Many debit cards are now offering rewards programs when you make purchases. This can be a real money saver as part of your budget if you are earning rewards that can be used for travel — or even cash back. A number of banks, including KeyBank, PerkStreet Financial, Fifth Third and others now offer perks ranging from cash back to travel rewards to warranties on purchases.

[ad#Left-Align Content Ad]One of the nice things about reward debit cards is that you aren’t paying interest on balances. If you carry a balance on a rewards credit card, chances are that the interest you pay on it cancels out any perks you earn. (It is worth noting that if you do not carry a balance, a rewards credit card can be a great financial tool.) A debit card can provide you with many of the advantages of a credit rewards program, without the interest on balances.

However, with a debit card rewards program you still need to make sure you understand the terms. Here are some things to consider before you decide on a rewards debit card:

• Annual fees: Not every debit card rewards program comes with an annual fee, but some do. Double check to ensure that the rewards you get outweigh any annual fee you may be required to pay.
• Minimum balance: Some debit rewards programs require that you maintain a minimum balance in your checking account. If you fall below a certain minimum in your account, you will not receive the full reward.
• Compare reward programs: Compare the reward program at your bank to those offered by other banks. Consider switching banks if there are enough perks to make it worth your while.

Enough choices are cropping up across the banking industry that you can afford to be picky. Rewards checking is becoming a little more common, and now debit card rewards programs are becoming prevalent. It means that you can be compensated for regular banking transactions, without some of the debt risks that come with credit cards.