• Rewards
  • Redemption
  • Annual Fee
  • Convenience

NOTE: Perkstreet has closed and this card is no longer available. The following is information about an account that no longer exists.

If you want to earn rewards for your everyday spending but you don’t want to use a credit card or don’t have good enough credit to qualify for a rewards credit card, then a PerkStreet debit card (with one of their checking accounts of course) just might be your best option. You can earn up to 2% back on everyday purchases with PerkStreet.

  • Earn 1% back on all purchases (Earn 1 Perk for every $100 spent)
  • Earn up to 2% back at certain retailers and/or restaurants
  • Perks can be redeemed for a variety of gift cards at popular retailers
  • Get discounts with PowerPerks
  • No annual fee
  • No credit check for account opening
  • It takes 22 Perks to get $20 in cash (effective 0.91% back on purchases)
  • No mobile app for old accounts (expect to be eligible for mobile app sometime in Summer 2013)
  • No branch presence for deposits/withdrawals

1% Back on All Purchases

1% every time you make a non-PIN purchase

When you use your PerkStreet debit card you will earn 1% back on every purchase you make. If you swipe your card at a store or pay for gas at the pump, make sure the card is run as credit and NOT debit. If the card is run as debit you will not earn any Perks.

2% Back on Online Purchases at Select Retailers

2% online at Amazon.com®, Walmart.com, Apple.com, iTunes®, BestBuy.com, Target.com. Limited to $2,500 in annual spend.

You will earn 2% back when you shop at the online retailers listed above, up to a maximum of $2,500 per year. If you spend more than $2,500 combined at the participating online retailers, anything above $2,500 will still earn you 1% back.

2% Back on In-Store Purchases at Select Retailers

2% in-store when your balance is $5,000 or more, at: Walmart, Best Buy®, Target®, Apple® Retail Store. Limited to $2,500 in annual spend.

You can also get 2% back at the retailers listed above, but you have to be holding at least $5,000 in your account to get the extra Perks. If you typically carry a high balance in your checking account this is a nice additional benefit.

2% Back When at Restaurants with Friends

Each time you and another PerkStreet customer pay with your PerkStreet℠ Debit MasterCards® at any restaurant, coffee shop, or bar within 60 minutes of each other, you will both earn unlimited 2% back on your purchases.

If you are out with friends and want to grab something to eat, the PerkStreet card will give you extra rewards if both you and a friend use your PerkStreet cards during that trip.

The nice thing about this benefit is that you don’t necessarily have to have friends with this card to get the benefit. Even if a random stranger behind you in line uses a PerkStreet card you’ll get the additional Perks!

Perks Redemption

You have two options for redeeming Perks. You can either redeem for gift cards to some of your favorite stores, or you can have money deposited into your PerkStreet checking account. If you redeem Perks for gift cards then 1 Perk is worth $1. If you redeem Perks for cash then 22 Perks are worth $20.

Obviously the gift cards are a better deal and you should look to redeem your Perks for gift cards when possible. Below you will find a screenshot of what it might look like redeeming Perks for a gift card. Just login to your account, select the card you want and click redeem.

Redeeming PerkStreet Perks

Get Discounts with PowerPerks

Your PerkStreet account will be loaded with PowerPerks, which are discounts when you spend a certain amount of money at designated stores. For example, you might get $3 off a $15 purchase at Boston Market. All you have to do is go to Boston Market and use your PerkStreet debit card.

You never know what you are going to find in your PowerPerks, so it could save you a bunch of money or it could do nothing. It will be different for everyone.

Here is a screenshot of what your PowerPerks might look like:

Power Perks

Annual Fee = $0

There is no annual fee for this account. You also get two free checkbooks when you sign up, and your checking services are free as well.

There is a $4.50 monthly finance charge if your account is dormant. As long as you make one transaction (deposit, withdrawal, purchase, etc) then the fee is not charged.

No Credit Check to Open the Account

Let’s face it: not everyone has perfect credit. Many rewards credit cards are hard to get because they require good to excellent credit. The PerkStreet account is a checking account (not a credit card) so they will not run your credit when you open your account. This is a fantastic rewards option for anyone with less-than-great credit.

PerkStreet Checking Account Notes

Because PerkStreet is an online-0nly checking account, there are a few things to note about the service. The company posted an announcement to their blog recently, so it’s important to read that announcement to understand the details of the account.

In summary, there is currently a difference between existing accounts and new accounts.

Existing Accounts: No mobile app, free overnight UPS check deposit, MoneyGram cash deposits at Wal-Mart, 40,000 ATMs in network.

New Accounts: Mobile app for account information and check deposits (the check deposit feature is only available 60 days after account opening),  a new savings account option, only 23,000 ATMs in network, UPS check deposit and MoneyGram cash deposit are no longer available.

Once all the old accounts convert to the new technology, this is great for anyone who wants the convenience of mobile check deposit (which is awesome!) and terrible for anyone without an Apple or Android mobile device, and also terrible for anyone who prefers to deposit cash.

If you want to deposit cash on the new Perkstreet technology, a workaround would be to go somewhere an get a money order (which costs less than $0.50 at Wal-Mart) and then deposit the money order like a check.

Reward Boost Verdict

This card is no longer available. You can read about all other cards that are available on our blog.

Updated on 8/12/2013