Yes, the PenFed Power Cash Rewards Visa Signature® Card is a credit card. The PenFed Power Cash Rewards Card has an annual fee of $0, works wherever Visa is accepted, reports to the credit bureaus, and allows you to pay off purchases over time. There are quite a few important things to know about the card before you apply, though.
Key Facts About the PenFed Power Cash Rewards Card
Credit requirement: Excellent
Annual fee: $0
APR: 16.49% - 17.99% (V)
Foreign transaction fee: 0%
Rewards: 1.5 - 2% cash back
To sum things up, PenFed Power Cash Rewards Card is a credit card, but it may or may not be the best credit card for you depending on your needs, qualifications and spending habits.
Withdraw the cash and remove the credit card from the ATM.
Before you take out a PenFed Power Cash Rewards cash advance, it’s important to note that it can be a very expensive transaction. For starters, there is a cash advance APR of 17.99% that applies as soon as you withdraw the cash. You may also have to pay an ATM-owner fee.
Yes, it is hard to get a PenFed credit card. As of July 2020, all of PenFed’s main credit card offers require excellent credit for approval, or a score of 750+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. In addition, PenFed’s other credit cards that are co-branded with various organizations tend to require good credit, or a score of 700+. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don’t have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn’t disclose a specific income needed for approval.… read full answer
Another factor that makes it hard to get a PenFed credit card is that you can’t apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don’t want to go through that trouble just to apply, especially when approval isn’t guaranteed, you may want to look elsewhere.
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 card and a metal credit card, though, so don’t dismiss the PenFed Power Cash Rewards card just because it isn’t metal. If you like the card’s terms and benefits, you should still consider applying.… read full answer
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