The Power Cash Rewards Visa Signature® Card from PenFed stands out as a sterling choice for those who appreciate simplicity and efficiency in their financial tools. This card is a boon for regular spenders, offering significant cash back on every purchase without hidden fees or complex reward structures. Its welcoming bonus and introductory offers on balance transfers add further appeal, especially for consumers looking to consolidate debt. However, it's important to note that this card is exclusive to PenFed members with good to excellent credit. It's a straightforward, rewarding financial instrument that promises direct benefits to your wallet.
MoneyGeek’s Take
Power Cash Rewards Visa Signature® Card Review
Updated: June 11, 2024
Advertising & Editorial Disclosure
MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies.
PenFed Power Cash Rewards Visa Signature® Card
Rewards Rate
Earn 1.5% cash back on all purchases made with you...APR
17.99% variableAnnual Fee
$0Recommended Credit
670–850 (Good to Excellent)Power Cash Rewards Visa Signature® Card Overview
This card presents a unique opportunity for PenFed members with its cash back rewards and generous welcome offer. We've highlighted its significant features below:
- Rewards Rate: PenFed Honors Advantage Members earn 2% cash back on all purchases, and all other card purchases earn 1.5% cash back.
- Welcome Offer: Earn a $100 bonus statement credit after spending $1,500 in the first 90 days.
- Regular APR: 17.99% (variable)
- Annual Fee: $0
- Intro APR Offer: None
Understanding the features of a credit card will help you determine its alignment with your financial goals and lifestyle, as each card offers a unique mix of benefits and potential drawbacks.
Important Card Details
In evaluating the features of the Power Cash Rewards Visa Signature® Card, it's helpful to consider the balance between its advantageous offerings and the limitations that may affect certain users. Our analysis aims to provide an impartial overview of the card's benefits and restrictions, shedding light on its suitability for different consumer needs.
Fees
At the heart of the Power Cash Rewards Visa Signature® Card's allure is the absence of an annual fee. This bonus immediately differentiates it from competitors, which often levy yearly charges that can chip away at your overall savings. It's a breath of fresh air for consumers tired of constantly monitoring and comparing costs. However, while this card offers 0% APR on balance transfers for the initial 12 months, note there's a 3% fee on each transaction. The regular variable APR also stabilizes at 17.99% once the promotional period expires.
Cash Back
The cash back feature of this card is particularly enticing. For the everyday consumer, a 1.5% cash back on all purchases can add up significantly over time. But where the Power Cash Rewards Visa Signature® Card truly shines is with its PenFed Honors Advantage Members — these cardholders receive a whopping 2% cash back on all their purchases. A consistent 2% cash back rate is a golden nugget, especially when it's unrestricted and not limited to specific spending categories. Such rates can translate into tangible savings, making your purchases work harder for you.
Welcome offers
Welcome offers are a popular tool that card companies use to lure in new customers, but not all offers are created equal. With this card, new cardholders can earn a $100 statement credit after spending $1,500 within the first 90 days. This reward is a straightforward, achievable target for many consumers, especially if they channel their regular expenses through this card. Besides the monetary advantage, such offers psychologically reinforce the benefits of using the card right from the outset. It's an early "thank you" gesture from the card company, making your initial journey with them more rewarding.
Eligibility
The Power Cash Rewards Visa Signature® Card carries an exclusivity factor: to qualify, you must be a PenFed member. While some might view this as a potential barrier, it underscores the card's niche appeal and the close-knit community of PenFed. However, for the broader public, this stipulation means an additional step in the application process. It's essential to weigh the card's benefits against the effort required to become a PenFed member, but for many, the perks might tip the scales.
How the Power Cash Rewards Visa Signature® Card Compares
This comparison delves into the contrasting features and benefits of the Power Cash Rewards Visa Signature® Card and another popular credit card. This side-by-side look offers insights to help you decide which aligns best with your financial needs and spending habits.
How the Power Cash Rewards Visa Signature® Card Compares
Power Cash Rewards Visa Signature® Card
- Rewards Rate: PenFed Honors Advantage Members earn 2% cash back on all purchases, and all other card purchases earn 1.5% cash back
- Welcome Offer: Earn a $100 bonus statement credit after spending $1,500 in the first 90 days
- Regular APR: 17.99% (variable)
- Annual Fee: $0
- Intro APR Offer: None
- Best For: PenFed members who frequently use their card and can consistently pay off balances, not seeking an introductory APR offer.
Capital One Quicksilver Cash Rewards Credit Card
- Rewards Rate: Earn 5% cash back on hotels and rental cars booked through Capital One Travel and earn 1.5% cash back on every purchase
- Welcome Offer: Earn $200 after spending $500 in the first three months
- Regular APR: 19.99% – 29.99% (variable)
- Annual Fee: $0
- Intro APR Offer: 0% introductory APR for the first 15 months, then 19.99% – 29.99% (variable) after that
- Best For: Cash back rewards for everyday spending
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.