PenFed Power Cash Rewards Review
The PenFed Power Cash Rewards credit card offers cashback rewards on various purchases. This review delves into the card's cashback structure, annual fees, and how it can help you maximize your cashback earnings.
The PenFed Power Cash Rewards Visa Signature® Card is a credit card offered by the Pentagon Federal Credit Union (PenFed) and is known for its straightforward cash back rewards program. It's designed for individuals who want to earn cash back on their everyday spending without dealing with complicated reward categories or annual fees. Here's a review of the PenFed Power Cash Rewards Visa Signature® Card:
Key Features and Benefits:
Cash Back Rewards: Cardholders earn unlimited 2% cash back on all purchases when the rewards are deposited into a PenFed savings account. If you're not a PenFed member, you can earn 1.5% cash back, which is still a competitive rate for a no-annual-fee card.
No Annual Fee: The PenFed Power Cash Rewards card does not charge an annual fee, making it an affordable option for those who want to earn cash back without incurring extra costs.
Sign-Up Bonus: While this card typically doesn't offer a traditional sign-up bonus, the ongoing 2% cash back rate is a consistent reward for every purchase.
Introductory 0% APR: The card may offer a 0% introductory APR on balance transfers for a certain period, allowing you to transfer existing high-interest credit card balances and save on interest charges.
No Foreign Transaction Fees: This card is suitable for international travel as it doesn't charge foreign transaction fees.
Credit Union Membership: To be eligible for the card, you need to become a PenFed Credit Union member, which may involve meeting certain eligibility criteria, such as military service or employment with the government or related organizations.
Considerations:
Credit Union Membership: Becoming a PenFed member is a requirement, and eligibility criteria may apply. While many individuals can qualify, it's something to consider when applying for this card.
Reward Redemption: To maximize your cash back, you need to have a PenFed savings account. If you don't, you'll earn a slightly lower cash back rate of 1.5%.
Limited Travel Benefits: The PenFed Power Cash Rewards card is primarily a cash back card, and it doesn't offer extensive travel perks such as travel insurance or airport lounge access.
Credit Approval: Approval for this credit card, like any other, depends on your creditworthiness.
The PenFed Power Cash Rewards Visa Signature® Card is a straightforward and no-annual-fee cash back credit card. The 2% cash back on all purchases (or 1.5% without a PenFed savings account) is a competitive offer, making it a solid choice for those who want to earn cash back on all spending categories without the hassle of tracking bonus categories or annual fees. The 0% introductory APR on balance transfers can also be valuable for those looking to consolidate or pay down existing credit card debt. However, if you're seeking a card with extensive travel benefits or prefer a different type of rewards program, you may want to explore other credit card options.
Analyzing the rewards and features of the PenFed Power Cash Rewards credit card..
The PenFed Power Cash Rewards credit card is a rewards credit card with no annual fee that offers a number of benefits and features, including:
Rewards:
- 2% cash back on all eligible purchases for PenFed Honors Advantage Members
- 1.5% cash back on all eligible purchases for other cardholders
- $100 sign-up bonus after spending $1,500 on eligible purchases within 90 days of account opening
Features:
- No annual fee
- No foreign transaction fees
- Access to PenFed's Rewards Center, where you can redeem your cash back for a variety of rewards, including statement credits, gift cards, travel, and merchandise
- Purchase protection
- Extended warranty
- Travel insurance
Analysis:
The PenFed Power Cash Rewards credit card is a good option for consumers who are looking for a rewards credit card with no annual fee and a simple rewards program. The 2% cash back on all eligible purchases for PenFed Honors Advantage Members is a competitive rewards rate, and the 1.5% cash back on all eligible purchases for other cardholders is still a solid rewards rate.
The $100 sign-up bonus is also a nice perk, and the no foreign transaction fees are a good bonus for travelers. The PenFed Rewards Center offers a variety of redemption options, so you can choose the rewards that are most valuable to you.
The PenFed Power Cash Rewards credit card also has a number of other features, such as purchase protection, extended warranty, and travel insurance. These features can help to protect you from unexpected expenses.
Overall, the PenFed Power Cash Rewards credit card is a good option for consumers who are looking for a rewards credit card with no annual fee, a simple rewards program, and a variety of valuable features.
Here is a comparison of the PenFed Power Cash Rewards credit card to other popular rewards credit cards:
| Card | Annual fee | Rewards rate | Other benefits |
|---|---|---|---|
| PenFed Power Cash Rewards | None | 2% cash back on all eligible purchases for PenFed Honors Advantage Members, 1.5% cash back on all eligible purchases for other cardholders | $100 sign-up bonus after spending $1,500 on eligible purchases within 90 days of account opening, no foreign transaction fees, access to PenFed's Rewards Center, purchase protection, extended warranty, travel insurance |
| Chase Freedom Unlimited® | None | 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on dining and drugstores, 1.5% cash back on all other purchases | $0 fraud liability |
| Discover it® Miles | None | 5% cash back at rotating categories each quarter, up to $1,500 in combined purchases each quarter; 1% cash back on all other purchases | $0 fraud liability, cash back match at the end of your first year |
As you can see, the PenFed Power Cash Rewards credit card compares favorably to other popular rewards credit cards. It offers a competitive rewards rate, no annual fee, and a variety of valuable features.
If you are looking for a rewards credit card with no annual fee, a simple rewards program, and a variety of valuable features, the PenFed Power Cash Rewards credit card is a good option to consider.