- Annual percentage rate (APR): 14.99% to 17.99%.
- Purchase intro APR: None.
- Rewards: 1.5% or 2% cash back.
- Annual fee: $0.
- Late fee: $28 max.
- Credit score: Excellent (750+).
- Compare cards here.
Table of Contents
Benefits
- $100 initial rewards bonus: Cardholders have the opportunity to earn $100 as a rewards bonus for spending $1,500 in the first 90 days.
- 0% APR for 12 months on balance transfers: Available for the first four months of opening an account. Transferred balances are accompanied by a transfer fee of 3%. After the 12 months concludes the account is set at a 14.99% to 17.99% APR, which applies to any remains of the transferred balance.
- PenFed membership comes with discounts: Membership with PenFed Credit Union comes with several membership discounts for auto, finances, home, personal, and retail expenses.
- No cash advance, annual, or foreign transaction fees.
- No cash-back earnings limits, caps, or restrictions: There is no limit on the amount of cash back you can earn with the cash-back rewards. There are no category restrictions on purchases.
Drawbacks
- Cash advances, credit card checks, and balance transfers are excluded from earning rewards: This limits the amount that you can expect to get from your cash-back rewards.
- Prospective applicants must be a member of PenFed Credit Union to apply: However, membership with PenFed is available in all 50 states, the District of Columbia, Guam, Puerto Rico, and Okinawa.
- You must be eligible: The card is only available to those who qualify with excellent credit. The 2% rewards rate is only available for the Honors Advantage program which includes either maintaining a PenFed Access America Checking Account, or meeting the military service criteria of being a veteran or currently serving.
What Can You Expect From the PenFed Power Cash Rewards Visa Signature Card?
Pentagon Federal Union, also known as PenFed, offers a few services that are included with the PenFed Power Cash Rewards Visa Signature Card. This includes the use of the PenFed mobile banking app which provides 24/7 access to:
- PenFed accounts;
- Transaction details;
- Balance transfers;
- Application status updates,
- Instant check deposits;
- Sending personal payments;
- Bill payments;
- Locating preferred ATMs or PenFed branches.
PenFed also offers a zero-liability policy. If your card is lost, stolen, or fraudulently used on or offline, you are not held responsible for unauthorized charges. PenFed Power Cash Rewards cards come with industry-standard security features including chip technology and fraud monitoring. Cardholders can go paperless and sign up for electronic statements, which removes the $1 fee for mailed statements.
Membership Discounts
To become eligible for a Pentagon Federal Power Cash Rewards Visa Signature Card, you must become a member of Pentagon Federal Credit Union. Membership with Pentagon Federal Credit Union includes access to PenFed member discounts that include automobile discounts such as:
- Guaranteed asset protection (GAP insurance);
- Mechanical breakdown protection;
- Car buying services;
- Auto insurance savings with Travelers Insurance;
- Seguros Multiples (for members in Puerto Rico);
- National Car Rental savings;
- Tire and oil-change discounts at selected vendors;
- TruStage Auto Insurance discounts.
Financial perks include Turbotax discounts and discounts with Collegiate Funding Solutions planning services.
Home discounts include:
- Travelers home insurance program discounts;
- PenFed Title, LLC services;
- SimpliSafe home security services;
- Total Protect Home Warranty;
- TruStage home insurance program discounts.
Personal discounts include:
- MoneyU special rates for financial literacy programs;
- MathMastery courses at discount;
- Dental Benefits Max, with additional prescription savings;
- On-call doctor visits;
- Starr Wright USA liability insurance for federal employees, as well as consulting and contractor insurance;
- Chubb Hospital Accident Plan.
Retail discounts include:
- Alpha Industries discount codes;
- Crutchfield Electronics discounts;
- Flowers From FTD discounts.
Who Should Get the PenFed Power Cash Rewards Visa Signature Card?
The PenFed Power Cash Rewards Visa Signature Card is a great choice for those with excellent credit. Those who are a PenFed Honors Advantage members with a qualifying account, or those with qualifying military experience, have the 2% cash back option available to them.
Military service is not required for membership to PenFed, though you will be required to open a regular share account with a minimum deposit of $5. The rewards program is easy to monitor and track with no rotation categories or caps on earning and no annual fees.
Rewards can be redeemed as cash in statement credits or deposits in a PenFed checking or savings account, or transferred to another financial institution. Those that are looking to travel overseas can benefit from the lack of foreign transaction fees associated with the card.
Pay Off Debt With a Balance Transfer
The balance transfer option of the PenFed Power Cash Rewards Visa Signature Card offers 0% APR for 12 months with a 3% transfer fee. This card may be a good option for people who are looking to pay down debt without accruing interest.
Any debt left over after the 12-month period will be subject to the 14.99% to 17.99% interest rate. Utilizing a balance transfer to pay down debt will remove the grace period, causing purchases to accrue interest. If you plan to use the card specifically for the 12-month 0% APR, it is best not to use the card for regular purchases until the balance has been paid off.
Compare other cash back credit cards and learn more here.
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