Rate and offers current as of August 1, 2022 and subject to change.
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No annual fee
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No foreign transaction fees
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No cash advance fee
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Chip and Contactless ‘Tap to Pay’ enabled for added security, ease and convenience at the point of sale
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Click and Pay eligible, via Secure Remote Commerce, so you can enjoy easy and secure online buying checkout
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Digital wallet capable
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Purchase variable rate as low as 16.49% APR
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0% promotional rate for 12 months on balance transfers made between now and September 30, 2022. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
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The best PenFed Power Cash Rewards benefits include rental car and travel accident insurance, along with extensive cash back rewards. The PenFed Power Cash Rewards card also offers extended warranty protection, purchase security, and zero liability protection.
PenFed Power Cash Rewards Benefits
Initial bonus:$100 statement credit for spending $1,500 in the first 90 days.
Ongoing rewards: 1.5% cash back on all purchases (2% cash back for Honors Advantage Members).
Rental car insurance: Covers physical damage, theft, reasonable and customary loss-of-use charges when you charge the entire rental transaction to your PenFed Power Cash Rewards card.
Travel accident insurance: Coverage for common carrier accidental death or dismemberment at no extra cost when you charge your travel fare to the PenFed Power Cash Rewards card.
Purchase Security: Replaces, repairs, or reimburses you for eligible items purchased with the PenFed Power Cash Rewards card, up to a preset amount, for 90 days from the date of the purchase, due to covered reasons.
Extended warranty protection: Doubles the time period of the original manufacturer's U.S. repair warranty, up to one year, for eligible warranties of three years or less.
Roadside dispatch: You get 24/7 pay-per-use roadside assistance for towing, tire changes, jump starts, lockout services and more.
Emergency services: If your card has been lost, stole or damaged, or if you need emergency cash, you can get a replacement, or emergency card.
Zero liability protection: You won't be liable for any reported unauthorized purchases or ATM transactions.
To view more details about your PenFed Power Cash Rewards card, including how to claim them, take a look at your Benefit Guide. Along with these benefits and rewards on all purchases, the PenFed Power Cash Rewards card has a $0 annual fee. Plus, there's a 0% foreign transaction fee, which makes the PenFed Power Cash Rewards an excellent travel companion. As long as you have excellent credit (a credit score of 750+), the PenFed Power Cash Rewards card is certainly a card to consider adding to your wallet.
Share your insights and review the PenFed Power Cash Rewards Visa Signature® Card
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14 reviews
14 reviews
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Jeffrey @jkfager
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2 Star Rating
Verified Customer
I do like the 2% cash back. This account, however, is like playing Russian roulette with payments. They are initially applied immediately to your available credit, but then you spend the next several days waiting to see if they decide to randomly place a hold on the payment, potentially significantly lowering your available credit and resulting in surprise declined authorizations, which I have found to be extremely embarrassing. This despite never having had a payment to them returned for any reason. This forces me to use other credit cards with more favorable payment processing policies and put this one back in the sock drawer.
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Eddie @eddiemacloud
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5 Star Rating
Verified Customer
Joined the credit union with 5 dollars, waited a year and had a 763 score, an email preapproval popped up in my email, they gave 17.5k with 44 inquiries and 3 percent utilization, 30 days later 9k on a platinum low interest card. 2 percent cash back also. on the rewards visa.
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Vernon @vmiller5984
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5 Star Rating
Verified Customer
Very good for a daily driver as long as you are an honors advantage member. Ive been with Penfed for about a year and I have no complaints so far.
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Jimmy @jimmyc_87
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5 Star Rating
Verified Customer
Easy approval! 2% back any category, no limits! One of my top favorite to use cards. Rates could be better but I never carry a balance because it use it for the rewards! Highly recommend.
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William @williamdesign1
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5 Star Rating
Verified Customer
Solid credit card, and great credit union. The cash back rewards are great, and the APR is reasonable. I have this card and the Gold Card, and both credit cards are great!
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Charles @charlesbogard13
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5 Star Rating
Verified Customer
Great card, Great credit union, Great cash back rewards, would like to see more credit card offers. Would highly recommend this card to anyone.
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PenFed Credit Union @PenFed
We're glad to hear it, Charles! We're glad you're enjoying the benefits of your card. Thank you for your PenFed membership!
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Ga Kee @gakee
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3 Star Rating
I have had this credit card for five years. The credit limit is good and the 2% back with no categories is great! PenFed has made some much needed updates to their user interfaces and by allowing customers to cash in any amount (no longer limited to increments of $5), but they still have some work to do. On average over the last five years, it takes 3-5 days to process a payment; just an unacceptable standard for any decade in the 21st century. On average in the last five years, it takes 25-35 days for fraud resolution, and it is a system of paper, e-mails, and phone calls over that time frame to get a resolution; missing one phone call adds another 5-days. Every other card I have had, the charge goes away the moment you report the fraud, and all the investigation happens in the background. Also, if you have someone else on your account, then you must have the same card number. So, when one of our cards gets lost or the number used for fraud, you have to go without both cards for 5-10 days until new cards get mailed through snail-mail. The benefits of this card are great, that's why I have kept it for so long. However, I look about every 6-months to see if anyone else has a comparable program; I am leaving as soon as I find one. I guess I would stick around if PenFed's system ever completely got out of 1985.
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PenFed Credit Union @PenFed
Hi, thank you for your feedback. We will continue to focus on our cardholder experience and will make sure your feedback is shared with the team. Thank you for your longstanding membership. We hope to continue serving you for years to come.
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Amelia Blumberg @mblumberg
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1 Star Rating
PenFed is very slow to post payments which is concerning as I do not like having a balance reported on my credit report... Example, I made a $2500 payment took about 3 days for ACH withdrawal from my checking... A full 7 days later and my $2500 payment is not reflected in my balance owed - this is unacceptable in 2021... my other credit card providers do a way better job with posting payments appropriately... Definitely putting this card in my sock drawer.
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PenFed Credit Union @PenFed
Hi Amelia, that sounds unusual so we'd like to look into that for you. Can you please email us at [email protected] so we can locate your account and help? Please mention your WalletHub review in your email.
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daxdiamond @daxdiamond
THIS is the reason I will not respond to the Pre-Approved offers I get from PenFed. If I make a payment with Capital One (even LARGE payment or my entire CL)- they post it IMMEDIATELY - within seconds. Even on weekends. Same with Wells Fargo. PenFed- this is unacceptable - and ZERO excuse not to post that night at midnight. You won't get my business until I see a change with this. If someone pays by 8:00pmET - you should post their payment overnight and my 9:00am the payment should be reflected on both their balance and available credit. Zero reason for you to do anything else UNLESS the person has had problems with their payments in their past to you. You say that a score of 750+ is needed to get your card. People 750+ don't bounce payment to their card companies. Capital One will give cards to people in the low 600's and post immediately. Not right PenFed... GLAD I saw this before accepting their invitations.
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Quinton Ashton @quintona_4
I paid 5000 on the first and cleared on the third great card.
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Justin @justinwatson6596
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5 Star Rating
Verified Customer
Great card , straight cash back no categories , 2% great app customer service on top , easy approval high limits. Chances to grow
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PenFed Credit Union @PenFed
Hi, Justin! We're glad you're excited for your PenFed card!
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johnrentscars @johnrentscars
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1 Star Rating
Verified Customer
I have had this account for about 2 months now. Started out with good CL and rate. Today I accidentally did an on line payment and accidentally did $1250 instead of $125. I could mot fix that on the site so I called them. I spoke to a rep that could not help me. She did not care to help me. On Citi you can fix this easily online. I told her I wanted to close the account since the website is not very user friendly. She didn’t care to assist again. But she happily asked if she could not help me with anything else. Is this just me. If you could not help with two things I asked about. Why would I think she could help with anything else. Thanks for nothing. I will continue to use citi. Never any problems and higher credit line.
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PenFed Credit Union @PenFed
Hi John, we're sorry if our service didn't meet your expectations. We will share the situation with our call center team for opportunities for improvement. We are unable to make changes to transfers initiated online. We're sorry for the inconvenience this caused you. We will share your feedback about the payment process with the team.
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daxdiamond @daxdiamond
You are right - with all of my cards Capital One, Discover, USAA, Wells Fargo and Chase if you have a typo - you can cancel the payment! There is no reason for PenFed not to have this ability on their site. From all of these comments it looks like PenFed needs to revamp their website and that their IT department isn't experienced/educated enough to do so. Their website processes payments slowly, you can't cancel a pending payment to resubmit - these are ALL IT issues. Glad I read these comments to know to stay FAR away from PenFed.
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Review PenFed Power Cash Rewards Visa Signature® Card
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