Looking for PerkStreet Financial reviews to decide whether or not the checking account and debit card rewards program is a good match for your needs? Here’s a review of the free checking account and Visa debit card rewards program:
Visa Debit Card with Above Average Rewards
Only about 17% of debit cards available offer a rewards program of any kind. The average rewards earned through debit card use is .04%. The PerkStreet Financial debit card rewards program offers 1% cash back on all non-PIN transactions made with your debit card, if you have less than $5,000 in your PerkStreet checking account. If you’re one of the lucky people who can keep more than $5,000 in your checking account, you can earn as much as 2% cash back on all non-PIN transactions with your debit card.
At various times, PerkStreet offers 5% cash back earning opportunities with some of their merchant partnerships that you can choose to take advantage of to increase your rewards.
PerkStreet Financial Checking Account Details
The checking account from PerkStreet Financial is a quality account that does not charge fees for most users. If you don’t have at least one transaction made during a month, you are charged a $4.50 inactivity fee – but provided you maintain an active account you will not pay any fees for the checking account. They even give you your first box of checks for free to get you started.
PerkStreet Financial checking accounts offer free online bill payment services and free access to your online account to keep track of your incoming and outgoing money. The account can be opened with just $25 and you are not required to maintain any minimum balance. It is in your best interest to keep at least $5,000 in your account if at all possible, since it earns higher rewards on debit card purchases – but it’s not a requirement and you still earn 1% cash back rewards if your balance falls below $5,000.
Your money is FDIC insured up to $250,000 through Bancorp Bank.
PerkStreet Financial Rewards Redemption
When you’re ready to redeem the rewards you’ve earned using your Visa debit card from PerkStreet Financial, you have some choices to make. You can receive cash back on a Visa debit card, on a gift card to a specific retailer, or through gift cards for music (like iTunes) or coffee (like Starbucks).