Rating: 5 Stars
Bottom Line:
Cash Back for PenFed Credit Union Members
TABLE OF CONTENTS
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 Fee | None |
| Balance Transfer Fee | 3% per transaction |
| Cash Advance Fee | 5% or $5 minimum per cash advance |
| Penalty APR | 17.99% |
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 |
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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