PenFed Power Cash Rewards Visa Signature® Card review | finder.com

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PenFed Power Cash Rewards Visa Signature® Card review

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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.

$100

Welcome offer

Up to 2%

Cash back

$0

Annual fee

11.74% to 17.99%

Purchase APR (variable)

Details

Product NamePenFed Power Cash Rewards Visa Signature® Card
Card typeVisa
Annual fee$0
Purchase APR11.74% to 17.99% variable
Balance transfer APR0% intro for the first 12 months (then 11.74% to 17.99% variable)
Balance transfer fee3%
Cash advance rate11.74% to 17.99% variable
Cash advance fee$5 or 5% of the cash advance amount, whichever is greater
Penalty APR17.99% fixed
Foreign transaction feeNone
Interest free periodUp to 25 days
Late payment fee$25
Returned payment fee$25
Additional cardholder fee$0

The basics

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.

If you spend about $2,000 a month on your card, you’re eligible for $360 back annually with the 1.5% cash back. For Honors Advantage members, cash back jumps to $480 a year.

If you carry debt on other cards with higher APRs, you can save more and get some breathing room by transferring your balances to your PenFed card within the low intro APR period.

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.

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 September 30, 2019. After this, your APR reverts to 11.74% 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 (see ) offers an intro APR period on balance transfers, it doesn’t extend to purchases. You start with a 11.74% 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 (see rates & fees All information about this card has been collected independently by Finder) that charges up to 25.99% APR variable.
  • Balance transfer limitations.
    To make use of the 0% intro APR on balance transfers, request your transfers by September 30, 2019. After the first 12 months, the APR reverts to a variable 11.74% 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 $25 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
$150 cash back after spending $500 in the first 3 months
1.5% cash back on all purchases
$0
Earn unlimited 1.5% cash back on every purchase, every day.
3% cash back bonus on up to $10,000 in the first 12 months, then 1.5%
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
$150 after spending $500 in the first 90 days
5% on up to $2,000 each activated quarter on two categories combined (1% after), 2% on one everyday category and 1% on all other purchases
$0
When you spend $500 on your card within the first 90 days, you’ll receive a $150 cash back bonus. Rates & Fees
$250 after spending $1,000 in the first 3 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 all other purchases
$95
Earn $250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees
$200 after spending $500 in the first 90 days
3% on dining, 2% at grocery stores and 1% on all other eligible purchases
$0
Earn $200 cash back when you spend $500 within 90 days after account opening.

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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.

What do customers say about the PenFed Power Cash Rewards Visa Signature® Card?

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.

The Pentagon Federal Credit Union earns an A+ from the BBB. At the time of writing, this BBB rating and 21 customer reviews result in 3.81 out of 5 stars for PenFed.

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

  1. Go to the provider 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.

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 info@hq.penfed.org.

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.

Frequently asked questions

Images: PenFed.org

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