Perkstreet

[Logan]

http://www.thechristiandollar.com/perkstreet-financial℠-review-the-ultimate-guide-from-real-customers/

Rather than write my experience I decided to post this link since it sums it up pretty well.
Perk street will be coming out with an app in a few months and allowing deposits from home via the app. There is a $1500 transfer restriction in and out of perkstreet accounts from their end. I use USAA and Capital One Savings if I need to transfer more.
Also, if you follow perkstreet on Facebook, twitter or their blog they have some great tips to save money on many things. This isngreat for people from this site looking to control their costs.

Logan

[Logan]

1 month since I opened my account and I earned $41. I also got $5 in other incentives. Also, my wife continued to use our old credit card until the end of last month so I'm expecting closer to $60 a month.
This is great for those looking for rewards who don't want to use credit cards!!!!

Logan

[discombob1]

Thank you for posting your experience Logan. I just received a letter that my bank (Fifth Third) is discontinuing rewards on my debit card as of July 1. Looks like I will be going shopping for a new bank. I have already moved the bulk of my savings to an online account for the interest rate.

It's sad that to get the best deals you have to stop using brick and mortar bank. They actually had the nerve to blame banking legislation for the decision. Read: since we can't rape you with fees anymore we will stop the perks.

Geez, does anyone have confidence in the banking industry anymore?

[iswmle]

So tempted to dump BofA and go with Perkstreet! My only hesitation is that over the last few months I have almost exclusively used my credit card for most of my expenses and my debit for only gas. My savings account is with AMEX, but I hesitate to completely disassociate myself with a brick and mortar bank.

[discombob1]

So tempted to dump BofA and go with Perkstreet! My only hesitation is that over the last few months I have almost exclusively used my credit card for most of my expenses and my debit for only gas. My savings account is with AMEX, but I hesitate to completely disassociate myself with a brick and mortar bank.

I have the same concern. I think what I am going to do is open a small savings account at a local CU so I have a relationship with a brick and mortar bank...then go with Perkstreet for checking. I have zero confidence in big banks anymore.

[discombob1]

After looking more at the rewards offered by Perkstreet I'm a little bummed. It looks like all their rewards are for stores and even the so-called cash rewards are put on a gift card. My old program gave cash into my savings account.

The problem with the gift cards in my view is it encourages you to spend rather than save. Since it will be awhile before I can qualify for a good cash rewards card guess I'm stuck doing more research.

[Logan]

I don't think the banks could give you cash without it being considered income so you would have to pay taxes.

Logan

[Wantmypeace]

So, if we got our rewards in gift cards, then they aren't considered income, and we don't have to worry about taxes? I was curious about that...wondering if I would have to wait for a 1099 from Perkstreet next tax season. I like to file as early as possible, and those pesky 1099's always hold me up!

[Logan]

So, if we got our rewards in gift cards, then they aren't considered income, and we don't have to worry about taxes? I was curious about that...wondering if I would have to wait for a 1099 from Perkstreet next tax season. I like to file as early as possible, and those pesky 1099's always hold me up!

If you got to Perkstreets facebook page you can ask them anything. USAA rewards card would just credit you back you're earned rewards to your credit card every January and it is considered a rebate instead of cash.
From what I've read the IRS has not considered credit card rewards as taxable so noone should be getting a 1099.

Logan

[Logan]

I don't think the banks could give you cash without it being considered income so you would have to pay taxes.

Logan

I googled this and the IRS isn't going after any rewards programs for taxes at this time.

[discombob1]

Well that's good to know... so all things being equal I prefer cash back. Of course after BK things aren't equal, lol...I still appreciate hearing others' experiences as I research.

[Logan]

Well that's good to know... so all things being equal I prefer cash back. Of course after BK things aren't equal, lol...I still appreciate hearing others' experiences as I research.

With Perkstreet you can get a prepaid mastercard and justr pay your bills with it then put the money you would have used into a savings account.

[iswmle]

My SO is seriously considering Perkstreet. I suggested he look into BofA, USAA, and maybe something like 5th 3rd. He nixed BofA real quick because he was not too keen on the fees and the lack of rewards. We were looking at USAA but I am unclear how the perks work for someone who is non P&C. That being said it would be in his interest to be active with a checking account with USAA. He just received his USAA cc and it is going to be his main card. I know that USAA will go above and beyond for their members, but most especially for the members who have a lot invested with them... plus it is nice to keep everything all in one spot. We also glanced through Perkstreet tonight and that is what raised his interest the most. We're going to read a few more reviews and checking out some others banks as well.

[Logan]

My SO is seriously considering Perkstreet. I suggested he look into BofA, USAA, and maybe something like 5th 3rd. He nixed BofA real quick because he was not too keen on the fees and the lack of rewards. We were looking at USAA but I am unclear how the perks work for someone who is non P&C. That being said it would be in his interest to be active with a checking account with USAA. He just received his USAA cc and it is going to be his main card. I know that USAA will go above and beyond for their members, but most especially for the members who have a lot invested with them... plus it is nice to keep everything all in one spot. We also glanced through Perkstreet tonight and that is what raised his interest the most. We're going to read a few more reviews and checking out some others banks as well.

My wife and I have a perkstreet account and a USAA account. USAA is absolutely free no matter the balance and it's transfers to and from the bank work great. Perkstreet has been great in the short time I've used them. The complaints I have read are usually from not understanding how things work, bad luck (every company is going to have mistakes happen) or just a few people who like to complain about everything. Also, perkstreet is planning an app this fall that will allow you to deposit checks.
I have $61 worth of perks already....yipeeee
Can't go wrong with USAA and you will earn money with Perkstreet.
Logan

[iswmle]

90% sure he is going with the USAA account. Free ATM usage, free checks, and (as you said) the transfers to and from banks is great. Still going through Amex for the saving account, though, I'm thrilled with them, and the 1.15% is better than most.