Info about PenFed Power Cash Rewards Visa Signature® Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
Rewards%APR14Reviews48Q&AContact
RewardsAPRWalletHub ReviewQ&ACustomer Reviews
Accepted Credit Scores
Accepted Credit Scores
Excellent Credit
Annual Fee
$0
Rewards
$100 statement credit after spending $1,500 in purchase transactions within the first 90 days of account opening
2% cash back on all purchases through the PenFed Honors Advantage program
1.5% unlimited cash back on all purchases
Flexible cash redemption options (Power Cash statement credit or cash-out to a checking or savings account)
No caps, limits or category restrictions on cash rewards
The PenFed Power Cash Rewards Visa Signature Card is the best PenFed credit card for everyday cash back rewards, giving at least 1.5 - 2% cash back on all purchases, in addition to PenFed’s customary initial rewards bonus: $100 for spending $1,500 in the first 90 days. This card... show more
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% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. 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 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
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 excellent credit, the PenFed Power Cash Rewards Visa Signature® Card is certainly a card to consider adding to your wallet.
No, the PenFed Power Cash Rewards Visa Signature® Card is not a good first-time credit card because it is only available to people with excellent credit. People who've never owned a credit card are unlikely to get approved unless they've built excellent credit through other means. There are plenty of...
The PenFed Power Cash Rewards Visa Signature® Card does not offer an authorized user bonus, currently. Some credit cards give a bonus for adding an authorized user, though this is a relatively rare feature and the PenFed Power Cash Rewards card is not among the cards offering it.
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 ...
To do a balance transfer with the PenFed Power Cash Rewards card, new applicants can just complete the balance transfer portion of the PenFed Power Cash Rewards application. Existing cardholders can request a balance transfer online or by calling customer service at 1-800-247-5626.
PenFed Power Cash Rewards credit card rewards will expire on account closure. You will also forfeit any unredeemed rewards if you or PenFed closes your PenFed Power Cash Rewards account for any reason.
Because PenFed Power Cash Rewards will eventually expire, it's a good idea to redeem them as...
The PenFed Power Cash Rewards card minimum payment is $15 or 2% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher. If the statement balance is less than $15, the PenFed Power Cash Rewards card minimum payment will be equal to the balance. In addition,...
PenFed Power Cash Rewards card does not have transfer partners, unlike many other popular credit cards. PenFed Power Cash Rewards card rewards are redeemable only for a statement credit and cannot be transferred to another loyalty program.
Yes, the PenFed Power Cash Rewards Card reports to the credit bureaus every month, within days after the cardholder's billing period closes. PenFed reports the card's credit limit, account balance, and payment history to all three of the major credit bureaus: Experian, TransUnion, and Equifax.
The PenFed Power Cash Rewards Visa Signature® Card concierge is a free benefit that acts like an on-demand personal assistant for cardholders. PenFed Power Cash Rewards cardholders can contact the concierge by calling 1 (800) 953-7392 to ask for help with nearly anything, from travel and purchase assistance to directions...
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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Andrew @andymontana1
lol thats what i did ! go with Capital one !
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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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