Ladies and Gentleman, I come to you today with something that I’ve never seen before. PerkStreet, a somewhat unknown online checking account and debit card provider has just decided to offer 5% cash back on their debit card for select purchases and a flat 2% cash back for everything else. All non-PIN transactions of course.
Now you might be familiar with a few credit cards that offer 5% cash back on rotating categories, like the Discover® More Card and Chase Freedom℠ MasterCard and you may even know of a cash back credit card that offers a flat 2% cash back (Schwab Visa for those that have it). Even in the credit card world, there is no card that offers the 5%/2% opportunities and we’re talking about a DEBIT CARD here people.
Taking advantage of 2% offer is pretty simple. All you need to do is sign-up for a PerkStreet account, maintain a balance of at least $5,000 in your checking account and that’s all there is to it. Amazingly enough, PerkStreet is even going to give you a break on their only rule, as every account will have a three month grace period where you’ll still receive the 2% cash back, even if you can’t maintain that high of a balance. Your starting balance for the day will determine if you’re eligible for 2% cash back so if you have $5,000 to start the day, all purchases made will receive 2% cash back. Anything lower than $5,000 will receive the standard default cash back rate of 1%.
The 5% cash back offer is valid regardless of your account balance and will include selected merchants and categories on a month-to-month basis. For June and July, 5% cash back can be earned on gas and home improvement purchases (specifically Lowe’s, Home Depot, and Menard’s). In additional any purchases made at the Apple store from June 24th – June 27th are eligible, so if you’re in the market for the iPhone4, you now only have to pay 95% of the price!
When we first reviewed PerkStreet months ago, they were offering a free $50 for signing up, then decided to go the cash back route, and offer 2% cash back for the first six months, and 1% cash back thereafter. Now, they’ve totally blown the offer out of the water and when you factor in the free checks, no maintenance fees and excellent customer service, there’s no reason not to take advantage.
To sign up for a PerkStreet Checking Account and PerkStreet Financial℠ Visa® Debit Card, visit their official website at www.Perkstreet.com
Published or updated September 10, 2012.