PenFed Power Cash Rewards Visa Signature® Card
vs. Costco Anywhere Visa® Card by Citi

Updated: June 10, 2024

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Both the PenFed Power Cash Rewards Visa Signature® Card and the Costco Anywhere Visa® Card by Citi offer enticing cash back rewards, making them strong contenders for anyone looking to maximize returns on their spending. However, if you're a frequent Costco shopper, the Costco Anywhere card is better for its higher cash back rates on gas, travel and dining and additional rewards for Costco purchases. It's a co-branded card that requires a Costco membership, which could be a significant advantage for loyal customers of the warehouse club.

On the other hand, the PenFed Power Cash Rewards card has a welcome bonus and the potential for high cash back rewards across all purchases. It's a solid choice if you prefer a card without a specified credit score requirement or you're already a PenFed Credit Union member.

Credit Card logo for PenFed Power Cash Rewards Visa Signature® Card
PenFed Power Cash Rewards Visa Signature® Card
Credit Card logo for Costco Anywhere Visa® Card by Citi
Costco Anywhere Visa® Card by Citi

  • Regular APR
    17.99% variable
    20.49% variable
    0% APR Offer
    -
    -
    Intro Offer
    Earn $100 Bonus Offer Statement Credit
    No current offer
    Rewards Summary
    Earn 1.5% – 2% cash back
    Earn 1–4% cash back
    Balance Transfer Offer
    0% Introductory Balance Transfer APR for 12 months
    -
    Balance Transfer Fee
    3% fee applies to each transaction
    Either $5 or 5% of the amount of each transfer, whichever is greater
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    740-850 (Excellent)
    Penalty APR
    17.99%
    Up to 29.99%
    Not sure?

Which Card Is Better for You?

You might prefer the PenFed Power Cash Rewards if you value a straightforward cash back program with a flat reward rate on all purchases. This card also offers a welcome bonus and a 0% balance transfer APR for 12 months, which could be beneficial if you're planning to pay down existing credit card debt.

You might prefer Costco Anywhere if you're a frequent Costco shopper and spend a lot on gas, dining and travel. With higher cash back rates in these categories and no annual fee with your Costco membership, this card maximizes rewards for loyal Costco customers.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards and other features will determine which card aligns with your financial habits. For instance, if you frequently shop at Costco, the Costco Anywhere card's higher cash back on gas and Costco purchases might be appealing. Conversely, the PenFed Power Cash Rewards card could be more attractive if you seek a straightforward cash back program without the need for a store membership.

    discount icon

    Regular APR: Costco Anywhere

    Costco Anywhere, with its 20.49% variable APR, offers transparency for users who value knowing their card's interest rates upfront. The PenFed Power Cash Rewards does not have a listed APR, making the Costco Anywhere card more straightforward in this aspect.

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    Annual Fee: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards is more advantageous for avoiding annual fees, as it does not have an annual fee or require any membership. In contrast, the Costco Anywhere requires a Costco membership, which costs $60 annually.

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    Introductory 0% APRs: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards is better for introductory 0% APRs, offering a 0% introductory balance transfer APR for 12 months. The Costco Anywhere doesn't have any introductory APR offers.

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    Rewards: Costco Anywhere

    The Costco Anywhere card is better for rewards, offering up to 4% cash back on gas and EV charging, 3% on dining and travel and 2% on Costco purchases. PenFed Power Cash Rewards offers up to 2% cash back for PenFed Honors Advantage Members and 1.5% for others, without category restrictions.

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    Welcome Offers: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards offers a $100 statement credit when you spend $1,500 within 90 days of opening your account. The Costco Anywhere doesn't provide a welcome offer.

    creditApproved icon

    Recommended Credit Score: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards card is potentially more accessible, as it does not specify a required credit score, unlike the Costco Anywhere card, which requires excellent credit (740 to 850).

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    Penalties and Fees: PenFed Power Cash Rewards

    Unlike the Costco Anywhere card, PenFed Power Cash Rewards is better for penalties and fees, as it does not charge late fees, penalty APRs, cash advance fees or foreign transaction fees.

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    Issuer Satisfaction: Costco Anywhere

    The Costco Anywhere card is better for issuer satisfaction, with a rating of 4.1 compared to PenFed's lack of a rating in this area.

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    Other Features & Perks: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards card is better for perks, offering travelers access to luxury hotels through the Visa Signature Hotels portal. If you pay your cell phone bill or book travel using PenFed Power Cash Rewards, you get access to cell phone protection or travel accident coverage. With its $0 fraud liability, you will not be responsible for unauthorized charges if your card is stolen.

Rewards Comparison

The Costco Anywhere card outpaces the PenFed Power Cash Rewards in specific categories. With the Costco Anywhere card, you'll earn 4% cash back on gas and EV charging purchases for the first $7,000 per year, then 1% thereafter. Additionally, dining and eligible travel purchases net you 3% cash back, and purchases from Costco and Costco.com earn 2%. All other purchases earn 1% cash back. These rates make the card particularly rewarding for Costco members who are frequent travelers and spend a lot on gas and dining.

The PenFed Power Cash Rewards card doesn't offer the same high rewards rates in specific categories, but it provides a flat rate of 1.5% cash back on all purchases or 2% for PenFed Honors Advantage members. This simplicity could be appealing if you prefer a straightforward rewards program without having to track category bonuses.

The table below details the bonus categories to help you compare each card's rewards program at a glance.

Category
PenFed Power Cash Rewards
Costco Anywhere

Gas & EV Charging

1.5%/2% for PenFed Honors Advantage Members

4% for the first $7,000 annually, 1% thereafter

Restaurants

1.5%/2% for PenFed Honors Advantage Members

3%

Travel

1.5%/2% for PenFed Honors Advantage Members

3%

Costco Purchases

1.5%/2% for PenFed Honors Advantage Members

2%

All Other Purchases

1.5%/2% for PenFed Honors Advantage Members

1%

Redeeming Rewards

The Costco Anywhere card offers a unique redemption process. You receive your cash back as an annual certificate after the February billing statement closes. This certificate can be used for merchandise or cash back at any U.S. Costco warehouse. However, it's important to note that these reward certificates must be redeemed by December 31 of the year they're issued. Any unredeemed rewards after this date will expire, emphasizing the need for timely redemption.

PenFed Power Cash Rewards allows redemption in a few ways. You can receive your rewards as statement credit directly to your PenFed Credit Card account. You can also deposit your cash rewards into your PenFed Checking or Share account. It's also possible to redeem rewards by transferring them to another financial institution.

Methodology

MoneyGeek evaluates credit cards like the PenFed Power Cash Rewards and Costco Anywhere using a ranking process tailored to specific use cases, such as cash back. In this comparison, we assessed both cards for their performance in the cash back category. The largest factors influencing their scores include the effective reward rate and the offer return on investment. For a detailed understanding of our scoring system, you can review our ranking methodology.

FAQ: PenFed Power Cash Rewards vs. Costco Anywhere

What are the rewards rates for each card?
Do either of the cards offer a 0% APR period for balance transfers?
Are there any membership requirements for these cards?
How do the annual fees compare between the two cards?
Can I use these cards for international travel without incurring extra fees?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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