Reviews

PenFed Power Cash Rewards Visa Signature® Card full review

Are you looking for a cash back card with no annual fee? If so, read our PenFed Power Cash Rewards Visa Signature® Card review to learn more!

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by Thais Daou

Published on 10/25/2022

PenFed Power Cash Rewards Visa Signature® Card: benefit from cashback every day!

PenFed Power Cash Rewards Visa Signature® Card
Our PenFed Power Cash Rewards Visa Signature® Card review is full of amazing benefits. Source: PenFed

In this PenFed Power Cash Rewards Visa Signature® Card review, you will see all the advantages of using a cashback card on everything.

PenFed logo

Applying for the PenFed Power Cash Rewards

Do you need a cashback card with 0% intro APR? If so, learn how to apply for the PenFed Power Cash Rewards Visa Signature® Card!

With the PenFed Power Cash Rewards, there are no rotating categories, no expiration date, no minimum, and no gimmick.

  • 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.

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How does the PenFed Power Cash Rewards Visa Signature® Card work?

credit card
To understand how this credit card works, read below. Source: Adobe Stock

Each card has chip security, click-to-pay, zero-liability policy, and tap-to-pay.

However, Power Cash Rewards focuses all of PenFed’s features on specific target audiences. For example, streaming service subscribers.

This specific card is also highly recommended for: paying bills, making recurring payments, and purchasing things daily. Like when you do online shopping, go dining, and stop by drug stores.

In addition, this credit card is also good for you to use whenever you need to do significant home renovations and automobile repairs.

As for its cashback rewards, it depends on your eligibility for the credit union’s Honors Advantage program. You can earn up to 2% back with it.

Now, as for how to redeem such powerful cash rewards, you can choose from different options. Follow their instructions to add cash rewards to your checking or share account.

PenFed Power Cash Rewards Visa Signature® Card pros and cons

One of America’s largest credit unions, the Pentagon Federal, or PenFed, serves almost two million members nationwide and worldwide.

And if you read this PenFed Power Cash Rewards Visa Signature® Card review, you probably know what this means. Its pros have great potential. Check it out below!

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Pros

First, there will be no annual fee. Therefore, it will be nice to enjoy all of the great features of your PenFed card.

Second, they will also not charge extra fees if you wish to use your Power Cash Rewards overseas.

Regarding balance transfer offers, you will be able to: (i) consolidate debt, (ii) lower interest rates, (iii) pay off high-interest credit cards, (iv) decrease monthly payments, and (v) afford any unexpected costs.

Cons

Speaking of the cons, there are not a lot of them. One regards the introductory APR bonus. Which does not include shopping.

And the other is that you must qualify to receive the full 2% reward. Otherwise, you will receive only 1.5%. In short, extra benefits are not that attractive.

Does my credit score need to be good?

You will need a good credit history to approve this credit card. Meaning a credit score ranging from good to excellent.

Want to apply for the PenFed Power Cash Rewards Visa Signature® Card?

If you enjoyed our PenFed Power Cash Rewards Visa Signature® Card review, and are thinking about applying for this card, check out our how to apply article and find out more!

PenFed Power Cash Rewards Visa Signature® Card

Applying for the PenFed Power Cash Rewards

Do you need a cashback card with 0% intro APR? If so, learn how to apply for the PenFed Power Cash Rewards Visa Signature® Card!

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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