Get cash back card rewards without the debt.
If you prefer to use cash rather than credit cards, but miss the convenience of using a card for making purchases, then you might want to apply for a debit card instead. Many banks and financial institutions are now offering free ATM bank cards and debit cards to their customers to give them easy access to their accounts. But there are debit cards today which go the extra mile with additional benefits, and which go toe to toe with popular rewards credit cards. One such debit card issuer that deserves a mention for providing special incentives is the MasterCard Debit Card Rewards From Perkstreet Financial.
Perkstreet Financial Cash Back Platinum Debit MasterCard Review
Here’s what we like about this card.
1. Earn unlimited rewards (or perks) per year. A PerkStreet Financial account has a great rewards program that rivals those by credit cards. When you first open an account, you’ll get an immediate 2% cash back on non-PIN purchases (online purchases qualify) made through the debit card. After the 3 months is up, you’ll continue to earn 2% rewards on a given day if you maintain a $5,000 beginning balance for that day. If your balance dips under $5,000, you’ll earn 1% cash back instead, by default. The debit card can help you avoid racking up credit card debt while also allowing you to build up rewards.
2. Get maximum cash back via rotating PowerPerks categories. You can receive more cash back by shopping with the various retailers that PerkStreet is affiliated with. When you do, you get 5% cash back, which is on top of the 1% – 2% default cash back. These PowerPerks are chosen by customers via a voting process and are set during a particular period each year (usually monthly). Some of the participating retailers where you can earn the higher 5% cash back are:
| Best Buy | Gap | Toys R Us |
| Kohls | Starbucks | Macy’s |
| JC Penney | Sears | Victoria’s Secret |
| Ann Taylor | Dick’s Sporting Goods | JCrew |
Remember that these monthly perks are set via a voting and selection process. We announce these categories regularly in our PerkStreet Promotions page, but you’ll also find them via PerkStreet’s social media channels: Twitter (@perkstreet), Facebook page and blog.
3. The cash back you earn has no restrictions. There’s no catch.
4. Use coupons with debit card rewards to save even more. Use the PerkStreet Financial debit card along with standard merchant coupons and other promotions. The perks you receive are over and above any other savings you get when you shop at retailers like Macy’s, Kohl’s and Best Buy.
5. PerkStreet Financial has lower overhead than brick and mortar banks. Therefore, they are able to offer this type of deal. Because they operate online, they’re able to pass the savings to the consumer. There’s no annual fee for the card.
6. Redeem the rewards for gift cards and more. Here’s a list of gift cards you can claim with your PowerPerks.
| MasterCard | Amazon.com | Target |
| Best Buy | GAP | Ticketmaster |
| iTunes | Rhapsody | Starbucks |
| Dunkin’ Donuts | Peets Coffee & Tea | Bruegger’s Bagels |
Your cash back can be used for 3 types of perks (rewards): coffee, music downloads or gift cards (e.g. retailer gift cards and the MasterCard Gift Card). You’ll need to choose the type of perk you want to receive, but you can also switch to any perk at any time, without penalties.
7. Enjoy additional card benefits. This is a platinum debit card, after all. Through your card, you’ll be eligible for extended warranty, 90 day purchase insurance, car services at pre-negotiated rates, return protection and reimbursement of up to $250 per claim and travel assistance.
8. The PerkStreet Financial account is easy to apply for. You can get an account without a credit check. Here’s our review on the PerkStreet Financial Checking Account.
What To Watch Out For
There are a few things to be aware of when using your card.
1. Your perks can expire. At this time, a particular perk will expire after 3 years. So make sure you make your redemptions in time. However, you can accumulate as many perks as you can in your account.
2. Your rewards will need to be redeemed manually. There’s a “My Perks” section on your Perkstreet account, where you’ll be able to view perks that you’ve accumulated. These perks need to be redeemed or they can expire. Transfer these perks to a gift card as described above.
3. Cash back does not mean true cash. The cash back you earn does not equate directly to money, but rather, to gift cards. For more flexible rewards, redeem your perks for the MasterCard gift card.
4. The minimum deposit to open an account is $25. To open an account with PerkStreet Financial, you’ll need to fund your account with at least $25. You’ll quickly receive your debit card and free check book once your account is activated.
PerkStreet Debit Card vs Credit Cards
PerkStreet’s rewards are at par with or may even be better than what is offered by many credit card rewards programs. Usually, debit cards aren’t so generous with the benefits, but this one from PerkStreet stands out as a unique debit rewards card. This may be a great alternative for those consumers who appreciate online banking, who prefer to use ATMs (without fees) and who would like to enjoy card rewards but are averse to using a credit card.
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{ 11 comments… read them below or add one }
Not a bad idea — debit cards with rewards. Similar to a rewards checking account though? Still, I agree that it offers a reasonable alternative to credit cards that have benefits. Are there any more products like this in the debit cards space?
Sounds like a good idea, but if you have bad credit or are on chex systems you cannot open up a checking account.
@John Rowe, you can get much better rewards from credit cards, and if you pay each month there’s no interest! You won’t see anything like that with a debit card.
Sounds good to me, just make sure your credit is good enough to start this plan. Would be a great first debit card for students or other young adults.
I just blogged about the new 2% cash back upgrade too! Its definitely one of the richest debit card offers out there and I like the direction of PerkStreet Financial, but for most students or low-income consumers, keeping $5,000 in the bank to earn 2% cashback might be difficult unless you stat moving money around from different accounts. But overall, I think its a worthy debit card if you can optimize that 2% cash back. Good review!
I am generally against Credit Cards for the most part,with a few exceptions: establishing credit, identification, emergencies, purchasing something that you may want to return, or in order to avail yourself of the consumer credit card protection laws such as a dispute resolution process through your credit card issuer. If you have to get a card, one with 2% cash back sounds great! But be careful not to buy things you would not ordinarily buy just to get the 2% cash back.
I just interviewed Dan over at PerkStreet last week – I like their product a lot. My only concern is necessary spending since any purchases are rewarded with more money. It could get out of hand, but if you have a lot of discipline that card is perfect.
Definitely sounds alluring. Do you know about how long it’ll take to get the card? Could be the next soldier in my wallet army.
Not sure how long but I can ask the folks over at PerkStreet. I think it’s a good card to have if you’re just after the convenience of plastic but really want to avoid having any sort of credit card debt. The fact that they’ve added rewards in the mix really makes their card a much more attractive option for transactions vs using cash.
Hi Briana,
My name is Jenna and I work in the Marketing Dept. at PerkStreet. I am commenting to let you know that it takes up to 10 business days to receive your Debit Card following a successful account open.
Let me know what you end up deciding and please don’t hesitate to contact help@perkstreet.com if you have any additional questions!
Thanks,
Jenna Walker
PerkStreet Financial
Cash back and rewards credit cards are only best used by those who can manage their debt effectively and successfully. Unfortunately, many consumers can’t help but pile on the debt. And holiday debt is something most people don’t want to think about until it rears its head early the following year when we finally reflect on New Year’s resolutions and make new commitments. But by then, the damage has been done and we’re facing bigger debt balances.
If you want to get out of the debt cycle, I believe that being more proactive can help. As has been suggested, we can save up rather than use a credit card. Or we can take a step further and take a look at some savings/spending products available today that address the debt dilemma. I like a product that will allow us to earn rewards without the threat of getting into debt.