PerkStreet is dead. Get a credit card instead!

Well, I would like to say I’m surprised, but I’m not.  PerkStreet is dead.  I was never a huge fan of PerkStreet rewards, even when they first launched.  I wrote 3 reviews back in June and July of 2010 when they launched with much fanfare (Part 1, Part 2, Part 3).  These were some of my most commented upon posts and even drew in some PerkStreet employees to the conversation.  I certainly loved the traffic!  I wasn’t sold on the concept from the beginning and as time went by the rewards program eroded more and more to the point now where your rewards are dead, just like PerkStreet itself.

If you are a former PerkStreet perker still looking for rewards I would recommend checking out my post on the best rewards credit cards to use in Q3 2013.  If you spend wisely, there is no reason that someone who uses a debit card cannot transition to a responsible credit card user.  And, the rewards are even better!

 

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Posted in Debit Cards
  • http://www.myjourneytomillions.com Evan@MyJourneytoMillions

    Those $4mil in perks probably should have been partially put back into the company huh? lol

    • http://sunkcostsareirrelevant.com/ Slug @ SunkCostsAreIrrelevant

      Yeah, I’m not sure how the founders made out in this one. It was certainly not a favorable environment from a regulatory and economic sense. I liked the initial concept, except the part about the debit card. I always thought it would have worked better as a credit card program, but that didn’t jive with the story they were selling.

      • http://www.myjourneytomillions.com Evan@MyJourneytoMillions

        I am not sure – think about the lack of risk on default. If I had to guess if you peeked under the hood you would just find an inefficient web business that provided everything to their employees and no profit to the owners

        • http://sunkcostsareirrelevant.com/ Slug @ SunkCostsAreIrrelevant

          Well, I don’t know either, but if they maintained the $5k minimum in a checking account with the credit card, I would call that effective collateral. Additionally, they would make $ on the CC interest. I think they were hampered by the inability to do anything with all the customer capital sitting on their books. They couldn’t loan it out like conventional banks/credit unions and interest rates were so low during their life.

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