These new changes are DISGRACEFUL and personally INSULTING! I was not thrilled about having to redeem rewards through the MasterCard gift card, but I understood the rationale for doing so.
These new changes are ridiculous and I will be ACTIVELY looking for another account; I see a great deal of potentials already. One of the INFURIATING things is the spin from PerkStreet to make it look as though this is a new “benefit” and in the best interest of the customer.
What does this really mean?
1. If you maintain over $5k in the account, like I do, you will NO LONGER get the blanket 2%.
2. Now there is a LIMITED amount of retailers for which you can even receive the 2% on.
3. You are limited to only a max of $5k spending at the 2% level.
I personally used the MasterCard gift card redemption option, which is now GONE. (They have added more retail gift cards, which severely limit you, force you to shop at those establishments, typically entice you to spend additional money that you wouldn’t have normally spent and people tend to leave a small balance on each card that when added up is quite substantial). They have replaced it with an “account credit,” which adds up like this:
1. You only get $20 for every $22 of rewards. This is OVER 9% (NINE PERCENT) of your rewards that they have decided to just keep from you.
2. This means, that if you are not purchasing from one of THEIR retailers, you are getting 1% return. THEN, they take 9.09% of your 1%.
3. FOR EXAMPLE, you spend $100 and earn $1. They then take 9.09% of your dollar and only leave you with barely 90 cents.
4. This essentially drops their 1% “reward” to a 0.9% “reward,” if you can call it that.
The $2500/$2500 online/in-store purchase limit is the final nail in the coffin. I could not believe that when I read it. Limiting the amount that you can even receive at the 2% level to $5000 IN ADDITION to limited the places you can spend at, is preposterous.
These executives must have sat at the table and thought, “Yeah, I think people are STUPID enough to buy all this.” It’s like someone SPITTING IN YOUR FACE and telling you that it’s a ‘benefit’ and thinking you’re too DUMB to know the difference.
It is unfortunate that it is seen by the PerkStreet executives as revenue vs. cost while the demand function will never surpass the motivation for INCREASED PROFITS.
I'm sure in the future there will be a company that will offer a 2% rewards program with the direct account credit option and possibly even a high balance high percentage savings and/or investment account to compliment the checking. I guess I will have to do some digging and find out what's currently out there and go with the best option. It too bad because I thought PerkStreet was that option. Who knows, maybe PerkStreet will even come around.
If this does take effect, I will make it my DUTY to get accounts and post negative reviews for this company as far and wide as I am able. If I have to go through the HUGE PAIN of switching my bank (i.e., direct deposits, auto payments, etc.), then while I’m at it, I will warn anyone who will listen.
A scammy blog post was just made about how happy they are to offer more customers more perks. If you are in this for getting cashback only, this is absolutley pointless. The "awesome bonus" to the majority of the customers that weren't earning 2% is that you can get 2% online at a small list of retailers. If you have almost any credit card, you can use their online bonus mall to get the same if not more at any of these retailers. If your friend by chance happens to be unfortunate enough to be a member of this bank, you can get 2% if you both order at the same restaurnt. The Citi Forward card not only allows you to earn 5% at Amazon, but also 5% at any restaurant, without getting your friend to waste their time. The Fidelity Rewards credit cards both offer a flat 1.5% and 2% on everything depending on which you get, so the 1% is also a waste of time.
This move is all about profit, and if you look at their blog post, almost everyone, including the people for whom this is an "upgrade" are upset and are leaving. There's no incentive to keep money in the account and there's no incentive to use the debit card for anything. I'd rather be earing interest somewhere else than having to deal with this dishonest comany who keeps insisting it was for the good of their customers. At least be honest with us - that's the worst part. And I'm a very old customer. At least honor us somehow.
Byebye! Do not sign up for this bank!
THE BANK IS EXACTLY AS ADVERTISED, REWARDS, BUT NO FRILLS. I OPENED MY ACCOUNT AT THE PROSPECT OF GETTING CASH BACK WHICH IS EXACTLY WHAT IS HAPPENING. EVERY TIME I USE MY DEBIT CARD IN A CREDIT TRANSACTION, I EARN UNLIMITED 1% CASH BACK. I PERSONALLY DON'T HAVE A PROBLEM REDEEMING MY REWARDS FOR SPECIFIC MERCHANTS (I.E. TARGET, APPLE, STARBUCKS, APPLEBEES, ETC.), I USE ALL OF THESE PLACES ANYWAY.
THE CUSTOMER SERVICE IS ABSOLUTELY WONDERFUL! EVERYTIME I CALL THE REPRESENTATIVES ARE FRIENDLY AND EAGER TO HELP. I HAD ONE ISSUE, WHERE I FAXED THE SIGNATURE SHEET AND THEY NEVER RECIEVED IT. I HAD THREE RETURNED CHECKS, BUT THEY DIDN'T CHARGE ME A SINGLE FEE AND WERE VERY HELPFUL IN GETTING THE SITUATION FIXED. IT WAS MY FAULT AND THEY COULD HAVE EASILY BRUSHED ME OFF, BUT THEY DIDN'T.
I DON'T USE A LOT OF THE POWERPERKS AND I WOULD LIKE TO SEE MORE SELECTION IN THAT ARE, BUT OVERALL, I'M A SATISFIED CUSTOMER
Check the reviews they speak for themselves. I can't get them to send me my balance as I have requested to close my account. I will be filing a complaint. Shame on Dave Ramsey for promoting such a bank with such horrible customer service. Tisk, tisk...
After hearing Perkstreet advertised by Dave Ramsey, I opened an account and deposited $50 in April. I've never really given it much thought, but lately began to realize I should either use the account or close it - now, come July my balance is $32. I was charged $12 for "Inactivity". I'll never put my money somewhere that CHARGES me to KEEP my money. What a rip off.