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Consumers Try to Adapt to Exorbitant Debit Card Fees

Within the past few weeks major banks across the USA hikes their fees for using debit cards, while they also discontinued debit card rewards programs. The big banks claim that they had no choice in the matter because they are being overregulated and are losing vital profits, but most consumers consider that a pretty lame excuse.

The fact is that banks are losing profits thanks to the fact that they are finally being forced to stop charging outrageous credit card fees and using sneaky devices to add miscellaneous fees and charges to checking accounts. They can no longer enroll you in an overdraft program without your explicit permission, for example, a strategy that was helping banks make extra money every month on tens of millions of customers. Neither can they raise your credit card rates without warning or for no reason. They are also being forced to be more transparent about lucrative multi-million dollars deals they enter into with universities in exchange for pushing credit card debt on unsuspecting students.

Consumers now being asked to pay $5 or more just to withdraw their own cash from an ATM machine are learning to fight back by various means.

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Tags: Card Fees, Debit Card, Debit Card Fees, Fees

Verdict:

PerkStreet.com is an online-only bank, with a good cash back debit card rewards program. You can earn a variety of rewards, including coffee, music downloads, gift cards to popular retailers or cash back. You can use PerkStreet.com as your primary bank, or as a secondary bank for online transactions. You can even earn up to 5% cash back at certain retailers. One major drawback? To enjoy 2% cash back (or the equivalent) on any non-pin purchase, you must have a current account balance of $5,000 or more.

Overview:

Competition is getting heavy in the debit card rewards arena, and another contender steps up to the plate in the form of PerkStreet.com, a new online-only bank garnering acclaim for its generous rewards, friendly service and ATM machines on nearly every corner. (If you have a CVS, 7-11, Hess Gas Station or any STAR ATM near you, you can access money using your debit card free of surcharges from the ATM machine or the bank.)

How this card works:

The Perk Street Financial Cash Back Debit Card — and the bank’s online-only checking account — works essentially the same as a debit card from your brick-and-mortar bank.

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Tags: Back Debit, Back Debit Card, Card, Debit Card

With more and more banks now issuing cash back debit cards, consumers have another question when it comes to personal finance: Should I get a cash back credit card or cash back debit card?

The answer — as with so many questions in the world of personal finance — varies from person to person.

Let’s explore the drawback and benefits of each type of card.

Benefits of a Cash Back Debit Card

1. No interest charges. This is a big factor. With a cash back debit card, you will never incur interest charges because you are not borrowing money. You’re simply taking money out of your bank account — and earning money back for every dollar you spend. Good deal, right?

2. Protect your credit rating. If you are the type of person who sometimes spends beyond their means, you can’t get into credit trouble with a cash back debit card. Your bank may charge fees if you use your debit card without money in your account to cover your purchase — or your card may be declined — but this won’t affect your credit score.

3. No payments to make. With a cash back debit card, you don’t have to worry about making on-time payments at the end of the month. The money comes out

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Tags: Back Debit, Back Debit Card, Card, Debit Card