Is the PenFed Power Cash Rewards Card a credit card?

To get a PenFed Power Cash Rewards cash advance:

1. Call PenFed customer service at 1 (877) 856-9690 and request a PIN, if you don’t already have one.
2. Insert the credit card at an ATM and enter the PIN.
3. Select the cash advance option on the ATM screen.
4. Enter the amount you’d like to withdraw.... read full answer
5. 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. All of PenFed’s main credit card offers require good or excellent credit for approval, or a score of 700+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. 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

Metal credit cards are usually expensive luxury cards. Some popular examples of metal credit cards are the Chase Sapphire Preferred® Card, J.P. Morgan Reserve Credit Card and Chase Sapphire Reserve®.