PerkStreet Financial is offering a debit card rewards program that’s so good (2% cash back), that some people worry that the service is too good to be true. Don’t worry, PerkStreet Financial is not a scam.

It’s true that the best credit card rewards programs will more than likely soon disappear as a result of the recent implementation of the Credit CARD Act and an anti-trust suit against Visa, MasterCard and American Express. Banks are now tacking on annual fees to most credit cards and will soon find it much harder to charge high transaction fees to merchants, making most credit card rewards programs unfeasible for banks.

Fortunately for consumers, PerkStreet Financia’s debit cards rewards program is not a scam and is a great checking account which provides anywhere between 1% and 5% cash back on purchases via the Visa debit card associated with the account. If you have under $5,000 in the account, you’ll receive 1% cash back on purchases. If you have more than $5,000 in your account, you’ll get 2% cash back. The company also periodically offers higher rewards rates on certain types of purchases. For example, PerkStreet is currently offering 5% cash back on purchases at certain retailers through the holiday season. The account also has a number of other benefits, in that there are no account fees and that the company has a network of 37,000 fee-free ATMs. The account offers up to $250,000 worth of FDIC insurance, offers free online banking and bill pay. There are also account minimums.

Some people might be worried about the account, since PerkStreet Financial is itself not a bank, but has partnered with The Bancorp bank for its banking services to provide FDIC insurance and to comply with industry regulations. The Bancorp Bank has been FDIC insured since 2000 and is rated on Bankrate.com. This is comparable to the arrangement that SmartyPig has with BBVA and how Lending Club has partnered with WebBank to serve as their banking back-ends, and is not cause for concern.

If you’re concerned about a PerkStreet Financial Scam, don’t be. The company offers a perfectly legitimate service and is even endorsed by financial author Dave Ramsey, who has taken PerkStreet on as an advertiser.