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Ad Disclosure

PenFed Power Cash Rewards Visa Signature Review

PenFed-Power-Cash-Rewards-Visa-Signature

Rating: 5 Stars

Bottom Line:
Cash Back for PenFed Credit Union Members

Apply Now
Card DetailsThe OfferIs it Worth It?
Pros and ConsWhy 5 Stars?Fees
Benefits

TABLE OF CONTENTS

  • Card Details
  • Offer Highlights
  • Is PenFed Power Cash Rewards Visa Signature worth it?
  • Pros
  • Cons
  • Why 5 Stars?
  • Regular APR
  • Intro APR
  • Fees
  • Perks
  • Overall
  • Fees
  • Benefits

Card Details

Regular APR:11.74 – 17.99% (Variable)
Intro APR (Purchases):None
Intro APR (Balance transfers):Transfers after March 31, 2020 no longer get 0% for 12 months
Rewards Rate:2% total cash back for PenFed Honors Advantage members

1.5% Cash Back on all purchases made with your card
Credit Needed:(670 – 850) Good/Excellent
Annual Fee:None
Card Brand:Visa

*See online credit card application for details on the terms and conditions.

Offer Highlights

  • Click APPLY NOW to apply online
  • PenFed Honors Advantage: 2% Cash Back on all Purchases – Qualify with an Access America Checking account or military service
  • 1.5% Cash Back on all purchases made with your card
  • 2% Total Cash Back for PenFed Honors Advantage Members
  • $100 Statement Credit When you spend $1,500 in the first 90 days

Is PenFed Power Cash Rewards Visa Signature worth it?

PenFed Power Cash Rewards Visa Signature is a great card for people who want to get cash back as a statement credit or deposited into your bank account. Cardholders earn 1.5% Cash Back on all purchases made with your card. PenFed Honors Advantage members earn 2% Cash Back on all purchases, which is as high as the best credit cards go, like the Citi Double Cash. To qualify for Honors Advantage you must have served in the military or own an Access America Checking account.

This account has no monthly fee with a daily balance or monthly direct deposit of $500 or more. This card also offers $100 Statement Credit when you spend $1,500 in the first 90 days. If you are a member of Pentagon Federal Credit Union, PenFed, and you want an unlimited, flat-rate cash back card, then this is a great card for you.

Pros

  • $100 Statement Credit when you spend $1,500 in the first 90 days
  • 2% total cash back for PenFed Honors Advantage members
  • 1.5% Cash Back on all purchases
  • No annual fee
  • No foreign transaction fee
  • Relatively low APR
  • Redeem cash back for a statement credit of a deposit into your bank account

Cons

  • You may have to have military affiliation, or you may have to have affiliation with a partner association to join PenFed credit union and get this card. You might for example donate $10 to the American Red Cross, a PenFed partner association, and as long as you maintain $5 in your PenFed savings – this is called a share account at a credit union – you become eligible for PenFed Power Cash Rewards Visa Signature. Financially it’s worth it but there are some steps to complete.

Why 5 Stars?

Regular APR


5 Stars

Intro APR


4 Stars

Fees


5 Stars

Perks


5 Stars

Overall


5 Stars

Fees

Foreign Transaction FeeNone
Balance Transfer Fee3% per transaction
Cash Advance Fee5% or $5 minimum per cash advance
Penalty APR17.99%

Benefits

$0 Fraud Liability
Auto Rental Collision Damage Waiver
Baggage Delay Reimbursement
Concierge Service
Emergency Card Replacement
Emergency Cash Disbursement
Extended Warranty Protection
Lost Luggage Reimbursement
Travel Accident Insurance
Price Protection
Purchase Protection
Return Protection
Roadside Dispatch
Travel and Emergency Assistance
Trip Cancellation/Trip Interruption Reimbursement
Trip Delay Reimbursement
Get Started with PenFed Power Cash Rewards Visa Signature

Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author?s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.

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