What is the average credit score needed to get approved for the Power Cash Rewards Visa Signature® Card?

You need to have an excellent credit score to get approved for the Power Cash Rewards Visa Signature® Card.

Does the Power Cash Rewards Visa Signature® Card report to all three credit bureaus?

Yes, PenFed reports to all three credit bureaus.

Is the Power Cash Rewards Visa Signature® Card application process lengthy? Can you pre-qualify?

Yes, you can pre-qualify if you are already a credit union member. The process can be lengthy for non-members, as they will need to apply for a credit union checking or savings account.

What information is needed to apply for the Power Cash Rewards Visa Signature® Card?

You will need to provide your personal information, contact information and financial information to apply. This includes your name, date of birth and Social Security number, as well as your address, phone number and annual income

Does the Power Cash Rewards Visa Signature® Card have good customer service or satisfaction?

It can be difficult to gauge this issuer’s customer service without looking at customer satisfaction scores. However, Power Cash Rewards Visa Signature® Card customer service is available around the clock, and you can usually find answers to common questions in their product knowledge base .

Does the Power Cash Rewards Visa Signature® Card have a mobile app or the option to pay or manage your account online?

Yes. Click-to-pay technology and digital wallet are some of the card’s features that let you shop online.

Does the Power Cash Rewards Visa Signature® Card raise credit limits automatically or charge for limit increases?

PenFed regularly reviews its customers' accounts and increases their credit limits automatically. Note that requesting a credit limit increase may result in a temporary dip in your credit score.

Does the Power Cash Rewards Visa Signature® Card offer the option to freeze your credit/account or have other security features?

If you suspect your card has been hacked, PenFed allows you to freeze your account without affecting your credit score. The card also comes with Zero Liability Protection, which ensures that you won’t be held liable for unauthorized transactions.

Does PenFed Credit Union offer other credit cards besides the Power Cash Rewards Visa Signature® Card?

PenFed also offers the [Pathfinder Rewards Visa Signature Card](https://www.moneygeek.com/credit-cards/reviews/penfed/pathfinder-rewards-visa-signature/), which lets PenFed members earn 4X points on travel purchases.

MoneyGeek's Take

Power Cash Rewards Visa Signature® Card Review

The Power Cash Rewards Visa Signature® Card is a worthwhile cash back credit card with no annual or foreign transaction fees, best suited for existing PenFed or military members. The flat cash back rewards rate is a simplified offer that doesn’t confuse cardholders with tiered reward structures.

Advertising & Editorial DisclosureLast Updated: 11/24/2022

Reviewed By

Brett Holzhauer

Last Updated: 11/24/2022

If you have varied spending habits and want to accumulate cash back without worrying about rotating categories, the Power Cash Rewards Visa Signature® Card is a solid credit card choice. Use this card to consolidate your debt and pay it off within the first year of account opening to take advantage of its promotional 0% APR balance transfer intro offer.

>>MORE: PENFED MEMBERSHIP REQUIREMENTS: HOW TO BECOME A PENFED MEMBER

Card Details to Know Up Front

Bonus, Fee or Feature
Has or Not
Has Annual Fee
Has Balance Transfer Offer
Has APR Offer
Cash Back Rewards
Travel Rewards
Hotel Benefits
Airline Benefits
Has Rewarding Welcome Offer
Has Foreign Transaction Fee
Recommended Credit
Good-Excellent

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

Power Cash Rewards Visa Signature® Card at a Glance

Unlike similar cards on the market, the Power Cash Rewards Visa Signature® Card doesn’t have a high cash back earning rate. But its flat-rate cash back on all spending categories makes this card an ideal choice for those with varied spending habits. Combined with its lack of an annual fee, this credit card is a decent option for potential cardholders.

Power Cash Rewards Visa Signature® Card
A good no annual fee balance transfer card with cash back
- Good-ExcellentRecommended Credit
- $0Annual Fee
- 1.5% - 2% Cash BackRewards Rate
- 12 monthsBalance Transfer Duration
Pros
No annual fees
No foreign transaction fees
Bonus statement credit
Up to 2% flat cash back rewards rate
Balance transfer promo offer

Cons
Purchase variable APR of 16.49% to 17.99%
Credit union membership required
Balance transfer fee
No annual fees
2% cash back for PenFed Honors Advantage Members
1.5% cash back for non-members
$100 bonus offer statement credit on $1,500 spent within the first 90 days
0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated cards from our partners.

Pros & Cons Explained

Knowing the pros and cons of the Power Cash Rewards Visa Signature® Card helps you decide whether this card is right for you.

Pros

Benefits
Description
No annual fee
Cardholders will not pay an annual fee while earning unlimited cash back rewards. This puts (and leaves) more money in your pocket.
No foreign transaction fees
The absence of foreign transaction fees means this card is great for international travel.
Bonus offer
Spending $1,500 with your card in the first 90 days of opening your account gets you a $100 bonus statement credit.
Flat-rate cash back rewards
Earn unlimited cash back on all your purchases with no rotating categories, minimums or expiration dates. This is a simplified and steady way to get rewards for your everyday spending.
0% APR balance transfer offer
0% APR on balance transfers means you can consolidate your debt and pay it down without interest. This promotional offer applies for the first year upon credit card activation.

Cons

Drawbacks
Description
High APR
The Power Cash Rewards Visa Signature® Card’s purchase variable 16.49% to 17.99% APR is high compared to similar cards on the market.
Credit union membership
You must be a PenFed credit union member to apply for this card. Also, the highest cash back rate for this card (2%) is only available if you’re a military member or a PenFed Honors Advantage Member.

LOOKING FOR THE BEST CREDIT CARDS OF 2022?

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Bonuses & Rewards Explained

If you’re a PenFed Honors Advantage Member, you earn 2% cash back on all purchases with the Power Cash Rewards Visa Signature® Card. All other PenFed members earn 1.5% cash back. You can redeem your Power Cash rewards in the following ways:

Statement Credit

Apply your cash back rewards directly to your PenFed credit card account as a statement credit.

Deposit into PenFed Account

You can transfer your cash back rewards to either your PenFed checking or share account.

Transfer to Another Financial Institution

Set up monthly deposits of your cash back rewards into other preferred accounts.

Other Features Explained

Other features and benefits of the Power Cash Rewards Visa Signature® Card include:

Card Feature
Description
24/7 fraud protection
PenFed monitors your account for fraudulent activity and contacts you immediately.
EMV chip technology
This technology makes it more difficult for fraudsters to duplicate your data or clone your card.
Secure remote commerce
Confidently shop online with multiple layers of payment security on your Visa card.
Member discounts
PedFed members enjoy discounts on various home, auto, retail and financial products and services.
Visa signature discounts
This card’s affiliation with Visa provides additional discounts when buying goods and services from participating merchants.

MONEYGEEK QUICK TIP

The Power Cash Rewards Visa Signature® Card application requires a PenFed (formerly known as Pentagon Federal Credit Union) bank account. To qualify for the PenFed Honors Advantage Program, you must have either a PenFed checking account or a military background. Membership increases your cash back rewards earning rate.

Understanding the Fine Print

Understanding the Power Cash Rewards Visa Signature® Card’s associated fees and charges in detail can help you determine if it’s right for your budget and needs.

The table below provides an overview of what you can expect from this card. We’ll also explain the most important fees, interest rates and associated charges.

Card Feature
Amount or Rate
APR
16.49% - 17.99%
Annual Fee
$0
Cash Back Rewards
Rewards Rate
1.5% - 2% Cash Back
Airline Benefits
Rewards Rate on Groceries
1.5x
Rewards Rate on Gas
1.5x
Rewards Rate on Dining
1.5x
Rewards Rate on Entertainment
1.5x
Rewards Rate on Online Shopping
1.5x
Rewards Rate on TV, Phone, Internet Services
1.5x
Rewards Rate on Air Travel
1.5x
Rewards Rate at Hotels
1.5x
Balance Transfer Fee
3%
Balance Transfer APR
17.99%
Late Fees
$28
Cash Advance Fee
0%
Cash Advance APR
17.99%
Foreign Transaction Fee
None

Balance Transfer APR
Until March 31, 2022, the Power Cash Rewards Visa Signature Card offers 0% APR on balance transfers. After that date, all unpaid balances and new balance transfers will be subject to a non-variable APR of 17.99%. Users must pay a 3% fee on each balance transfer transaction.
Late Fees
Late payments on this card result in fees based on the remaining balance. A $20 late payment fee applies to balances less than $1,000, $25 for balances between $1,000 and $2,000 and $28 for balances more than $2,000.
Purchase APR
Your purchase variable APR ranges from 16.49% to 17.99%, based on your creditworthiness and the market rate.

WHERE TO FIND THIS INFORMATION?

Always review the APR and all other associated fees when applying for credit cards. You can find a credit card's fine print on your most recent billing statement or the credit card issuer's website or app. The credit card agreement for PenFed, formerly known as the Pentagon Federal Credit Union, can also be found on the Consumer Financial Protection Bureau's database.

Who Should & Shouldn’t Consider Power Cash Rewards Visa Signature® Card?

Other Considerations for Power Cash Rewards Visa Signature® Card

Get the most out of your Power Cash Rewards Visa Signature® Card, whether using it as your first and only credit card or as an additional credit card in your wallet.

Things to Consider if This Will Be Your First or Only Credit Card

If you plan to use this as your only credit card, keep the following in mind:

To be eligible for the Power Cash Rewards Visa Signature® Card, you must have an excellent credit score, which could be problematic for first-time credit cardholders.
The Power Cash Rewards Visa Signature offers one of the best cash back rewards rates for a credit card with no annual fee. However, this card is far more limited than others in terms of earning rewards in other categories.
It’s worth becoming a PenFed Honors Advantage Member to earn more in cash back rewards than you can with other cash back credit cards.

Things to Consider if This Will Be an Additional Card in Your Wallet

Combining this card with others in your wallet could be a smart strategy in the following ways:

If you already have a cash back credit card with a higher rewards rate on certain categories (like business or travel spending), you can supplement purchases in other areas with the Power Cash Rewards Visa Signature® Card.
If this card has a lower APR than the ones you currently have, the promotional 0% APR balance transfer offer could be a cost-saving way to consolidate your debt and pay it off.

WHY TRUST OUR REVIEWS

MoneyGeek gathers credit card data and information, such as fees, benefits and reward structure, to review and compare them with competitors in the same credit card category. Our ranking methodology determines which cards are included in our "Best Cards Lists" every month to help you find the best credit card offers and benefits for your needs.

How Power Cash Rewards Visa Signature® Card Compares to Other Cards

The Power Cash Rewards Visa Signature® Card is a credit union cash back rewards card that offers a flat cash back rate and other PenFed and Visa features for cardmembers’ protection. See how it stacks up against another cash back credit card with similar offers.

Quick Comparison of Power Cash Rewards Visa Signature® Card

Power Cash Rewards Visa Signature® Card

Credit Score: Good–Excellent
No Annual Fee
Variable APR: 16.49%–17.99%
Rewards Rate: 2% cash back on all purchases for Honors Advantage Members; 1.5% for non-members
No Foreign Transaction Fees
Intro APR Offer: Promotional 12-month 0% APR on balance transfers; 3% fee applies for each transaction
$100 bonus statement credit after spending $1,500 within the first 90 days
Best For: PenFed Honors Advantage Members who want cash back rewards

Capital One Quicksilver Cash Rewards Credit Card

Credit Score: Good–Excellent
No Annual Fee
Variable APR: 17.99% – 27.99%
Rewards Rate: 1.5% cash back on all purchases
No Foreign Transaction Fees
Intro APR Offer: 15-month 0% APR
$200 early spend bonus after spending $500 within the first 90 days
Best For: Cash back rewards for everyday spending

Other Helpful Decision-Making Q&As

MoneyGeek answers your questions about the Power Cash Rewards Visa Signature® Card and other PenFed credit cards to help you decide if this card is right for you.

Still not sure about this card? Consider these options.

Undecided about whether this card is right for you? You might consider other cash back credit cards that offer higher cash back rates on your purchases. You can also find options with more substantial welcome bonuses, or ones that don’t require a credit union membership to qualify.

View All Credit Cards

Learn more about credit cards in general

sources

PenFed. "Power Cash Rewards Visa Signature® Card." Accessed February 25, 2022.
PenFed. "Power Cash Rewards Visa Signature® Card Summary of Terms." Accessed February 25, 2022.

*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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