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The no-annual-fee PenFed Power Cash Rewards Visa Signature® Card earns up to 2% cash back on all purchases, so it's a decent option for Pentagon Federal (PenFed) Credit Union members (anyone can join) looking to earn straightforward rewards without category restrictions. However, there are plenty of other no-annual-fee cards available with higher rewards, more benefits, and larger welcome bonus offers. Earn 1.
5% cash back on purchases, or 2% if you're a PenFed Honors Advantage Member. $0 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction 17.99% APR on balance transfers, 17.
99% Variable APR on purchases Good to Excellent Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to 2% unlimited cash back with no caps, limits, or category restrictions Check mark icon A check mark.
It indicates a confirmation of your intended interaction. Decent welcome bonus offer Check mark icon A check mark. It indicates a confirmation of your intended interaction.
No annual fee or foreign transaction fees con icon Two crossed lines that form an 'X'. Must join PenFed credit union to apply for the card con icon Two crossed lines that form an 'X'. You have to be a PenFed Honors Advantage Member or have performed military service to qualify for 2% cash back rewards con icon Two crossed lines that form an 'X'.
Some other no-annual-fee cash-back cards have higher cash-back rates If you bank with PenFed credit union (or are willing to join), this card could put a lot of cash back in your pocket. However, you'll only get the highest rewards rate if you're a PenFed Honors Advantage member or have performed military service, and there are other cash-back cards available with a 2% rewards rate that don't have those restrictions. Earn Cash Back for Everyday Purchases No Caps.
No Limits. No Gimmicks. 2% Cash Back on all purchases for PenFed Honors Advantage Members 1.
5% Cash Back on all purchases made with your card $100 Bonus Offer Statement Credit When you spend $1,500 in the first 90 days 0% Balance Transfers Promo APR for 12 months, 3% fee applies to each transaction. Subject to credit approval. 0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening.
After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer.
This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date. Annual Fee: $0 Purchase Variable APR: 17.
99% Refer to PenFed.org for Terms/Conditions PenFed Power Cash Rewards Visa Signature Card Overview If you bank with PenFed Credit Union and you're looking for a card that earns flat-rate rewards, the PenFed Power Cash Rewards Visa Signature® Card is worth considering. To qualify for this card, you'll need to be a PenFed member, but anyone can open an account with a $5 minimum deposit.
This card comes with a $100 statement credit offer when you spend $1,500 in the first 90 days from account opening. Plus, regular PenFed members earn 1.5% cash back on all purchases, and PenFed Honors Advantage members earn an additional 0.
50% cash back (a total earning rate of 2% cash back). But not everyone is eligible to qualify for Honors Advantage program, so if you're not a member already, you might want to consider a different no-annual-fee cash-back card with higher rewards rates. Cardholders also get solid benefits (such as travel accident insurance and access to the Visa Signature Luxury Hotel Collection), as well as flexible ways to redeem rewards.
There are also no foreign transaction fees , which makes it a decent card to travel with. In addition, the PenFed Power Cash Rewards Visa Signature® Card has a 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction (then a 17.99% APR on balance transfers, 17.
99% Variable APR on purchases), which can benefit folks looking to pay down debt without incurring higher interest. However, if you're to looking to pay off larger purchases over multiple billing cycles or pay down credit debt, you might prefer the PenFed Gold Visa® Card . Although it doesn't earn rewards or offer an intro bonus, the card does have a 0% intro APR for 15 months from account opening on purchases and balance transfers made in the first 90 days (3% fee applies to each transfer), followed by a 17.
99% APR on balance transfers, 17.99% Variable APR on purchases . Another no-annual-fee card to consider is the Wells Fargo Active Cash® Card .
It earns unlimited 2% cash rewards on purchases and a $200 cash rewards bonus after spending $500 in purchases in the first three months from account opening. Plus, it comes with a 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (then a 20.24%, 25.
24%, or 29.99% variable APR). How to earn rewards with the PenFed Power Cash Rewards credit card The PenFed Power Cash Rewards Visa Signature® Card has a simple reward earning rate of 1.
5% cash back on all purchases, with no caps. If you're a PenFed Honors Advantage member you can earn an additional .50% cash back on all purchases (a total of 2% cash back).
Your rewards won't expire as long as your account is active. How to qualify for a PenFed Honors Advantage Membership Military status : Primary applicant must have military service (active duty, reserve, honorably discharged, or retired). Checking account : You must be the primary owner of the PenFed Power Cash Rewards Visa Signature® Card and a PenFed checking account.
Members of a Free Checking account must also maintain a $500 minimum daily balance or set up monthly direct deposits of $500 or more. If you spend $3,000 monthly with your PenFed Power Cash Rewards Visa Signature® Card, you'll earn $45 monthly rewards or $540 annually (1.5% cash back rate).
PenFed Honors Advantage members with the same total monthly expense will earn $60 in monthly rewards or $720 annually (2% cash back rate). How to use rewards from the PenFed Power Cash Visa Signature credit card The PenFed Power Cash Rewards Visa Signature® Card allows cardholders to redeem rewards as a statement credit or a deposit into an eligible PenFed Checking or Share account. You can also schedule monthly redemptions into an account of your choosing from another financial institution.
There's no minimum redemption amount. PenFed Power Cash card benefits In the case of an emergency, you'll have access to card replacement and disbursement services 24/7. When you use your PenFed Power Cash Rewards Visa Signature® Card to pay for eligible entertainment services, you'll be eligible to receive preferred event access, upgrades, and savings.
The PenFed Power Cash Rewards Visa Signature® Card gives cardholders access to worldwide travel benefits, including special offers and upgrades at over 900 properties from the Visa Signature Luxury Hotel Collection . You won't be held responsible for unauthorized purchases on a lost or stolen PenFed card. You must notify PenFed immediately of any unauthorized use.
You can submit a claim at 800-247-5626. When you use your PenFed Power Cash Rewards Visa Signature® Card at select retailers, you become eligible to receive discounts at stores and online merchants. The PenFed Power Cash Rewards Visa Signature® Card gets you offers on golf experiences, event tickets, and other sports events.
You'll also be able to save on premium ground transportation with Silvercar Audi rentals and golf benefits at over 95 courses worldwide with Troon Rewards. You'll get year-round benefits on culinary items when you use your PenFed Power Cash Rewards Visa Signature® Card, such as special access and savings at more than 50 Sonoma Country wineries. You can receive replacements, repairs, or reimbursements on eligible net purchases bought with your PenFed Power Cash Rewards Visa Signature® Card for up to $500 per claim for 90 days from the date of purchase.
This service covers personal property damaged by occurrences, such as fire, lightning, vandalism, theft, and more. You must submit a claim to receive this benefit. You can get 24/7 pay-per-use roadside assistance for towing, tire changes, jump starts, lockout services, and more.
The PenFed Power Cash Rewards Visa Signature® Card gives you coverage in case of accidental death or dismemberment when you charge your entire travel fare to your eligible PenFed card. You'll receive help with medical, legal, and travel services while traveling. Call the 24-hour Benefit Administrator at 800-397-9010.
Spouses and children of the primary cardholder are eligible to receive these services as well. Remember that you are still responsible for the cost of any actual medical, legal, transportation, cash advances, or other provided services. You can call the 24/7 Visa Signature concierge service at 800-953-7392 for assistance with travel bookings, obtaining popular sports and entertainment tickets, restaurant reservations, golf bookings, and more.
Fees and costs The PenFed Power Cash Rewards Visa Signature® Card doesn't charge an annual fee, a foreign transaction fee, or a cash advance fee. The card has a 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction (then a 17.99% APR on balance transfers, 17.
99% Variable APR on purchases). You can be charged a 3% balance transfer fee, a late payment fee (up to $28), and a returned payment fee (up to $25). Compare the PenFed Power Cash Rewards card PenFed Power Cash Rewards Visa Signature® Card $0 5% cash back (5x points) on travel purchased through Chase TravelSM 3% cash back (3x points) on dining and drugstore purchases 1.
5% cash back (1.5x points) on everything else $100 statement credit offer when you spend $1,500 in the first 90 days from account opening 0% balance transfers promo APR for 12 months made in the first 90 days after account opening, 3% fee applies to each transaction (then a 17.99% APR on balance transfers, 17.
99% Variable APR on purchases) Emergency card replacement and cash disbursement Entertainment offers and upgrades Visa Signature Luxury Hotel Collection $0 liability policy Shopping discounts Sports offers Fine wine and food offers Purchase security Roadside dispatch Travel accident insurance Travel and emergency assistance services Visa Signature concierge No foreign transaction fees 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (then a 20.24%, 25.24%, or 29.
99% variable APR) Cell phone protection Roadside dispatch Travel emergency assistance Visa Signature® Concierge 0% intro APR on purchases and balance transfers for the first 15 months (then a 20.49% - 29.24% Variable APR) Purchase protection Extended warranty Car rental insurance (secondary in the US, primary otherwise) Trip interruption/cancellation insurance Travel and emergency assistance services Wells Fargo Active Cash card review PenFed Power Cash Rewards Visa Signature card frequently asked questions (FAQ) If you're looking for a decent no-annual-fee cash-back credit card that earns simple flat-rate rewards and are willing to join PenFed credit union , the PenFed Power Cash Rewards Visa Signature® Card is worth considering.
However, the highest rewards rate is only available to PenFed Honors Advantage members. If that doesn't apply to you, there are plenty of other cards with higher rewards, more benefits, and larger welcome bonuses. You need good to excellent credit to qualify for the PenFed Power Cash Rewards Visa Signature® Card, which means a FICO score of at least 670.
If your credit score isn't in the good to the excellent range yet, there are other no-annual-fee cash-back cards you may be eligible for to help build your score. You can become a Pentagon Federal (PenFed) Credit Union member by opening an account online or in person at a branch. Anyone is eligible to join with a minimum $5 savings account deposit.
Here's Insider's full review of PenFed Credit Union to learn more. Yes, Zelle is available in the PenFed mobile app and online banking website. Credit cards Investing apps Retirement savings Cryptocurrency The stock market Retail investing.
