Applying for the PenFed Power Cash Rewards Visa Signature® Card: learn how!

Learn about all the benefits of the PenFed Power Cash Rewards Visa Signature® Card, how you can earn cash back on all purchases and how to apply. Read on!


by Thais Daou

Published on 10/25/2022

PenFed Power Cash Rewards Visa Signature® Card: enjoy daily rewards in cash

PenFed logo
Learn how to apply for the PenFed Power Cash Rewards Visa Signature® Card! Source: PenFed

So you decided that you may be willing to try the PenFed Power Cash Rewards Visa Signature® Card. Here, you will find some information that will help you out.


Credit Card

PenFed Power Cash Rewards

cash back intro APR

A membership with no annual fee. Cashback of up to 2% on purchases.

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Firstly, it is important to know a requirement for application eligibility: you need to become a PenFed member. This is non-negotiable.

Yes. Because the Pentagon Federal Credit Union, as the name states, is a credit union. Therefore, you must be a member to use its financial services.

Do not worry, though! Because anyone is free to join. That is, as long as one is open to going through some additional steps before applying for the PenFed Power Cash Rewards Visa Signature® Card.


Apply online

Pay your purchases with this credit card and earn cash back. Source: Adobe Stock

As we mentioned above, the application steps to obtain PenFed’s financial products will depend on your current status concerning this credit union.

In other words, if you are not yet a member, you will still be able to join it without difficulties. But applying for membership comes before applying for any of their credit cards.

Therefore, non-members interested in this full rewards credit card must fill out an application form and make a $5 deposit into a PenFed savings account.

After this, they will set up your membership during the application process.

If you are already a member, know that your application experience will be much faster. This is because they automatically fill in part of your form for you.

So, for those who are members, all they need to do is log in to It is very simple. It can be done anywhere, any time.

Anyone who is a member of PenFed can open accounts for their minor children by adding them as members in their own right.

This will allow them to have a Regular Share Account and a Checking Account. And to do so, you must complete what they call Checking Account Application.

The parent or legal guardian must be listed as a joint owner, and the child must be younger than 16. For this, just fill out the joint section of the Membership Application.

Apply using the app

There is not much information regarding other means of application. Not for credit cards, not for memberships.

However, their credit cards can be easily used with a digital wallet. You will need to load your credit card into your wallet.


PenFed Power Cash Rewards Visa Signature® vs. Aspire® Cash Back Reward

Notice that although the PenFed has no annual fee, it demands a good credit history at least.

Below is a comparison of two cashback reward credit cards. Check it out!

PenFed Power Cash Rewards Visa Signature® Card

  • Credit Score: good/excellent;
  • Annual Fee: $0;
  • Regular APR: 0% intro APR for 12 months for balance transfers; 16.49%–17.99%, variable APR for purchases;
  • Welcome Bonus: $100 bonus in statement credit (valid for when you spend $1,500 in your first 90 days);
  • Rewards: 2% cash back on all purchases (valid for PenFed Honors Advantage Members); 1.5% cash back on all purchases.
  • Terms apply.

Upgrade Triple Cash Rewards card

  • Credit Score: good;
  • Annual Fee: no annual fee;
  • Regular APR:
  • Welcome Bonus: $200 bonus after you open a Rewards Checking account (you’ll also need to make 3 debit card transactions);
  • Rewards: 3% cashback on auto, home, and health categories, 1% cash back on any other eligible purchase;
  • Terms apply.

Now, if you think the Upgrade Triple Cash Rewards card is the best option for your finances, check out our post below to learn how to apply for it!

Upgrade Triple Cash Rewards credit card

Applying for the Upgrade Triple Cash Rewards card

Applying for an Upgrade Triple Cash Rewards is easy and fast, and you can do it even with an average credit score. This article will show you how it works.

About the author

Thais Daou

Thais Daou holds an undergraduate degree in Languages — Translating and Interpreting from São Judas Tadeu University. She has been translating, proofreading, and transcribing financial documents, as well as other fields, for five years. And now, she begins a new chapter in her career, writing about financial solutions in a simplified way, with a desire to spread this knowledge.

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