Cash back benefits are no longer just for credit card users. Learn how to use Discover® Cashback Debit to get the most out of it.
September 29, 2023
Making money for spending money? It might sound too good to be true, but it’s a reality for some debit card holders. Debit cards like the Discover Cashback Debit card now offer a wide range of rewards and benefits to checking account holders, who are enjoying extra money in their pockets, added convenience, and more peace of mind thanks to all the advantages.
Lately, debit card benefits have started to include overdraft protection, receiving your paycheck early,1 online privacy protection, and more. But often the biggest benefit for debit card holders is the cash back they earn on purchases made with their cards.
What does ‘cash back’ mean?
As a debit card benefit, “cash back” refers to money that a bank adds to your checking account in exchange for using the debit card associated with that account. The amount of money you receive thanks to a debit card’s cash back benefit can depend on several factors, such as the financial institution, the type of card, and the type of transaction. For example, some financial institutions will reward customers with a percentage of the amount they spend with their card, while others may give customers a predetermined dollar amount for using the card at particular stores or restaurants. Some financial institutions restrict rewards to certain categories of purchases, such as gas or travel. Each financial institution and card has its own rules for what it considers a qualifying purchase, so make sure you understand the terms.
How does cash back work on debit cards?
Cash back rewards for qualifying purchases made with your debit card will typically appear in your account after the close of each statement period. Depending on your bank, the money could be added into a dedicated section of your online banking portal for you to redeem, or it could be directly deposited into your checking account. Make sure you understand how cash back works for your particular debit card so that you know when you’ll see the funds, how much you’ll receive, if there are any limits, and what types of transactions qualify.
How does Discover cash back work?
The Discover Cashback Bonus for the Discover Cashback Debit card works by providing 1% in cash rewards to customers on qualifying purchases. Discover Cashback Debit card users can earn 1% cash back on up to $3,000 in debit card purchases each month.2 That’s potentially $30 per month—or $360 per year—back in your pocket!
Earn cash back with your debit card
Discover Bank, Member FDIC
When does cash back show up on Discover Cashback Debit Accounts?
Discover Cashback Bonus rewards will post to the Rewards Detail section of your account summary at the end of each month. You can view your Cashback Bonus amount in either the Discover Mobile App or the Online Account Center.
Curious about the best way to redeem Discover Cashback bonus rewards? Well, you’ve got options. Through your account, you can manually transfer your Cashback Bonus into your Discover checking account, Online Savings Account, or Money Market Account. Discover customers are also able to enroll in Auto Redemption, which means Discover will automatically deposit your Cashback Bonus into your Discover Online Savings Account each month. Customers can also manually transfer their bonus to any Discover Credit Card Cashback Bonus® Account.
Ready to open a Discover Cashback Debit Account?
If you’re ready to get the most out of your debit purchases, including 1% in cash rewards2, then it’s time to get Discover Cashback Debit. Not only will you enjoy earning money on your everyday purchases, but you’ll also access amazing benefits like fraud protection, early pay1, and a network of over 60,000 fee-free ATMs.
Ready to get started? Open your Discover Cashback Debit account today.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
1 Early Pay is automatically available to checking, savings (excluding IRA savings), and money market customers who receive qualifying ACH direct deposits. At our discretion, and dependent on the timing of our receipt of the direct deposit instructions, we may make funds from these qualifying direct deposits available to you up to 2 days early. See our Deposit Account Agreement for more information.
2 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
Visa and Mastercard are both card networks. Both organizations manage the payment networks through which their cards work. Visa and Mastercard are different companies, but they operate in a very similar way.
Four credit card networks tend to compete for space in consumer wallets. They are Mastercard, Visa, Discover and American Express.
According to Statista, Mastercard and Visa have had the largest market share for a while. As of 2021, they accounted for more than 87% of the market. Compare that to Amex’s 10.5% and Discover’s 2.2% and you can see that most credit cards are Mastercard or Visa.
But is one better than the other? Are there really any differences between these two major credit card networks? Find out in our guide to the difference between Mastercard and Visa below.
In This Piece
What’s the Difference Between Mastercard and Visa?
While they’re both credit card processing networks, these are unique and separate companies. They were founded at different times.
Originally known as the BankAmericard credit card program, Visa launched in 1958. Mastercard began as Master Charge: The Interbank Card when it emerged as a BankAmericard competitor in 1966.
Visa cards don’t work on the Mastercard network, and vice versa. You can’t, for example, use a Visa to pay for something in a store that only accepts Mastercard.
How Are Visa and Mastercard Similar?
There are more similarities between Visa and Mastercard than differences. As mentioned earlier, these are both card networks. They both play the middleman between payment processors and issuing banks.
Both companies operate globally, so if you alert your issuer in advance, you should be able to use your Visa or Mastercard in another country when you go on vacation. Whether you pay fees for this service depends on your card issuer and account details—not on Visa or Mastercard.
Both Visa and Mastercard have tens of millions of merchants in their networks, and both companies’ merchant fees are comparable. Both organizations are publicly traded.
What’s the Difference Between a Network and an Issuer?
The credit card network is the middleman between the payment processor and the issuer of the card. When you pay with a credit card, the information is processed through the network to the bank that issued your credit card. On the other side of the transaction, the data that supports the funds transaction is also processed through the network.
Visa and Mastercard are credit card networks. They’re responsible for the infrastructure for these transactions and for protecting the information as it passes between the payment processor and the issuer. For this service, the credit card networks charge a fee—usually paid in part via a small percentage of every transaction.
An issuer is the bank that issues the card. Examples include Chase, Citibank and Capital One. The issuer is the entity that decides whether you’re approved for a credit card and sets interest rates and fees. It’s also the lender that pays for the goods you purchase with your credit card and the entity you pay back with your payments.
How Does Payment Processing Work?
Visa and Mastercard credit card and debit card payments all go through the same payment process—albeit on different networks. The process looks like this:
Consumers swipe cards—or tap contactless cards—in physical stores or enter card details online.
Merchants send payment authorization requests to their payment processors.
Payment processors send payment requests to the appropriate card network.
Card networks “ask” issuing banks for payment authorization.
Issuing banks approve or deny the transaction.
At this point, transactions are—hopefully—authorized, but they’re not settled yet. The process must continue:
Merchants send approved payment requests to payment processors in batches.
Once again, payment processors send transaction details to Visa, Mastercard or other applicable card networks.
Card networks “ask” issuing banks for previously authorized funds.
Issuing banks release the funds, which travel to merchant banks.
Credit card processing network fees get taken out along the way.
Merchant banks transfer funds into individual merchant accounts.
At this point, the store or other merchant has been paid for the goods or services you bought with your credit card. Your next statement should also reflect the purchase.
Other Mastercard vs Visa Similarities
Visa and Mastercard issuers have a range of products to choose from. Debit cards let you spend money already in your bank account—plus your overdraft if you have one set up. Meanwhile, you must fund prepaid cards in advance.
Visa or Mastercard credit cards have the following things in common.
1. Credit Scores Matter
Card issuers make decisions based on consumers’ credit scores. If you want a card with an extra-low APR and a really high credit limit, you’ll need a top-notch credit score. Lower credit scores generally mean lower credit limits and higher interest rates.
If you’re new to credit or you need to repair your credit, look for a credit builder or credit repair card. You won’t have a very high limit to begin with, and your APR might not be very competitive, but if you make regular payments, you’ll soon qualify for a better product.
Surge Mastercard® Credit Card
All credit types welcome to apply!
Monthly reporting to the three major credit bureaus
Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
Fast and easy application process; results in seconds
Use your card at locations everywhere that Mastercard® is accepted
Free online account access 24/7
Checking Account Required
See if you’re Pre-Qualified without impacting your credit score
2. Rewards Cards Provide Value
Mastercard and Visa both partner with issuers that offer rewards cards. Rewards include air miles, points, store-specific rewards, food and beverage rewards and cash back. If you use your rewards card in a savvy way, you can save a lot of money.
3. Fees Vary
Visa and Mastercard don’t set fees—issuing banks do. As a result, fees for Visa and Mastercard products vary widely. Make sure you’re familiar with the over-limit, balance transfer, late payment, and foreign transaction fees on each of your credit card accounts—and stay away from credit cards with unreasonable fee structures.
4. Smart Wallets Protect Information
Both Visa and Mastercard cards are compatible with smart wallets like Apple Pay and Google Pay. Smart wallets hide your card information, so they’re more secure than swiping a card or entering card details online. Every year, more and more brick-and-mortar and online retailers accept smart wallet payments.
5. Discount Programs Save You Money
Some credit cards—especially business credit cards—incorporate high-value discount programs. The Visa SavingsEdge program, for example, can save you more than 15% when you shop with qualifying merchants. Mastercard has a similar program, called Easy Savings. In both cases, you need to enroll your card to get money back.
Which Is Better: Visa or Mastercard?
What’s the difference between Mastercard and Visa? Not that much, actually. The major difference is the company that runs the network. Merchants that accept one usually tend to accept the other, and more merchants accept Visa and Mastercard than any other type of card.
Instead of considering whether you should get a Visa or a Mastercard, think about what type of card you want and which bank you want to work with. Apply for a card that offers the rewards you want and has fees that match your budget. Whichever one you choose, you’ll be able to use it around the globe and get a very similar experience from the card network.
For many people, college is the first time they’re truly in charge of their own finances. While it’s often a challenge, creating and maintaining a savings account for students is a foundational lesson for building healthy financial habits that last a lifetime.
And saving money as a student has its short-term, practical benefits, too.
“Life throws a lot of expenses our way that are hard to plan for—like when your car suddenly refuses to start when you’re running late for class,” says Jacqueline DeMarco, a freelance writer specializing in personal finance content. “That’s why building out a solid emergency fund is something that every college student should prioritize.”
So, how can you save money as a student in college? These savings tips can help give you some monetary breathing room and a financially secure start in adulthood.
Can you make your bank accounts work for you?
First things first: Make sure you have a good place to keep your savings. That means finding a bank that’s convenient and offers the features and benefits that work best for you.
DeMarco notes that students may feel limited to banks available on or near campus.
“If they aren’t happy with their on-campus bank options, college students may find that an online bank is a better fit for them,” DeMarco says. “Not only do online-only banks offer all of their services digitally, they also tend to have lower fees and offer higher interest rates than banks with expensive brick-and-mortar locations to pay for.”
Whichever bank you choose, DeMarco says there are two accounts every new student should strongly consider opening: a checking account and a savings account.
Setting up both a savings account and a checking account can be done online within a few hours at the bank of your choice.
How can students save money?
Once you’ve set up your checking and saving accounts, it’s time to take the next step toward financial responsibility. One of the best ways to save money for students is by setting up a budget.
How much should a college student spend per month? To determine that, DeMarco recommends subtracting your monthly expenses (essentials like food, utility bills, etc.) from your monthly income (whether it’s from a part-time job, student loans, or money from a parent). Doing this simple math will help reveal how much you can safely spend each month on fun stuff like new clothes or going to the movies—after you’ve put aside a portion for your savings, of course.
Looking to add more wiggle room to your budget? Try these money-saving tips for students:
Shop at consignment and thrift stores
Consignment and thrift stores offer previously owned clothes and other items at a discount. The primary differences are that thrift stores tend to be nonprofit organizations, accept more donations, and are generally less selective in what they choose to sell. Consignment stores are often more selective about the donations they accept, and they pass a portion of the sale to the person who donated—or consigned—the product.
DeMarco notes that consignment stores are not only a smart option for saving money—they’re also a way for students to make extra money by selling unwanted items.
Buy used textbooks
Textbooks can cost students hundreds of dollars if they’re new. Instead of paying full price, consider buying or renting used textbooks. “Many college bookstores offer used options, and online platforms often provide affordable alternatives,” DeMarco says.
You might also be able to recoup some of the money you spent once you’ve finished a class by reselling your textbooks to a used bookstore or an online vendor. “Sometimes I could even sell a book for more than I bought it,” DeMarco says, referencing her time as a student. Cha-ching!
Think about meal planning
So busy with classes and assignments that you find spending money at vending machines for on-the-go snacks easier than planning ahead? Stop, shop, and save. Set aside a few hours each weekend to prepare all of your meals for the week to come. Or, if you live in a dorm, hoard some extra items from the dining hall so you’re ready when those late-night study session cravings inevitably strike.
“Planning meals in advance gives students the chance to make a shopping list and stick to it,” DeMarco says. “As a bonus, having their meals planned will make it easier to avoid the temptation to dine out after a long day of classes.”
Explore free activities
Who says you need to splurge to have a good time? There are plenty of ways to have fun without spending money. Chances are, multiple free activities are happening on and around your campus on any given night. You can look up event calendars online or keep an eye out for announcements. Groups and clubs are always looking for participants and potential new members, so you can bet they’ll be happy to have you. (Plus, a lot of these events have free food.)
Ask for student discounts
It’s common for stores on and off campus to offer student discounts. To reap the benefits, always keep your student ID in your wallet, purse, or cellphone case so you can flash it and save some money.
“You’d be surprised how many retailers, restaurants, theaters, and entertainment venues offer discounts specifically for students,” says DeMarco, who relied on student discounts to help build her professional wardrobe as she neared graduation. “Plenty of major mall brands offer these discounts.”
Get a cheap coffee maker
Relying on caffeine to get through those late-night study sessions—or just to get moving each morning? Save money on java by buying a coffee maker and becoming your own barista. DeMarco says that a cheap or used French press is easy to use and could save you hundreds of dollars over the course of a year.
Rethink the car
It can be tempting to bring a car to college—whether for grocery runs or the occasional road trip. But the costs of gas, maintenance, and parking can add up quickly, DeMarco says. So leaving that set of wheels at home is another way for students to save money. Most college campuses are great for biking and walking. And many also provide shuttle buses and rides to essential off-campus places like grocery stores—as well as safe rides at night.
Track your savings
As you put these ways for students to save money into practice, DeMarco suggests tracking their positive impact on your budget. That way, you can see how your small saving techniques can add up over time. There are even money-saving apps for students you can download to measure your progress.
Where should college students keep their savings?
As you’re finding new ways to trim your budget, where should you put the money you’ve set aside? DeMarco says you’ve got a few options to consider:
Rewards checking account
While there are better places for long-term savings, rewards checking accounts are a valuable tool for college students as they begin to manage their own finances. Certain online checking accounts will provide cash back rewards based on how much you spend. For example, the Discover® Cashback Debit Account provides a 1% cash back bonus1 as well as overdraft protection if you overdraw your account.
Checking accounts are an ideal place to keep your spending money, funds for paying bills, and income earnings from part-time jobs or side hustles since they allow you to access the cash you need at any time.
High-yield savings account
Starting a high-yield savings account, like the Discover Online Savings Account, in college can make a dramatically positive impact on the rest of your financial life.
DeMarco recommends a high-yield savings account for any money that students may not immediately need but still want to keep available. “That way, their savings can earn interest, but they can access those funds if needed,” she says.
Call it a sunny day fund—online savings with no monthly fees
Discover Bank, Member FDIC
And putting aside a set amount of money each month into a high-yield savings account can start earning you compound interest. Even depositing a small amount of savings while you’re in college can add up over the years to make a sizable stash down the line.
CD
CDs, or certificates of deposit—especially those with a longer maturity term—can provide a higher return than a savings account. Use CDs for savings that you don’t expect to need over the CD’s term. The term length for CDs can vary widely. For example, Discover Certificate of Deposit terms range between three months and 10 years, with competitive annual percentage yields.
“If a student has a solid chunk of savings they know they won’t touch for a while, they may want to consider keeping their money safe in a CD, where it’s guaranteed to experience growth,” DeMarco suggests.
Retirement account
If you’re ready to start preparing for the more distant future (always a good idea), you can start by contributing money to an IRA, or individual retirement account. While some college students wait until they have a full-time job that offers a 401(k) plan to begin saving for retirement, the sooner you can get a head start, the better.
Discover offers both IRA CDs and IRA savings accounts.
Why not start saving while in college?
There’s really no better time to start saving than in college. To make your savings dreams a reality, set goals at the start of each semester and check your progress periodically. Maybe even reward yourself (nothing too extravagant, of course) for staying on track. Something as small as the occasional special meal or an activity that doesn’t blow your budget can be a fun way to celebrate those financial milestones.
Saving money can also create some amazing memories with the new friends you’ll be making. Ramen might seem dull, but challenging friends to see who can come up with the best recipe using cheap instant noodles can spice up the fun.
College can be a wonderful experience. And weaving these saving tips into that experience can help build the foundation for a comfortable and secure financial future. Just think: It could all start with a high-yield savings account.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
College is an exciting time: You’re surrounded by new people, new opportunities, and a chance to dive into the next chapter of your academic career. But this transition also comes with different financial realities—and the need to develop new skills around spending and saving money.
Along with navigating your new campus and sharpening your study skills, there’s another key lesson to learn: how to create a college student budget. When done right, a budget can help you limit debt, build some savings, and accomplish your goals. Need to make sure you have enough for textbooks, rent, food—and some left over for a little fun? Want to spend a semester abroad? Creating a college student budget can help with these goals and more.
Whatever financial issue is giving you trouble, Katie Waters, CFP®, founder of a financial planning firm, has tips for how to set yourself up for success. Here’s how to get started.
Assess your income and expenses
As you begin building your college student budget, you first need to figure out how much money you have coming in and how much you have going out. You can use anything from a simple spreadsheet to a budgeting app to track your income and expenses.
How should students pay for monthly expenses? Start by writing down all the sources of after-tax money you get each month, Waters says. That includes money from a part-time job, financial aid, stipends, grants, loans, or a monthly allowance from your parents.
Next, figure out how much you’re spending each month. Waters recommends looking back at three months’ worth of your expenses. To do that, refer to your debit and/or credit card statements, plus any record of money sent through payment apps.
You should account for every dollar you’ve spent, Waters says, separating expenses into common categories such as:
Cell phone
Food
Entertainment (movies, fun with friends, streaming services)
Clothing
Internet
Transportation (airfare, bus tickets, car insurance, gas)
Tuition
Room and board or rent
Textbooks and school supplies
The point is to add up everything, Waters says. “We want a line item for it all.”
If you’ve gotten this far and you already realize that your expenses weigh in heavier than your income, consider ways you could start giving your income a leg up. Check out these tips to help you make money as a college student.
Create your college student budget
Making and following a college student budget is the best way to ensure you have enough money to pay for the things you need while still having some money left over for the things you want. Here’s how to budget as a college student:
1. Create your spending categories.
Your budget should contain categories for all your major spending groups. (Refer to the list of expenses you created when assessing your expenses.) Then decide how much you must spend for each and assign a dollar amount or percentage to that category.
2. Choose a type of budget.
There are different budgeting styles, and Waters notes that one might fit your specific situation better than another. You could try the 50/30/20 rule, which allocates 50% of your money toward needs (food, textbooks, tuition); 30% toward wants (entertainment, clothing); and 20% toward savings.
You can also go with the envelope system, which involves setting aside a limited amount of money for each spending category. Once you hit the limit in a given category by running through money in its envelope—whether literal or digital—you can’t spend any more in that category until the next budget period begins.
3. Optimize your budget regularly.
Once you’ve set a budget, keep track of it. If you’re consistently under or over, see if there are areas where you can save more or spend less. As your needs change, so should your budget.
Checking with cash back and no monthly fees
Discover Bank, Member FDIC
Prioritize essential expenses
Whichever kind of college student budget you choose, make sure necessities such as your tuition payment (if you’re paying for school yourself) or things like bus fare to get to your part-time job are covered. To make that easier, Waters says you can find ways to reduce your expenses, such as:
Renting, borrowing, or buying used textbooks
Buying snacks in bulk or cooking meals that are large enough that you’ll have leftovers
Asking for student discounts when shopping in person or looking for online discounts
Opening a cash back checking account or using a cash back rewards credit card to earn rewards1 for purchases you already make.
Focusing on what you must pay for first can help to lessen the debt you acquire, Waters says. Bonus: If you can do that, you’ll also reduce the amount of interest you’ll have to pay while in school or after you graduate.
Manage your fixed and variable expenses
Certain expenses, such as your cell phone or car insurance bill, typically stay the same every month. Those are fixed expenses. Variable expenses include costs that can change from month to month, like food, gas, or entertainment, depending on your behavior. Variable expenses can be tougher to budget for, but they can also provide more flexibility to your budget.
The envelope budget method can help you learn to budget more accurately for variable expenses when making a college student budget. For example, let’s say you spent $140 dining out in month one, $175 in month two, and $120 in month three. Take the average of the three—$145—and set that as your “dining out” monthly line item that you shouldn’t exceed.
“The biggest ‘don’t’ for college students is saying yes to everything,” according to Waters. Instead, it’s important to set limits. “Get to know your town and find ways to hang out that are free or low cost.”
Save for emergencies
College might not seem like a natural time to save money, especially if you’re not making much to begin with—but it can be done. And saving money will be a critical skill you can continue to use throughout your life.
Often, the easiest way to save is to make it automatic, Waters says. You can automate your savings by opening a savings account and setting up regular transfers from your checking to your savings account. You can choose how much is socked away based on a percentage of your income, as with the 50/30/20 rule, or you can set aside a chunk of your remaining balance at the end of each month.
It’s also important to try and build an emergency fund, even if it’s small, Waters says. An emergency fund is money you use for unexpected expenses—think paying to fix a flat tire, covering medical bills, or repairing a malfunctioning laptop. A good goal for the amount to save in an emergency fund is three to six months of your expenses. That might sound like a lot, but you can build your savings slowly over time.
Waters notes that a savings account or emergency fund is also a great place to stash cash you weren’t expecting to receive—like birthday money from Grandma. Think of it this way: If you save $25 a week, in just six months, you’ll have saved $600. This is also a great chance to learn how to invest as a college student. By keeping your savings or emergency fund money in a high-yield savings account, you can watch how your savings grows over time with interest.
Start building your financial foundation today
Once you’ve set a budget that you feel comfortable with, make sure to regularly check in with yourself about your spending. One trick that’s great for budgeting for college students is a financial checklist, which helps you look closely at your spending habits and whether your needs have changed. Earning more or less money, a change in your rent, or a tuition hike can make it necessary to reassess your budget and tweak as needed, Waters says.
College can be the perfect time to start your financial future off on the right foot. Things like building credit, saving for retirement, and creating a thriving savings account all come from making the right choices early—and regularly. Getting a handle on your finances in college with a college student budget is one of the best first steps you can take.
Creating a budget and learning to manage your finances as a college student can put you in a stronger financial position when you graduate. Here are some of the first steps you can take to ensure your long-term financial wellness.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
Dining version | Travel version | Dining & Travel version (bear in mind these offers are targeted – For anyone that wants to check, when you go to your Apple Card in the Wallet app, hit the top right button with the three dots, and then Daily Cash)
Apple card sent out various spending offers for Dining and some people got for Travel as well:
Through September 20th, get 5% total Daily Cash Back every time you use Apple Card on dining purchases, on up to $6,000 in total spend depending on your Apple Card payment type. See offer terms for full details and exclusions.
Through September 20th, get 5% total Daily Cash back, on up to $20,000 in total travel spend and up to $6,000 in total dining spend depending on your Apple Card payment method. See offer terms for full details and exclusions.
Earn 5% back on up to $2,000 in total qualifying dining purchases at Panera and Uber Eats when using Apple Pay.
Earn 5% back on up to $2,000 in total qualifying dining purchases when using Apple Pay.
or Earn 5% back on up to $12,000 in total qualifying dining purchases when using Apple Pay.
Earn 5% back on up to $2,000 in total qualifying dining purchases with virtual online number or titanium card.
or Earn 5% back on up to $12,000 in total qualifying dining purchases with virtual online number or titanium card.
The Fine Print
Offer is limited to the select Apple Card account holder who directly received this offer. No need to enroll.
Valid from August 21, 2023, to September 20, 2023.
Earn a total of 5% Daily Cash back on up to $6,000 in total qualifying dining purchases made with your Apple Card depending on your payment method.
Qualifying dining purchases include those made with Apple Card at restaurants, cocktail lounges, discotheques, nightclubs, taverns, bars, eligible delivery services, and fast food restaurants.
The total Daily Cash back that can be earned with this offer is $300, depending on your payment method.
Dining purchases at Bonus Daily Cash Merchants with Apple Pay: you will earn 5% back on up to $2,000 in total qualifying dining purchases at Panera and Uber Eats when using Apple Pay. 5% Daily Cash is not available at Panera locations outside the U.S. and excludes orders made on third-party apps, plastic gift card purchases made online, and gift cards purchased through the Bulk Gift Card program. The maximum Daily Cash you can earn in this category is $100. The 5% Daily Cash earn rate includes the 3% standard earn rate for purchases made using Apple Pay plus and an additional 2% bonus earn;
Dining purchases at non-Bonus Daily Cash Merchants with Apple Pay: you will earn 5% back on up to $2,000 in total qualifying dining purchases when using Apple Pay. The maximum Daily Cash you can earn in this category is $100. The 5% Daily Cash earn rate includes the 2% standard earn rate for purchases made using Apple Pay plus an additional 3% bonus earn;
Dining purchases made with virtual online number or titanium card: you will earn 5% back on up to $2,000 in total qualifying dining purchases with virtual online number or titanium card. The maximum Daily Cash you can earn in this category is $100. The 5% Daily Cash earn rate includes the 1% standard earn rate for purchases made using virtual online number or titanium card plus an additional 4% bonus earn.
Qualifying purchases can only be made by the Apple Card account holder who directly received this offer. This means any purchases made by Apple Card Family members will not be included towards the Apple Card account holder’s qualifying spend.
Merchants are assigned a merchant category code (MCC) by the credit card network based on its primary line of business. Web mapping platforms such as Apple Maps and similar services, may label or refer to a merchant as a restaurant or dining related establishment however, for the purposes of this promotion, qualifying dining purchases are determined based on the MCC reported by the merchant. Purchases made with merchants that provide dining related goods or services such as restaurants or bars located within another establishment (e.g., inside a hotel, casino, amusement parks, airport, or event venue), at cafeterias, catering, vending machines, convenience stores, food courts, and food trucks may not qualify for this offer if a merchant does not submit transactions using the anticipated MCC associated with qualifying dining categories.
Our Verdict
These are nice earn rates, just beware of the $2,000/$12,000 limits. The Dining version seems to have been more widely sent out than the Dining + Travel version.
Want to get paid sooner? Your checking account might be able to help.
August 9, 2023
Watching for a direct deposit to hit your bank account can be a stressful waiting game, especially if you have everyday expenses to cover and bills that need to be paid. If this is an all-too-familiar challenge, you aren’t alone. Many Americans live paycheck to paycheck, without much of a financial buffer between paydays. And even after your paycheck is sent to your bank, it can still take a few days before that money is in your checking account and available to spend.
Whatever the reason, being able to get your paycheck early can make a huge difference. And your checking account can actually help you do this, depending on your bank. So, how can you get your paycheck early using an online checking account? It just takes a few simple steps and a little know-how.
Can you get your paycheck early using your online checking account?
Yes! You may be able to get your paycheck early and access your cash even sooner than expected, depending on the checking account you pick. Early access to these funds could help you cover immediate expenses or pay bills without having to rely on credit cards or incur late fees.
Not all online checking accounts allow you to get paid early, but some do. For example, Early Pay is one of the many benefits of a Discover® Cashback Debit checking account, and this feature allows you to tap into qualifying deposits days earlier than scheduled.1
What is Early Pay?
Early Pay is a no-fee service offered to Discover checking account customers, giving you access to qualified Automated Clearing House (ACH) funds up to two days early. (ACH is an electronic fund transfer network across which banks and credit unions transfer money.) Eligible funds can include a direct deposit paycheck from your employer or an ACH transfer from a government entity, just to name two.
With the Early Pay feature, your direct deposits are made available to you soon after Discover is notified that the pending transfer is on the way. This means you can pay bills, make purchases, and prevent overdrafts on your Discover checking account up to two days earlier than expected.
How do I set up direct deposit?
The process for setting up direct deposit will vary by the payor (your employer, in most cases). Payors often have their own direct deposit form for you to fill out, or you may be able to provide an ACH form that your bank generates on your behalf.
In order to set up direct deposit, you’ll need to provide the payor with information such as your:
Name on your account
Bank name
Bank account and routing numbers
Bank address
Also, you’ll likely need to tell the payor how you want the money deposited. Suppose you want half of your paycheck to go into savings, for example, or a set dollar amount to be redirected into another checking account. You may be able to specify those details when you set up direct deposit.
Checking with cash back and no monthly fees
Discover Bank, Member FDIC
What types of accounts are eligible for Early Pay?
Early Pay is available to Discover customers with online checking accounts, online savings accounts, or money market accounts. Early Pay isn’t available for Individual Retirement Account (IRA) savings accounts or IRA CDs because those are retirement accounts that aren’t typically used for short-term expenses.
What kinds of ACH deposits qualify for Early Pay?
If you have an online checking account, online savings account, or money market account with Discover, your ACH deposits may be eligible for Early Pay.
How early will direct deposit funds be available?
Discover Cashback Debit customers may be able to access their eligible direct deposit funds up to two days early. The timeline depends on when the ACH transfer is initiated by the payor and when Discover is notified that funds are on their way.
Will funds from my qualifying direct deposit always be available early?
Early Pay is available to eligible banking customers with qualifying direct deposits, but does direct deposit come early for all Discover customers, all the time? Not necessarily. Discover can’t guarantee that the funds will always be available early because of actions the payor may take. Timing can also depend on when Discover is notified of the pending payment.
How do I enroll in Early Pay?
If you’re wondering how to get your direct deposit funds early with Early Pay, it’s easier than you might think. Once you get set up with direct deposit, which is usually done with an employer or benefits provider like Social Security, Discover takes care of the rest. Or, if you’re already receiving qualifying ACH direct deposits into your checking, savings (excluding IRA savings), or money market account, you’re already automatically enrolled in the Early Pay feature. Once Discover is notified that a qualifying ACH payment is en route, you can have access to your money up to two days early.
Is there a fee for using Early Pay?
For Discover Cashback Debit customers, there’s no fee for the Early Pay feature. This means you can access your ACH deposits sooner at no additional cost.
Can I be informed when my direct deposit posts with Early Pay?
You sure can. With Discover Cashback Debit, you’ll automatically be set up with Early Pay email alerts, so you’ll always know when your paycheck or other qualified deposit hits your account. If you want to turn off email alerts, you can unsubscribe anytime. And if you prefer text or push notifications, you can turn those on in the Discover App.
Start using your checking account to get your paycheck early
When choosing a bank, you’ll want to look for important benefits such as no fees, expansive ATM networks, mobile check deposit, and even rewards on checking accounts. Being able to get your paycheck early might be one of the most beneficial perks, though, whether you need it to pay some bills or if you’re ready to make a big purchase.
Discover Cashback Debit customers enjoy more than 60,000 no-fee ATMs in their network, receive 1% cash back on up to $3,000 in monthly debit card purchases,2 and can even get paid up to two days sooner with Early Pay—all with no fees. Take a closer look at Discover Cashback Debit and see if it’s right for you.
1 Early Pay is automatically available to checking, savings (excluding IRA savings) and money market customers who receive qualifying ACH direct deposits. At our discretion, and dependent on the timing of our receipt of the direct deposit instructions, we may make funds from these qualifying direct deposits available to you up to 2 days early. See our Deposit Account Agreement for more information.
2ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
The average American has four credit cards, according to Experian, the credit reporting agency. However, travel rewards enthusiasts may differ slightly from the average American regarding credit cards and may carry more than four cards. But if you’re new to points and miles or just taking it slowly, you may not have a wallet full of credit cards.
Whether you’re above, below or on average regarding the number of credit cards you hold, you probably don’t bring them all with you while traveling. But have you ever thought about how many you should bring and what types?
Let’s dive into why it’s important to travel with at least two cards and some best practices for your backup card, whether you’re traveling within the United States or internationally.
Card network issues
There are four major credit card networks in the United States: Visa, Mastercard, American Express and Discover. Credit card networks facilitate transactions between a merchant and an issuer. Some, such as American Express and Discover, are both a network and an issuer. On the other hand, Visa and Mastercard are only networks and have various issuers. If you have a Visa credit card, it will be issued by a bank, such as Chase or Bank of America, whereby a Mastercard credit card could be issued by Citi or Wells Fargo.
Visa and Mastercard credit cards tend to be widely accepted in the United States and abroad; American Express and Discover are less so, especially abroad. Suppose your primary or everyday spending card at home is an Amex or Discover. In that case, bringing a Visa or Mastercard while traveling is a good idea if you encounter merchants that do not accept Amex or Discover. And in the rare instance that a network suffers an outage and you can’t make any purchases, you’ll be able to switch to a backup card on another network.
Bank or issuer problems
You may also need another card in cases where your primary card is lost, stolen, declined or locked due to a fraud alert. If possible, your backup should be a card from a bank different from your primary card.
Worst-case scenario, if a bank or issuer flags your accounts for suspicious activity and locks all of your accounts while traveling, you can switch to a card from a different bank. But if all of your cards are from the same bank, you’ll be out of luck until you’re able to clear up the issue with your account, which could get problematic if you’re in the middle of a transaction, in a time crunch, or unable to contact your bank.
Keep a backup card in the hotel room safe
In some cases, like if your card is declined or locked, it would be helpful to have a second card with you at all times to still be able to complete your transaction. However, the general advice is to keep your backup card somewhere secure, like in your hotel room safe. If your wallet is lost or stolen and all of your cards are in it, you’ll wish you had set aside at least one card for safekeeping.
Some travelers even go as far as keeping a second, or decoy, wallet. Some carry a decoy wallet with a small amount of cash, and some closed or expired credit cards to fool a mugger or pickpocketer if an unfortunate incident occurs. Others use a second wallet to carry around just the card they need for the day, while the main wallet and other cards remain safe in the hotel room.
Reward your inbox with the TPG Daily newsletter
Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts.
With the growing acceptance of mobile payment methods (such as Apple Pay and Google Pay), even internationally, you may also want to add multiple cards to your mobile wallet. You or a merchant may still prefer to use the physical card, but at least you’ll know the mobile wallet option is there in a pinch.
Should you take more than two cards?
Sure, but if any are lost or stolen, it could be a big headache as you’ll make many phone calls to cancel cards. And who wants to spend their vacation doing that? It’s understandable why you may want to bring a variety of cards if you’re trying to maximize rewards by using multiple cards for different spending bonus categories on your trip, but keep at least one card back in your hotel room safe.
Bottom line
When planning what to pack for your next trip, don’t forget to pack an extra credit card. There are quite a few scenarios during travel where having a backup card can come in handy. At the very least, even if you only use one card during your trip, you’ll have peace of mind that if something goes wrong with your primary card, you still have a way to pay for your purchases.
If you’re on the lookout for a full service online bank, you might come across CIT Bank. Founded in 2009, CIT Bank is now a division of First-Citizens Bank & Trust Company, which is a leading financial institution with more than $218 billion in assets.
The bank offers a variety of products, including savings and checking accounts, CDs, custodial accounts, and home loans. It stands out for its competitive interest rates that you may not find at traditional banks as well as no monthly maintenance fees or monthly service fees.
While there are no physical branches, live chat support on CIT’s website and mobile app as well as automated phone assistance is available 24/7. If you prefer to speak to a CIT representative directly, you can reach them during regular business hours: Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET.
CIT Bank doesn’t have an ATM network but it will reimburse you up to $30 per month if you incur out-of-network ATM fees. Rest assured that it’s insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for an individual account or $500,000 for joint accounts, meaning your money will be safe, no matter what happens to the bank. Let’s take a closer look at CIT Bank so you can decide whether it makes sense for your unique situation.
CIT Bank Pros and Cons
Before you move forward and open an account with CIT Bank, it’s a good idea to consider the benefits and drawbacks.
Pros
Competitive rates: Since CIT Bank has less overhead costs than brick and mortar financial institutions, its yields on deposit accounts and several CIT Bank CDs are competitive. It can allow you to make the most out of your hard earned money.
No fees: Unlike other bank accounts, CIT deposit accounts do not have any monthly maintenance fees, or other common fees. You can use the money you save on fees to meet your financial goals faster.
ATM fee reimbursement: CIT Bank reimburses you up to $30 per month for out-of-network ATM fees. This means you can withdraw cash from any ATM without worrying about high costs.
Small minimum deposit requirements: You don’t need a lot of cash to open up CIT Bank accounts. Many. of the accounts only require $100 to start.
24/7 customer service: CIT’s live chat and automated phone support is available round-the-clock. If you have a question or concern, you’ll be able to receive assistance right away.
Cons
No physical branch locations: CIT is an online only bank, meaning there are no branches for an in-person banking experience. If you decide to bank with CIT, you should feel comfortable with online banking and mobile banking.
Limited product selection: Compared to other financial institutions, CIT’s product line is slim as there are no credit cards, car loans, or IRAs. Fortunately, its lineup of checking accounts, savings accounts, custodial accounts, CDs, and mortgages is still impressive.
Low rates on select CD accounts: Some CDs have lower rates than you may be able to find elsewhere. The good news is you can calculate your returns in advance and won’t have to worry about fluctuations in the market.
No checkbooks: CIT’s eChecking accounts do not include checkbooks. However, you can use CIT to pay other individuals and businesses electronically via Zelle, Apple Pay, and Samsung Pay.
CIT Bank Products
CIT Bank offers a variety of products to help you meet different financial goals. Here’s an overview of each of its current offerings.
Checking Accounts
You can open the CIT Bank eChecking account with as little as $100. It’s unique in that it offers interest on your balance. To earn as much interest as possible, you’ll need to keep at least $25,000 in your account.
As an online checking account holder, you’ll get a debit card with chip technology and 24/7 account access. Plus, you’ll be able to deposit checks and make unlimited withdrawals with the CIT Bank mobile app. In addition, you’ll have access to Zelle, Apple Pay, and Samsung Pay. Unfortunately, the eChecking account doesn’t come with paper checks.
Savings Accounts
CIT Bank offers a few CIT Bank savings accounts you might want to explore., including the CIT Bank Savings Connect, the Savings Builder account, and Platinum Savings account. The CIT Bank Platinum Savings account provides an interest rate of up to 12 times the national average.
There are no fees and interest compounds daily so that you can earn as much as possible. All you need is $100 to open this account. This account is ideal if you’d like to meet your savings goals quickly without a lot of effort.
With the CIT Savings Connect account, you can reap the benefits of a great interest rate and enjoy easy access to your funds. Several noteworthy perks of the Savings Connect include an interest rate of up to 11 times the national average, online banking and mobile banking, remote check deposit, and no monthly service fees.
The CIT Savings Builder is a two-tiered CIT savings account with an interest rate that’s twice the national average. As long as you make at least one $100 deposit per month or maintain a balance of $25,000 or more, you can earn a competitive rate on it. Since the Saving Builder account earns daily compounding interest, you’ll be able to maximize your earning potential. Just like the other CIT saving accounts, the Savings Builder doesn’t have any account opening or maintenance fees.
CIT Money Market Account
The CIT Bank money market account is the way to go if your ultimate goal is to grow your savings and stash your emergency fund. With a minimum opening deposit of $100, you can earn more than two times the national average.
In addition, there is no monthly service fee and you can deposit checks and transfer money using the CIT Bank mobile app. In addition, you’ll be able to earn twice the national average. Just like with the other accounts, you may only make six transactions per statement cycle and can deposit checks and make transfers with the CIT mobile banking app.
CDs
Certificates of Deposit (CDs) might be worth exploring if you like the idea of guaranteed returns. CIT offers several types of CDs, including:
Term CDs: Term CDs are traditional CDs that are widely seen at other banks and range from six months to 60 months. With a term CD, you can lock in an interest rate for a certain time period, regardless of what happens to the market. The longer term you choose, the more interest you’ll earn. You’ll need at least $1,000 to open a term CD.
No-Penalty CDs: Most CDs require you to lock up your money for a set period of time. If you’d like to access it before, you’ll have to pay a penalty. A no-penalty CD is exactly what it sounds like: a CD that doesn’t charge a penalty if you withdraw funds before your term is up. It requires a $1,000 minimum opening deposit and you may be able to access your money after seven days.
Jumbo CDs: If you have a lot of cash saved up, a jumbo CD might make sense. It requires $100,000 to open and doesn’t come with any account opening or monthly maintenance fees. Its terms range from two to five years and the longer you keep your money in one, the higher rate you can lock in.
RampUp CDs: RampUp CDs are for current CIT Bank customers with CDs. With a RampUp CD, you can increase your rate one time during your term if CIT Bank raises rates after you have already opened your account. You’ll need to reach out to CIT Bank directly to learn more about what type of rate you might qualify for.
Custodial Accounts
Custodial accounts are opened under the Uniform Transfers to Minors Act (UTMA). If you have a child under 18, a CIT custodial account can help you save money for their future. You’ll serve as the custodian and have complete control of the account until your child turns 18 or a later age that you designate.
You can contribute as much money as you’d like and may not have to pay federal taxes on part of the earnings. With a custodial account, your child may enjoy money for college, a vehicle, home down payment, and other expenses that can steer them toward a bright future.
Home Loans
CIT Loans does offer mortgages but you have to submit your contact information on its website to start the process and learn more about your options. You’ll need to state the value of the home you’re interested in, your desired loan amount, your zip code, and your credit score range. If you already bank with CIT, you may be eligible for two relationship discounts that lead to a lower rate.
Ten percent of your balance in a CIT bank account may give you 0.1% off your rate. If you keep 25% of your balance in a qualifying cit bank savings account, you might lock in a 0.2% discount. Since the CIT website has limited information about its mortgages online, it’s a good idea to fill out the form and request further details.
CIT Bank Fees
As we mentioned above, CIT Bank doesn’t charge any opening fees or monthly maintenance fees. Also, you can open most accounts with only $100. The bank won’t charge any domestic ATM fees and will reimburse you up to $30 per month for any fees you incur for using other ATMs. If you use an international ATM, however, CIT Bank will charge a monthly fee of 1% plus the fee imposed by the ATM provider. Other fees you should be aware of include:
Debit card replacement fee: 100
Overdraft fee: $30
Returned deposit fee: $10
Bill stop payment fee: $30
Outgoing wire transfer fee: $10
CIT Mobile App
With the CIT mobile banking app, you can bank on the go from just about anywhere. The mobile app is versatile so you can use it to log into our accounts via a password or fingerprint. You can also transfer funds between CIT accounts and an external bank account and take a photo to deposit checks.
Plus, the app allows you to check your balances and transaction history, send and receive money via Zelle, and make secure payments with Samsung Pay and Apple Pay. If you’d like, you can sign up for text banking, which will give you the chance to check your account balances and transactions through text. Many reviewers state that the CIT mobile app is very intuitive so you shouldn’t have any trouble using it, even if you don’t consider yourself tech savvy.
CIT Bank Reputation
Before you go ahead and open a CIT Bank account, you might want to know about its reputation. It has an A- rating on the Better Business Bureau (BBB). On TrustPilot, CIT earned 2.3 out of 5 stars due to negative customer reviews.
Most of the negative reviews have to do with poor customer service and difficulty opening deposit accounts. The majority of the five-star reviews praise CIT for a convenient banking experience and fast response times from the customer service team. You can always try out CIT Bank and move on to another financial institution if you’re unsatisfied for any reason.
How to Access Your Money
Even though there are no physical branches, CIT Bank makes it easy to fund your account and withdraw money.
Deposits
You can fund your account through these methods.
Mobile app: With the mobile app, you can deposit checks and make transfers quickly and conveniently.
ACH transfer: The simplest way to fund your account is to transfer funds electronically from your external bank accounts. Note that it may take up to two business days for the money to show up.
Check: You can mail a physical check to CIT Bank.
Wire transfer: CIT Bank accepts funds via wire transfer.
Withdrawals
Here’s how you can make withdrawals:
CIT Savings Connect: The CIT Savings Connect allows you to make up to six withdrawals or transfers per statement cycle. Keep in mind that any withdrawal and transfer requests you submit via mail don’t count toward this limit. The same goes for telephone requested withdrawals and transfers.
ACH transfer: Free ACH transfers between your account and an external bank account are available.
Check: You can call CIT and ask them to mail you a check without paying a fee.
How to Get Started
To open an account with CIT Bank, visit their website and click the green “Open Account” button on the home page. You can complete the application in 5 minutes or less. Be prepared to provide the following information:
Your home address
Your phone number
Your email address
Your Social Security number
You’ll also need to fund your new account. You can transfer funds from an external checking or savings account, wire funds to your new account, or mail a check to the following address: CIT Bank, N.A. Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109.
Lastly, CIT will make two test micro-deposit to your account. You’ll receive an email within three business days that asks you to verify them. The bank will process your transaction as soon as you do.
CIT Bank Alternatives
While CIT Bank offers a lot of benefits, it’s not right for everyone. If you decide CIT isn’t the best choice for your unique needs and preferences, consider these alternative options. Some are online banks while others are traditional financial institutions with brick and mortar locations.
Ally Bank
Like CIT Bank, Ally Bank is an online only bank that offers low fees and high rates. Its product lineup includes checking accounts, savings accounts, CDs, credit cards, mortgages, car loans, personal loans, and retirement accounts. Perhaps the greatest benefit of Ally Bank is that it doesn’t charge any fees.
Capital One
Capital One has approximately 300 branches in select states and more than 50 Capital One Cafes that allow customers to open accounts, deposit cash and checks, and hang out. It also offers no-fee access to more than 70,000 ATMs and attractive rates on savings accounts and CDs. This bank might make sense if you want competitive rates but prefer the option of an in-person banking experience that is not available with CIT.
Chime
Chime isn’t a traditional bank or online bank like CIT. It’s a mobile banking app that provides banking services through Bancorp Bank, N.A. and Stride Bank. The Chime checking account comes with exciting perks like automated savings tools, early direct deposits and free access to over 60,000 fee free ATMs across the country. The Chime high yield savings account is also a solid choice thanks to its competitive interest rate and lack of monthly fees as well as minimum balance requirements.
Citibank
Citibank sounds like CIT Bank but is one of the largest banks in the world. It has hundreds of locations in the U.S. and thousands overseas. If you frequently travel abroad for business or pleasure and want access to branches and ATMs, it should be on your radar. It offers a plethora of accounts but they do come with fees. The good news is many of the fees can be waived if you meet certain balance or direct deposit requirements.
Discover Bank
When most people think of Discover, credit cards come to mind first. But Discover is actually an online bank that’s similar to CIT Bank. Its plethora of products include checking and savings accounts, personal loans, student loans, home equity loans, and mortgage refinancing. Discover also offers cash back on debit card purchases and, of course, credit cards with various rewards.
PNC Bank
PNC Bank is a traditional bank with brick and mortar locations. Some of its most popular products are the PNC Standard Savings account and Virtual Wallet, which combines a traditional checking and savings account. PNC also offers numerous CDs and free budgeting tools. It offers online banking, like CIT Bank, plus a robust mobile app.
Huntington Bank
Huntington Bank is a leading bank in the Midwest with branches in states like Ohio, Michigan, and Indiana. It provides checking and savings accounts, personal loans, auto loans, mortgages, credit cards, insurance, and investment options. Other perks include a 24-hour grace period, all day deposits, and online bill pay. You can download the Huntington app and bank on the go, like you’d be able to with CIT.
Bank of America
Known as one of the largest banks in the country, Bank of America has more than 6,000 locations throughout the U.S. Just like CIT Bank, it has a highly rated mobile banking app. In addition to checking and savings accounts, it has a Preferred Rewards program, which comes with perks like higher interest rates, waived fees, and cash back for certain transactions.
TD Bank
TD Bank has a strong presence in the Eastern part of the U.S. It offers many of the same products as CIT, such as personal checking accounts, personal savings accounts, and mortgages accounts. TD stands out for its generous bonuses and minimal fees. We can’t forget its intuitive mobile app, which makes it a breeze to bank on the go.
Citizens Bank
Citizens Bank is a national bank with locations in the New England, Mid-Atlantic and Midwest regions. Just like CIT Bank, it doesn’t charge monthly maintenance fees as long as you meet specific criteria, like making one deposit per month.
Additionally, many accounts are free of minimum balance requirements. In addition, Citizen offers the Peace of Mind overdraft protection program which will send you an alert if you overdraft your account. Other perks include an overdraft fee grace period and early paycheck deposit and early paycheck deposit.
Bottom Line
If you feel comfortable with online banking and would like to take advantage of the best annual percentage yield APY available, CIT Bank is a great choice. You’ll enjoy access to a plethora of products and watch your money work for you. While you won’t get to bank in-person, you can perform pretty much any banking task online or on your mobile phone via the CIT banking app.
CIT Bank FAQs
What types of products does CIT Bank offer?
CIT Bank offers deposit accounts, like checking accounts, high yield savings accounts, and money market accounts. It also provides CDs and home loans.
Who is CIT Bank for?
CIT Bank is a good fit if you’re looking for an online bank with high interest rates and low fees. You’ll be able to open and manage CIT Bank’s savings accounts and checking accounts from the comfort of your own home. If you prefer a traditional bank with physical locations, you might want to explore other options, like Bank of America, PNC Bank, and Huntington Bank.
Is CIT Bank FDIC insured?
Yes, CIT Bank is insured by the Federal Deposit Insurance Corporation. This means that if the bank fails for any reason, the federal government will protect your money up to $250,000 per depositor. The FDIC insurance can give you the peace of mind of knowing your money will be safe and sound, regardless of what happens to CIT.
Do I need a lot of money to open a CIT Bank account?
Each CIT account has its own requirements. However, many of its deposit accounts can be opened with as little as $100. This is great news if you’d like to start your savings journey but don’t have a lot of cash at your disposal.
Is it safe to bank with CIT?
CIT makes security a top priority. If you open an account with the bank, it will be protected with safety measures like antivirus protection, SSL encryption, firewalls, and account monitoring. With CIT, you don’t have to be skeptical about entering your personal information.
Is CIT Bank legitimate?
CIT Bank is a division of First Citizens Bank, which dates back to the 1800s. Plus it’s FDIC-insured.
Where can I go to find CIT Bank’s routing number?
Log into your online account to find your CIT Bank routing number. For online-only accounts, this number is 124084834.
Does CIT Bank have physical branches?
CIT Bank is a digital bank. This means there are no branches and you must do all your banking on your laptop, computer, or mobile device. Many reviewers state that the CIT website and mobile app are very easy to use so you don’t have to worry about a learning curve.
Is CIT Bank compatible with Zelle?
Yes. You can use Zelle to quickly send and receive money through the CIT Bank mobile app. Fortunately, you won’t have to pay any fees to do so as Zelle is free to use.
Should I open an account with CIT Bank?
You might benefit from a CIT Bank account if you’re looking for a financial institution that offers high interest rates and low fees. However, you should feel comfortable with online and mobile banking as you won’t be able to step into a local branch to deposit a check or ask a question.
When my husband started using a virtual wallet, I was concerned. We share a joint credit card and I was bothered about the security side of carrying around credit card information on a cell phone. In my mind, paying for things with your cell phone seemed too easy and a bit dangerous.
Through a combination of reassurance from my husband and a significant number of Google searches on “are virtual wallets safe,” I began to feel more comfortable with the idea.
I know I’m not alone when it comes to questions about the safety of virtual wallets. So, let’s talk about it. What are virtual wallets and, most importantly, are they safe?
What’s Ahead:
What are virtual wallets?
A virtual wallet, sometimes referred to as an e-wallet, is an electronic wallet that lives on your mobile device. Virtual wallets can store all of your payment-related information including credit cards, debit cards, rewards cards, membership cards, and coupons, allowing you to pay for things electronically. No more trucking around your bulky wallet or disorganized purse.
Depending on the type of mobile device you use, you may have a virtual wallet already installed on your phone. For instance, iPhone users will have access to Apple Wallet. Other virtual wallets can be obtained by downloading an app onto your mobile device.
Virtual wallets vs. mobile wallets
The terms virtual wallets and mobile wallets are often used interchangeably. However, there is a difference. A mobile wallet is a type of virtual wallet that can be accessed by downloading an app on a mobile device like a smartphone or wearable watch.
A popular example of a virtual wallet is PayPal. However, when PayPal is used on a mobile device it can function as a mobile wallet.
Popular examples of mobile wallets include Apple Pay, Samsung Pay, and Android Pay.
Banks like Chase, even offer digital wallets. With Chase accounts, you can get Chase Pay®, which allows you to simply and securely use your phone to make payments.
What are the most popular virtual wallets?
There are a variety of virtual wallets available for you to choose from. Some of the most popular virtual wallets include:
Samsung Pay.
Apple Pay.
Android Pay.
Chase Pay.
PayPal.
Google Wallet.
Venmo.
Zelle.
You can also check out wearables that offer mobile payment options like Garmin Pay and Fitbit Pay.
From a global perspective, virtual wallets like Alipay and WeChat Pay which are both based in China, service millions and millions of users.
How do I use a virtual wallet to make a payment?
While each virtual wallet will vary, there are some general steps associated with using an e-wallet.
The first thing you’ll need to do is launch or install a virtual wallet app. Next, you will have to add a new credit card or debit card. To do this you can take a picture of your card or enter the details manually.
When you’re ready to make a payment, you will launch the app and then choose the credit or debit card you want to use.
When it comes to actually making the payment, most smartphones use a technology called near field communication (NFP). NFP allows you to simply hold your phone above the payment pad or tap the payment pad to pay for your purchase.
However, not all mobile devices are equipped with NFP. In this case, you can use a mobile wallet like PayPal. Instead of tapping your phone onto the pay pad, you use your mobile phone number and a pin to make your payment.
Are virtual wallets safe?
When I heard about virtual wallets my first question was, are they safe? It seemed a bit risky to be carrying around all of my payment information on my phone. I mean, what if I lost my phone? Then what? Could someone hack in and access my virtual wallet?
It was this fear and lack of trust that prevented me from using a virtual wallet for a long time. However, virtual wallets are arguably even safer to use than your regular plastic credit or debit cards.
First, digital wallets eliminate the potential to expose important information like your credit card number, your pin, or the CVV number on your credit card. When you pay for something with your digital wallet it uses a process called “tokenization.” This means that your sensitive info (like credit card numbers) is removed and replaced with a one-time-use number that is generated by an algorithm. So, none of your sensitive data is ever made public in any way. Unlike when you swipe or tap a credit card.
Second, all of your payment information is encrypted. When you add a new debit card or credit card to your virtual wallet the information is encrypted and stored in the cloud. Even if someone steals your phone they would need your fingerprint or your passcode to access your virtual wallet.
On the other hand, if you drop your wallet somewhere or get pickpocketed, your credit cards can be easily used and the information can be stolen.
Is it easier for hackers to access your virtual wallet vs. your credit/debit card?
While no payment option is 100% hacker-proof, a physical credit card is much more susceptible to being hacked than a card in your virtual wallet. As I mentioned above, digital wallets provide multiple layers of security that aren’t present when it comes to your plastic credit card.
A physical credit card presents more opportunities for thieves or hackers to get your information. If someone steals your credit card they can easily make a purchase online, or even in a store as many merchants don’t confirm that you are the actual cardholder.
A virtual wallet requires a more intense authentication process that involves a password or proof from a biometric marker (fingerprint, retinal scan). Not to mention that you have to be able to unlock the phone before you can even gain access to the virtual wallet. There are simply more security steps involved.
If you believe that your virtual wallet has been compromised or you’ve lost your phone, it’s easy to suspend all payments. For instance, with Apple Pay, if you put your phone into lost mode, it will automatically suspend all of your payment cards. This is much easier than having to call up each bank or financial institution to cancel your cards if you lose your physical wallet.
Additionally, when you use a virtual wallet on your phone you also have the option of installing apps that will help you to locate your phone. So, if it is stolen the thief will have to figure out how to open your phone, won’t be able to authenticate, and you will be able to track their location.
Is the money in your virtual wallet FDIC insured?
The Federal Deposit Insurance Corporation (FDIC) has been around since the 1930s. It’s their job to ensure stability and public confidence in the financial system. The FDIC insured all deposit accounts including checking, saving, money market deposit accounts, and certificates of deposit up to a standard amount of $250,000 per depositor, per insured bank.
When it comes to whether or not your virtual wallet is FDIC insured the answer is a bit murky. However, as a rule of thumb, if your money is stored within a non-banking institution then the money is not insured. For instance, PayPal and Venmo are not considered banking institutions, so any money stored in these apps is not FDIC insured. There are some exceptions including Google Wallet. According to Yahoo Finance!, as of 2015 money stored in Google Wallet became FDIC insured.
Before you assume that any funds stored in your mobile wallet are FDIC insured, make sure you thoroughly investigate.
The pros and cons of virtual wallets
Pros:
Security. Despite my initial reservations about the security of virtual wallets, security is actually one of it’s biggest benefits. Because virtual wallets eliminate the need to use credit card numbers, CVVs, or pins, it makes them impervious to hacking.
Convenience. With a virtual wallet, you no longer have to carry around a wallet or a purse. You will also never have to worry about forgetting a particular credit card or rewards card at home because they are all nicely organized on your phone.
Time-saving. Paying with a virtual wallet can also save you time. No more waiting for a salesperson to swipe your card or enter your number.
Contactless payment. Many virtual wallets eliminate the need to touch the germy buttons on a debit machine or pass your credit card from your hand to the merchant. It makes for a clean and touchless payment experience.
Cons:
Not universally accepted. One of the main challenges associated with using virtual wallets is that they aren’t accepted by all retailers.
Compatibility. Not all virtual wallets will accept all credit cards. While most mobile wallets are accepted by the big banks, some business credit cards might not be accepted. You can check with your bank or log onto the mobile wallet website to confirm which cards are accepted.
Trust. As I admitted, a lack of trust was the reason I put off using a virtual wallet. And, I know I’m not alone. While virtual wallets offer additional security over a credit card this is not necessarily the shared perception among all Americans.
Battery. Unlike a conventional purse or wallet, your phone requires battery power to be used. If your phone runs out of batteries while you’re shopping, you can’t make a purchase until you recharge.
Variability. Not all virtual wallets will allow you to store all of your card information. For instance, some e-wallets will permit debit and credit cards only while others will permit everything from credit cards to reward cards and airline tickets.
Who should use a virtual wallet?
Virtual wallets are available to anyone with a desktop or mobile device. However, when it comes to whether or not you should use a virtual wallet there are a few questions you can ask yourself to decide if it’s right for you.
Do you want to increase your security?
Virtual wallets provide additional security features that just aren’t available for plastic debit or credit cards. If you want encryption and multiple steps of authentication, then perhaps a virtual wallet is the right choice.
Do you value time savings and convenience?
If you enjoy online shopping, virtual wallets can save you a lot of time when it comes to paying for your purchases. No more time wasted on manually entering your credit card number, expiration date, and CVV code. I mean, we’re not talking days or weeks in time savings, but a few minutes here and there adds up over the long haul.
Are you always looking for your credit card?
A virtual wallet provides a single organized location for all of your payment information. So, if you’re someone who is constantly leaving your credit card in your coat pocket or forgetting to bring your rewards cards when you go shopping, a virtual wallet could help to keep you more organized.
Who shouldn’t use a virtual wallet?
While virtual wallets offer a number of perks, they aren’t necessarily the right payment tool for everyone. Here are a few additional questions to ask yourself to see if perhaps a regular old wallet or purse is a better option for you.
Do you feel comfortable with a virtual wallet?
While virtual wallets are growing in use, there is still a segment of Americans that don’t trust them. If you feel uncomfortable or unsafe using a virtual wallet then you shouldn’t. While virtual wallets are arguably safer than using a physical credit card or debit card, you should stick to using what you feel most comfortable with.
Are you very concerned with your privacy?
While a virtual wallet can add some additional security over a plastic credit or debit card, it also introduces some new privacy concerns. When you use your virtual wallet, retailers and financial institutions can potentially collect data on the types of purchases you are making. This can then be used to help retailers develop targeted marketing. I mean, this is already happening if you are using social media, but it’s something to be aware of.
Do you continually forget to charge your mobile device?
If you are notorious for walking around with a dead smartphone then maybe you should skip the virtual wallet. Bottom line, if your phone is dead you can’t pay for things.
Summary
Like any technology available for use, virtual wallets come with pros and cons. You will have to decide if the added security features and convenience outweigh any trust or privacy concerns that you might have.
It took me some time to become comfortable with the idea of using a virtual wallet. I was not one of the early adopters. I’m an old Millennial and I’ve been using physical debit and credit cards for decades. As a result, it took a lot of research and just trying it before I saw the perks. For me, the benefits outweigh the risks. But, it’s up to you to decide if a virtual wallet is right for you.
Cash App, a digital money transfer service, has transformed the way we manage our finances. From sharing restaurant bills with friends to paying your gig economy contractor, this app packs a punch beyond the basics of money transfer. Think of it as your mobile money manager, where you can easily check your Cash App balance, do direct deposits, cash out, and even manage your taxes. Yes, you heard right, Cash App taxes can also be managed within the app.
History of Cash App
In 2013, the minds at Square Inc. introduced the world to Cash App. With a vision to simplify monetary transactions, they created a platform that has become a key player in the fintech revolution. It’s fascinating to observe how the app evolved from a basic peer-to-peer payment service to a fully-fledged financial solution.
How Cash App Works
Imagine this: your nephew needs quick money for school supplies. He’s in another city, and you have no idea how to send him cash without physically being there. Enter Cash App.
Once you’ve installed the app and linked your bank account, transferring money is as simple as choosing a contact, entering an amount, and hitting ‘Pay.’ The money will instantly move from your Cash App account to theirs. And voila, crisis averted!
Here are the steps to use Cash App
Step 1: Download and Install
Cash App is available for both iOS and Android devices. You can find it in the App Store or Google Play Store. Once you’ve located the app, download and install it on your device.
Step 2: Create Your Account
Open the app, where you’ll be prompted to enter your mobile number or email address. You’ll then receive a confirmation code, which you need to enter in the app. This process verifies your account and helps protect your personal information.
Step 3: Link a Bank Account
Next, you’ll be asked to link a bank account. Enter your debit card details associated with your bank account. By linking your bank account, you’ll be able to transfer funds to and from your Cash App account seamlessly.
Step 4: Create a $Cashtag
A $Cashtag is a unique identifier for your Cash App account. This is what you’ll give to people when you want to receive money, and what you’ll use when you’re sending money to others. It can be up to 20 characters long and should be something you’re comfortable sharing with others.
Step 5: Understanding the Interface
Once you’re set up, you’ll notice that the main screen is split into two main sections:
The “Cash & BTC” section displays the current balance in your Cash App account. If you’ve chosen to invest in Bitcoin via the app, your balance will be reflected here too.
The “Banking” section allows you to add cash to your balance, cash out your balance to your bank account, view transactions, or invest in stocks and Bitcoin.
Step 6: Sending Money
To send money, tap the “$” symbol at the bottom center of the screen. Enter the amount you want to send, then press “Pay.” You’ll be asked to enter the recipient’s $Cashtag, email, or phone number. Add a note to remind them what the payment is for, then press “Pay” again.
Step 7: Receiving Money
When someone sends you money, it will appear in your Cash App balance. You can keep the funds in the app for future transactions, or cash out to your bank account.
To cash out, tap the “Banking” button at the bottom of the screen, then tap “Cash Out.” You can choose to cash out instantly for a small fee, or to cash out to your bank account within 1-3 business days for free.
Step 8: Using the Cash Card
Cash App offers a free debit card called the Cash Card. You can use this card to spend your Cash App balance at any store that accepts Visa. For individuals who frequently use their credit card for purchases, the Cash App can be a great way to boost savings toward chosen goals without much work. To request a card, tap the card-shaped icon on your Cash App home screen and follow the steps.
Step 9: Investing
Cash App allows you to buy stocks or Bitcoin directly from your account. From the main screen, tap the Investing tab (looks like a chart). Here you can view your investing portfolio, search for stocks, and make trades.
Remember, investing involves risks, and it’s important to understand these before you start.
The beauty of Cash App is its simplicity. It’s a secure and versatile platform that’s ideal for quick mobile payments, money transfers, and even dabbling in investments. Whether you’re a parent paying for piano lessons or a college student splitting rent with roommates, Cash App is an option worth considering.
Cash App Features
Cash App isn’t just a money transfer service. It’s so much more. You can link it to Apple Pay or Google Pay, pay with the custom Visa debit card (known as the Cash Card), and even buy Bitcoin cryptocurrency. Cash App also offers a feature called ‘Cash App Investing.’ With it, users can invest in stocks, making the world of Wall Street accessible right from your smartphone.
One exceptional feature of Cash App is that it allows users to receive paychecks through direct deposit. This is excellent for workers in the gig economy or for anyone preferring a digital banking experience.
Is Cash App safe?
In the age of data breaches and identity theft, Cash App ensures the safety of Cash App users’ personal information through encryption and fraud detection technology. The app is designed to keep your transaction details secure, even if your phone is lost or stolen. It also provides notifications for all account activities, helping you keep an eye on your transactions.
While Cash App is a financial platform, it is not a bank. It provides banking services and debit cards through its bank partners, but a great feature is that the balance in your account protected by FDIC insurance (Federal Deposit Insurance Corporation), just like a traditional bank.
Competitor Analysis
There are other players in the digital money transfer field such as Google Pay, Zelle, Venmo, Square Cash, and PayPal. What sets Cash App apart, however, is its combination of simplicity, versatility, and user-focused design. While other services might offer similar features, Cash App’s uncluttered interface and intuitive user experience keep it at the forefront of other payment apps.
See my in-depth comparison between Cash App and its competitors
Economic Impact
The rise of apps like Cash App has changed the financial landscape dramatically. By eliminating the need for brick-and-mortar banks, they’re driving the shift towards a more digital, user-centered banking experience.
Future of Cash App
Looking forward, Cash App appears poised to expand its offerings even further. The rapid growth of fintech and evolving consumer preferences suggest that apps like Cash App could begin to offer more extensive services, such as loans or insurance products, in the not-too-distant future.
Critiques and Controversies
No service is without its challenges. Cash App has faced criticisms related to customer service and has also been used for scams. The company has taken steps to address these issues and is continually working to improve Cash App user experience and security.
Through its various features and offerings, Cash App has made managing finances a more seamless experience. Whether you’re looking to go digital with your banking, simplify money transfers, or venture into investing, Cash App may become your preferred payment method.
Cash App FAQs
To wrap things up, let’s address some common queries you may have about Cash App:
Can you withdraw money from Cash App without a card?
Yes, you can transfer money from your Cash App account to your linked bank account.
Can someone steal your money with your Cash App name?
No, your Cash App name, also known as a $Cashtag, is just an identifier for others to send money. They can’t access your funds with it.
What happens when someone sends you money on Cash App?
The money will be added to your Cash App balance. You can use it within the app or withdraw it to your linked bank account.
How do you withdraw from Cash App without a bank account?
You need to have a linked bank account or a Cash Card to withdraw money from Cash App.
Do you have to provide your Social Security Number to Cash App?
For certain functions, such as sending large amounts of money or using the app for investing, Cash App does require your Social Security Number to comply with federal regulations.
Do you need a bank account with Cash App?
You can send and receive money with just a debit card, but having a bank account linked allows you to transfer funds to and from your bank.
Is it free to make ATM withdrawals using Cash App?
There may be a fee for using ATMs with your Cash Card, but Cash App can reimburse the fees if you have at least $300 coming into the app each month, like a paycheck deposit.