Credit Cards
PenFed Power Cash Rewards Visa Signature card review
Read this PenFed Power Cash Rewards Visa Signature card review to learn about this card's convenient flat 2% cash back reward.
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by Danilo Pereira
A simple, flat rewards credit card which is light on fees and saves you money on balance transfers
If you use the PenFed Credit Union for your regular banking or are a military member, this card is best suited for you. This is our PenFed Power Cash Rewards Visa Signature card review.
Get your PenFed Power Cash Rewards!
This PenFed Power Cash Rewards Visa Signature card application guide will help you get this card today and start earning 2% cash back.
- Credit Score: Excellent (800 – 850)
- APR: Variable 16.49% – 17.99%
- Annual Fee: $0
- Fees: 3% balance transfer fee
- Welcome bonus: Earn a $100 statement credit after spending $1,500 within the first 90 days since opening the account.
- Rewards: PenFed Honors Advantage Members can earn 2% cash back on all purchases, non-members earn 1.5% cash back on all purchases.
If you are the kind of person that does not like to go through the hassle of dealing with multiple rewards rates, this card makes things simple for you.
Plus, you can earn a $100 statement credit after you spend $1,500 within the first 90 days from account opening.
PenFed Power Cash Rewards Visa Signature card: how does it work?
The PenFed Power Cash Rewards Visa Signature card offers 2% cash back on all purchases for members of the PenFed Honors Advantage program.
2% is one of the highest cash-back rates you can find in the market. Non-members also earn cash back, although at a lower rate of 1.5%.
The card allows you to redeem your rewards in a number of ways. You can redeem them for statement credits which the issuer posts to your credit card account.
Or, if you prefer, you can deposit into your checking or share account, as well as transfer to your account with another financial institution.
You do not need to worry about minimum redemption amounts. The issuer does not specify any minimums in the program guide.
Also, your rewards never expire for as long as your account is active and in good standing.
You can maximize your rewards by becoming a PenFed Honors Advantage member. Members of the military have automatic PenFed Honors Advantage membership.
If you are not a member of the military, you can gain membership status by opening a checking account with the credit union.
Just make sure you meet their requirements so that you can waive its monthly fee. If you do not do that, the monthly fee will most likely eat up all the rewards you have earned.
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Significant benefits and disadvantages you may find in your Power Cash Rewards Visa Signature card
Now that you are familiar with this credit card’s ins and outs, how about a comparison? Our PenFed Power Cash Rewards Visa Signature card review would not be complete without one.
So have a look at the list of benefits and disadvantages we have prepared below.
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Benefits
- High, flat rewards rate
- Good balance transfer savings
- Low fees
- Perfect for members of the military
Disadvantages
- Low intro bonus
- Maximizing rewards requires a relationship
- No 0% intro APR on purchases
Is a good credit score required for applicants?
The PenFed Power Cash Rewards Visa Signature card requires its applicants to have a credit score of 800 to 850 points. That is a high credit score that falls within the category of Excellent credit.
Learn how to apply and get a PenFed Power Cash Rewards Visa Signature card
After reading this PenFed Power Cash Rewards Visa Signature card review, what is your verdict? Is this a good card for you? If so, you might want to apply for it.
In the link below we have prepared a step-by-step guide to its application. Read it and learn how to get your card today!
Get your PenFed Power Cash Rewards!
This PenFed Power Cash Rewards Visa Signature card application guide will help you get this card today and start earning 2% cash back.
About the author / Danilo Pereira
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