Are you in the market for a new card and considering the PenFed Power Cash Rewards Visa Signature® Card? Before you apply for the card, you'll want to learn some key facts about the offer and how it compares to other cards on the market.
First, let's cover the basics. In reviewing the card, we rated it a 4.7 out of 5.0, which means that like many other cards, we found the PenFed Power Cash Rewards Visa Signature® Card to have some solid benefits and some possible drawbacks.
This is a solid cash back card akin to other 1.5% and 2% cash back offerings, but the low purchase APR and fees put this one ahead of similar cards from big banks for those who qualify.
Next up, let's dive into the details you should consider before applying. Here's a rundown of the card's key features, rates, and terms:
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BEST OVERALL RATING
★★★★★
4.7
- Earn 1.5% cash back on all purchases with no caps or limits. PenFed Honors Advantage Members earn 2% cash back on all purchases.
- $100 bonus offer statement credit when you spend $1,500 in the first 90 days of account opening.
- Introductory Balance Transfer APR for 12 months, 3% fee applies to each transaction. Subject to credit approval.
- Your PenFed signature card provides a complimentary concierge service that can help you enjoy the things you love. Simply pick up the phone to call Visa Signature Concierge.
- Credit union membership is open to everyone.
- $0 Annual fee
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N/A
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0% for 12 Months
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17.99% (Variable)
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$0
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Good to Excellent
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There's certainly a lot to like about the PenFed Power Cash Rewards Visa Signature® Card. But just like with other cards we review, we stress that potential applicants should pay attention to this card's rates and fees as part of the bigger overall picture.
Let's dive deeper into those rates and fees, as they could make or break whether owning the card makes sense for you and your financial situation.
The interest rate, also known as APR (annual percentage rate), tells you what percentage of your balance you can expect to pay in interest annually if you carry a balance.
According to the issuer, the PenFed Power Cash Rewards Visa Signature® Card currently charges the following interest rates on purchases and balance transfers:
- Purchase Intro: N/A
- Balance Transfer Intro: 0% for 12 Months
- Regular APR: 17.99% (Variable)
Another possible expense to consider is the annual fee, which is the amount a cardholder is required to pay each year for the privilege of owning a particular card.
Here's the annual fee for the PenFed Power Cash Rewards Visa Signature® Card as listed by the issuer:
See site for details »
So far, we've covered the PenFed Power Cash Rewards Visa Signature® Card in great detail, from its many benefits to its current rates and fees. But what are your odds of approval? What credit score is needed to become a cardholder?
According to the issuer, the current general credit history requirement for the card is:
- Credit Level: Good to Excellent
If you feel you have the credit needed for approval and you're ready to apply, you can do so online on the issuer's secure website.
Keep in mind that rates and features may change, so if you like what the card is offering today, you may want to apply now to lock it in its current terms before it's too late.
We've discussed the many benefits, drawbacks, and requirements of the PenFed Power Cash Rewards Visa Signature® Card, but how does it rank versus similar cards on the market? Below are all the category-specific ratings our team gives the card, along with the card's ranking within each category.
Quick hint: Want to see our best-reviewed cards in each category? Simply click the category name to see our top picks:
All told, our team's review of the PenFed Power Cash Rewards Visa Signature® Card resulted in a rating of 4.7 out of 5.0, as the card features many pros and cons for a potential cardholder to consider. Ultimately, it's up to you to determine if the card's benefits outweigh its possible drawbacks. If you determine that it's a fit for your needs, you may want to apply soon, as terms throughout the industry change regularly.
We hope our guide has been helpful in learning all you need to know about the PenFed Power Cash Rewards Visa Signature® Card. We wish you the very best on your financial journey!
Are you ready to apply for the PenFed Power Cash Rewards Visa Signature® Card offer? Be sure to read up on all of its terms and details first, then apply via the provider’s secure website:
If you’d like to keep researching, you may want to try one of our popular guides to the top offers available. We break down a variety of offers, including many similar to PenFed Power Cash Rewards Visa Signature® Card:
Whether you decide on PenFed Power Cash Rewards Visa Signature® Card or another option, be sure to make all your payments on time and keep your balance below the credit limit.
Toby founded Digital Brands, the parent company of CardRates.com and its sister sites, and now serves as Chairman of the Board. He lends his 15 years of credit card industry experience to educate consumers on the responsible use of credit. His knowledge base spans credit card reward programs to credit repair, lending, and credit bureau reporting.
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