Credit Cards » Credit Card Reviews » PenFed Power Cash Rewards Visa Signature® Card, 2023 Review
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PenFed Power Cash Rewards Visa Signature® Card, 2024 Review

The Power Cash Rewards is a solid choice for those who don’t want the hassle of dealing with complex reward structure or rotating categories
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

PenFed Power Cash Rewards Visa Signature® Credit Card
Power Cash Rewards Visa Signature® Card

Rewards Plan

1.5%-2% 1.5% cash back on all purchases made with your card (2% for PenFed Honors Advantage Members)

Welcome Bonus

$100 $100 statement credit when you spend $1,500 in the first 90 days

Credit Rating

Good – Excellent Credit

Intro APR

12 months on balance transfers

Annual Fee

$0

APR

17.99% Variable
PenFed Power Cash Rewards Visa Signature® Credit Card
Power Cash Rewards Visa Signature® Card

Rewards Plan

1.5%-2% 1.5% cash back on all purchases made with your card (2% for PenFed Honors Advantage Members)

Welcome Bonus

$100 $100 statement credit when you spend $1,500 in the first 90 days

Intro APR

12 months on balance transfers

PROS

CONS

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

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.

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.

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

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

AMEX Blue Cash Preferred Card review

Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus:
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

AMEX Blue Cash Preferred Card review

Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus:
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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.

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.

If you are looking to save money on interest, the PenFed card offers 12 months on balance transfers.

Drawbacks

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

Additionally, there is a 3% fee that applies to all balance transfer transactions, which negates some of the promo interest benefits.

If you want to access the highest reward rates, you’ll need to qualify as a PenFed Honors Advantage Member.

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.

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):

Power Cash Rewards Visa Signature® Card
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.

  1. The first step you’ll need to complete is joining PenFed. You’ll find  a “Join PenFed” button on the main website page.
  2. 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.
  3. 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.
  4. 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 card

Bank of America® Customized Cash Rewards

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.

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.