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The no-annual-fee PenFed Power Cash Rewards Visa Signature® Card earns up to 2% cash back on all purchases, so it's a decent option for Pentagon Federal (PenFed) Credit Union members (anyone can join) looking to earn straightforward rewards without category restrictions. However, there are plenty of other no-annual-fee cards available with higher rewards, more benefits, and larger welcome bonus offers.

PenFed Power Cash Rewards Visa Signature® Card

4.1/5

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Editor's Rating

Apply Now

Annual Fee

$0

Regular APR

16.49% - 17.99% Variable

Recommended Credit Score

Good to Excellent

Pros & Cons Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

• Up to 2% unlimited cash back with no caps, limits, or category restrictions
• Decent welcome bonus offer
• No annual fee or foreign transaction fees

Cons

• Must join PenFed credit union to apply for the card
• You have to be a PenFed Honors Advantage Member or have performed military service to qualify for 2% cash back rewards
• Some other no-annual-fee cash-back cards have higher cash-back rates

Details Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

• Earn Cash Back for Everyday Purchases
• No Caps. No Limits. No Gimmicks.
• 2% Cash Back on all purchases for PenFed Honors Advantage Members
• 1.5% Cash Back on all purchases made with your card
• $100 Bonus Offer Statement Credit When you spend $1,500 in the first 90 days
• 0% Balance Transfers Promo APR for 12 months, 3% fee applies to each transaction. Subject to credit approval. On transfers made from now until September 30, 2022. After that, the APR for the unpaid balance and any new balance transfers will be 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
• Annual Fee: $0
• Purchase Variable APR: 16.49% to 17.99%
• Refer to PenFed.org for Terms/Conditions

Review: Is the PenFed Power Cash Rewards Visa Signature Card the best credit card for you?

If you bank with PenFed Credit Union and you're looking for a card that earns flat-rate rewards, the PenFed Power Cash Rewards Visa Signature® Card is worth considering. To qualify for this card, you'll need to be a PenFed member, but anyone can open an account with a $5 minimum deposit.

This card comes with a $100 statement credit offer when you spend $1,500 in the first 90 days from account opening. Plus, regular PenFed members earn 1.5% cash back on all purchases, and PenFed Honors Advantage members earn an additional 0.50% cash back (a total earning rate of 2% cash back). But not everyone is eligible to qualify for Honors Advantage program, so if you're not a member already, you might want to consider a different no-annual-fee cash-back card with higher rewards rates.

Cardholders also get solid benefits (such as travel accident insurance and access to the Visa Signature Luxury Hotel Collection), as well as flexible ways to redeem rewards. There are also no foreign transaction fees, which makes it a decent card to travel with. 

In addition, the PenFed Power Cash Rewards Visa Signature® Card has a 0% balance transfers promo APR for 12 months, 3% fee applies to each transaction (then a 16.49% - 17.99% Variable APR), which can benefit folks looking to pay down debt without incurring higher interest.  

However, if you're to looking to pay off larger purchases over multiple billing cycles or pay down credit debt, you might prefer the PenFed Gold Visa® Card. Although it doesn't earn rewards or offer an intro bonus, the card does have a 0% intro APR on purchases for 15 months from account opening and on balance transfers for 15 months on transfers made before 9/30/22 (3% fee applies to each transfer), followed by a 11.49% - 17.99% Variable APR. 

Another no-annual-fee card to consider is the Wells Fargo Active Cash® Card. It earns unlimited 2% cash rewards on purchases and a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months from account opening. Plus, it comes with a 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (then a 17.24%, 22.24%, or 27.24% Variable APR).

How to earn rewards with the PenFed Power Cash Rewards credit card

The PenFed Power Cash Rewards Visa Signature® Card has a simple reward earning rate of 1.5% cash back on all purchases, with no caps. If you're a PenFed Honors Advantage member you can earn an additional .50% cash back on all purchases (a total of 2% cash back). Your rewards won't expire as long as your account is active. 

How to qualify for a PenFed Honors Advantage Membership

• Military status: Primary applicant must have military service (active duty, reserve, honorably discharged, or retired).
• Checking account: You must be the primary owner of the PenFed Power Cash Rewards Visa Signature® Card and a PenFed checking account. Members of a Free Checking account must also maintain a $500 minimum daily balance or set up monthly direct deposits of $500 or more.

If you spend $3,000 monthly with your PenFed Power Cash Rewards Visa Signature® Card, you'll earn $45 monthly rewards or $540 annually (1.5% cash back rate). PenFed Honors Advantage members with the same total monthly expense will earn $60 in monthly rewards or $720 annually (2% cash back rate). 

How to use rewards from the PenFed Power Cash Visa Signature credit card

The PenFed Power Cash Rewards Visa Signature® Card allows cardholders to redeem rewards as a statement credit or a deposit into an eligible PenFed Checking or Share account. You can also schedule monthly redemptions into an account of your choosing from another financial institution.

There's no minimum redemption amount. 

PenFed Power Cash Rewards card benefits and features

Emergency card replacement and cash disbursement

In the case of an emergency, you'll have access to card replacement and disbursement services 24/7.

Entertainment offers and upgrades

When you use your PenFed Power Cash Rewards Visa Signature® Card to pay for eligible entertainment services, you'll be eligible to receive preferred event access, upgrades, and savings.

Visa Signature Luxury Hotel Collection

The PenFed Power Cash Rewards Visa Signature® Card gives cardholders access to worldwide travel benefits, including special offers and upgrades at over 900 properties from the Visa Signature Luxury Hotel Collection.

$o liability policy

You won't be held responsible for unauthorized purchases on a lost or stolen PenFed card. You must notify PenFed immediately of any unauthorized use. You can submit a claim at 800-247-5626. 

Shopping discounts

When you use your PenFed Power Cash Rewards Visa Signature® Card at select retailers, you become eligible to receive discounts at stores and online merchants. 

Sports special offers and discounts

The PenFed Power Cash Rewards Visa Signature® Card gets you offers on golf experiences, event tickets, and other sports events. You'll also be able to save on premium ground transportation with Silvercar Audi rentals and golf benefits at over 95 courses worldwide with Troon Rewards. 

Fine wine and food offers

You'll get year-round benefits on culinary items when you use your PenFed Power Cash Rewards Visa Signature® Card, such as special access and savings at more than 50 Sonoma Country wineries. 

Purchase security

You can receive replacements, repairs, or reimbursements on eligible net purchases bought with your PenFed Power Cash Rewards Visa Signature® Card for up to $500 per claim for 90 days from the date of purchase. This service covers personal property damaged by occurrences, such as fire, lightning, vandalism, theft, and more. You must submit a claim to receive this benefit. 

Roadside dispatch

You can get 24/7 pay-per-use roadside assistance for towing, tire changes, jump starts, lockout services, and more.

Travel accident insurance

The PenFed Power Cash Rewards Visa Signature® Card gives you coverage in case of accidental death or dismemberment when you charge your entire travel fare to your eligible PenFed card. 

Travel and emergency assistance services

You'll receive help with medical, legal, and travel services while traveling. Call the 24-hour Benefit Administrator at 800-397-9010. Spouses and children of the primary cardholder are eligible to receive these services as well. Remember that you are still responsible for the cost of any actual medical, legal, transportation, cash advances, or other provided services. 

Visa Signature concierge

You can call the 24/7 Visa Signature concierge service at 800-953-7392 for assistance with travel bookings, obtaining popular sports and entertainment tickets, restaurant reservations, golf bookings, and more. 

PenFed Power Cash Rewards Visa Signature® Card

4.1/5

A five pointed starA five pointed starA five pointed starA five pointed starA five pointed star

Editor's Rating

Apply Now

Annual Fee

$0

Regular APR

16.49% - 17.99% Variable

Recommended Credit Score

Good to Excellent

Pros & Cons Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros

• Up to 2% unlimited cash back with no caps, limits, or category restrictions
• Decent welcome bonus offer
• No annual fee or foreign transaction fees

Cons

• Must join PenFed credit union to apply for the card
• You have to be a PenFed Honors Advantage Member or have performed military service to qualify for 2% cash back rewards
• Some other no-annual-fee cash-back cards have higher cash-back rates

Details Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information

• Earn Cash Back for Everyday Purchases
• No Caps. No Limits. No Gimmicks.
• 2% Cash Back on all purchases for PenFed Honors Advantage Members
• 1.5% Cash Back on all purchases made with your card
• $100 Bonus Offer Statement Credit When you spend $1,500 in the first 90 days
• 0% Balance Transfers Promo APR for 12 months, 3% fee applies to each transaction. Subject to credit approval. On transfers made from now until September 30, 2022. After that, the APR for the unpaid balance and any new balance transfers will be 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
• Annual Fee: $0
• Purchase Variable APR: 16.49% to 17.99%
• Refer to PenFed.org for Terms/Conditions

Fees and costs

The PenFed Power Cash Rewards Visa Signature® Card doesn't charge an annual fee, a foreign transaction fee, or a cash advance fee. The card has a 0% balance transfers promo APR for 12 months, 3% fee applies to each transaction (then a 16.49% - 17.99% Variable APR). 

You can be charged a 3% balance transfer fee, a late payment fee (up to $28), and a returned payment fee (up to $25). 

PenFed Power Cash Rewards vs other no-annual-fee PenFed cards

PenFed Power Cash Rewards vs other no-annual-fee cash-back cards

PenFed Power Cash Rewards Visa Signature card frequently asked questions (FAQ)