Cash Back Debit Card | How to Get More Cash Back with PerkStreet Financial (Limited Time Offer)

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Editor’s Note: This post was updated Oct5th, 2010 at 7:00 p.m. EST to clarify some details I misunderstood about the PerkStreet Financial holiday promotion.

For the last several months I’ve been hearing about PerkStreet Financial and their cash back debit card.

My first reaction – what?! A bank that encourages you to spend, not save! Then I realized that we spend money all the time, and so if we can get a sweet added bonus of cash back, then that’s cool too. This is an especially good opportunity for you non credit card users. I’ve been a proponent of credit card rewards, so the fact that debit card users have a reasonable rewards program is good news.

Still, even though I thought that PerkStreet has some cool features, I figured I wouldn’t bother posting about it because you can read about them on thousands of other blogs. I was happy to get my 1% debit card cash back from ING.

Then I got an email.

The email introduced the PerkStreet Holiday campaign.

PerkStreet Customers: Additional 5% Cash Back Debit Card Purchases

As a part of this promotion, PerkStreet customers will earn an additional 5% cash back when they use their debit card for all non-PIN debit card purchases at select retailers.

So where can you get an extra 5% cash back debit card use?

  • Best Buy
  • Gap
  • Toys R Us
  • Babies R Us
  • Kohls
  • Starbucks
  • Macys
  • JC Penney
  • Sears
  • Victoria’s Secret
  • Ann Taylor
  • Ann Taylor Loft
  • Dick’s Sporting Goods
  • JCrew
  • You must sign up for an account by 11/15/2010 and make purchases by 12/31/2010.

    So here’s the deal. Shop at Best Buy (or any of the stores listed above) for your Christmas presents. Spend $100, and you’ll get $5 cash back for using your debit card for all non-PIN purchases. Pretty sweet, eh?

    Here’s what the folks at PerkStreet say:

    Please be sure to keep in mind that this holiday bonus offer is ON TOP OF the standard PerkStreet product, which is:

      • 2% cash back for 3 months
      • Earn 2% cash back on every non-PIN purchase when your balance is $5,000 or more or earn 1% cash back for balances below $5,000. Either way, you won’t find another bank in America that gives you more rewards on debit.
      • We’ll be announcing other special opportunities to earn up to 5% throughout the year.

    20Something Finance reports:

    And PerkStreet’s cash back is definitely better than most debit cards. The average debit card offers .04% rewards vs. PerkStreet at 1%. 17% of debit cards offer rewards (Source: BAI/HItachi 2008 Study of Consumer Payment Preferences).

    If the average reward offers .04% in rewards then this cash back debit card rewards bonus is a very, very good deal for customers.

    What you need to know about PerkStreet:

    • They are an online bank.
    • They are FDIC insured.
    • The do not offer any interest, but cash back instead.
    • They have a good list of free services – free PerkStreet Financial Visa debit card, free checkbooks, free online banking and bill pay. PerkStreet even claims that “no other bank gives you more free ATMs than we do – 37,000 nationwide”.
    • There is a $4.50 account inactivity fee if you don’t use it within a month, but most people will use their cash back debit card at least once a month.

    Click here to get more details or click here to sign up for your PerkStreet Financial account.

    Cash Back Debit Card Account

    Notes: I do not currently have a PerkStreet account so I have no personal experience with them. This post does contain affiliate links for PerkStreet Financial.

    Anyone already using PerkStreet? Reactions?


    1. says


      My name is Jenna and I work at PerkStreet Financial. I just wanted to clarify the holiday cash back offer. The 5% cash back bonus is on top of our standard product offering, which is 2% cash back on all of your non-PIN purchases. Unfortunately, the 5% cash back is not added to the 2%, yet you will receive 5% cash back at these popular retailers and then 2% cash back on everything else. I apologize for the confusion!

      Either way, PerkStreet offers the most rewarding checking account rewards program out there!

      Happy shopping,
      Jenna Walker
      PerkStreet Financial

      • says

        Thanks for clarifying I will clean up the post to reflect this detail. Obviously, I misunderstood when you said “Please be sure to keep in mind that this holiday bonus offer is ON TOP OF the standard PerkStreet product”. That seems to say you will get the standard 2% plus (“on top” of that) 5%. Sorry for the misunderstanding.

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