PenFed Power Cash Rewards Visa Signature® Card
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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.
Our Rating
4.2/5.0
Welcome Offer
$100 Bonus Offer Statement Credit
Annual Fee
$0
0% on Purchases
N/a
Reward Rate
1.5% – 2%
0% on Balance Transfers
12 months
Welcome Offer
$100 Bonus Offer Statement Credit when you spend $1,500 in the first 90 days
Features & Benefits
| Security | EMV Chip Enabled, Fraud Monitoring, Zero Liability, Alerts, Card Lock |
| Contactless Payments | Tap to Pay, Apple Pay, Google Pay, Samsung Pay |
| Benefits | Cell Phone Protection, 24/7 customer service |
| Travel Perks | Concierge Services, Travel Accident Insurance |
Rewards
Interest Rates & Fees
| Annual Fee | $0 |
| Foreign Transaction Fee | None |
| Regular APR | 17.99% (V) APR |
| Balance Transfers | 0% Intro APR for 12 months on balance transfers, then 17.99%(V) APR after that. |
| Balance Transfer Fee | 3% 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 Status | Date | Credit Score | Bureau | Credit Limit |
|---|---|---|---|---|
| Approved | 02/17/2023 | Equifax | ||
| Approved | 02/26/2023 | Equifax | ||
| Approved | 02/26/2023 | Experian | ||
| Approved | 02/26/2023 | TransUnion |
Pros & Cons
- Welcome offer
- No annual fee
- No foreign transaction fee
- Requires good credit
- Balance transfer fee of 3% per transaction
What Are the Best Alternatives?
Wells Fargo Active Cash® Card
Rating
4.9
Rewards Range
2%
Annual Fee
$0
Citi® Double Cash Card - 18 month BT offer
Rating
4.9
Rewards Range
1% to 2%
Annual Fee
$0
Chase Freedom Unlimited®
Rating
4.9
Rewards Range
1.5% - 5%
Annual Fee
$0