PenFed Power Cash Rewards Visa Signature® Card

The PenFed Power Cash Rewards Visa Signature® Card is a cash back rewards card designed for everyday purchases. It has a small welcome bonus offer of $100 that is rewarded as a statement credit, no annual fees or foreign transaction fees, and no caps.

This card earns 1.5% cash back, but if you’re a PenFed Honors Advantage Member you can earn a higher cash back rate of 2%. You can become an Honors Advantage Member by having or opening a PenFed checking account (the free checking account requires $500 or more in direct deposits) or being an active or former member of the military. The card does have a few downsides, such as requiring a good credit score and a balance transfer fee of 3% per transaction. We dive into the details and your approval odds in this PenFed Power Cash review.

PenFed Power Cash Rewards Visa Signature Card

Our Rating

4.2/5.0

Welcome Offer

$100 Bonus Offer Statement Credit

Annual Fee

$0

0% Intro on Purchases

N/a

Reward Rate

1.5% – 2%

0% Intro on Balance Transfers

12 months

Welcome Offer

$100 Bonus Offer Statement Credit when you spend $1,500 in the first 90 days

Editorial Review

Features & Benefits

SecurityEMV Chip Enabled, Fraud Monitoring, Zero Liability, Alerts, Card Lock
Contactless PaymentsTap to Pay, Apple Pay, Google Pay, Samsung Pay
BenefitsCell Phone Protection, 24/7 customer service
Travel PerksConcierge Services, Travel Accident Insurance

Rewards

1.5% cash back
All eligible purchases
Earn 1.5% cash back on all purchases made with your card
2% cash back
All eligible purchases
Earn 2% cash back on all purchases for PenFed Honors Advantage Members

Interest Rates & Fees

Annual Fee$0
Foreign Transaction FeeNone
Regular APR17.99% (V) APR
Balance Transfers0% Intro APR for 12 months on balance transfers, then 17.99%(V) APR after that.
Balance Transfer Fee3% per transaction

Insurance

Cell Phone Insurance

Protect your cell phone every time you pay your bill. When you pay your monthly wireless bill with your covered PenFed credit card, your cell phone is protected for the next calendar month. So, you can be reimbursed if your cell phone is stolen or damaged.

Certain terms, conditions and exclusions apply. In order for coverage to apply, you must pay your monthly eligible cellular wireless bill with your covered PenFed Visa credit card. Your cell phone is protected for the next calendar month. You can be reimbursed up to $500 if your cell phone is stolen or damaged. A $50 deductible applies. Please refer to your Guide to Benefits for further details.

What Credit Score Is Required to Get the PenFed Power Cash Rewards Visa Signature® Card

The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use numerous factors in their underwriting process, and these factors can change at any time.

Lowest Approved Credit Score: 752

Average Approved Credit Score: 775

App StatusDateCredit ScoreBureauCredit Limit
Approved02/17/2023
826
Equifax
$25,000
Approved02/26/2023
752
Equifax
$17,500
Approved02/26/2023
760
Experian
$17,500
Approved02/26/2023
763
TransUnion
$17,500

Pros & Cons

Pros
  • Welcome offer
  • No annual fee
  • No foreign transaction fee
Cons
  • Requires good credit
  • Balance transfer fee of 3% per transaction

What Are the Best Alternatives?

Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card

Rating

4.9

Rewards Range

2%

Annual Fee

$0

Citi<sup>®</sup> Double Cash Card
Citi® Double Cash Card

Rating

4.9

Rewards Range

1% to 2%

Annual Fee

$0

Chase Freedom Unlimited®
Chase Freedom Unlimited®

Rating

4.9

Rewards Range

1.5% - 5%

Annual Fee

$0

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