Earn Rewards Without a Credit Card: 2% Cash Back Using a Debit Card

PerkStreet recently updated their offering and now they offer 5% cash back in some spending categories. Read more about the 5% cash back offer from PerkStreet Financial.

I was hanging out with some friends the other night, playing some Texas hold’em, and we started talking about our generation’s feelings towards debt. Even though we know there is a lot of credit card debt out there, we concluded that many of people our age and younger are growing tired of the kind of lifestyle that involves credit. Many of my friends choose not to use credit cards at all. I know Dave Ramsey has been a big player in creating this shift.

While I’m not completely against using credit cards, I do see the benefits of going without one. That’s why I thought pointing this reward debit card out to you guys would prove beneficial.

Aside from the convenience factor, the only reason I currently use a card is to get the cash back credit card rewards. For those in the anti-credit card crowd, it can seem like you are being left out of this whole “rewards” system. Well, you don’t have to be anymore.  There is a new checking account from PerkstreetPerkStreet Financial that comes with a debit card that pays you 1% cash back on your spending as well as 2% and 5% at select retailers. Here are the details:

  • PerkStreet Financial offers a free online checking account
  • The checking account has the standard ($250K) FDIC insurance
  • 1% Cash Back Rewards on Non PIN-Based Transactions
  • 2% Cash Back at several popular retailers including Walmart and Amazon.com® online and in-store*
  • 2% Cash Back when you and a friend both use your Perkstreet card at any restaurant, bar or coffee shop within 60 minutes of each other
  • 5% Cash Back on rotating categories selected by Perkstreet cardholders just like you each month

What About ATMs? – When you need cash, use one of PerkStreet’s 37,000 ATMs within the STARsf® surcharge-free network. Outside this network you pay $2. To give you an idea of how many free ATMs PerkStreet has, they’ve put together this chart comparing their numbers to other banks. Kudos to them for doing this because with an online bank, there’s a greater need for ATM use.

What About Deposits? – Like every online only account, the downside is the ability to make quick deposits. However, PerkStreet seems to have made the best of the situation. You can deposit funds using any of these 4 methods: direct deposit, transfer from another bank, regular mail (PerkStreet provides postage paid envelopes for you), and free overnight deposit via UPS Store or Mail Boxes, etc.

What About Safety? – “Every PerkStreetSM account is FDIC insured up to $250,000 and all PerkStreet FinancialSM Visa® Debit Cards are protected by The Visa Zero Liability policy.”

Who Is PerkStreet Financial?

I encourage you to check out PerkStreet’s “Our Company” section.  You’ll be impressed with their mission and see that it aligns with your own goals of financial responsibility and security. Click on the image of the video and then head to the “Our Company” section of the PerkStreet website to view the video of CEO, Dan O’Malley.

How PerkStreet Compares with Other Online Checking Accounts

Interest Rate
Ally Bank
All Fees Refunded
All Fees Refunded if Balance >$5,000
FNBO Direct
FNBO Direct
840,000 PLUS locations - 4 Free Withdrawals Per Month
Up to 5% Cash Back
37,000+ free ATMs through STARsf®

If you are currently using PerkStreet’s checking account, I’d love to hear your thoughts on the product. Leave your comments below…

Update: I’m opening a PerkStreet account. Check out part one of my PerkStreet account opening process review.

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Last Edited: March 8, 2014 @ 10:51 pmThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!


  1. Wonderful post. I am searching awesome news and idea. What I have found from your site, it is actually highly content. You have spent long time for this post. It’s a very useful and interesting site. Thanks!

  2. @Marcus – Yes, any PIN-based “debit” transactions will not earn rewards. However, in most cases you can say it’s “credit” and not have to enter a PIN.

  3. The offer says 1% cash back on Non PIN-Based transactions. Does this mean the more daily spending involving PINs doesn’t involve the same rewards?