Contest: Win a PerkStreet Debit Card that Gives You 5% Back on All Purchases for 1 Month

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*Contest closed*

Yesterday I posted my interview with CEO Dan O’Malley of PerkStreet Financial who offers an innovative new debit card with rewards benefits to places like Target,Starbucks, or iTunes.

PerkStreet’s Visa Debit Card provides its customers with 2% cash back plus up to 5% in popular categories every month.

But today, for 1 lucky FF reader, your popular category for the first month will be…everything. For 1 month every single purchase you make using the PerkStreet Visa Debit Card will give you 5% back in rewards.

To win the contest, answer in this question in the comments below:

What you would do with all the cash back you would earn from PerkStreet?

We’ll set up the person with the most awesome story with a special account that will give them 5% back on everything they buy for the first month.

Check out PerkStreet’s site for more information about the account you could win.

Make sure to get your comment in by Thursday July 8th at 9AM EST!

*Update*

Had to mention that you earn the 5% for the first month on all non-PIN purchases (not on “everything” you spend).  You just need to sign for your transaction (which you can do for basically any purchase).

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The FF Podcast Ep. 5: Perk Street Financial’s Rewards Checking with CEO Dan O’Malley

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On this week’s episode of The Foreigner’s Finances Podcast I talk with PerkStreet Financial CEO Dan O’Malley about their checking account and rewards debit card.

PerkStreet is leading the pack in rewards offering 2% back on all purchases in the form of gift cards to popular shopping spots like iTunes or Target if you have $5,000 in your account. 1% back is left for anyone below $5,000.

In this episode we discuss why PerkStreet is different than your average checking account, the rewards you can receive using their debit card, how to access your money, and what the future of their company holds.

I’m not an affiliate of PerkStreet and receive nothing if you sign up for an account. I’m just highlighting a company that’s being innovative and deserves attention.

Dan did reach out and offered a special contest for FF readers so check back tomorrow at 9 AM EST to see what special bonus you can win from Perkstreet.

You can subscribe to the podcast’s RSS feed or download and subscribe on iTunes to get every episode delivered to you.

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The Pros & Cons of Credit Unions

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Have you ever read a Yahoo! article about personal finance and looked at the comments? There’s usually one crazy person who swears off everything about banking or investing and claims the world is ending so they’ve strapped their life savings to the floorboards in their kitchen.

Banks that are FDIC insured provide security up to $250,000 so it’s a good idea to hold your money in a bank, but people are often surprised to learn there are alternatives to using banks. They’re called credit unions.

Credit unions get a bad rap because the name has two words with negative connotations – credit and union. In reality, credit unions are one of the most pro-consumer entities in the community today. A credit union is owned by its member and exists to supply reasonable credit, banking services, and customer service to its members.

Let’s look at the pros and cons of joining a credit union for your banking needs.
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Why Don’t Online Banks Accept International Wire Transfers?

by on in Banking, Life Abroad

Last week I wrote about my experience getting denied by an online bank with an international wire transfer. I talked about the importance of figuring out if your bank allows these wires because if you need them in a dire situation, it’s going to be too late and your loan is going to go unpaid or your emergency is going to be difficult to fund.

I found it odd that the big banks – Chase, Bank of America, Citi – all accepted these wires, but the online banks – Ally, ING Direct, FNBO Direct – didn’t. I’m sure a lot of people have been inconvenienced by this fine print rule and it just doesn’t seem like something that the state-of-the-art online banks would omit from their banks.

So when researching the last post about international wire transfers, I asked FNBO Direct why exactly they didn’t accept international wire transfers. They were kind enough to write back with this answer:

“Since FNBO Direct is an online bank, we need to be able to validate the source of all funds. As an on-going effort to fight money laundering, funds from outside of the US are difficult to confirm and validate. Therefore, we currently do not process any incoming or outgoing international wires.”

Let’s look at FNBO’s rule a little closer.
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Update on My Lending Club Investments

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I started investing with Lending Club in the fall of last year and have moved a good amount of money there over 8 months.

For those of you who are new to Lending Club, here’s a quick intro on Lending Club and an update from March to catch you up.

Since I’m not able to invest in a Roth IRA while working in Japan, I decided to move a large chunk of my income to Lending Club to fill my investing void while I’m away. I still hold residence in Illinois and pay taxes in America so I’m eligible to invest with Lending Club.

My Returns After 8 Months

If you look at my update from March, I’ve moved more than $8,000 to my Lending Club account since then – up from just $495. This may seem like a lot – and it is – but I can’t invest in a tax-deferred account like a Roth IRA while in Japan so it’s a much better option than having my $8,000 receive $7 a month in interest in an online savings account.
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The FF Podcast Ep. 4: Money & Relationships with Elle from Couple Money

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On this week’s episode of The Foreigner’s Finances Podcast I talk dealing with money in relationships with personalfinance blogger Elle from Couple Money.

Elle has been married for over 3 years and writes about not only money topics affecting twenty-somethings, but how to successfully handle money in your relationship.

In this episode we discuss how talk about money goals and debt with your significant other, cheap and fun dates, and how Elle got started at Couple Money.

You can subscribe to the podcast’s RSS feed or download and subscribe on iTunes to get every episode delivered to you.

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Talking Investing & Book Writing with Mike from Oblivious Investor

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I recently came across the personal finance site, Oblivious Investor and was amazed by the author’s story. Mike’s in his twenties and used to work as a financial advisor and tax accountant. He now is an accomplished personal finance author with 6 books based around making finance simple.

Since Mike has the background and training in finance, I asked him some questions about investing as a twenty-something. He was kind enough to answer them and tomorrow I’ll be giving away a copy of his book, Investing Made Simple. Come back tomorrow at 9 AM EST to see how you could win Mike’s book.

Here’s the interview:

A: How did you get into writing about personal finance?

M: In the couple years after college, many of my friends were self-employed. At the time, I was working as a tax accountant, so they frequently came to me with tax questions. A little too frequently, actually.

I decided I’d write a short book on the topic of taxes for small business owners. That way, I could just tell them to go buy a copy from Amazon rather than continually asking me questions. It didn’t work. I don’t think any of them bought the book.

What surprised me, however, was that a lot of people (complete strangers!) did buy the book after finding it on Amazon. After just a couple months, I saw that writing could provide a meaningful side income, so I started working on a second book. Since then I’ve written a few more books and started a blog, Oblivious Investor, to help with marketing them. It’s now my full-time job.
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Does Your Bank Accept International Wire Transfers?

by on in Banking, Life Abroad

I finally sent money back to America last month after building up savings in Japan for 9 months. I built up the courage and figured out the process one afternoon. Corinne and I combined our money and sent it home together, splitting the ¥2,500 ($27) fee.

We sent the transfer to her ING Direct account since it would be easier for her to transfer my portion to my account. Sending money internationally from the post office in Japan takes anywhere from 10 to 21 days.

Unfortunately, I received a letter from the bank around the 14th day. It stated that the funds had not been transferred because the bank we were sending the money to – ING Direct – couldn’t accept international wire transfers.
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