How do I get the PenFed Power Cash Rewards Card sign-up bonus?

Your PenFed Power Cash Rewards approval odds are good if you have a credit score of 700+, which is considered good credit. Approval odds for the PenFed Power Cash Rewards card will also be influenced by your annual income and existing debts. Applicants will need to be 18+ years old with a U.S. mailing address and an SSN or ITIN, as well.... read full answer

What You Need for Good PenFed Power Cash Rewards Card Approval Odds

• Good credit or better
• Enough income to pay credit card bills
• Low debt relative to income
• Low housing costs relative to income
• U.S. mailing address
• Age of 18+
• Social Security Number or Individual Taxpayer Identification Number

Keep in mind that many of these are guidelines rather than requirements. For example, you may have a low annual income but no debts and still get approved. If you want to enhance your application by improving your credit score, WalletHub’s free credit analysis can tell you what steps to take.

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.

PenFed Power Cash Rewards Card Benefits

• Purchase security
• Travel accident insurance
• Roadside dispatch
• Travel and emergency assistance services
• Emergency card replacement... read full answer
• Lost/stolen card reporting
• Visa signature concierge
• Zero liability protection

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 good credit, the PenFed Power Cash Rewards Visa Signature® Card is certainly a card to consider adding to your wallet.

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.