Rewards Plan
Welcome Bonus
Credit Rating
Intro APR
Annual Fee
APR
- No Foreign Transaction Fee
- No Annual Fee
- Membership Required
- Limited Extra Benefits
Rewards Plan
Welcome Bonus
Intro APR
PROS
- No Foreign Transaction Fee
- No Annual Fee
CONS
- Membership Required
- Limited Extra Benefits
APR
17.99% Variable
Annual Fee
$0
Balance Transfer Fee
3%
Credit Requirements
Good – Excellent Credit
The PenFed Power Cash Rewards credit card is a simple rewards credit card that offers rewards on practically any purchase. You can earn cash back on your everyday purchases with no limits, caps or gimmicks. This makes this card a solid choice for those who don’t want the hassle of dealing with a complicated reward structure or complex categories.
This card is also a good choice for those who are carrying a balance and want to take advantage of a 0% introductory rate. The Power Cash Rewards card has a 0% APR promo for 12 months on balance transfers. When it comes to welcome bonus for new customers, the Power Cash Rewards offers $100 statement credit when you spend $1,500 in the first 90 days.
While this card may lack some of the bells and whistles of other reward cards, the Power Cash Rewards is easy to use and allows you to earn rewards on all your purchases, without needing to keep an eye on spending categories or reward caps.
- No Annual Fee
- No Foreign Transaction Fee
- Enhanced Security
- PenFed Member Discounts
- Visa Signature Discounts
- 0% APR on Balance Transfers
- Limited Extra Benefits
- Balance Transfer Fee
- Highest Rewards are for Honors Advantage Members
- Intro Rate for Balance Transfers Only
- Membership Required
Can I add an authorized user?
It is possible to add an authorized user to your PenFed Pathfinder Rewards card. You will need to complete and submit a form or call the customer support line, providing the full name, date of birth, and the Social Security Number of the person, along with their relationship to you.
How's PenFed digital experience?
PenFed has a well regarded website and app. The app is available for iOS and Android devices and both platforms have an online chat feature. This ensures a great digital experience.
How long does it take to get approved for the Power Cash Rewards card?
Approval for the Power Cash Rewards card may not be as quick as conventional credit cards, as you need to become a PenFed member first. However, PenFed does process applications quickly, so you should not be waiting long for your approval decision.
How’s PenFed’s customer service availability?
While PenFed does not have a 24/7 phone line, you’ll find a comprehensive help section on the PenFed website, where you can find answers to common questions and queries.
There is also a 24/7 chatbot and a contact form to submit for a more specific query.
What are the top Reasons NOT to get the Power Cash Rewards card?
The main reason to not get this card is that you are looking for a card that offers a wide variety of perks and benefits.
This card is quite basic with limited perks. Another reason why you may not want this card is that you need to be a PenFed member to qualify.
In this Review..
Benefits
- No Annual Fee
Unlike many reward cards, the Power Cash Rewards card has no annual fee. This means that you don’t need to worry about offsetting an annual fee with your rewards.
- No Foreign Transaction Fee
You can use your Power Cash Rewards card at home or abroad, with no additional foreign transaction fees. This is a great benefit for travelers who want a card that they can use outside the U.S.
- Enhanced Security
The Power Cash Rewards has a variety of enhanced security features to provide users with greater reassurance. This includes 24/7 fraud monitoring, and Secure Remote Commerce technologies to protect your account against unauthorized use.
Additionally, your account details including your personal information and security codes are not stored on your device, which means that merchants will not be able to see your personal details when you make a purchase.
Top Offers
Top Offers From Our Partners
- PenFed Member Discounts
As a PenFed member, you’ll be able to access a variety of discounts. These discounts and offers vary, but the current discounts include National or Alamo car rentals, exclusive home and auto insurance rates, dental benefits, savings on wireless bills and a variety of retailer discounts.
- Visa Signature Discounts
Since this card is a Visa Signature card, you can also access a variety of deals and discounts. The offers include hotels, shopping, car rentals, entertainment, food, wine, sports and more.
- 0% APR on Balance Transfers
If you are looking to save money on interest, the PenFed card offers 12 months on balance transfers.
Drawbacks
- Limited Extra Benefits
Unlike many other reward cards, the Power Cash Rewards card has limited extra benefits. So, if you’re looking for free insurance coverages, travel perks and other card benefits, this is not the card for you
- Balance Transfer Fee
Additionally, there is a 3% fee that applies to all balance transfer transactions, which negates some of the promo interest benefits.
- Highest Rewards are for Honors Advantage Members
If you want to access the highest reward rates, you’ll need to qualify as a PenFed Honors Advantage Member.
- Intro Rate for Balance Transfers Only
While there is a 0% rate for 12 months, if you do use this balance transfer offer, you will immediately have interest charged on all your purchases on the card unless you pay the entire account balance in full each month by the due date.
- Membership Required
You do need to become a member of the PenFed credit union. While membership is open to everyone, there are a number of requirements to becoming a member.
Rewards Simulation: How Much You Can Earn?
The Power Cash Rewards offers a flat rate cashback, so it's pretty easy to calculate your expected cash back if you know to measure your monthly spending.
Here's a table that can help you understand how much exactly you can get back as a regular customer (non Honors Advantage member):
| |
|---|---|
Spend Per Category | PenFed Power Cash Rewards Visa Signature® Card |
$15,000 – U.S Supermarkets | $225 |
$5,000 – Restaurants
| $75 |
$2,000 – Airline | $30 |
$2,000 – Hotels | $30 |
$4,000 – Gas | $60 |
Estimated Annual Value | $420 |
How to Maximize the Power Cash Rewards Card?
While the Power Cash Rewards card is quite straightforward, there are a few ways to maximize the benefits of card membership.
- Qualify as a PenFed Honors Advantage Member: If you want to maximize your rewards, it is essential to become an Honors Advantage Member. Fortunately, this is easy to accomplish. There are two avenues of qualification. The first is via a military service connection; reserve, retired, honorably discharged or active duty military service personnel can immediately qualify.
The other option is if you open and maintain a PenFed checking account. You’ll need to keep the checking account open to maintain your Honors Advantage status.
- Check for Insurance Offers Before Renewal: PenFed offers some exclusive membership discounts and deals on home and auto insurance. So, before you renew, be sure to check as your new card could save you money.
- Spend $1,500 in the first 90 days: Finally, be sure to hit the spending requirements to get your $100 welcome bonus.
How to Get The Power Cash Rewards?
It is possible to apply for your Power Cash Rewards card online, but it is a little more complex compared to a conventional credit card.
- The first step you’ll need to complete is joining PenFed. You’ll find a “Join PenFed” button on the main website page.
- When you click the button, you’ll be directed to a basic form to provide your name, address, email and phone number. You will also need a minimum $5 initial deposit to open your savings account. After the account is opened, you’ll be a PenFed member.
- When you have your membership credentials, you can then apply for your new Power Cash Rewards card. This can also be done online and the process is fairly standard across all financial institutions.
- PenFed automatically has your basic personal details, but you will also need to provide some financial information including your income. PenFed will initiate a credit pull and you will need good to excellent credit to qualify.
Compare The Alternatives
If you're looking for cash-back cards with no annual fees, there are many alternatives in the market. Here are some of the best:
|
|
| |
|---|---|---|---|
Wells Fargo Active Cash℠ Card | Chase Freedom Unlimited® | Bank of America® Customized Cash Rewards credit card | |
Annual Fee | $0
| $0
| $0
|
Rewards |
2%
2% cash rewards on purchases (unlimited)
|
1.5% – 5%
5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
|
1% – 5%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
|
Welcome bonus |
$200
$200 cash rewards bonus when you spend $500 in purchases in the first 3 months
|
$200
Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
|
$200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
|
Foreign Transaction Fee | 3%
| 3%
| 3%
|
Purchase APR | 20.24% to 29.99% variable APR
| 20.24%–28.99% variable
| 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
|
FAQ
There are no set income requirements for the Power Cash Rewards. However, you do need to have good to excellent credit.
This means that your income, your debt obligations, ability to repay new debt and other factors will be a consideration for approval.
There are no pre approval options on the main website, but after you become a member, you may receive pre approval offers for this card or other PenFed products
According to PenFed customer service, the initial credit limit for new cardholders is typically around $5,000. However, some customers may qualify for an initial limit of up to $15,000.
