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The PenFed Power Cash Rewards Visa Signature® Card provides useful perks for the credit union's loyal customers. It earns up to 2% cash back on purchases and lets you refinance credit card debt at a 0% intro APR. With no annual fee to boot, this card is a good money saver. Read on for all its features and areas of opportunity in our PenFed credit card review.
PenFed Power Cash Rewards Visa Signature® Card
Excellent (740-850)
Intro APR
Purchases: N/A
Balance Transfers: 0%, 12 months
Regular APR
16.49% - 17.99%, variable
Rewards 2% cash back on all purchases through the PenFed Honors Advantage program 1.5% unlimited cash back on all purchases
1.5% - 2% cash back
Annual Fee
$0
Welcome Offer $100 statement credit after spending $1,500 in purchase transactions within the first 90 days of account opening
$100
The rewards program can be rich, but the true benefits accrue to you if you are a PenFed Credit Union member.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Discover will match all the cash back you've earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
75,000 Miles 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X miles Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. |
Intro: Purchases: N/A Balance Transfers: N/A Regular: 19.99% - 29.99% (Variable) |
This credit card is a good fit for: Consumers who do their banking with PenFed Credit Union and want a credit card with a high cash back rate.
You'll enjoy several great benefits as a cardholder of the PenFed Power Cash Rewards Visa Signature® Card.
This PenFed credit card earns 2% cash back on purchases for PenFed Honors Advantage Members. If you're not a member, then it earns 1.5% back on purchases.
While either is a good rate, the higher rate ranks with the best cash back credit cards. Fortunately, it's easy to become a member of PenFed Honors Advantage. There are two ways to qualify:
You get an intro APR of 0% on balance transfers for the first 12 months after opening the credit card account. There is a balance transfer fee of 3% per transaction.
A balance transfer works well if you're trying to get out of credit card debt. Instead of paying down balances at an interest rate of 18% or more, you can transfer them to your PenFed card. Then, you'll have 12 months to work on your debt at a 0% APR. Just note that some balance transfer credit cards offer an intro period longer than 12 months.
Learn more: A Complete Guide to Balance Transfers
The PenFed Power Cash Rewards Visa Signature® Card offers a $100 statement credit when you spend $1,500 in the first 90 days. As long as you hit the spending requirement, this is an easy way to save $100.
If you're trying to keep costs down, no annual fee credit cards are exactly what you need. There's no yearly fee for this PenFed credit card, so you can carry it free of charge.
Eligible items bought with your PenFed Power Cash Rewards Visa Signature® Card are covered by purchase security. This policy protects against damage or theft within the first 90 days, up to a maximum of $500 per claim and $50,000 per cardholder.
For travelers, it's important to have a credit card that doesn't charge you more for international transactions. Since it doesn't have a foreign transaction fee, this PenFed credit card is a good choice.
There are some areas where PenFed could make this rewards credit card better.
One place where the PenFed Power Cash Rewards Visa Signature® Card fails to measure up is its sign-up bonus. It's not a bad bonus, but there are better sign-up bonus offers from other cards.
Several no annual fee credit cards have introductory bonuses of $150, $200, or even $250, and most of them also have smaller spending requirements than this particular PenFed card.
Although this credit card offers a 0% intro APR on balance transfers, it doesn't offer that deal on purchases you make. If you want to gradually pay off a big expense, check out 0% APR credit cards with intro offers that cover purchases.
To apply for the PenFed Power Cash Rewards Visa Signature® Card, you must be a member of PenFed Credit Union. Compared to major credit card companies that don't have this requirement, it's an extra hurdle.
It's not a huge roadblock, though. Anyone in the U.S. can join PenFed Credit Union by opening a savings account with a minimum deposit of $5. The credit union's Premium Online Savings account has an interest rate comparable to the best savings accounts and no monthly maintenance fee. It's a quality product and not just an account you'd never want to use.
A FICO® Score of at least 740 is recommended for the PenFed Power Cash Rewards Visa Signature® Card. Successful applicants generally have a credit score that falls within the excellent credit range.
PenFed looks at many factors during the credit card application process. In addition to your credit history, it also heavily weighs your annual income and your relationship with the credit union. If you're a long-time customer, that can help your approval odds.
You like PenFed and you want to have your credit card and bank accounts with the same financial institution.
The PenFed Power Cash Rewards Visa Signature® Card is good for earning rewards, since it offers rich cash back on purchases. It also has a solid balance transfer offer available. There are, however, top credit cards that offer just as much or more, without requiring that you sign up for a membership first.
Although this PenFed credit card may not be the most valuable card on the market, it has some quality benefits. That's enough to make it worthwhile for PenFed fans who'd like to keep their financial products under one roof.
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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