PenFed Power Cash Rewards Visa Signature Card Review
The PenFed 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.
If you have varied spending habits and want to accumulate cash back without worrying about rotating categories, the PenFed 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.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
PenFed Power Cash Rewards Visa Signature Card at a Glance
Unlike similar cards on the market, the PenFed 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.
- PenFed Power Cash Rewards Visa Signature Card
A good no annual fee balance transfer card with cash back
- ExcellentCredit Needed
- $0Annual Fee
- 1.5% - 2% Cash BackRewards Rate
- 12 monthsBalance Transfer Duration
Pros & Cons Explained
Knowing the pros and cons of the PenFed Power Cash Rewards Visa Signature Card helps you decide whether this card is right for you.
- No annual feeCardholders will not pay an annual fee while earning unlimited cash back rewards. This puts (and leaves) more money in your pocket.
- No foreign transaction feesThe absence of foreign transaction fees means this card is great for international travel.
- Bonus offerSpending $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 rewardsEarn 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 offer0% 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.
- High APRThe PenFed Power Cash Rewards Visa Signature Card’s purchase variable 14.99% to 17.99% APR is high compared to similar cards on the market.
- Credit union membershipYou 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.
Bonuses & Rewards Explained
If you’re a PenFed Honors Advantage Member, you earn 2% cash back on all purchases with the PenFed 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:
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 PenFed Power Cash Rewards Visa Signature Card include:
- Card FeatureDescription
- 24/7 fraud protectionPenFed monitors your account for fraudulent activity and contacts you immediately.
- EMV chip technologyThis technology makes it more difficult for fraudsters to duplicate your data or clone your card.
- Secure remote commerceConfidently shop online with multiple layers of payment security on your Visa card.
The PenFed 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 PenFed 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 FeatureAmount or Rate
- APR14.99% - 17.99%
- Annual Fee$0
- Cash Back Rewards
- Rewards Rate1.5% - 2% Cash Back
- Airline Benefits
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 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.
Your purchase variable APR ranges from 14.99% to 17.99%, based on your creditworthiness and the market rate.
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 PenFed Power Cash Rewards Visa Signature Card?
Other Considerations for PenFed Power Cash Rewards Visa Signature Card
Get the most out of your PenFed 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 PenFed 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 PenFed 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.
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 PenFed Power Cash Rewards Visa Signature Card Compares to Other Cards
The PenFed 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 PenFed Power Cash Rewards Visa Signature Card
PenFed Power Cash Rewards Visa Signature Card
- Credit Score: Good-Excellent
- No Annual Fee
- Variable APR: 14.99% to 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
- Credit Score: Good-Excellent
- No Annual Fee
- Variable APR: 15.49% to 25.49%
- 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 PenFed 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.
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Learn more about credit cards in general
- PenFed. "PenFed Power Cash Rewards Visa Signature Card." Accessed February 25, 2022.
- PenFed. "PenFed Power Cash Rewards Visa Signature Card Summary of Terms." Accessed February 25, 2022.
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