PerkStreet Debit Card: No Fee, Earn 2% Cash Back
These days, free checking accounts are getting harder and harder to find, thanks to the new government policies introduced in the past couple of years. Not too long ago, everybody seemed to take a free checking account for granted. It doesnt’ matter how big or small the account it, the account owner usually enjoyed the freedom of using the account for his or her everyday needs without thinking about maintaining a minimum account or facing a penalty (bank fee that is). But with new rules aimed at put the Wall Street, which is largely considered to be responsible for the current recession, under more regulations, banks, large and small, have become to introduce new fees to some of the products that have been fee-free until recently to make up the lost revenue. Among them, monthly account maintenance fees have been added to free checking accounts unless a certain amount of daily balance has been maintained. Early this month, Bank of American and Citibank have introduced monthly fees in debit cards, just as the use of debit cards has surged since the start of the financial crisis nearly four years ago.
Clearly, what we have seen from these developments is that whenever a new law with the intention to protect consumer is enacted, whether it is the law that prohibits credit card issuers from arbitrarily increasing interest rates or the law that sets the upper limit on how much banks can charge merchants when customers use debit cards to make purchases, it’s the consumer who actually end up getting hurt. Because banks simply won’t let the lost revenue disappear. Instead, they will find creative ways, such as adding fees, to recoup the losses.
If you are frustrated by these new bank fees, there are alternatives to those big banks. One of them is PerkStreet Financial, which offers both free checking account and free debit card. But that’s not all. What’s even more appealing is that they actually pay you to use the debit card. Pretty nice, isn’t it?
With PerkStreet Debit Card Rewards Program, you can get 2% on-going cash back on all non-PIN based transactions as long as you maintain at least $5,000 in the checking account. The minimum may seem to be high as compare to other checking accounts (it doesn’t make sense to compare PerkStreet’s checking account with other checking accounts that require you to maintain a level of daily balance or face monthly fee), but you get the benefits from using the debit card for purchases. If the minimum balance requirement is not met, don’t worry, you will won’t pay for a monthly fee and will continue to earn cash back, but the cash back reduces to 1% if the balance remains below $5,000. In addition, PerkStreet is also offering 5% cash back for purchases in its PowerPerks categories and retailers (the amount you can earn at the 5% cash back bonus rate is limited to $250 per household annually, but there’s no limit on the total amount of cash back you can earn).
So, are you interested in PerkStreet Checking and Debit Card Rewards Program? Do you think this is a decent offer? According to PerkStreet, this offer “lets families save up to $600 a year without cutting back on their spending.” To learn more about PerkStreet and it’s checking and debit card rewards program, check out my previous PerkStreet review post for details.
This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.