash money, which can be direct deposited into your bank account, or you may be able to exchange them for items and services directly through an online portal.
Along with (or instead of) cash back, you may earn other rewards and benefits, such as frequent flyer miles, gift cards to specific stores, or even — at least in Quontic’s case — Cash. We offer our Cash Rewards Checking1 customers a hefty 1.00% back in cash rewards on all eligible debit card purchases.
How do I earn cash-back (and other) rewards?
It’s always important to check with your bank or credit union directly to learn how to earn your rewards — but generally speaking, you have to spend money to earn money.
Bear in mind there may be other stipulations: you may need to make a certain minimum deposit upon account opening or reach a certain qualifying direct deposit threshold within each statement cycle. Rewards may also be based on your average daily balance or come with minimum balance requirements. In most cases, though, there’s usually a spend requirement — and you’ll also need to keep your account in good standing, of course.
You may also only earn rewards on certain types or categories of purchases, such as groceries or restaurant dining. Or, you may earn different percentages of cash or alternative rewards depending on the category — so as always, make sure you read the fine print to get the most out of your card.
Along with (or instead of) cash back, you may earn other rewards and benefits, such as frequent flyer miles, gift cards to specific stores, or even — at least in Quontic’s case — Cash. We offer our Cash Rewards Checking1 customers a hefty 1.00% back in cash rewards on all eligible debit card purchases.
How can I earn cash as a checking account reward?
You can earn cash as a checking account reward just by swiping your debit card!
Quontic’s Cash Rewards Checking1 account offers account holders 1.00% back in cash on all eligible purchases. All you have to do is swipe your debit card on qualifying point of sale transactions and voila: your cash rewards will start growing.
This account comes with a minimum opening deposit of just $100! This is a truly free checking account: we don’t charge ATM fees within our large, nationwide network of surcharge free ATMs, and we don’t charge monthly fees, either. Online banking makes it possible for us to pass our overhead cost savings on to you — which is one reason why we can offer so many valuable perks and account bonuses.
Want to passively stash even more cash? We also offer a high-yield savings account that offers holders up to 4.50% APY2 (annual percentage yield) in earnings. That’s a pretty high interest rate — multiple times higher than the national average for accounts of this type. As a member FDIC, all of our eligible deposit accounts are FDIC insured up to $250,0003. (Keep in mind that your specific interest rate will vary based on your minimum balance.)
Still have questions? Ready to open a new account? Our team is standing by to help you find the best checking account for your needs.
Disclaimers:
1The Cash Rewards Checking account is a personal non-interest bearing account. You must deposit $100.00 to open this account. No minimum daily balance required to receive the cash back reward and no monthly maintenance fee. Fees reduce earnings. Qualifying point of sale (POS) debit card transactions (“Eligible Debit Card Purchases”) shall receive 1.50% cash back that post and settle to the account each statement cycle. The following activities are not considered POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Ask for details. Additional terms, conditions, fees & exclusions may apply. Application is subject to approval & further review. Information is accurate as of December 31, 2021 and may change without notice.
2High Yield Savings Account Annual Percentage Yield (APY). Ask for details. Requires minimum opening deposit of $100.00 Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. Fees could reduce earnings. Information is accurate as of December 22, 2021 and may change without notice.
3FDIC insurance is applicable to eligible deposit accounts and up to the maximum allowed by law . Learn more at https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html
