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Last updated on October 6th, 2021
PenFed Power Cash Rewards VISA Signature® Card
PenFed Power Cash Rewards VISA Signature® Card
Up to 2% Cash Back on Every Purchase
- Regular Purchase APR 16.49% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 17.99%
- Cash Advance APR 17.99%
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Processing Network Visa
- 1.5% cash back on all purchases made with your card 2% cash back for PenFed Honors Advantage members
- 0% introductory APR on balance transfers for 12 months
- Earn a $100 statement credit when you spend $1,500 in the first 90 days
- No annual fees, no foreign transaction fees, no caps, no limits
- Regular Purchase APR: 16.49% to 17.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 17.99%
- Balance Transfer Transaction Fee: 3% of the transaction
- Cash Advance APR: 17.99%
- Penalty APR: 17.99%
- Late Payment Penalty Fee: Up to $28
- Return Payment Penalty Fee: Up to $25
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At a Glance
When you apply for the PenFed Power Cash Reward VISA Signature® from Pentagon Federal Credit Union, you may find yourself quoting the inimitable RZA to say, “Cash Back Rules Everything Around Me.” This versatile cash back credit card earns cash back for every purchase with no caps or limits. Cardholders can earn between 1.5% and 2% cash back (if they qualify) when they use their card on everyday purchases. The card also comes equipped with a special introductory perk, competitive interest rates, and many other benefits.
Ideal for Those Who:
- Want cash back on everyday purchases with no rotating categories or gimmicks
- Want to redeem rewards with flexibility either as a statement credit or deposited into a financial institution account
- Want to save on fees such as annual fees and foreign transaction fees
- Plan on spending an average of $2,500 a month to maximize annual rewards
PenFed Power Cash Rewards VISA Signature® Card Review
The PenFed Power Cash Reward VISA Signature® from PenFed is the perfect tool for anyone who wants a credit card with powerful cash back rewards. Rack up the cash and enjoy the benefits that come with being a credit card holder with big spending plans. From no fees to bonus cash, the PenFed Power Cash Rewards VISA Signature® Card can be your go-to credit card for all your spending habits.
PenFed Honors Advantage Members
Firstly, you would have to become a PenFed Honors Advantage Member to qualify for the 2% cash back on your everyday purchases. How do you become a member, you may ask? There are two options. One, you need to have or maintain a PenFed Access America Checking Account. If you don’t have one, you can open a new account or use an existing one. To maintain the 2% cash back, you will have to keep your checking account open. The second option available to qualify cardholders for the 2% cash back reward is military service. If you, as the primary applicant, are serving or have served in the military, the 2% cash back automatically applies to you.
The Cash Back
With the PenFed Power Cash Reward VISA Signature®, you’ll have the opportunity to earn cash back whether you are a member or not. It all depends on which offer you qualify to receive. For starters, you can earn 1.5% cash back on all purchases made with your card without any pre-qualifications once your application is approved. Making it an excellent choice in credit card for all your daily spendings, meanwhile, you rack up the cash rewards. Worth a mention the 1.5% cash back offer makes this credit card stand out among the rest. It is not your typical 1% cash back on all purchases credit card. Instead, receive a little more value than you would with the average cash back reward offer.
So what about the second offer? It actually gets a better. While the 1.5% cash back is already above the average, the PenFed Power Cash Reward VISA Signature® card can get you a little more power than that in return. You can enjoy 2% cash back rewards, if qualified, and earn more cash for all your purchases. While a 0.5% difference may seem meager, it creates a big difference when your rewards start adding up. Ultimately, the 2% cash back reward will earn you more money per dollar spent than the 1.5% cash back reward offer.
For example, if your monthly spending averages out to $2,500, the 1.5% cash back will earn you $37.50 a month. That adds up to $450 in cash back per year for purchases you may have otherwise made with your debit card, for no cash back at all. Pretty sweet deal, right? But let us take it a step further and do the math for the 2% cash back rewards offer. Using the same example, this time you would earn $50 a month back for your spending instead of $37.50. That translates to $600 a year in cash back rewards. And who wouldn’t want extra money in the bank? You’ll have the option to transfer the earnings to your savings or use it as a credit for your statement.
If the cash back rewards are not convincing enough, get ready to learn about the bonus offer. If you plan on spending $500 a month for the first three months of opening an account (a total of $1,500), you are entitled to a $100 bonus statement credit. Pile up the cash back rewards alongside your bonus cash, and you’ve earned yourself a nice lump sum of money that can go towards whatever you deem worthy.
Other Benefits and Features
With the PenFed Power Cash Reward VISA Signature® card, you won’t have to worry about extra costs on an annual fee. Save your cash for spending that matters and earn rewards along the way. If you plan on doing some travel, you’ll also feel relieved to know that this card charges no foreign transaction fees.
No matter if you’re traveling for work or play, you’ll be happy to use your PenFed Power Cash Reward VISA Signature® card anywhere in the world, free of foreign transaction fees. This feature, commonly found as a perk of travel credit cards, is also a cardholder benefit of the PenFed Power Cash Reward VISA Signature® card.
Additionally, you will get to enjoy discount offers for a variety of services, including home, auto, financial products, and more. With the PenFed membership, you’ll have access to extra savings just for being a member. Furthermore, experience Visa Signature discounts that come along with the credit card. Visa Signature deals come in a variety of categories – from food and shopping to sports and entertainment. No matter your taste or lifestyle, Visa Signature deals will surely cater to your needs.
- 24/7 Fraud Monitoring for immediate detection and protection
- Chip-enabled cards for top security and safe shopping
- Visa Click to Pay saves time when online shopping
- Transfer a balance to consolidate debt at lower interest rates
- 24/7 Visa Signature Concierge service
Should You Apply for the PenFed Power Cash Reward VISA Signature® Card?
Overall, the Pentagon Federal Credit Union Power Cash Reward card is a pretty impressive cash back credit card. It offers up to 2% back on all purchases (for PenFed Honors Advantage Members) or 1.5% back for anyone else – all for no annual fee.
The cash back deal on all purchases makes it the perfect everyday card for your daily purchases. Finally, you can enjoy low interest rates for all your shopping, including low interest rates on balance transfers – which is helpful in reducing costs on existing debt in the long run.