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PenFed Power Cash Rewards Visa Signature® Card review

Earn unlimited 1.5% or 2% cash back on all purchases as a PenFed Honors Advantage member.

  • Get this card for a simple credit solution with no annual fee and unlimited cash back.
  • Pick something else if you want stronger cash back in select categories or an intro APR on purchases.
  • Apply with a good to excellent credit score of 670 or higher.


Welcome offer

Up to 2%

Cash back


Annual fee

14.99% to 17.99%

Purchase APR (variable)


Annual fee$0
Welcome offer$100 after spending $1,500 in the first 90 days
Rewards2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases
Purchase APR14.99% to 17.99% variable
Balance transfer APR0% intro for the first 12 months (then 17.99% variable)
Minimum Credit Score670

Review by

Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.

Expert review

If you’re looking for a simple credit card with unlimited cash back on all purchases, consider the PenFed Power Cash Rewards Visa Signature® Card from PenFed Credit Union. It offers 1.5% cash back with no annual cap or category limitations, comparable to similar cards in the industry. PenFed Honors Advantage members get an impressive 2% cash back on all purchases.

How do I become a PenFed Honors Advantage member?

A 1.5% cashback rate is good. But by joining PenFed Honors Advantage, you can kick up your cash back to an unlimited 2% on your purchases.

PenFed Honors Advantage is open to:

  • PenFed Access America account holders. Keep your checking account in good standing to maximize your cash back. This account is open for anyone to apply, no military affiliation required.
  • Military members and their family. Enjoy Honors Advantage benefits if you’re on active duty, in the reserves, honorably discharged or retired.

How to apply for the PenFed Power Cash Rewards Visa Signature® Card?

  1. Go to the provider's site and click Apply now.
  2. Select the PenFed Power Cash Rewards Visa Signature® Card from the list and click Apply Now.
  3. Complete the form with the required information.
  4. Review your application and submit it.

How long will it take to get my PenFed Power Cash Rewards Visa Signature® Card?

Because PenFed automates conditional approval online, you may hear a decision on your application within minutes. If there are issues with your application, it could take a few days to a few weeks to hear back.

After you’re approved, you’ll get your card by mail within 10 business days.

The perks

  • Signup bonus. Spend $1,500 on purchases in the first 90 days of your card membership to get $100 back in statement credit. It’s a modest bonus when compared with similar competitor cards but easy enough to attain.
  • Unlimited cashback. For every purchase on your card, you can earn unlimited 1.5% cash back, with PenFed Honors Advantage members earning an unlimited 2% cash back. Most competitors offer 1.5% cash back on similar cards.
  • Intro APR period on balance transfers. Take advantage of a 0% intro APR on balance transfers for the first 12 months your account is open, for transfers made before 30 September 2020. After this, your APR reverts to to 17.99% variable. Keep in mind that there will be a 3% balance transfer fee, even during the promo period. Additionally, if you choose to make a balance transfer, you’ll begin accruing interest charges if you don’t pay your balance in full each month. Some competitor cards offer intro APR periods of up to 15 months for balance transfers and purchases, but they can attract high APRs after.

Am I eligible for PenFed membership?

Pentagon Federal Credit Union offers its services mostly to military-affiliated individuals. In the past, anyone could join the union with a small donation to the Voices for America’s Troops or the National Military Family Association, but this is no longer the case. Although donations are always a nice gesture, they are no longer required to become a PenFed member.

You’ll also like …

  • No annual fee. Use your card to earn rewards without paying a fee each year.
  • No foreign transaction fee. Use your card freely abroad without paying a fee for foreign transactions. Similar cashback cards can charge up to 3% on every overseas transaction.
  • Visa Signature Concierge. Use your 24/7 complimentary concierge service to plan trips, book airline tickets, help with your dining requests and more.
  • EMV chip card. Enjoy increased security with this hard-to-counterfeit EMV chip technology. In addition to lower risk of fraud, you’re protected with zero liability on your purchases.

What to watch out for

  • No intro APR for purchases. While the PenFed Power Cash Rewards Visa Signature® Card offers an intro APR period on balance transfers, it doesn’t extend to purchases. You start with a 14.99% to 17.99% variable APR that’s based on your creditworthiness — a low range when compared with similar cards, like the American Express Cash Magnet® Card (Terms apply, see rates & fees) that charges up to 23.99% APR variable.
  • Balance transfer limitations. To make use of the 0% intro APR on balance transfers, request your transfers by 30 September 2020. After the first 12 months, the APR reverts to a variable to 17.99% on any unpaid balances or new transfers. You’ll also pay a fee equal to 3% of each transaction.
  • Avoid late payments. If you don’t pay at least your monthly statement’s minimum, you may be charged up to $28 in late payment fees. If you don’t pay the minimum within 60 days, you could incur a variable penalty APR of 17.99%, and you may lose your intro APR period for balance transfers. Other cards charge penalty APRs of 29.99% for six months or more.

Compare cashback credit cards

Name Product Welcome Offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
$300 statement credit after spending $3,000 in the first 6 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on other purchases (redeem as statement credit)
$0 intro annual fee for the first year ($95 thereafter)
Earn a $300 statement credit after you spend $3,000 in purchases on your new card within the first 6 months. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
BlockFi Bitcoin Rewards Credit Card
Up to $100 in Bitcoin rewards by earning 3.5% back in Bitcoin on all purchases in the first 90 days
3.5% back in Bitcoin in the first 90 days, up to a total of $100 in Bitcoin, then 1.5% on all purchases
Earn 3.5% back in Bitcoin in the first 90 days, up to a total of $100 in Bitcoin. After that you'll earn a solid 1.5% back on all purchases.
Citi Custom Cash℠ Card
$200 cash back after spending $750 in the first 3 months. Fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back
5% cash back on purchases in your top eligible spend category each billing cycle on up to the first $500 spent, then 1% cash back thereafter and on all other purchases
A new cashback card that automatically awards 5% to your highest eligible spending category each billing cycle, on up to $500 (then 1%).

Compare up to 4 providers

What should I know before I apply?

To apply for the PenFed Power Cash Rewards Visa Signature® Card, you must be:

  • At least 18 years old.
  • A US citizen or permanent resident of the US.
  • A member of the Pentagon Federal Credit Union.

Information you’ll need

To complete the application, you’ll provide information that includes:

  • Your name and residential address.
  • Your Social Security number and date of birth.
  • Your email address and phone number.
  • Financial information like your annual income and income source.

What credit score do I need?

It’s best to apply with a good to excellent credit score of 670 or higher for a better chance of approval.

PenFed usually pulls your credit report from Equifax when determining approval.

PenFed Power Cash Rewards Visa Signature® Card reviews and complaints

Reviewers through the Better Business Bureau’s site complain of long wait times for customer support. However, the majority of cardholders praise the card’s generous 2% cash back on all purchases for PenFed Honors Advantage members.

As of August 2021, the Pentagon Federal Credit Union earns an A+ from the BBB, though it is not yet accredited. At the time of writing, this BBB rating and 65 customer reviews result in 4.5 out of 5 stars for PenFed.

I got the card. Now what?

  • Download the PenFed mobile app. The free app allows you to pay your statements, set up autopay, request balance transfers and more from your phone or tablet.
  • Avoid interest. After the close of each billing cycle, you have a grace period of at least 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Enroll in Visa Purchase Alerts. Get real-time notification by email or text each time your card is used to make a purchase, helping you to stay on top of spending and potential fraud.
  • Get support. Call PenFed’s customer service at 1-800-732-8268 or email

Bottom line

The PenFed Power Cash Rewards Visa Signature® Card offers one of the strongest unlimited cashback rewards in the market to PenFed Honors Advantage members. If you don’t spend a lot on any particular category, like on gas or groceries, it’s a decent rewards card.

Before applying, compare other cashback cards to find the best one to suit your budget and needs.

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