Today we are sending an email to all PerkStreet customers to share the changes we’re making this year that will allow more of our customers to earn more cash back. In this post, we’ll walk through these changes again and add some additional details so that everyone understands what changes will start on April 4th, 2012 (unless otherwise noted).
More Perks for More People
Many of our customers have told us that reaching a $5,000 balance to earn 2% cash back isn’t possible. In fact, over 90% of our customers aren’t earning 2% cash back. We believe in building a business where everyone has access to the best benefits, so we’re making some changes. Starting April 4th, you’ll earn:
- Unlimited 1% cash back for non-PIN purchases
- 2% for online purchases at some of your favorite retailers
- 2% for in-store purchases at those retailers when your balance is above $5,000
- 2% cash back when you and a friend both pay with your PerkStreet cards together at the same restaurant, bar, or coffee shop
- 5% PowerPerks at places you choose every month
Customers who opened an account prior to March 5th, will also continue to get the full 90-day unlimited 2% cash back sign up offer. You can read “The Details” below to understand some of the fine print.
More Ways to Redeem Your Perks
We are nearly doubling the number of gift cards we offer. You’ll be able to redeem your perks at over 35,000 locations, including new options like Walmart, Applebee’s®, Sears®, Macy’s, T.J. Maxx® and more. And instead of having separate redemption options for the cash back, coffee, and music rewards programs, all redemption options will be available to you. If you’re currently in the coffee or music program, we’ll be converting your perks to cash back (with no loss in perks).
Here are all of the rewards partners whose gift cards we’ll offer. And stay tuned — we’ll be adding more in the coming months. Many of these options will be available electronically, which means you can access your perks even faster.
Due to an increase in cost, we will no longer offer MasterCard® Gift Cards as a redemption option. We’ll continue to support all MasterCard redemptions until we run out of our current supply, which may occur before April 4th. We’re disappointed about it, though we’re also excited about the new redemption options. Another of these new options is the ability to redeem perks directly into your account. For every $22 in perks you redeem, we’ll deposit a $20 account credit into your account. Why the difference of 2 perks? We get a discount when we buy gift cards. Without it, we’re not able to give customers as good of a deal on account credits.
Overdraft & Non-Sufficient Funds
We are changing our overdraft and non-sufficient fund fees to $32. As always, we will continue to ensure our fees are fewer and lower than the big banks, and always provide ways to opt-out of overdraft protection entirely.
Mobile, Savings & New Tools
We’re excited to be preparing a mobile app and savings account — we’ve rolled the app out to some of our to our employees. You’ve been patient as we develop these and we’re looking forward to releasing them as soon as they’re ready.
Additionally, we know that staying on top of your finances is a top priority for our community. Tools like Mint.com and Quicken are important but like a rear view mirror, they can only tell you where your money went. So we’ve developed an integrated digital envelope budgeting system to help you proactively manage your spending. We’ll have more information soon and look forward to developing this exciting piece of technology with the help of our community.
Finding ways for you to earn more isn’t just about perks. This January, we launched our free StreetSense online courses, created by some of your favorite experts in the PerkStreet community to help you learn ways to improve your finances. We’ve been excited to see the positive response to the first two courses: Getting Yourself Out of Debt by Brad Chaffee and Building a Budget that Sticks by John Frainee. We’re continually adding new courses, so make sure to check back often.
Our mission is to constantly look for more ways to put the most cash back in the pockets of the most people. Feedback from the PerkStreet community has been a huge part of how we’ve been able to do it. Please send me an email if you have thoughts to share.
- Redeeming for account credits has the effect of reducing your cash back rate. Remember you can always redeem your perks for retailer gift cards for no additional perks.
- Like PowerPerks, there’s a limit of $5,000 in purchases per year that can earn 2% — $2,500 for online purchases and $2,500 for offline purchases.
- As always, purchases of cash and cash equivalents are excluded from earning perks. This will now include transfers made via PayPal or Venmo, as well as state and federal tax payments.