PerkStreet Financial has started a new holiday-themed category that qualifies for its 5% cash back bonus when you use your debit card. As I mentioned last June, PerkStreet Financial's debit card reward program now includes three different levels of cash back rewards:
- 5% cash back when you shop at stores included in categories that change monthly
- 2% cash back everywhere for the days your checking account balance is at least $5K
- 1% cash back for all other cases
Debit card purchases must be signature-based without using your PIN.
For new customers, there's an extra perk. According to PerkStreet Financial:
You will earn 2% cash back on non-PIN debit card purchases no matter what your balance is for the first 3 months, starting on the day that your account is opened.
This holiday-themed category lasts until 12/31/2010 and it includes the following retailers: Best Buy, Gap, Toys R Us, Kohls, Starbucks, Macys, JC Penney, Sears, Victoria's Secret, Ann Taylor, Ann Taylor Loft, Dick's Sporting Goods and JCrew.
Here is some of the important small print of this offer:
You may spend a total of $5,000 that is eligible for the 5% cash back earn rate. Bonus perks earned as part of the 5% holiday purchases program will be awarded on February 15, 2011, which is different than when you earn your standard perks. Why? Everyone has returns sometimes, so we will wait until February to award your holiday bonus perks to ensure that the perks granted are only for the merchandise you keep. All other perks will be awarded in accordance with the PerkStreet Rewards Program Agreement.
For more details of the checking account, please refer to my PerkStreet Financial account and bonus review. The downside of the checking account is that it earns no interest. Also, there's a $4.50 monthly fee if there are no transactions during the month.
Why PerkStreet Financial?
PerkStreet Financial's checking account will mostly appeal to those who prefer debit cards over credit cards. If you prefer a credit card, you would probably do better with a checking account from Alliant Credit Union or Incredible Bank combined with PenFed's Visa Platinum Rewards Credit Card. You may also do better with a reward checking account if you don't mind the monthly requirements.
According to the PerkStreet Financial's website, banking services are provided by The Bancorp Bank which is a FDIC member. The Bancorp Bank has a been a FDIC member since 2000 (FDIC Certificate # 35444).