PenFed Power Cash Rewards Visa Card Review: Competitive Cash Rewards and a Balance Transfer Offer
Review
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
The PenFed Power Cash Rewards Visa Signature® Card provides useful perks for the credit union's loyal customers. It earns up to 2% cash back on purchases and lets you refinance credit card debt at a 0% intro APR. With no annual fee to boot, this card is a good money saver. Read on for all its features and areas of opportunity in our PenFed credit card review.
Excellent (740-850)
Intro APR
Purchases: N/A
Balance Transfers: 0%, 12 months
Regular APR
16.49% - 17.99%, variable
Rewards 2% cash back on all purchases through the PenFed Honors Advantage program 1.5% unlimited cash back on all purchases
1.5% - 2% cash back
Annual Fee
$0
Welcome Offer $100 statement credit after spending $1,500 in purchase transactions within the first 90 days of account opening
$100
The rewards program can be rich, but the true benefits accrue to you if you are a PenFed Credit Union member.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 27.24% Variable APR |
|
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.24%, 24.24%, or 29.24% Variable APR |
|
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases | 1.5-3 points per dollar Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.24% - 28.24% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
This credit card is a good fit for: Consumers who do their banking with PenFed Credit Union and want a credit card with a high cash back rate.
You'll enjoy several great benefits as a cardholder of the PenFed Power Cash Rewards Visa Signature® Card.
This PenFed credit card earns 2% cash back on purchases for PenFed Honors Advantage Members. If you're not a member, then it earns 1.5% back on purchases.
While either is a good rate, the higher rate ranks with the best cash back credit cards. Fortunately, it's easy to become a member of PenFed Honors Advantage. There are two ways to qualify:
You get an intro APR of 0% on balance transfers for the first 12 months after opening the credit card account. There is a balance transfer fee of 3% per transaction.
A balance transfer works well if you're trying to get out of credit card debt. Instead of paying down balances at an interest rate of 18% or more, you can transfer them to your PenFed card. Then, you'll have 12 months to work on your debt at a 0% APR. Just note that some balance transfer credit cards offer an intro period longer than 12 months.
Learn more: A Complete Guide to Balance Transfers
The PenFed Power Cash Rewards Visa Signature® Card offers a $100 statement credit when you spend $1,500 in the first 90 days. As long as you hit the spending requirement, this is an easy way to save $100.
If you're trying to keep costs down, no annual fee credit cards are exactly what you need. There's no yearly fee for this PenFed credit card, so you can carry it free of charge.
Eligible items bought with your PenFed Power Cash Rewards Visa Signature® Card are covered by purchase security. This policy protects against damage or theft within the first 90 days, up to a maximum of $500 per claim and $50,000 per cardholder.
For travelers, it's important to have a credit card that doesn't charge you more for international transactions. Since it doesn't have a foreign transaction fee, this PenFed credit card is a good choice.
There are some areas where PenFed could make this rewards credit card better.
One place where the PenFed Power Cash Rewards Visa Signature® Card fails to measure up is its sign-up bonus. It's not a bad bonus, but there are better sign-up bonus offers from other cards.
Several no annual fee credit cards have introductory bonuses of $150, $200, or even $250, and most of them also have smaller spending requirements than this particular PenFed card.
Although this credit card offers a 0% intro APR on balance transfers, it doesn't offer that deal on purchases you make. If you want to gradually pay off a big expense, check out 0% APR credit cards with intro offers that cover purchases.
To apply for the PenFed Power Cash Rewards Visa Signature® Card, you must be a member of PenFed Credit Union. Compared to major credit card companies that don't have this requirement, it's an extra hurdle.
It's not a huge roadblock, though. Anyone in the U.S. can join PenFed Credit Union by opening a savings account with a minimum deposit of $5. The credit union's Premium Online Savings account has an interest rate comparable to the best savings accounts and no monthly maintenance fee. It's a quality product and not just an account you'd never want to use.
A FICO® Score of at least 740 is recommended for the PenFed Power Cash Rewards Visa Signature® Card. Successful applicants generally have a credit score that falls within the excellent credit range.
PenFed looks at many factors during the credit card application process. In addition to your credit history, it also heavily weighs your annual income and your relationship with the credit union. If you're a long-time customer, that can help your approval odds.
You like PenFed and you want to have your credit card and bank accounts with the same financial institution.
The PenFed Power Cash Rewards Visa Signature® Card is good for earning rewards, since it offers rich cash back on purchases. It also has a solid balance transfer offer available. There are, however, top credit cards that offer just as much or more, without requiring that you sign up for a membership first.
Although this PenFed credit card may not be the most valuable card on the market, it has some quality benefits. That's enough to make it worthwhile for PenFed fans who'd like to keep their financial products under one roof.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
The Motley Fool owns shares of and recommends Visa.
