PerkStreet Financial Review

As you probably already know, it is getting tougher and tougher to get a good deal on a bank account. Fees are rising on personal checking accounts and interest rates are low on personal savings. It would be good to get any kind of return on your money from a bank. Perkstreet Financial has a cash back offer that rewards account holders with cash back.

It is called the 2% Cash Back Program

Account holders will receive 2% cash back on all shopping purchases and bill payments made using a Perkstreet Financial Debit Card.

Here’s how it works

You will earn 2% cash back for all non-PIN debit card purchases made for the first 3 months. The countdown begins starting on the day that your account is opened. You can earn an unlimited amount of money since there is no cap on your earnings. After the first 3 months, you will continue to earn 2% or more if your balance is $5,000 or more.

If your balance drops to less than $5,000, you can still qualify for cash back. You will earn 1% cash back on all non-PIN debit card transactions. The total amount of cash back you can earn remains unlimited. That’s still a pretty good deal. Most checking accounts do not give any cash back to account holders.

All customers qualify for the 5% cash back bonus rate. The 5% bonus rate is limited to $250 per household annually. Non-PIN debit card purchases will earn 5% cash back during May 2011 at Zulily, Groupon, and Living Social.

The 5% bonus is often applied to different retailers depending on the month. You can check the Perkstreet Financial website to see which retailers will qualify you for the 5% reward during the month.

If you prefer not to receive the cash, you can enroll in the Coffee Rewards Program or the Music Rewards Program.

Coffee Rewards Program

Perkstreet offers coffee rewards and music rewards as well. Coffee rewards are good for Starbucks, Dunkin Donuts, Peet’s Coffe & Tea, and Bruegger’s. For every $200 in non-PIN debit card purchases, you will earn 2 cups of coffee when your balance is 5,000 or more or 1 cup when it is below $5,000.

Music Rewards Program

You can get a 2% music reward usable at iTune, Amazon, and Rhapsody. For every $100 in debit card purchases, you will earn 2 songs for an account balance greater than $5,000.. You will earn1 song when you spend $100 and the balance is below $5,000. You will earn up to 5 songs for every $100 in debit card purchases

I would prefer to have the cash personally but you can select the Rewards program that works the best for you.

Opening an account only requires a $25 deposit. There are no maintenance fees, no account minimums, no low balance fees, and no debit card fees ever. There is an inactivity fee of $4.50 that account holders should be aware of. That fee kicks in if you don’t perform any transactions on your account. Since a checking account is a transaction account, that should not be a problem. Any withdrawal or deposit should keep cardholders from being charged a fee.

Stay on budget by signing up for the PerkStreet FinancialSM Debit MasterCard®. You could earn over $600 in rewards a year with the only unlimited 2% cash back debit card. Plus, this spring you’ll rack up even more cash with 5% cash back in popular categories.

Sign Up For Perkstreet


  1. Hi there,

    My name is Jenna and I work at PerkStreet Financial. Thanks Mark for writing an awesome review! I just wanted to clarify that *all* customers receive the 5% monthly bonuses that we offer in certain categories or at specific retailers. It is not limited to new customers.

    Make sure to check us out!

    Jenna Walker
    PerkStreet Financial

    • avatar Peter Leong says:

      I have been with Perkstreet for about 3 months now and my experience is mixed with pluses and minuses. The bottom line is that IT IS not for everyone.
      While I enjoy the 2% cash back that everyone is raving about, there seems to be a catch with the $5,000 minimum that is required after 3 months to continue to receive that.
      When I send in checks to deposit by mail or UPS, I am notified that the checks will not clear for over 2 weeks. I was told that this is because of my “new account” and for security reasons.
      Also there is a $1500 a month limit on transfers into my perkstreet account.
      I have never dealt with a bank which refuses to take money or holds the check deposits for so long. It almost seems like they are making it difficult for you not to incur the fees.

  2. avatar TheGooch says:

    Ok, so :
    2% Cash Back for 3months on non-pin purchases
    After 3 months:
    1% cash back on those purchases if your balance = 5000

    5% ( of what ? ) monthly cash at selected retailers bonus for all customers, or coffee/music bonus

    Can you clarify the 5% bonus?

    • 5% back on whatever you purchase up to 250 dollars

      say the featured store is best buy. You purchase a 1000 dollar TV, you will get 50 dollars back.

  3. I use to have perkstreet. The perks are great but this card forces you to use it every month or else they charge a fee!! I’d rather get perks from a credit card and not pay fees.

  4. From what I understand you only have to use it once per month! now tell me your not going to make at least one transaction in a month?

  5. So far so good. As long as Direct Deposit is the only way of crediting your Checking Account. Other Deposits or Transfers will take several days to post to your account. So if you get cash or paid by check that needs to be Deposited or Tranferred from another Bank, make sure you can do without that money for nearly a Week or longer.

    The Perks are nice. they beat paying Fees. would be nice if Perkstreet had a Savings Account.

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