PenFed Power Cash Rewards Visa Signature® Card
vs. Discover it® Chrome

Updated: June 18, 2024

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The PenFed Power Cash Rewards Visa Signature® Card and Discover it® Chrome offer appealing cash back rewards and no annual fees, which is a common ground for those seeking straightforward, cost-effective benefits. However, the Discover it Chrome edges ahead with its introductory 0% APR offer on purchases and balance transfers.

With the PenFed Power Cash Rewards card, customers have the potential to earn high cash back rewards on every purchase, making it a strong contender for everyday spending.

Credit Card logo for PenFed Power Cash Rewards Visa Signature® Card
PenFed Power Cash Rewards Visa Signature® Card
Credit Card logo for Discover it® Chrome
Discover it® Chrome

  • Regular APR
    17.99% variable
    18.24% - 28.24% variable
    0% APR Offer
    -
    0% for 6 months on purchases
    Intro Offer
    Earn $100 Bonus Offer Statement Credit
    Cashback Match
    Rewards Summary
    Earn 1.5% – 2% cash back
    Earn 1%–2% cash back
    Balance Transfer Offer
    0% Introductory Balance Transfer APR for 12 months
    0% for 18 months on balance transfers
    Balance Transfer Fee
    3% fee applies to each transaction
    5% of the amount of each transfer after intro fee
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    670-850 (Good to Excellent)
    Penalty APR
    17.99%
    None
    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 rate on all purchases. If you're a PenFed Honors Advantage Member, the 2% cash back on all purchases is particularly attractive. Additionally, the lower non-variable APR after the introductory period can be more cost-effective in the long run.

You might prefer the Discover it Chrome if you frequently dine out or spend on gas, as you'll benefit from up to 2% cash back in these categories. The card's first-year cash back match can significantly boost your rewards if you're a new cardholder. The longer 0% introductory APR on balance transfers is also an advantage if you're planning to transfer a balance.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards and other features clarifies which card aligns with your financial habits. For instance, if you frequently dine out or drive, Discover it Chrome's bonus categories might appeal to you, whereas PenFed Power Cash Rewards offers consistent cash back on all purchases for members. Assess each card's introductory offers and fees to determine your potential savings and costs.

    discount icon

    Regular APR: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards offers a better regular APR at 17.99% variable, compared to the Discover it Chrome's range of 18.24% to 28.24% variable.

    annualFee icon

    Annual Fee: Tie

    Both the PenFed Power Cash Rewards and the Discover it Chrome have no annual fee, making them equally appealing for users looking to avoid extra costs.

    lowInterestAPR icon

    Introductory 0% APRs: Discover it Chrome

    Discover it Chrome offers a more comprehensive 0% APR package, with six months on purchases and 18 months on balance transfers, though it has a higher balance transfer fee of 5%. PenFed Power Cash Rewards offers a 12-month 0% APR on balance transfers with a lower fee of 3%, but it lacks an introductory APR offer for purchases.

    coins icon

    Rewards: PenFed Power Cash Rewards

    PenFed Power Cash Rewards is better for rewards, providing 1.5% cash back on all purchases, with 2% for Honors Advantage Members, vs. Discover's 2% on gas and dining up to $1,000 each quarter and 1% on other purchases.

    rewards icon

    Welcome Offers: PenFed Power Cash Rewards

    The PenFed Power Cash Rewards card offers a better welcome bonus, with a $100 statement credit after spending $1,500 in the first 90 days, translating to a higher return on investment.

    creditApproved icon

    Recommended Credit Score: Discover it Chrome

    Both cards require a credit score of 670 to 850 (good to excellent). However, Discover it Chrome is slightly more accessible to those with lower credit scores, making it the better option for this feature.

    autopay icon

    Penalties and Fees: Discover it Chrome

    Discover it Chrome is better for penalties and fees, offering a first late fee waiver and no penalty APR. Both cards do not charge foreign transaction fees, but PenFed Power Cash Rewards imposes a penalty APR of 17.99% and has a tiered late fee structure based on the balance amount.

    points icon

    Issuer Satisfaction: Discover it Chrome

    Discover it Chrome leads in issuer satisfaction with a rating of 4.5 for Discover Bank. PenFed currently doesn't have an issuer satisfaction rating available.

    airplane icon

    Other Features & Perks: Tie

    Both cards offer unique perks. Discover it Chrome provides free overnight card replacement, while PenFed Power Cash Rewards offers cell phone protection and $0 Fraud Liability. Each card's perks cater to different preferences, making this category a tie.

Rewards Comparison

When it comes to rewards, the PenFed Power Cash Rewards edges out with a higher expected reward value and percentage, making it a strong contender for those seeking a straightforward cash back program on all purchases.

The Discover it Chrome card stands out for its bonus categories, offering a higher rewards rate for gas and dining expenses, capped at a certain limit each quarter.

The table below outlines the bonus categories for both cards, allowing you to compare and determine which card best aligns with your spending habits.

Category
PenFed Power Cash Rewards
Discover it Chrome

Gas Stations

1.5%/2% for PenFed Honors Advantage Members

2% on up to $1,000 in combined purchases each quarter

Restaurants

1.5%/2% for PenFed Honors Advantage Members

2% on up to $1,000 in combined purchases each quarter

$0 Fraud Liability

1.5%/2% for PenFed Honors Advantage Members

1%

Redeeming Rewards

PenFed Power Cash Rewards offers simple and flexible cash back redemption at any time. You can receive your rewards as statement credit, by depositing them into your PenFed account or by transferring to another account of your choice.

Discover it Chrome also allows for versatile redemption options, including gift cards, charitable donations, statement credits, direct deposits and even Amazon payments.

Both cards ensure your rewards remain available for use, as they do not expire.

Methodology

MoneyGeek's ranking process evaluates credit cards across various use cases, such as balance transfers and cash back rewards. The PenFed Power Cash Rewards scores highest in the cash back category, emphasizing the value of rewards and cost-effectiveness. The Discover it Chrome scores highest for balance transfers, focusing on the introductory APR and ongoing interest rates.

The four most significant factors influencing these scores are the effective reward rate, annual fees, introductory purchase APR and regular APR. For a detailed understanding of our scoring process, you can review our ranking methodology.

FAQ: PenFed Power Cash Rewards vs. Discover it Chrome

What are the cash back rewards for each card?
Do either of the cards have an annual fee?
What are the introductory APR offers for these cards?
Are there foreign transaction fees for either card?
What credit score is required for each card?

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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