Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The no-annual-fee PenFed Power Cash Rewards Visa Signature® Card earns up to 2% cash back on all purchases, so it’s a decent option for Pentagon Federal (PenFed) Credit Union members (anyone can join) looking to earn straightforward rewards without category restrictions. However, there are plenty of other no-annual-fee cards available with higher rewards, more benefits, and larger welcome bonus offers.
Review: Is the PenFed Power Cash Rewards Visa Signature Card the best credit card for you?
If you bank with PenFed Credit Union and you’re looking for a card that earns flat-rate rewards, the PenFed Power Cash Rewards Visa Signature® Card is worth considering. To qualify for this card, you’ll need to be a PenFed member, but anyone can open an account with a $5 minimum deposit.
This card comes with a PenFed Power Cash Rewards Visa Signature® Card. Plus, regular PenFed members earn 1.5% cash back on all purchases, and PenFed Honors Advantage members earn an additional 0.50% cash back (a total earning rate of 2% cash back). But not everyone is eligible to qualify for Honors Advantage program, so if you’re not a member already, you might want to consider a different no-annual-fee cash-back card with higher rewards rates.
Cardholders also get solid benefits (such as travel accident insurance and access to the Visa Signature Luxury Hotel Collection), as well as flexible ways to redeem rewards. There are also no foreign transaction fees, which makes it a decent card to travel with.
In addition, the PenFed Power Cash Rewards Visa Signature® Card has a PenFed Power Cash Rewards Visa Signature® Card (then a PenFed Power Cash Rewards Visa Signature® Card APR), which can benefit folks looking to pay down debt without incurring higher interest.
However, if you’re to looking to pay off larger purchases over multiple billing cycles or pay down credit debt, you might prefer the PenFed Gold Visa® Card. Although it doesn’t earn rewards or offer an intro bonus, the card does have a PenFed Gold Visa® Card, followed by a PenFed Gold Visa® Card APR.
Another no-annual-fee card to consider is the Wells Fargo Active Cash® Card. It earns unlimited 2% cash rewards on purchases and a Wells Fargo Active Cash® Card. Plus, it comes with a Wells Fargo Active Cash® Card (then a Wells Fargo Active Cash® Card APR).
How to earn rewards with the PenFed Power Cash Rewards credit card
The PenFed Power Cash Rewards Visa Signature® Card has a simple reward earning rate of 1.5% cash back on all purchases, with no caps. If you’re a PenFed Honors Advantage member you can earn an additional .50% cash back on all purchases (a total of 2% cash back). Your rewards won’t expire as long as your account is active.
How to qualify for a PenFed Honors Advantage Membership
Military status: Primary applicant must have military service (active duty, reserve, honorably discharged, or retired).Checking account: You must be the primary owner of the PenFed Power Cash Rewards Visa Signature® Card and a PenFed checking account. Members of a Free Checking account must also maintain a $500 minimum daily balance or set up monthly direct deposits of $500 or more.
If you spend $3,000 monthly with your PenFed Power Cash Rewards Visa Signature® Card, you’ll earn $45 monthly rewards or $540 annually (1.5% cash back rate). PenFed Honors Advantage members with the same total monthly expense will earn $60 in monthly rewards or $720 annually (2% cash back rate).
How to use rewards from the PenFed Power Cash Visa Signature credit card
The PenFed Power Cash Rewards Visa Signature® Card allows cardholders to redeem rewards as a statement credit or a deposit into an eligible PenFed Checking or Share account. You can also schedule monthly redemptions into an account of your choosing from another financial institution.
There’s no minimum redemption amount.
PenFed Power Cash Rewards card benefits and features
Emergency card replacement and cash disbursement
In the case of an emergency, you’ll have access to card replacement and disbursement services 24/7.
Entertainment offers and upgrades
When you use your PenFed Power Cash Rewards Visa Signature® Card to pay for eligible entertainment services, you’ll be eligible to receive preferred event access, upgrades, and savings.
Visa Signature Luxury Hotel Collection
The PenFed Power Cash Rewards Visa Signature® Card gives cardholders access to worldwide travel benefits, including special offers and upgrades at over 900 properties from the Visa Signature Luxury Hotel Collection.
$o liability policy
You won’t be held responsible for unauthorized purchases on a lost or stolen PenFed card. You must notify PenFed immediately of any unauthorized use. You can submit a claim at 800-247-5626.
Shopping discounts
When you use your PenFed Power Cash Rewards Visa Signature® Card at select retailers, you become eligible to receive discounts at stores and online merchants.
Sports special offers and discounts
The PenFed Power Cash Rewards Visa Signature® Card gets you offers on golf experiences, event tickets, and other sports events. You’ll also be able to save on premium ground transportation with Silvercar Audi rentals and golf benefits at over 95 courses worldwide with Troon Rewards.
Fine wine and food offers
You’ll get year-round benefits on culinary items when you use your PenFed Power Cash Rewards Visa Signature® Card, such as special access and savings at more than 50 Sonoma Country wineries.
Purchase security
You can receive replacements, repairs, or reimbursements on eligible net purchases bought with your PenFed Power Cash Rewards Visa Signature® Card for up to $500 per claim for 90 days from the date of purchase. This service covers personal property damaged by occurrences, such as fire, lightning, vandalism, theft, and more. You must submit a claim to receive this benefit.
Roadside dispatch
You can get 24/7 pay-per-use roadside assistance for towing, tire changes, jump starts, lockout services, and more.
Travel accident insurance
The PenFed Power Cash Rewards Visa Signature® Card gives you coverage in case of accidental death or dismemberment when you charge your entire travel fare to your eligible PenFed card.
Travel and emergency assistance services
You’ll receive help with medical, legal, and travel services while traveling. Call the 24-hour Benefit Administrator at 800-397-9010. Spouses and children of the primary cardholder are eligible to receive these services as well. Remember that you are still responsible for the cost of any actual medical, legal, transportation, cash advances, or other provided services.
Visa Signature concierge
You can call the 24/7 Visa Signature concierge service at 800-953-7392 for assistance with travel bookings, obtaining popular sports and entertainment tickets, restaurant reservations, golf bookings, and more.
Fees and costs
The PenFed Power Cash Rewards Visa Signature® Card doesn’t charge an annual fee, a foreign transaction fee, or a cash advance fee. The card has a PenFed Power Cash Rewards Visa Signature® Card (then a PenFed Power Cash Rewards Visa Signature® Card APR).
You can be charged a 3% balance transfer fee, a late payment fee (up to $28), and a returned payment fee (up to $25).
PenFed Power Cash Rewards vs other no-annual-fee PenFed cards
PenFed Power Cash Rewards Visa Signature® Card
PenFed Gold Visa® CardPenFed Platinum Rewards Visa Signature® CardAnnual Fee
PenFed Power Cash Rewards Visa Signature® Card
PenFed Gold Visa® CardPenFed Platinum Rewards Visa Signature® CardRewards rate1.5% cash back on all purchases, no cap (PenFed Honors Advantage members earn additional .50% cash back on all purchases)N/A
5x points on gas paid at the pump and EV charging stations
3x points at supermarkets, restaurants, and TV, radio, cable, and streaming services
1x on all other purchases
Welcome bonus
PenFed Power Cash Rewards Visa Signature® Card
N/APenFed Platinum Rewards Visa Signature® CardBenefits
PenFed Power Cash Rewards Visa Signature® Card (then a PenFed Power Cash Rewards Visa Signature® Card APR)
Emergency card replacement and cash disbursement
Entertainment offers and upgrades
Visa Signature Luxury Hotel Collection
$0 liability policy
Shopping discounts
Sports offers
Fine wine and food offers
Purchase security
Roadside dispatch
Travel accident insurance
Travel and emergency assistance services
Visa Signature concierge
No foreign transaction fees
PenFed Gold Visa® Card (then a PenFed Gold Visa® Card APR)
24/7 fraud monitoring
Balance transfer offers
$0 liability policy
Digital wallet
Emergency card replacement and emergency cash disbursement
Roadside dispatch
Travel accident insurance
Lost/stolen card reporting
No foreign transaction fees
PenFed Platinum Rewards Visa Signature® Card (then a PenFed Platinum Rewards Visa Signature® Card APR)
24/7 fraud monitoring
Tokenized account numbers in your mobile wallet
Balance transfer offers
Visa Signature discounts
Visa Signature concierge services
Emergency card replacement and emergency cash disbursement
Shopping discounts
Sports offers
Fine wine and food offers
Travel accident insurance
Travel and emergency assistance services
Roadside dispatch
No foreign transaction fees
Review
PenFed Power Cash Rewards vs other no-annual-fee cash-back cards
PenFed Power Cash Rewards Visa Signature® Card
Wells Fargo Active Cash® CardChase Freedom Unlimited®Annual Fee
PenFed Power Cash Rewards Visa Signature® Card
Wells Fargo Active Cash® CardChase Freedom Unlimited®Rewards rate1.5% cash back on all purchases, no cap (PenFed Honors Advantage members earn additional .50% cash back on all purchases)2% cash rewards on all purchases
5% cash back (5x points) on travel purchased through Chase Ultimate Rewards
3% cash back (3x points) on dining and drugstore purchases
1.5% cash back (1.5x points) on everything else
Welcome bonus
PenFed Power Cash Rewards Visa Signature® Card
Wells Fargo Active Cash® CardChase Freedom Unlimited®Benefits
PenFed Power Cash Rewards Visa Signature® Card (then a PenFed Power Cash Rewards Visa Signature® Card APR)
Emergency card replacement and cash disbursement
Entertainment offers and upgrades
Visa Signature Luxury Hotel Collection
$0 liability policy
Shopping discounts
Sports offers
Fine wine and food offers
Purchase security
Roadside dispatch
Travel accident insurance
Travel and emergency assistance services
Visa Signature concierge
No foreign transaction fees
Wells Fargo Active Cash® Card (then a Wells Fargo Active Cash® Card APR)
Cell phone protection
Roadside dispatch
Travel emergency assistance
Visa Signature concierge
Chase Freedom Unlimited® (then a Chase Freedom Unlimited® APR)
Purchase protection
Extended warranty
Car rental insurance (secondary in the US, primary otherwise)
Trip interruption/cancellation insurance
Travel and emergency assistance services
Review
Wells Fargo Active Cash card review
Chase Freedom Unlimited card review
PenFed Power Cash Rewards Visa Signature card frequently asked questions (FAQ)
Is the PenFed Power Cash Rewards card worth it?
If you’re looking for a decent no-annual-fee cash-back credit card that earns simple flat-rate rewards and are willing to join PenFed credit union, the PenFed Power Cash Rewards Visa Signature® Card is worth considering. However, the highest rewards rate is only available to PenFed Honors Advantage members. If that doesn’t apply to you, there are plenty of other cards with higher rewards, more benefits, and larger welcome bonuses.
What credit score do you need to qualify for the PenFed Power Cash Rewards card?
You need good to excellent credit to qualify for the PenFed Power Cash Rewards Visa Signature® Card. That means a FICO score of at least 670, or a VantageScore of at least 700.
If your credit score isn’t in the good to the excellent range yet, there are other no-annual-fee cash-back cards you may be eligible for to help build your score.
How do I join PenFed Credit Union?
You can become a Pentagon Federal (PenFed) Credit Union member by opening an account online or in person at a branch. Anyone is eligible to join with a minimum $5 savings account deposit. Here’s Insider’s full review of PenFed Credit Union to learn more.
Does Zelle work with PenFed?
Yes, Zelle is available in the PenFed mobile app and online banking website.