PenFed Power Cash Rewards® Visa Signature® Card
- Best for: Military members, veterans, and PenFed checking customers who qualify for Honors Advantage
- What Sets It Apart: 2% back on every purchase with no foreign transaction fee, for Honors Advantage members
- Cost: $0 annual fee; 17.99% variable interest rate (APR); no foreign transaction fee; 3% balance transfer fee
- Features: 2% cash back for Honors Advantage members and 1.5% for other members; $100 statement credit after $1,500 in purchases in the first 90 days; 0% intro APR for 12 months on balances transferred in the first 60 days; cell phone protection
- Pros: Any adult can join PenFed with a $5 savings deposit; same 2% at home and abroad; cash back redeemable from one cent
- Cons: 1.5% without Honors Advantage; Free Checking counts for Honors Advantage only with a $500 minimum daily balance or $500 in monthly direct deposits; interest on new purchases after a balance transfer unless the whole balance is paid by each due date
Get the PenFed Power Cash Rewards® Visa Signature® Card if military service or a PenFed checking account qualifies you for Honors Advantage. That tier earns 2% back on every purchase, with no annual fee or foreign transaction fee. Without it, the card pays 1.5%, less than no-fee cards that pay 2% with no conditions.
Any adult can join PenFed, the credit union that issues the card, with a $5 savings deposit. Military service qualifies you for Honors Advantage if you’re on active duty, in the Reserves or National Guard, retired, or an honorably discharged veteran.
Key Features
- 2% back on every purchase for Honors Advantage members and 1.5% for other members, with no cap
- $100 statement credit after $1,500 in purchases in the first 90 days
- No annual fee and no foreign transaction fee
- 17.99% variable interest rate (APR), and 0% for 12 months on balances transferred in the first 60 days, with a 3% fee
Pros
- Honors Advantage open to any member who is the primary owner of PenFed Access America or Free Checking, not only to the military
- Cash back redeemable from one cent, as a statement credit or a deposit to a PenFed or other bank account
- Cell phone protection when the card pays your monthly wireless bill
Cons
- Only 1.5% without Honors Advantage
- A $500 minimum daily balance or $500 in monthly direct deposits to qualify through Free Checking, or to avoid Access America Checking’s $15 monthly fee
- No higher rate on gas or groceries, where PenFed’s Platinum Rewards card earns 5 points per dollar at the pump and 3 at supermarkets
- Interest on new purchases after a balance transfer, unless you pay the whole balance, transfer included, by each month’s due date
Service members, retirees, honorably discharged veterans, and anyone keeping $500 in PenFed’s Free Checking get 2% back with no foreign transaction fee, a fee the Wells Fargo Active Cash charges at 3%. Without military service or PenFed checking, choose the Active Cash, which pays the same 2% with no membership or checking account to keep.
Learn more about the PenFed Power Cash Rewards® Visa Signature® Card or see how it compares to the best cash back credit cards.
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