PerkStreet Financial, a company that launched just over a year ago has decided to kick things up a notch by offering something new in addition to their online checking account.
Previously, PerkStreet enticed customers with a $50 cash bonus for signing up a new account, then 2% cash back on all non-PIN debit card purchases for 6 months and 1% on all purchases thereafter. Then they offered new PerkStreet customers up to 5% cash back using their debit card. This is a debit card offering better rewards than almost every credit card I know of, but now they’ve outdone themselves with a new structure to earn cash back.
All PerkStreet debit cardholders are entitled to 1% unlimited cash back for all non-PIN debit card purchases*, and 2% cash back on online purchases at: Amazon.com®, iTunes®, Target.com, Apple.com, Walmart.com and Bestbuy.com.* The online purchase bonus perks are limited to $2,500 in spend every calendar year. Customers can earn 2% cash back in-store, with a current account balance of $5,000 or more at: Walmart, Target®, Best Buy® & Apple® stores.* The offline purchase bonus perks are limited to $2,500 in spend every calendar year. Earn 2% unlimited cash back when you and a friend use your cards together at the same restaurant, bar or coffee shop, however, these transactions must occur within 60 minutes of each other.* You may be familiar with cash back credit cards that offer 5% cash back on rotating categories like the Chase Freedom℠ Visa and Discover® More® Card but PerkStreet offers 5% cash back on special categories and merchants that they announce every month via Twitter (@perkstreet), their Facebook page or other company communications.* And PowerPerks bonus perks are limited to $5,000 in spend every calendar year.
New customers will earn the new cash back program stating March 5, 2012 while current PerkStreet account holders will be upgraded to this new cash back offer on April 4, 2012 and while most cash back offers are promotional, this offer has no expiration date. The profitability of PerkStreet rests in their ability to save millions of dollars by focusing specifically online, rather than at brick and mortar institutions. The money you keep in your Perkstreet checking account is loaned out by The Bancorp Bank and the interest earned is shared with PerkStreet. So the more money you deposit, the more money they can loan out and the more money they make.
In addition to a world class cash back debit card offer, PerkStreet also provides the following for all checking account holders:
- Free checks
- No minimum balance required
- No account maintenance fees when you use your account
- The nation’s largest surcharge-free ATM network
- Free online banking and bill-pay
If you haven’t heard of PerkStreet before this offer, you’re not alone. PerkStreet is an up-and-coming consumer banking company, along with the likes of SmartyPig that you’ll see and hear a lot more of as time progresses. For now, PerkStreet has solidified themselves as the top option for opening an online checking account. With their current cash back offer, PerkStreet will continue to attract a lot of new attention.
Updated March 5, 2012 and originally published June 28, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.