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Special Offer: Order an American Express Prepaid Card between August 1-31st, load $200 or more at the time of order, and receive a complimentary $25 Gift Card. Offer ends August 31, 2012.
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The signs are clear: student loan debt is proving a greater and greater drag on our economy, stymying economic growth. The signs are everywhere: from millions of young Americans choosing to return hom
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Demos, a research think tank promoting economic equity, just released a report created from its survey of American credit card use. Unfortunately, the findings are unsettling.
PerkStreet Debit Card: Is it Right for You?
PerkStreet Financial is generally known for offering very competitive rewards programs, and they continue this trend with their PerkStreet Financial℠ Debit MasterCard®. This debit card offers up to 2% cash back on non-PIN purchases, when your account balance is greater than $5,000. PerkStreet advertises that the average American family can save up to $500-$600 per year by using this cash back card strategically. The card also comes with special offers and bonuses, like 5% cash back at select retailers, as well as the industry standard 1% on most purchases (regardless of account balance).
How does this card work? Like other cash back debit cards on the market, you must deposit money into a Checking account, which then becomes your available balance. Each time you use your card to make non-PIN (or 'credit') purchases, you'll receive anywhere from 1-5% cash back. The cash back is not directly deposited into your account, but rather remains as points that you can redeem on over 35,000 websites and retail locations.
The Pros about this card are:
- 5% cash back at select retailers each month
- 2% cash back with online purchases (regardless of account balance) at: Amazon.com®, iTunes®, Target.com, Apple.com, Walmart.com and Bestbuy.com
- No monthly fee when you use your card
- No annual fee
- Free online banking, bill pay, and money transfers
- No credit Checks
- FDIC-insured
The Cons about this card are:
- Only 1% cash back (at most retailers) when your online account is less than $5,000
- Perks aren't automatically redeemable for cash back
- To have cash back deposited directly into your account, you have to use additional perks
- Fees (e.g., overdraft, inactivity, and returned item)
- Purchases must be non-PIN transactions in order to earn points
- Bonus perks are capped at $2,500 spent/yr
- PowerPerks bonus perks are capped at $5,000 spent/yr
The PerkStreet Financial℠ Debit MasterCard® is a very competitive cash back card, as long as it is used strategically. However, making sure to read and understand all of the terms and conditions is crucial for getting the most from this card. Anyone who wants cash back, but who may not qualify for a traditional unsecured Cash Back Rewards card may find this card beneficial. As well, this card is useful for anyone who wants the benefit of cash back, but without the potential for accruing Credit Card debt.
For more information, including terms and conditions, visit our PerkStreet Financial℠ Debit MasterCard® cash back debit card page.
