Cha-ching! That’s the sound of cash dropping into your account while you go about your daily routine. Money may not grow on trees, but it can grow quickly with a few smart money moves—like opening a cash-back checking account.
At Capital Credit Union, we understand that financial success begins with foundational knowledge. You can maximize the value of cash-back checking by making your money work smarter.
Choose Wisely
Before you open a cash-back checking account, do your research. Some accounts earn cash back on purchases, and some on your average daily balance. Find out if there are account limits or monthly balance requirements. Evaluate and compare cash-back checking accounts to determine which is likely to provide you with the most benefit.Capital Credit Union’s ChaChing™ account, for instance, offers a highly competitive interest rate. In fact, our annual percentage yield (APY) is more than 50 times higher than the national average! Plus, when you have an active checking account with us, you also qualify for loan rate discounts. As a community credit union, we make it easy for our members to earn more and save more.
You can open the ChaChing™ checking account with as little as $1. Of course, the higher your balance, the more cash back you’ll receive. Want to see how much you could earn? Check out our chart that breaks down how much cash back you could get based on a range of average daily balances.
Our MyDebit Rewards account, meanwhile, operates a little differently. You earn cash back on your everyday purchases, rather than your average daily balance. For example, you’ll earn 1 percent cash back on up to $1,000 in debit card purchases each month. You can also earn up to $10 in monthly credit on streaming services.
One thing to note—some accounts have monthly caps on how much cash back you’re able to earn. Consider APY, monthly limits, and minimum balance requirements when deciding which cash-back checking account is more likely to provide the best value to you.
Learn How to Earn
Many cash-back checking accounts require you to meet monthly requirements to qualify for cash back. Be sure you understand how these monthly qualifications work so you can maximize your cash-back earnings.For example, to earn cash back with the ChaChing™ or MyDebit Rewards account, you need to meet a few simple requirements:
Set Up Direct Deposit
Setting up direct deposit is a win-win. You get money more quickly than waiting for a paper check. Plus, you’re one step closer to earning easy cash back.
Use Your Debit Card
There are two ways to meet this qualification each month: With the ChaChing™ account, you must use your card for at least 15 transactions of $10 or more each month or have a total monthly debit card spend of $500 or more.
The MyDebit Rewards account operates similarly. However, you only need to use your debit card for 10 monthly purchases of at least $10 or have a total monthly debit card spend of $500 or more.
Sign up for E-Statements
Avoid your mail piling up at home by getting your monthly statements delivered straight to your inbox. Opting in is quick, easy, and paper-free!
Account Balance
For the MyDebit Rewards checking account, you also need to maintain an average daily balance of at least $100.
Check Spending Categories
Some checking accounts, like our MyDebit Rewards account, pay you to shop. MyDebit Rewards offers cash back on each and every purchase you make. However, some cash-back checking accounts only offer cash back in certain spending categories, such as your restaurant or grocery store spend.If your account has these limitations, be sure to check which categories or merchants are offering cash back each month. Then, if you were already planning to make a purchase in that spending category or with that specific business, be sure to use your debit card to earn the cash-back rewards.
Spending categories may rotate from month to month, so monitor your account frequently to ensure you’re getting the most out of your available offers. Another pro tip? Avoid making a purchase simply to earn cash back. If you’re planning to buy something specific, always compare prices to confirm you’re getting the very best deal.
Maximize Cash Back
Once you’ve learned how to earn, maximize your cash back by employing the right strategy. For example, since the ChaChing™ account pays interest on your average daily balance—and higher interest on higher balances—it may be better to use your debit card for daily expenses rather than withdrawing large amounts of cash to cover incidentals. After all, the longer your money is in your checking account, the more it grows and the more cash back you’ll earn.If your goal is to save the cash back you earn, consider linking your ChaChing™ or MyDebit Rewards account with your Capital Credit Union savings account. You can then transfer or automate your savings each month. As your checking account grows with your cash-back rewards, your savings can too!
Minimize Fees
You’ve strategized how to maximize your cash back. Now it’s time to minimize your losses. Once you’ve earned that cash back, hang onto it by avoiding common bank fees, like service or ATM fees.Some cash-back checking accounts may have minimum balance requirements. If you fall below this threshold, you’ll likely incur a monthly fee. Every time you swipe your card at an ATM operated by a different financial institution, you’ll often have to pay two fees—one to the financial institution that operates that ATM and another fee to your own.
However, that’s not the case with our ChaChing™ account. Simply meet the monthly qualifications, and we’ll waive nationwide ATM fees, up to $10 each month.
We firmly believe you should be able to keep what’s yours, so we avoid charging a monthly service fee as well. Whether you open a ChaChing™ or MyDebit Rewards account, you’ll get all the perks and benefits free of charge.
Ready to hear the sweet sound of cash back dropping in your account? Simply join Capital Credit Union to take advantage of our many great membership privileges, like cash-back checking.
Money certainly doesn’t grow on trees, but it doesn't have to when you have a cash-back checking account like ours!