PerkstreetSM Financial Review – A Free Checking Account with a Visa® Debit Card

With the impending Credit Card Act looming, a large number of credit card providers are starting to charge annual fees for the use of their cards for the first time in a long time. I find this problematic, since the only reason I use credit cards for right now is for the perks that they provide, and annual fees deeply cut into that benefit.

That’s why I’ve been looking for a debit card with comparable benefits. Debit cards typically don’t offer good rewards programs, however.

But I just discovered PerkStreet Financial and I’m still trying to figure out what the catch is. It really does seem like a great deal.

What is Perkstreet Financial?

PerkStreet Financial offers a FREE checking account with a Visa® Debit Card that actually offers rewards comparable to or better than a lot of credit cards. You get your option of the following with Perkstreet: coffee, music, or 1% cash back. I think I’d opt for the cash.

And Perkstreet’s cash back is definitely better than most debit cards. The average debit card offers .04% rewards vs. PerkStreet at 1%. 17% of debit cards offer rewards (Source: BAI/HItachi 2008 Study of Consumer Payment Preferences).

Special Perkstreet Offer

It looks like PerkStreet Financial is currently offering a special promotion of 2% cash back for the next 6 months. Additionally, you are eligible for a bonus $50 just for funding your account with $250 and making 25 transactions in the first 90 days.

Other Perkstreet Financial Benefits

- your first box of checks are free – no fees for using your account – nationwide network of 37,000 ATM’s (largest in the nation) – FDIC insured up to $250,000 – free online banking and bill pay – no account minimums

The Drawbacks on Perkstreet

The only I could find was a $4.50 fee if your account is completely inactive for the month (which shouldn’t happen if you pay any of your bills or make any charges with your card). Standard overdraft charges apply ($30), less than most banks.

PerkStreet Financial definitely seems like it’s a great alternative to credit cards!

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