PerkStreet Offers 2% Cash Back Reward

"We can give the average American family $500 a year, spending what they already do on their debit card.", Dan O'Malley, CEO of PerkStreet told WalletPop in a phone interview.

PerkStreet Financial, the online bank O'Malley is talking about, offers a free checking account and one of the most flexible debit card rewards programs we've seen.

Perk Street's newest reward program offers several levels of rewards based on how much you have in checking and where you are spending you money. Perk Street members with $5,000 or more in checking will now receive a 2% cash back reward on any non-PIN debit card purchase and those with less than $5,000 will continue to receive 1% cash back.

In addition to the standard rewards structure, PerkStreet is now offering 5% cash back on special categories and merchants each month. The current 5% cash back categories for June 23rd through July include:

  • Gas: earn cash back on any pay at the pump gas purchase

  • Home Improvement: rewards for any purchase at Home Depot, Lowes and Menard's

  • Ice cream: Treat yourself at Ben &Jerry's, Dairy Queen, Culver's and Cold Stone Creamery and earn rewards.

These special reward opportunities will also include special deals of the day. Rumor has it that Perk Street is offering a 5% cash back opportunity at Apple on June 24th to celebrate the launch of the iPhone 4. Unlike the standard rewards the 5% special rewards program is limited to $500 annually. If cash isn't the reward you are looking for, PerkStreet also offers music or coffee rewards.

The rewards system at PerkStreet is straightforward and allows its customers to switch between the three debit card rewards at any time with a few clicks. You can take a cash back reward starting at $5, or get a free cup of coffee for every $200 spent or free song for each $100 spent. In truth, most consumers probably won't spend the $33,333 required to earn $500 in the debit card rewards that O'Malley mentions, but it is nice to know that there is no rewards cap to max out.