The PerkStreet checking account has the highest rewards program for just about any checking account (are you getting those rewards?) but those rewards come back to you only with “non-PIN debit card purchases.” What does this mean?
When you use your PerkStreet debit MasterCard, many retailers will ask you “debit or credit?” To get rewarded for non-PIN debit card purchases, you must select CREDIT. PerkStreet will reward you only when you use your debit card as a credit card. If you are told by a merchant that you have to enter your PIN, simply press CANCEL and you should be given the option to process the transaction as credit instead.
A non-PIN debit card purchase occurs with any transaction that does not require you to enter your Personal Identification Number (PIN). Non-PIN transactions that qualify for PerkStreet rewards could include:
- Using your card to make a purchase and signing the receipt.
- Swiping your card at a keypad, selecting “credit” and then signing the receipt.
- Using your card to make a purchase on the Internet, by phone, or at a gas pump.
- Making automatic bill payments with your PerkStreet MasterCard, such as your phone bill, utility bill, or Internet service provider.
Remember that these non-PIN transactions are processed by MasterCard but are still deducted directly from your PerkStreet checking account.
Why non-PIN purchases offer rewards
When you use a debit card with your PIN, the transaction fees are very low, perhaps as low as one half of one percent (0.05%). The fees that result from using your debit card as a credit card can be much higher, perhaps three percent or more. Those fees are what make debit card rewards possible.
But don’t feel bad for the merchant. Those fees are usually budgeted and they agreed with their card processor to pay those fees, so GET YOUR REWARDS by signing up for your own PerkStreet checking account today!