Banking That Pays You Back: The Power of Cash Back Checking

4 MIN. READ

Key takeaways: 
 

• Cash back checking accounts come with rewards for your spending or your balance.
• Over time, the money back in your pocket can truly add up! 
• PFCU offers cash back checking with a 6.00% APY* on balances up to $15,000.

Earn cash back simply by using your checking account.

How? Power Financial Credit Union offers a cash back checking account designed to reward your everyday banking habits.

If you meet a few simple qualifications, you can accumulate rewards over time, putting more money back in your pocket.

Here's how checking rewards work and how you can start earning today.

How Does a Cash Back Checking Account Work? 

Simply put, a cash back checking account rewards you for using it.

Depending on the specific terms of the account you opened (which vary from one financial institution to another), there are several different ways to earn rewards.

Rewards on Purchases 

Some cash back checking accounts give you rewards every time you use your debit card: 
 

• You may earn rewards for using your card in stores, online, and with online bill pay. 
• The rewards are a percentage of what you spend. 
• The money goes straight to your checking account. 

It’s very similar to the way credit cards work, but you won’t have to worry about interest or annual credit card fees. 
 

Rewards on Balance 

Some financial institutions (like PFCU) offer rewards on your checking balance instead. You get a percentage of your balance as a reward, similar to how a savings account works. The main difference is that you have the flexibility of a checking account, where your money is readily available.

How Is Cash Back Checking Different From Traditional Checking? 

It’s not so different, actually - only more beneficial. Cash back checking offers all the same convenient features as traditional checking, with the added perk of earning rewards for using your bank account. 

You can use your cash back checking account to set up direct deposit for your paychecks. You also get a debit card you can use at ATMs and for purchases, and for those recurring transactions, online bill pay is available. 

The difference is the cash rewards that add up over time. Some traditional checking accounts let you earn points or give you access to special offers, but cash back checking is usually the most interesting option. 

Should You Use Cash Back Checking? 

It doesn’t make sense not to take advantage of the rewards that come with cash back checking. You’re already using a checking account; you might as well earn something for it. 

Cash back rewards amounts might seem insignificant, but even a small percentage can add up over time.
Imagine how much you could earn over the years by simply switching to cash back checking!

Explore Cash Back Checking With Power Financial Credit Union 

At PFCU, we offer a cash back checking account with rewards on your balance. Our goal is to put more money back in your pocket simply for banking with us. 

You can start with as little as $20 and earn a 6.00% Annual Percentage Yield (APY) on your balance up to $15,000. If your balance exceeds this amount, you'll earn a 0.15% APY on anything above.

There are plenty of other perks, including no monthly or overdraft fees. Plus, if you use an out-of-network ATM, we’ll pay those fees back up to $3.50 per transaction (with a $20 limit per cycle).

It’s easy to qualify for this offer: 
 

• First, you must be a PFCU member. Anyone who lives, works, or attends a South Florida school can join.
• You must use your debit card at least 12 times. 
• You must get at least one direct deposit into your cash back checking account or use bill pay three times. 
• We also ask you to enroll in eStatements (it’s more convenient and better for the environment). 

How Does Cash Back Checking Fit Into Your Financial Plan?

To get the most out of cash back checking, consider whether these rewards fit within your broader financial strategy. 

A cash back checking account is great for getting your paycheck, paying bills, and purchasing essentials like food and gas.

However, no checking product will help build your credit history. You shouldn’t get rid of your credit card, even though cash back checking rewards can be more interesting. We recommend using your credit card to pay a couple bills each month or using it for small purchases.

With PFCU, you can earn rewards on your checking account balance, but it shouldn’t replace a savings and investment strategy built around financial tools adapted to your unique needs. If you have a few minutes to talk to one of our advisors, we can help you figure this out. 

Open Your Power Financial Credit Union Cash Back Checking Account 

Get rewards just for banking! You can get a 6.00% APY on balances up to $15,000, on top of not paying any monthly or overdraft fees with PFCU. 

Learn more about our cash back checking account or contact us if you need help with the online application process.

FAQs 

How does cash back checking work? 

A cash back checking account puts money back in your pocket, usually calculated as a percentage of what you spend or percentage of your account balance.

How can I earn rewards with a cash back checking account? 

You can get rewards simply for using your account, such as cash back on debit card purchases, bill pay, and more.

How is cash back checking different from traditional checking? 

The features are similar, except that a cash back checking account comes with cash rewards. 

What are the requirements for cash back checking? 

They vary based on the bank or credit union offering the account. For instance, you might have to meet minimum balance requirements.