Perk Street Closes and Cancels Perks

Today Perk Street customers, including me, were informed that Perk Street would be closing and that any unredeemed perks were being cancelled effective immediately. I had over $1300 in unredeemed perks in my account. Yesterday I could have redeemed them for $1300 in gift cards with various establishments or redeemed them for a $1170 account credit. Now they are gone. I am frustrated to say the least. I suppose that this was in the fine print of the perks policy, but it still doesn't sit well with me. If anyone got a Perk Street because of my recommendation, I am sorry. Dave Ramsey was a long time endorser of Perk Street until recently. I can imagine that they stopped paying for the Dave Ramsey commercials when they started making budget cuts because they were in the process of shutting down. I have heard that this was part of today's discussion on the Dave Ramsey Show, but haven't been able to watch or listen to it yet, although they have made a few posts to Facebook and Twitter regarding this mess.

Shortly after I wrote my first article recommending Perk Street they lowered their perks earning rate from 2% to 1% and changed their "cash back" redemption policy from cash to gift certificates or 90% of cash back effectively earning 0.9%. However, they did implement Power Perks giving people the opportunity to earn more with specific vendors on specific items and eliminated the $5000 min balance rule. But, in the end none of that really matters.

UPDATE: Perk Street Redeems Itself and Clears Dave