PenFed Power Cash Rewards Visa Signature® Card Reviews: Is It Worth It? (2024)Reviews, rates, fees, and rewards details for The PenFed Power Cash Rewards Visa Signature® Card. Compare to other cards and apply online in secondsJohn KiernanWalletHubNo annual card feeIntro APR on balance transfersHigh rewards rate$100 initial rewards bonusNo intro APR on purchasesBalance transfer feeRequires good/excellent credit
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
The PenFed Power Cash Rewards Visa Signature Card is the best PenFed credit card for everyday cash back rewards, giving at least 1.5% on all purchases, in addition to PenFed’s customary initial rewards bonus: $100 for spending $1,500 in the first 90 days. This card is especially good for PenFed Honors Advantage members, who earn a full 2% cash back on all purchases. Plus, the PenFed Power Cash Rewards Visa has a $0 annual fee and a promotional balance transfer offer.Info about the PenFed Power Cash Rewards Visa Signature® Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
WalletHub Rating Breakdown
User Reviews
3.1/5
16 reviewsRead and write reviews
Editor’s Review
4.4/5
John Kiernan, Credit Card EditorRead full review
Market Comparison
Market Comparison
3.6
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Earn Rewards” for this card.
Fees
5.0
Rewards
3.2
Cost
3.6
Other Features
0.0
3.6/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Excellent Credit, Good Credit
PenFed Power Cash Rewards Annual Fee
$0
PenFed Power Cash Rewards APR on Purchases
17.99% (V)
PenFed Power Cash Rewards Balance Transfer
0% intro APR for 12 months, 17.99% APR after that
Balance Transfer Fee:3%
PenFed Power Cash Rewards Rewards
Earn Cash Back for Everyday Purchases
No Caps. No Limits. No Gimmicks.
2% Cash Back on all purchases for PenFed Honors Advantage Members
1.5% Cash Back on all purchases made with your card
$100 Bonus Offer Statement Credit When you spend $1,500 in the first 90 days
PenFed Power Cash Rewards' Additional Info
0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
The PenFed Power Cash Rewards Visa Signature Card is the best PenFed credit card for everyday cash back rewards, giving at least 1.5% on all purchases, in addition to PenFed’s customary initial rewards bonus: $100 for spending $1,500 in the first 90 days. This card is especially good for PenFed Honors Advantage members, who earn a full 2% cash back on all purchases. Plus, the PenFed Power Cash Rewards Visa has a $0 annual fee and a promotional balance transfer offer.
This isn’t the easiest card in the world to get, as applicants generally need a credit score of 700 or higher as well as PenFed membership to get approved and open an account. But it is a very good offer if you’re in the position to qualify. Below, you can find more information that will help you make up your mind about whether or not to apply for the PenFed Power Cash Rewards Visa.
PenFed Power Cash Rewards Review Highlights:
$0 annual fee. The average credit card offer charges about $22.29 per year. Most of the other PenFed credit cards available right now don’t have annual fees, either.
$100 initial bonus. The average cash back credit card bonus is usually around $150 to $200.
1.5 - 2% cash back on purchases. That earning rate rises to 2% for PenFed Honors Advantage members. To qualify for Honors Advantage status, you must serve or have served in the military or open a PenFed Access America Checking Account.
The PenFed Power Cash Rewards Card also lets you redeem the cash back rewards that you earn for a statement credit or a deposit into a bank account from PenFed or another institution. For context, the average cash rewards card gives a bit more than 1% back on all purchases.
0% for 12 months intro on balance transfers. This intro offer applies to balances transferred in the first 90 days after account opening, and it’s accompanied by a balance transfer fee of 3%. It’s also followed by a fixed APR of 17.99%, which applies to whatever remains of the transferred balance until it’s paid off.
Regular APR of 17.99% (V). Compared to the average APR among credit card offers available right now (roughly 22.89%), the PenFed Power Cash Rewards Visa’s regular rate seems pretty good. It is above the average for credit cards that require excellent credit for approval (about 18.04%), however.
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
4.4
User Reviews
3.1
Market Comparison
3.6
fees: 5.0
rewards: 3.2
cost: 3.6
Other Features: 0.0
4.3WalletHub Rating
WalletHub Rating
4.3
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
4.8
User Reviews
3.6
Market Comparison
4.2
fees: 5.0
rewards: 3.9
cost: 4.5
Other Features: 0.0
4.2WalletHub Rating
WalletHub Rating
4.2
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Finance New Purchases." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
4.4
User Reviews
3.6
Market Comparison
4.3
fees: 5.0
rewards: 5.0
cost: 4.3
APR: 3.8
(16)
(322)
(5,048)
annual fee$0
annual fee$0
annual fee$0
Purchase Intro APRNot Offered
Purchase Intro APR0% for 15 months
Purchase Intro APR0% for 15 months
transfer intro apr0% for 12 months|Transfer Fee:3%
transfer intro apr0% for 15 months|Transfer Fee:3% for the first 15 months, 4% at a promo APR that Capital One may offer you at any other time
transfer intro apr0% for 15 months|Transfer Fee:3% for the first 15 months, 4% at a promo APR that Capital One may offer you at any other time
Can't find what you are looking for? Submit your question about PenFed Power Cash Rewards Visa Signature® Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this offer. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. In addition, WalletHub independently collected information for some of the cards on this page.
The starting credit limit for the PenFed Power Cash Rewards card is $5,000 at a minimum, according to customer service. However, some cardholders report limits as high as $25,000. PenFed Credit Union does not include any specific PenFed Power Cash Rewards credit limit information in the card's terms, though.
PenFed Power Cash Rewards credit limits details:
For the most part, PenFed Power Cash Rewards credit limits depend on each applicant's overall credit standing. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.
Keep in mind that you can ask to get a credit limit increase by calling the PenFed Credit Union customer service number you see on the back of your card. However, it's best not to do that more than once a year. PenFed Credit Union will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with PenFed Credit Union.
The best PenFed Power Cash Rewards card benefits are purchase security and travel accident insurance. The PenFed Power Cash Rewards Visa Signature® Card also has roadside dispatch and travel and emergency assistance services , which are more common perks across PenFed credit cards.
The credit score you need for the PenFed Power Cash Rewards card is 700 or better. That means people with at least good credit have a shot at getting approved for this card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the PenFed Power Cash Rewards card, too. Some other key criteria include your income, existing debt load, number of open...
No, the PenFed Power Cash Rewards Visa Signature® Card is not a good first-time credit card because it is only available to people with good credit. People who've never owned a credit card are unlikely to get approved unless they've built good credit through other means. There are plenty of good first-time credit cards on the market, though.
The PenFed Power Cash Rewards Visa Signature® Card does not offer an authorized user bonus, currently. Some credit cards give a bonus for adding an authorized user, though this is a relatively rare feature and the PenFed Power Cash Rewards card is not among the cards offering it.
Adding an authorized user to your PenFed Power Cash Rewards card still has benefits, though. To start, the authorized user is able to build credit, if they are age 18 or older. In addition, an authorized user's spending...
The PenFed Power Cash Rewards Visa Signature® Card is not a metal credit card, as it is made of plastic like most other credit cards. There's no functional difference between a plastic card like the PenFed Power Cash Rewards and a metal credit card, though, so don't dismiss the PenFed Power Cash Rewards just because it isn't metal. If you like the card's terms and benefits, you should still consider applying.
Metal credit cards are usually expensive luxury cards. Some popular examples of metal credit cards...
Your PenFed Power Cash Rewards Visa Signature® Card credit limit may have been lowered due to late payments, inactivity on your card, or a change in your credit history. PenFed will periodically review how you're managing your current limit and may lower it if they don't think you can afford the full thing.
You can call PenFed at (800) 247-5626 to ask about the particular reasons why your credit limit was lowered. You can also learn more about the most likely...
The biggest disadvantage of the PenFed Power Cash Rewards Visa Signature® Card is that it is only available to people with good credit, which means the average person may struggle to qualify. You will need a credit score of 700+ to have a good shot at approval. There are a few other disadvantages of the PenFed Power Cash Rewards to be aware of, too.
PenFed Power Cash Rewards Card Disadvantages
Requires high credit scores: The PenFed Power Cash Rewards requires good credit for approval.
The PenFed Power Cash Rewards Visa Signature® Card due date is 25 days after the end of each monthly billing cycle, and it falls on the same date every month, excluding weekends and holidays. You can find your specific due date on your monthly statement or your online account. Due dates differ from customer to customer.
If you need to change your due date, you can do so by contacting PenFed customer service at (800) 247-5626. It may take a few...
The PenFed Power Cash Rewards Visa Signature® Card foreign transaction fee is 0%. This means you won't be subject to an additional charge whenever you use the PenFed Power Cash Rewards Visa Signature® Card outside of the United States. Whether it's a purchase at a physical location in a foreign country or an online transaction through an internationally-based merchant, you won't have to pay extra.
Share your insights and review for the PenFed Power Cash Rewards Visa Signature® Card
5
44%
4
0%
3
13%
2
19%
1
25%
3.1
16 reviews
16 reviews
What's Your Rating?
Most Recent
Most RecentMost Useful
Review sort
Rebekah Smith @oicbevan
Report Abuse
1 Star Rating
I used to be happy with the card, but when I spent $2,350 for my son's college camp online--after not using the card for 9 months at all--no fraud alert was signaled. I went in to check on whether I had enacted my alerts for the card and found out that there were no alerts which could be activated for online spending or even for any spending above a certain amount. In fact, basically no alerts were available to activate. I have put alerts on all my cards to let me know when my cards are used online or to signal the use over a certain dollar amount. When I called to inquire about this, the lady helping me didn't even understand what "alerts" meant. I had to explain it several times to try to help her understand what these were. I have never recieved such poor customer service before. . . . and there was no way to leave a review for this poor service (or shall I say, "knowledge?"). I had called twice that day, and both times the two customer service representatives were very unprofessional, although both were friendly. I am seriously considering cancelling my account because I take fraud very seriously. It was because I had enacted alerts that I was alerted to fraudulant activity on another credit card account--before the credit card was even aware of it. I am extremely concered about my security with this credit card which has an inability to set alerts.
show more
show less
Comment
1
0
Quynnsmyth @Quynnsmyth
I experienced the same, the alerts do not work, maybe under the new web app but they failed to work for me too. Simple function to add for a 24million-a-year company.
show more
show less
Comment
0
0
Greg Hagenbuch @gl_hagenbuch
Report Abuse
2 Star Rating
The sign on bonus is okay, but I am surprised more people haven't mentioned the user interface. It makes viewing purchases, payment, etc. way harder than it should be. Retired my card b/c the UI feels straight outta 1995.
show more
show less
Comment
0
0
Jeffrey @jkfager
Report Abuse
2 Star Rating
Verified Customer
I do like the 2% cash back. This account, however, is like playing Russian roulette with payments. They are initially applied immediately to your available credit, but then you spend the next several days waiting to see if they decide to randomly place a hold on the payment, potentially significantly lowering your available credit and resulting in surprise declined authorizations, which I have found to be extremely embarrassing. This despite never having had a payment to them returned for any reason. This forces me to use other credit cards with more favorable payment processing policies and put this one back in the sock drawer.
show more
show less
Comment
0
0
Andrew @andymontana1
lol thats what i did ! go with Capital one !
show more
show less
Comment
0
0
Eddie @eddiemacloud
Report Abuse
5 Star Rating
Verified Customer
Joined the credit union with 5 dollars, waited a year and had a 763 score, an email preapproval popped up in my email, they gave 17.5k with 44 inquiries and 3 percent utilization, 30 days later 9k on a platinum low interest card. 2 percent cash back also. on the rewards visa. 2 year update, had a pre approval personal loan and called to complain about the extortion rate for the loan 17.5, gave a third card the gold card for 12k with no interest the first year over the phone.
show more
show less
Comment
0
0
Vernon @vmiller5984
Report Abuse
5 Star Rating
Verified Customer
Very good for a daily driver as long as you are an honors advantage member. Ive been with Penfed for about a year and I have no complaints so far.
show more
show less
Comment
1
0
Jimmy @jimmyc_87
Report Abuse
5 Star Rating
Verified Customer
Easy approval! 2% back any category, no limits! One of my top favorite to use cards. Rates could be better but I never carry a balance because it use it for the rewards! Highly recommend.
show more
show less
Comment
0
0
William @williamdesign1
Report Abuse
5 Star Rating
Verified Customer
Solid credit card, and great credit union. The cash back rewards are great, and the APR is reasonable. I have this card and the Gold Card, and both credit cards are great!
show more
show less
Comment
0
0
Charles @charlesbogard13
Report Abuse
5 Star Rating
Verified Customer
Great card, Great credit union, Great cash back rewards, would like to see more credit card offers. Would highly recommend this card to anyone.
show more
show less
Comment
0
0
PenFed Credit Union @PenFed
We're glad to hear it, Charles! We're glad you're enjoying the benefits of your card. Thank you for your PenFed membership!
show more
show less
Comment
0
0
Ga Kee @gakee
Report Abuse
3 Star Rating
I have had this credit card for five years. The credit limit is good and the 2% back with no categories is great! PenFed has made some much needed updates to their user interfaces and by allowing customers to cash in any amount (no longer limited to increments of $5), but they still have some work to do. On average over the last five years, it takes 3-5 days to process a payment; just an unacceptable standard for any decade in the 21st century. On average in the last five years, it takes 25-35 days for fraud resolution, and it is a system of paper, e-mails, and phone calls over that time frame to get a resolution; missing one phone call adds another 5-days. Every other card I have had, the charge goes away the moment you report the fraud, and all the investigation happens in the background. Also, if you have someone else on your account, then you must have the same card number. So, when one of our cards gets lost or the number used for fraud, you have to go without both cards for 5-10 days until new cards get mailed through snail-mail. The benefits of this card are great, that's why I have kept it for so long. However, I look about every 6-months to see if anyone else has a comparable program; I am leaving as soon as I find one. I guess I would stick around if PenFed's system ever completely got out of 1985.
show more
show less
Comment
0
1
PenFed Credit Union @PenFed
Hi, thank you for your feedback. We will continue to focus on our cardholder experience and will make sure your feedback is shared with the team. Thank you for your longstanding membership. We hope to continue serving you for years to come.
show more
show less
Comment
0
0
Amelia Blumberg @mblumberg
Report Abuse
1 Star Rating
PenFed is very slow to post payments which is concerning as I do not like having a balance reported on my credit report... Example, I made a $2500 payment took about 3 days for ACH withdrawal from my checking... A full 7 days later and my $2500 payment is not reflected in my balance owed - this is unacceptable in 2021... my other credit card providers do a way better job with posting payments appropriately... Definitely putting this card in my sock drawer.
show more
show less
Comment
2
1
PenFed Credit Union @PenFed
Hi Amelia, that sounds unusual so we'd like to look into that for you. Can you please email us at [email protected] so we can locate your account and help? Please mention your WalletHub review in your email.
show more
show less
Comment
0
1
daxdiamond @daxdiamond
THIS is the reason I will not respond to the Pre-Approved offers I get from PenFed. If I make a payment with Capital One (even LARGE payment or my entire CL)- they post it IMMEDIATELY - within seconds. Even on weekends. Same with Wells Fargo. PenFed- this is unacceptable - and ZERO excuse not to post that night at midnight. You won't get my business until I see a change with this. If someone pays by 8:00pmET - you should post their payment overnight and my 9:00am the payment should be reflected on both their balance and available credit. Zero reason for you to do anything else UNLESS the person has had problems with their payments in their past to you. You say that a score of 750+ is needed to get your card. People 750+ don't bounce payment to their card companies. Capital One will give cards to people in the low 600's and post immediately. Not right PenFed... GLAD I saw this before accepting their invitations.
show more
show less
Comment
1
0
Quinton Ashton @quintona_4
I paid 5000 on the first and cleared on the third great card.
show more
show less
Comment
0
0
Review PenFed Power Cash Rewards Visa Signature® Card
* WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: PenFed Power Cash Rewards Visa Signature® Card, Petal® 2 Visa® Credit Card, and J.P. Morgan Reserve Credit Card
WalletHub is an independent comparison service.
We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.
Editorial Disclaimer: Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not the issuer’s responsibility to ensure all posts and/or questions are answered.
2024 WalletHub Awards
PenFed Power Cash Rewards Visa Signature® Card is an Editor's Pick for: