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Written by Garrett Yarbrough
Edited by Emily Sherman
/ 6 min
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for andhow we rate our cards.The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
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Snapshot
3.2
Bankrate rating
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Rating: 3.2 stars out of 5
Bottom line
The Green Dot Unlimited Cash Back Bank Account Visa Debit Card is a unique blend between a prepaid card and an online bank account. It’s a good choice for anyone wants to earn unlimited 2 percent cash back on purchases. Plus, its separate savings account earns 2 percent annual interest (APY) on balances up to $10,000, offering users a nice boost of up to $200 with interest.
Unlimited Cash Back Bank Account by Green Dot
*The information about the Unlimited Cash Back Bank Account by Green Dot has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
3.2
Rating: 3.2 stars out of 5
Bankrate score
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
N/A
Intro offer
Intro offer is not available for this Green Dot credit card.
N/A
Rewards rate
Rewards rate is not available for this credit card.
See Terms
Annual fee
N/A
Regular APR
On This Page
On This Page
- Advantages and disadvantages
- Current offer details
- Rates and fees
- How the Green Dot Unlimited Cash Back card compares to other cash back debit and credit cards
- Is this card worth getting?
- Frequently asked questions
Green Dot Unlimited Cash Back Bank Account Visa® Debit Card overview
Debit card and checking account rewards are pretty rare nowadays, but they can be a convenient way to earn some extra cash back. Just don’t expect to rake in as much as you would with a solid rewards credit card.
The Green Dot Bank Unlimited Cash Back Bank Account Visa® Debit Card earns an impressive 2 percent cash back on online and mobile purchases, plus it throws in a 2 percent APY savings account (on up to a $10,000). These are fantastic rates compared to checking accounts and high-yield savings accounts we’ve seen, but continue reading our Green Unlimited Cash Back Card review to see how the fine print affects your rewards potential.
What are the advantages and disadvantages?
Pros
Excellent unlimited cash back rate
Additional 2 percent APY high-yield savings account (on up to balances of $100,000)
Cash can be deposited at thousands of major retailer locations, including Walmart
Cons
$7.95 monthly fee (waived by spending $1,000+ with your debit card during the previous month)
Merchant category codes (MCCs) and Green Dot Bank’s qualifying purchase definition exclude many reward-earning opportunities
Credit card cash back programs generally offer better cash back and benefits
A deeper look into the current card offer
Quick highlights
- Rewards rate: Unlimited 2 percent cash back on online and mobile purchases
- Monthly fee: $7.95 (waived by spending at least $1,000 in the previous monthly period)
- Initial deposit: $20 to $500
- Early direct deposit? Yes (“ASAP Direct Deposit,” up to two days before payday)
- Out of network ATM withdrawal fee: $3 per transaction (50 cents for ATM balance inquiry)
- Overdraft fee: N/A
- Early direct deposit? Yes (“ASAP Direct Deposit,” up to two days before payday)
- Additional savings account included? Yes (2 percent APY on up to a $10,000 balance)
Rewards rate
Unlimited 2 percent cash back is excellent, even for cash back credit cards. But cash back-earning purchases in the online and mobile spending bonus categories are limited by merchant category codes (MCCs) and Green Dot’s restrictive qualifying terms.
Earning cash back
In order to receive the unlimited 2 percent cash back on online and mobile purchases, the merchant category code—a four-digit number used to classify businesses based on their primary products/services—must describe it as a strictly online or mobile purchase.
The issue here is that there aren’t many specific MCCs in Visa’s entire list specifically outlining goods and services that fit the description for online and mobile purchases. The card agreement says that depending on the retailer’s MCC, “some online and in-app purchases appear to us as non-qualifying purchases.” If the merchant’s code doesn’t categorize itself as an online or mobile merchant, then you won’t earn cash back.
For example, if you order from a brick-and-mortar bookstore online, its MCC doesn’t indicate it was an online merchant and the Green Dot app doesn’t notify you that it was online purchase either, your purchase won’t earn rewards.
Your other reward opportunities are further limited by Green Dot’s sprawling list of which online purchases don’t qualify:
- Airline purchases
- Person-to-person transactions (services such as PayPal and Venmo), digital wallets (such as Apple Pay and Google Pay), digital and gambling currencies (such as casino chips, lottery tickets and in-game currency purchases for mobile and online video games) and traveler’s checks
- Prepaid cards, such as gift cards
- Bill payments
- greendot.com and Green Dot mobile app transactions
That means that even if you shop on Amazon.com or make in-app purchases, you can’t earn cash back while guarding your card with a digital wallet or another third-party P2P payment service. This strips away a strong layer of identity theft protection when you’re shopping online—which is especially concerning since debit cards don’t have the same protections as credit cards.
Redeeming cash back
Cash back can only be added to your account after 12 months of use, meaning upon your account anniversary each year. You then have one year to redeem the rewards before they expire.
This is remarkably less flexible than how many rewards credit cards operate. Usually, you receive your new rewards and can redeem them shortly after each month’s billing statement.
How much are rewards worth?
Once you consider the $7.95 monthly fee, any returns you make from cash back take a huge cut. It would take spending $397.50 each month on online or mobile purchases to break even. Otherwise, you can spend $1,000 each month to waive the monthly fee and save nearly $8 of rewards. If you usually spend less than $1,000 with your debit card each month, you’ll be losing almost $100 in rewards each year in monthly fees.
To decide if these rewards are worthwhile, you should evaluate your budget and gauge how much you spend shopping online and via mobile each month.
Rates and fees
The Green Dot Unlimited Cash Back card carries a number of fees, many of which are common, but avoidable with the right product.
- Monthly fee: $7.95 (waived after spending $1,000+ in the previous monthly period)
- Out of network ATM withdrawal: $3 per transaction ($0.50 for ATM balance inquiry)*
- Teller cash withdrawal fee: $3 per transaction*
- Replacement card: $5
- Foreign transaction fee: 3 percent*
- Paper check fee: $5.95 for 12 checks (No bounced check fee)
- Overdraft fee: N/A
- Minimum balance requirement: N/A
*On top of other ATM and merchant fees, etc.
Green Dot may also place limits on the number of checks or the dollar amount that you can deposit (outside the direct deposit). Depending on the retailer you deposit cash at, they may also have their own limits and could charge up to a $5.95 deposit fee.
How the Green Dot Unlimited Cash Back card compares to other cash back debit and credit cards
The Green Dot Unlimited Cash Back card offers a high cash back and APY rate compared to other rewards debit cards and savings accounts at its level. In fact, we’ve found the Unlimited Cash Back Account’s 2 percent APY is much higher than the 0.09 percent average savings account APY (as of Sept. 23, 2020) and many other high-yield savings accounts we’ve reviewed.
Unlimited Cash Back Bank Account by Green Dot
Bankrate Score
Annual fee
See Terms
Intro offer
N/A
Rewards rate
N/A
Recommended Credit Score
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Bankrate Score
See Rates & Fees, Terms Apply
on Wells Fargo's secure site
Annual fee
$0
Intro offer
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Rewards rate
2%
Earn unlimited 2% cash rewards on purchases.
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
$0
Intro offer
N/A
Rewards rate
1.5% - 5%
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. Earn unlimited 1.5% cash back on every purchase, everywhere.
Recommended Credit Score
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Unlimited Cash Back Bank Account by Green Dot vs. Discover Bank Checking Account
However, other rewards checking accounts can earn more versatile cash back across a wider pool of purchases. The Discover Bank checking account earns 1 percent cash back on up to $3,000 debit card purchases each month—not just online or mobile purchases—with no monthly fee.
If you were dead-set on unlimited debit cash back, the “fee-free” Radius Bank Rewards Checking account offers unlimited 1 percent cash back on signature-based debit purchases, plus 1.5 percent back on select categories.
Unlimited Cash Back Bank Account by Green Dot vs. Wells Fargo Active Cash® Card
In most cases, you’re better off with a cash back credit card when it comes to rewards. Many cash back cards carry extra benefits and earn more rewards over a larger range of purchases. For example, the Wells Fargo Active Cash® Card can earn up to unlimited 2 percent cash rewards on purchases.
The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid alternative option (earns unlimited 1.5 percent back on all purchases) if you haven’t built up a prime credit score just yet.
Bankrate’s Take: Is the Green Dot Unlimited Cash Back card worth it?
The Green Dot Bank Unlimited Cash Back Bank Account Visa debit card’s 2 percent cash back on mobile and online purchases, plus 2 percent high-yield savings account APY, are a notch above competing accounts’ rates. Unfortunately, the seemingly broad bonus categories are narrowed a bit by the issuer’s definition of a qualifying purchase. These restrictions and a monthly fee make other rewards debit cards more lucrative options.
But as with other rewards checking accounts, you should view Green Dot’s debit card as an added perk rather than a deciding factor in where you bank. Cash back credit cards are ultimately a better use of your rewards spending.
All information about the Green Dot Unlimited Cash Back Bank Account Visa® Debit Card, Discover Bank checking account debit card and Radius Bank Rewards Checking account debit card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.
Frequently Asked Questions
Compare the best no credit history credit cards
Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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