**PerkStreet Financial will be closing permanently and ceasing all business operations on September 26, 2013. For more information, visit their website.
For most people who want cash back on a plastic, they mostly turn to a credit card. However, there are a few debit cards that have the same offer and one of them is the PerkStreet FinancialSM MasterCard Debit Card.
With this particular card, cardholders can get as much as 2% cash back on every purchase that they make.
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Getting the Cash Rewards
It is generally difficult to find a debit card that offers the same cash back reward as PerkStreet FinancialSM MasterCard Debit Card. Most of the debit card members have been using this type of plastic and have never received cash back before. This is how the reward system works:
- 1% Cash Back: All cardholders are given 1% cash back whenever they use the card for transactions that do not require their PIN. These include purchases in stores.
- 2% Cash Back: Many of the cardholders use their cards for online purchases. While 1% cash back is awarded for those who use their card in physical stores, shopping online is much better. Get 2% cash back whenever you use the card for purchases on Amazon, iTunes, Apple, Best Buy, and Wal-Mart among many others.
- 5% Cash Back: What is even more amazing about this debit card is that it has 5% cash back just like in most credit cards. There are categories known as PowerPerks where the consumers get to choose from rotating merchants. The merchants change each month and will depend on which vendor or trade wins the vote of the consumers.
It is important that the cardholders understand that the rewards are only available when the card is used without a PIN. The non-PIN transactions mean that they have to use the debit card “as credit.”
More Bonus
Apart from the mentioned ways above on how to earn cash back with PerkStreet FinancialSM MasterCard Debit Card, there are two more methods that allow the cardholders to get bonus points:
- Pay with a Friend. If you and your friend frequent a particular restaurant, coffee, shop, bar, or any other place, you should use your card when you purchase there. This will earn you both a total of 2% cash back as you pay with your cards together.
- Check Your Balance. If you have $5,000 worth of balance in your account, you will automatically get 2% cash back. Use your card often with purchases to increase your rewards.
Once you have collected your points, you can redeem them from the bank. There are many options as you redeem the rewards which include gift cards for buying from restaurants and well-known retailers.
PerkStreet Financial has provided over 35,000 locations where consumers can exchange their perks into cash rewards.
Another popular method is to simply convert the perks into a balance in the checking account. The consumer is required though to have at least two perks. The perks or the points will be directly transferred to the checking account and can be done anytime as often as the consumer wants.
Rewards Estimates
According to PerkStreet, the cardholders can earn around $600 every year as they continue to use the debit card. This amount was projected with the figures from US Bureau of Labor Statistics in mind. In the data, it is mentioned that the average family in America spends around $601 every week. The amount is for the purchases made with the use of a debit card.
In this case, if the PerkStreet FinancialSM MasterCard Debit Card user spends the said amount every week, he or she will earn up to $625 yearly on the cash back rewards from the card.
What is even better is that there are many users who report that they have earned almost $700 in rewards alone. Some who shop with their card most of the time even earn more than $1,000 in a year.
Online Banking and Other Related Facts
When this debit card first came out, there were many concerns about it. However as the number of users grow, these apprehensions were addressed effectively. These include the following:
- Lack of ATM machines - There are many competitions out there and most of them have a great number of ATMs for their customers. This was one of the initial concerns with the bank PerkStreet. What was surprising though is that they actually have more ATMs around the nation than other major banks. To locate the nearest ATM, use the bank’s ATM locator. Most of them are easy to find with locations within 7-11, Target, and Walgreen’s.
- Accessing account online - Most of the credit cards and debit cards offer online access. PerkStreet is no exception as they provide extensive functions in online banking including checking balances and viewing history of transactions. Online banking also allows money transfers in and out.
- Unable to pay bills with the card - Credit card owners are fond of their plastic because they can connect it to their bills and they can start paying right away. The same can be done with PerkStreet FinancialSM MasterCard Debit Card.
- No mobile alerts - This is great news for those who are always on the go. They can set up mobile alerts with this debit card unlike others who do not offer the same functionality. The alerts are customizable which means that you can choose whenever you would like to receive notifications on your phone. For instance, you can set it up to send you an alert when your balance drops to a certain amount.
Moving Cash In and Out
PerkStreet is an online bank, which is why most people are wondering how they can get their money by withdrawing their cash. There are actually three ways to do so:
- ATM Withdrawals: As mentioned, there are many ATMs around the country where cardholders can get their money.
- Store Purchases: Although you may not get the cash, you can spend it in your favorite store. If you truly want your cold hard cash in your hands, this is also possible. Simply enter your PIN when purchasing in store and request for cash conversion. Note though that this will not earn you the rewards talked about earlier.
- Transfer Money Online: Use your online account to transfer money to another bank.
On the other hand, depositing cash only involves one method and that is to use another bank. This means that you have to deposit your cash with another bank by visiting their branch.
After that, you can make an online transfer to your PerkStreet FinancialSM MasterCard Debit Card account.
Make sure that your outside account gives access to an online account and does not charge on transfers if you would like to save.
The Debit Card’s Fees
Apart from the rewards, the other important thing that you are probably wondering about is the cost of the card. You will be happy to know that the card comes with extremely low fees. The best way to take advantage of the fee structure is to learn how to handle money properly. The fees associated with the card are the following:
- Overdraft Fees – This pertains to the amount that you spend way beyond than what you have in your account. This feature is like a credit card’s where you can go over the limit. The bank may approve of your request to provide convenience for you, but you have to know that there is a fee here. Normally it will be around $32.
- Failed Transaction Fees – If you issue a bounced check or for some other reason the transaction did not go through, you will have to pay an extra $32 as fee. Meanwhile, if you deposit a check into your account and the funds have been transferred to your account, you will be charged $7 as the return fee.
- Inactivity Fees – If you do not use your card in a month, you will be charged with this fee. Continue using it by making online payments, withdrawing, or writing a check. Each month that you do not use your card will cost you $4.50.
- Outgoing Transfer Fees – Send money to another account in the US and you will be charged $12. For those who plan on transferring to international locations, be aware that there is a $45 charge.
- Incoming Transfer Fees – You can freely deposit any amount into your account without worrying about extra fees. However, if you choose to transfer money from another company, that company will charge PerkStreet. The amount that they charge will be passed on to you, which can be 2.5% of the amount loaded into your account.
Foreign Fees – Using the card outside of the United States will incur a 1% charge based on the purchase made.- ATM Withdrawal Fees – Withdrawing from the network where PerkStreet FinancialSM MasterCard Debit Card belongs will never cost you anything. However, if you use the card outside of the network, you will have to pay $2 for every transaction.
- Check Cancelation Fee – If you decide that you do not want to send a check anymore, request for that to happen and pay the $15 fee.
- Card Replacement Fee – If you lose your card, the bank will provide you with a new one for free. However, if you cannot wait and you need the card right away, you can expedite the process by paying the $50 charge.
- Research Fee – If you need the company’s research service which may include IRS levy and legal requests, you will be charged by the hour. The minimum amount is $10.
- More Checkbooks – For those who need additional checkbooks, the second book is free. The succeeding ones will have a charge depending on the type of check selected by the user.
Unlike other debit cards, there are no fees that you have to pay monthly when you use the card.
Additional Features
Apart from the rewards, low fees, and the other things mentioned above, there are standard features included in the card. These are:
- Insurance: The bank gives protection for deposits up to $250,000.
- Customer Service: If you have a problem with your card or you have a question, a customer service representative will be happy to assist you 24 hours a day, 7 days a week.
- PerkStreet FinancialSM MasterCard Debit Card is a great choice for those who would like to earn rewards as they spend their own money.
Making a Decision
Regardless of your needs, it’s always best to compare your options. The best way to do that is through a credit card comparison tool.
Simply use the FREE chaser tool located at the top of this page to get started on your search today!
