Today we’re rolling out the new perks program we announced a month ago. While change is never easy, we needed to adapt our perks program to maintain a sustainable business through a tough economic environment. It was tough to tell some of our longtime, loyal customers that they’re going to earn less. And we know it was tough to hear. We apologize for it.
The Changes (A Refresher)
We knew we would have to reduce value for some of you but we challenged ourselves to add value for most of you. We spent months with the data and found a way for 90% of you to earn more. Here’s a quick summary:
To recap, that’s:
- 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
- You can read “The Details” below to understand some of the fine print
Customers who opened an account prior to March 5th, 2012, will also continue to get the full 90-day unlimited 2% cash back sign up offer.
More Ways to Redeem Your Perks
The rising cost of MasterCard® Gift Cards was challenging the amount of cash back we could give since we don’t get a discount on them, unlike our retailer cards. But we know where our customers shop and we we’ve been able to expand the program to include many of these merchants. This allows us to keep giving the most back.
We’re 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, and T.J. Maxx® — we’ll be adding more in the coming months too. Many of these options will be available electronically, which means you can access your perks even faster.
We know not all of our customers shop at these merchants, and you may want to preserve the flexibility to spend anywhere. We created an option that allows you 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.
Finally, many of you have asked to be able to see your per-transaction perks earning. So for all future transactions, the number of perks you earn will be visible in the “My Perks” section of MyPerkStreet.com. This will mean being able to see when and where you earned bonus perks after rewards are processed.
We set out to create a different type of institution, one where you have the ability to talk directly with the people and leaders inside the company. We appreciate that as a customer, you’re entrusting us with your money. We will continue to work to earn your trust every day and remain committed to helping people earn the most cash back for spending their own money.
- 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.