PerkStreet Financial has announced updates to their cash back rebate policy.
Effective March 5, 2012, PerkStreet has changed the earning rates on their debit card to allow more people to earn more cash back, plus they’ve increased the amount of redemption options for their perks and made a slight change in the overdraft fee.
More Perks for More People
PerkStreet Financial‘s prior earning rate was 2% cash back on non-PIN debit card purchases for the first 90 days after account opening.
Following the first 90 days, customers earned 2% cash back when their balance was $5,000 or greater, and 1% if their balance was under $5,000.
Reaching a $5,000 balance to earn 2% cash back wasn’t possible for many customers, and according to PerkStreet, over 90% of their customers weren’t earning 2% cash back.
Starting March 5, 2012, new customers will earn the following rates (current customers’ earning rates will switch over April 4, 2012):
- 1% unlimited cash back for all non-PIN debit card purchases.
- 2% cash back on online purchases at: Amazon.com, iTunes, Target.com, Apple.com, Walmart.com and Bestbuy.com. Online purchase bonus perks are limited to $2,500 in spending every calendar year.
- 2% cash back in-store, when you have a Current Account Balance of $5,000 or more, at: Walmart, Target, Best Buy, and Apple stores. Offline purchase bonus perks are limited to $2,500 in spending every calendar year.
- 2% unlimited cash back when you and a friend use your cards together at the same restaurant, bar or coffee shop. Transactions must occur within 60 minutes of each other to qualify.
- 5% cash back on special categories and merchants they announce every month via Twitter (@perkstreet), their Facebook page, or other company communications. PowerPerks Bonus Perks are limited to $5,000 in spending every calendar year.
Customers who opened an account prior to March 5th will also continue to get the full 90-day unlimited 2% cash back sign-up offer.
As always, purchases of cash and cash equivalents are excluded from earning perks, and this will now include transfers made via PayPal or Venmo, as well as state and federal tax payments.
More Ways to Redeem Perks
PerkStreet is also nearly doubling the number of gift cards that they offer. Starting April 4th, customers can redeem for their perks at 35,000 locations, including new options like Walmart, Applebee’s, Sears, Macy’s, T.J. Maxx, and more.
Instead of having separate redemption options for the cash back, coffee, and music rewards programs, all redemption options will be available together.
Here is a list of all of the rewards partners whose gift cards they’ll offer:
- Dunkin’ Donuts
- Best Buy
- Olive Garden
- T.G.I. Friday’s
- iTunes / Apple
- T.J. Maxx
Many of these options will be available electronically, which means they can be accessed even faster.
Plus, PerkStreet will be adding more gift card redemtpion options in the coming months.
They will no longer offer MasterCard Gift Cards as a redemption option, but they will continue to support all MasterCard redemptions until they run out of their current supply, which may occur before April 4th.
You’ll also have the ability to redeem perks directly into your account.
For every $22 in perks that you redeem, PerkStreet will deposit a $20 account credit into your account.
However, redeeming for account credits has the effect of reducing your cash back rate.
Overdraft and Non-Sufficient Funds
PerkStreet is changing their overdraft and non-sufficient fund fees to $32.
Take advantage of these new PerkStreet 2% Rebate Categories to earn cash back on select purchases.
Open a PerkStreet Financial account to earn up to 5% cash back on your debit card purchases.