Perkstreet Financial’s cash back checking account is a product that came on the scene after the banking collapse of ’08 when credit card issuers were forced to tighten their eligibility and become more transparent. Subsequently, consumers were switching to debit cards at a rapid pace – creating a wonderful opportunity for Perkstreet Financial.
Today, their cash back checking account is still the number one account of it’s kind – combining the lucrative rewards of a cash back credit card with the simplicity and debt-free guarantee of a debit card.
If you haven’t heard of Perkstreet Financial, you’re certainly not alone. They are an up and coming company with a highly innovative checking account and unique approach to banking. They will undoubtedly become a household name as more people begin to recognize their brand – and especially as larger national banks continue to lose their trust amongst consumers.
In this review of Perkstreet’s checking account we’d like to give a thorough breakdown of it’s benefits, simplicity, and functions and open up the section below for reader/customer comments and suggestions.
The first thing one should know about the Perkstreet checking account is that it’s a hybrid of sorts. As we mentioned above, it applies a similar reward structure to that of a cash back credit card, but leaves the consumer with zero possibility of sinking into debt.
It comes with all of the features a desirable checking account and/or debit card would have such as: the largest surcharge-free ATM network with over 37,000 ATM’s to use nationwide, a cash back structure of between 1% and 25% depending on where you shop. As well as easy and free online account management with 24/7 live customer support.
Like many other popular community banks and credit unions Perkstreet has partnered with STARsf® to give their customers easy access to their cash without ever paying ATM fees. These locations are strategically located in frequented shopping centers such as Target, Costco, CVS, Walgreens, etc. Keep in mind the ATM’s do not feature the Perkstreet logo on them, but rest assured they are surcharge free. You can find free ATM’s in your neighborhood by visiting their website or using their mobile app.
Perkstreet Checking Account Rewards:
New checking account customers earn between 1 and 25 percent cash back on almost every purchase.
Here is how the cash back breaks down.
If you purchase goods online, you’ll almost always be able to get at least 2% cash back. Perkstreet allows for this 2% cash back on a huge network of online retailers including Amazon.com, Target.com, Wallmart.com, Bestbuy.com and other nationally recognized brands.
As for the 25%, this is only applied to selected deals that they personally send to you. They call this your “Power Perks” and the items are send to your inbox every week.
The 1% cash back is applied to everything else you purchase outside of the categories mentioned above. The one catch is that you must purchase the item without using your pin. Pin based purchases won’t be eligible for cash back.
Here’s how you can earn $600 in cash back every 12 months (see graph above as well):
Spend $2500 monthly with the card and earn $600+ in cash back every year! Making $601 in weekly non-PIN purchases will earn you $625 in perks annually (when you maintain a balance of $5,000).
According to the U.S. Bureau of Labor Statistics, the average American household spends $601 per week on purchases that could be put on a debit card, including stuff like utility bills or rent. According to the Federal Reserve paper ‘Household Switching Behavior at Depository Institutions’ (2002), the average lifespan of a checking account is ten years, which would make the average family’s lifetime earning $6,250.
Perkstreet Checking Account Features:
- 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