The PenFed Power Cash Rewards card does not offer cell phone insurance. Cell phone insurance on other cards reimburses the cost of repairing or replacing a damaged or stolen phone if a cardholder regularly pays the phone bill with the card, though it’s not a benefit commonly offered by credit card issuers.
A credit score of 750+ is needed for all PenFed credit cards. That means applicants need excellent credit for approval. If you receive a pre-approved mail or e-mail offer for a PenFed credit card, it means PenFed thinks your credit profile likely meets the card's requirements for approval. While such an offer doesn't guarantee approval, it indicates good odds, so make sure you apply by flagging your application through the … read full answerPenFed pre-approval web page.
Here is the credit score needed for a PenFed credit card:
PenFed Gold Visa® Card: Requires a credit score of 750, at a minimum. That means you need excellent credit for approval.
Applying for credit cards can trigger hard inquiries on your credit report, which may temporarily damage your credit score. So if you don't know where you stand, you can check your score for free, right here on WalletHub. PenFed membership is open to everyone, but in the past, it was restricted to military servicemembers or family thereof. Bear in mind that simply having the credit score needed for a PenFed credit card does not guarantee approval. Your annual income, amount of debt, number of open credit accounts and other factors are all reviewed as part of your application.
The best PenFed Power Cash Rewards card benefits are purchase security and travel accident insurance. The PenFed Power Cash Rewards Visa Signature® Card also has roadside dispatch and travel and emergency assistance services , which are more common perks across PenFed credit cards.
Along with these benefits, the PenFed Power Cash Rewards card has a $0 annual fee and gives rewards on all purchases. As long as you have excellent credit, the PenFed Power Cash Rewards Visa Signature® Card is certainly a card to consider adding to your wallet.
Cell phone insurance isn’t commonly offered by major credit cards, but it’s certainly a welcome perk. Cell phones don’t come cheap, and some credit cards offer up to $1,000 in reimbursement for a stolen or damaged phone.… read full answer
Just remember that all credit cards with cell phone protection have the same rule: You must continuously pay your cell phone bill with the credit card, or else your phone won’t get coverage. To make sure your phone is covered, it’s best to set up automatic monthly phone-bill payments with your card as the payment method.
Here are some good credit cards with cell phone protection:
Citi Prestige: Cell phone protection up to $1,000 per claim or $1,500 per year; limit of 2 claims per year; $50 deductible.
IHG Premier: Cell phone protection up to $800 per claim or $1,000 per year; limit of 2 claims per year; $50 deductible.
None of these credit cards cover phones that are lost, as opposed to stolen. Some cards also have specific stipulations for what is and is not covered. So, make sure you’re up to speed on your card’s specific rules.
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