Does the PenFed Power Cash Rewards Card have a grace period?

The starting credit limit for the PenFed Power Cash Rewards card is $5,000 at a minimum, according to customer service. However, some cardholders report limits as high as $25,000. PenFed Credit Union does not include any specific PenFed Power Cash Rewards credit limit information in the card’s terms, though.

PenFed Power Cash Rewards credit limits details:

For the most part, PenFed Power Cash Rewards credit limits depend on ... read full answereach applicant’s overall credit standing. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.

Keep in mind that you can ask to get a credit limit increase by calling the PenFed Credit Union customer service number you see on the back of your card. However, it’s best not to do that more than once a year. PenFed Credit Union will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with PenFed Credit Union.

The PenFed credit card approval requirements include an good (700+) credit score and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.

Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are available on the PenFed ... read full answerwebsite.

Other PenFed Credit Card Approval Requirements

Application requirements also include personal information such as your name, address and birthdate. Your Social Security Number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage/rent payment, and employment status will also be taken into account.

The PenFed Power Cash Rewards Visa Signature® Card interest rate is 17.99% (V), with the actual rate depending on factors such as your income, credit history and existing debt. The PenFed Power Cash Rewards card also offers new cardholders an intro APR of 0% for 12 months on balance transfers made in the first 90 days after account opening. After 12 months, any unpaid balance transfer amounts will have a fixed APR of 17.99%. This PenFed Power Cash Rewards card interest rate is variable, meaning it can change based on certain economic conditions.... read full answer

The PenFed Power Cash Rewards gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your PenFed Power Cash Rewards card, it will accumulate interest daily at the card’s regular APR.

In addition to the regular interest rate, PenFed Power Cash Rewards also charges a separate 17.99% interest rate on cash advances and a penalty rate for late payments. All PenFed Power Cash Rewards card interest rates will be listed on your statement and on your online account summary.