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06 Sep 2012

The Author

Dan O'Malley

Chief Executive Officer

 

Dan believes banking needs change. Sustainable change. As an executive in the banking and credit card industries, Dan realized that financial services suffer from some serious incentive problems. Earning rewards for using a credit card encourages you to — surprise — use your credit card too much. And building big, expensive bank branches encourages under-investment in phone and internet customer service. Dan believes that organizations that create the right incentives can change industries for the better, even ones with as much need for help as banking. That’s why he founded PerkStreet.

Before PerkStreet, Dan co-founded Capital One’s Payments division, where he created the industry-changing decoupled debit card and launched the company’s prepaid business. Dan loves launching breakout new strategies, which he did in Capital One’s corporate strategy team and at Oliver Wyman, one of the world’s largest management consultancies. He also loves math (even if that makes him a dork), with a background in quantitative analysis and a BSE in Operations Research from Princeton University. Other loves? Baseball, cooking, and lightly roasted African coffees.

 

Photo by Bryce Vickmark Photography

Power Up With All New PowerPerks!
26 Comments
Power Up All New PowerPerks

Earlier this month we told you we were developing an all new PowerPerks 2.0. We’re excited to announce that beginning tomorrow, Friday, September 7, all of our customers will have access to the new PowerPerks program!

Weekly deals on your cash back debit card

Look for this in your myperkstreet.com user interface!

About PowerPerks 2.0

Starting tomorrow, you’ll have access to a new PowerPerks dashboard within myperkstreet.com. Every week you’ll see new deals at a variety of retailers in your dashboard and in your email inbox. To earn the rewards in each deal, either click the deal to shop online or pay with your PerkStreet card in store.

What’s New

Automatic Deals

These deals are coming a lot faster at a lot more places than before! Because of that, we’re no longer going to feature voting as part of the PowerPerks program. The new PowerPerks are based on where you shop, and we’re already thinking of ways to make them even more personal for you.

No Limit

Previously there was a $2,500 annual limit on PowerPerks earnings. With PowerPerks 2.0, the earning is unlimited.

Bigger Savings

This is a whole new kind of PowerPerks, and some of these deals earn up to 25% cash back. Talk about power!

Sample PowerPerks 2.0 Email

Look for this in your inbox!

PowerPerks Plus!

For the month of September and JUST UPDATED! October, all of our customers will enjoy the new PowerPerks 2.0 in addition to earning 5% back at the places you picked for September PowerPerks: The Cheesecake Factory® (in-store), Ace Hardware® (online and in-store), and Pottery Barn® and Pottery Barn Kids® (online and in-store)

Want to know more? Visit the PowerPerks FAQs, and check your inbox for our official announcement. Didn’t get one? Check your spam filter. If you recently changed your email address, login to myperkstreet.com, click “account services,” and submit your new email address under “manage contact information.” This way, you’ll ensure you can get the new PowerPerks delivered right to your inbox!

Thank you so much for all of your feedback, PerkStreeters. We’re excited to be launching these new deals for you, and we couldn’t have done it without you.

Are you excited for the new PowerPerks? Let us know what you think and share any questions you have below.

*To redeem a perk as a statement credit requires 2 perks per each $20 redemption, thereby reducing your effective cash back rate. In addition, statement credits are redeemed in $20 increments. For example, a $20 statement credit will require $22 in perks. A $40 statement credit requires $44 in perks, etc. All other reward redemption options require no additional perks.
For full PowerPerks 2.0 details, see the Terms and Conditions.

26 Comments
  • http://leeslearninglive.blogspot.com/ lovedbyGod2

    I love my bank!

  • Bryan87

    This is awesome, thanks for continuing to stand out and set yourself apart, im proud of u guys and to be your client!

  • Bill

    This is awesome only I never got the email, what businesses are participating this week? I even checked my spam folder, I got the e-mail announcement of this, but nothing about who’s participating.

  • Aaron Hoover

    This is really cool. looking forward to Perks 2.0!

  • http://Twitter.com/KylePs80 Kyle Psaty

    Bill, not to worry! Your new PowerPerks should be arriving via email today. You will also be able to log in at myperkstreet.com and click the “perks” tab to see what you’re being offered.

  • http://Twitter.com/KylePs80 Kyle Psaty

    Bryan. You’re the man. This is what I come to work for. I hope this totally exceeds your expectations.

  • http://Twitter.com/KylePs80 Kyle Psaty

    Your bankers love you!

  • http://Twitter.com/KylePs80 Kyle Psaty

    Thanks much, Aaron. Have an awesome day.

  • http://www.facebook.com/brianjennifer.rowe Brian Jennifer Rowe

    Has the new program 2.0 started yet? I cant find it.

  • http://www.facebook.com/jeffsasse Jeff Sasse

    Brian, Log into myperkstreet.com, click on “My Perks”, and then the “Powerperks” Tab. All new location.

  • http://www.facebook.com/jeffsasse Jeff Sasse

    Little disappointed in the Powerperks 2.0 this week… but the cool thing is I only have to wait ONE WEEK for new deals! Thanks Perkstreet! Great idea! Now if only I could get those Perks you show in this posting… :)

  • http://Twitter.com/KylePs80 Kyle Psaty

    Jeff’s got it right, Brian. You should be able to see your new PowerPerks by logging in. The personalized emails to our entire customer base should be rolling out shortly barring any glitches. Bear with us! This is a first for us.

  • http://www.facebook.com/jules.winnfield.756 Jules Winnfield

    Still an absolute crap deal compared to the pre-smaller perks for more people days.

  • ErikaO

    Sorry if this sounds like a dumb question… but do we still earn 1%, etc on everyday non-pin purchases?

    Thanks!!

  • http://www.facebook.com/brianjennifer.rowe Brian Jennifer Rowe

    cant wait for this weeks powerperks!

  • jb82

    Hi. I have a couple questions about how this works.

    1. do you have to make the original purchase by the offer’s expiration date or does the transaction have to clear before the offer expires?

    2. can you do the same offer multiple times? For example, if the offer is $2 back on a $10 purchase, can you make 3 $10 purchases during the offer’s time limit and get $2 for each?

    3. If an offer is $2 on a $10 purchase, does that mean if I spend $20 I would get $4 back or do the purchases have to be made separately?

  • http://Twitter.com/KylePs80 Kyle Psaty

    Erika, Not a dumb question at all! You absolutely do. Nothing else about our product has changed.

  • http://Twitter.com/KylePs80 Kyle Psaty

    JB82, Great questions. I want to be very specific in the way I answer them in hopes that others might better understand how the system works by reading this, so forgive me if I give too many details:

    1) Although our software for this is new, and some glitches could occur, we believe we’ll be able to automatically credit you for rewards based on the PURCHASE DATE. If something were to slip through the cracks due to a processing error (as in the case of a transaction settling after the expiration date, and the software referencing that date for some reason), PerkStreet would be more than happy to honor the deal. In short, we think it’s bullet proof, but computing errors are possible. The bottom line is that we want to take care of our customers. That’s the intention of this program.

    2 and 3) The answer to these questions is, unfortunately, no. If the offer is $2 on a $10 purchase and you spend $30, either in one transaction or multiple, you’d still only receive the $2 credit. We’re doing what we can to offer great deals with these merchants. But we have to be able to limit their exposure as well as our own. We simply cannot make offers that allow multiplying or double-use like you describe without creating a potentially sticky scenario for ourselves.

    I hope this helps. I’m glad you’re thinking of the specifics of this program so you can make the best use of it. That’s exactly what we hope all our customers will do with PowerPerks 2.0. The more individual deals you take advantage of, the better this will be for you, we believe. And the best experience and the most cash back are what we hope you get from banking with us. That’s our goal.

  • http://Twitter.com/KylePs80 Kyle Psaty

    Thanks for your thoughts and feedback, Jules. Are there any questions about this program I can answer for you? I’m here to help.

  • ErikaO

    Kind of missing the old vote perks. The power perks I keep getting are of no use to me. HOT TOPIC… Maybe for Halloween, but never again. Sam’s Club… Why would you suggest me buying a membership, when this is clearly based on using my card at BJs? I already pay for THAT membership. Popeyes? I’m allergic to an ingredient in most of there items…

    Kind of feeling let down.

  • http://Twitter.com/KylePs80 Kyle Psaty

    Erika-
    I’m glad you came back to this blog post to voice these concerns. It’s important that we know your thoughts on the program, as well as those of others, good or bad. We want to make sure this program is something that’s valuable to you. It’s why we launched it!

    Please don’t think this program is “finished” in the sense that we’re no longer working on our deal matching and will be leaving it to run as it is. We have plans to continue analyzing the data and usage of various deals in the program, and to develop better predictive measures. We aim to improve this program over time. More importantly, the way it’s already set up allows it to learn about your preferences based on the deals you take advantage of. The best thing you can do to inform the system what you like and what you don’t is to take advantage of the deals you find worthwhile, and ignore those you don’t. We’re also discussing further ways for you to inform our system about these preferences currently.

    I hope it gets better for you soon.

  • ErikaO

    I definitely feel better that this is not the end all be all. I must admit, I love the concept… Just not the matches lol.

    Thanks!!

    P.S. — If you need someone to beta test new parameters of matching… I volunteer as tribute.

  • jb2005

    There is a powerperk riight now where you get $1 off a $7 purchase at burger king. I went to burger king today and made a purchase of $8.25. When I check my transactions online, the transaction does not show up as “burger king” because, as I just now found out from looking at the transaction, this was a privately owned franchise. Will I still get the power perk deal?

  • Michelle

    I’m pretty new to this and this is amazing. All those years with BofA and never did I receive more than a few cents for interest and all I have to do now is shop at my normal places. My son even opened an account!

    Thank you Perkstreet & Dave Ramsey

  • http://Twitter.com/KylePs80 Kyle Psaty

    Michelle-
    So glad to hear you’re excited. Our goal is to make sure things stay this good so long as you’re banking with us. Have a great day and welcome to PerkStreet!

    -Kyle

  • http://Twitter.com/KylePs80 Kyle Psaty

    Michelle-
    So glad to hear you’re excited. Our goal is to make sure things stay this good so long as you’re banking with us. Have a great day and welcome to PerkStreet!

    -Kyle

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