PenFed Power Cash Rewards Visa Signature® Card Reviews: Is It Worth It? (2023)Reviews, rates, fees, and rewards details for The PenFed Power Cash Rewards Visa Signature® Card. Compare to other cards and apply online in secondsJohn KiernanWalletHubNo annual card feeIntro APR on balance transfersHigh rewards rate$100 initial rewards bonusNo intro APR on purchasesBalance transfer feeRequires good/excellent credit
The PenFed Power Cash Rewards Visa Signature Card is the best PenFed credit card for everyday cash back rewards, giving at least 1.5% on all purchases, in addition to PenFed’s customary initial rewards bonus: $100 for spending $1,500 in the first 90 days. This card is especially good for... show more
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%. A 3% balance transfer fee applies to each transfer. This transaction is 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 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 each 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 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.
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 good credit. People who've never owned a credit card are unlikely to get approved unless they've built good credit through other means. There are plenty of good first-time credit cards on the market,...
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 PenFed Power Cash Rewards card just because...
Yes, you can carry a balance on the PenFed Power Cash Rewards Visa Signature® Card, which allows you to pay off your purchases and other transactions over time. There is a minimum monthly payment you must make, and you can carry the remaining balance. Keep in mind that carrying a balance may not always be the...
The PenFed Power Cash Rewards Visa Signature® Card is not easy to get. The PenFed Power Cash Rewards card is available to people who have good credit or better, meaning a score of 700+. A sufficient credit score is not the only requirement for approval, either.
The PenFed Power Cash Rewards Visa Signature® Card will increase your credit limit no more than once every six months if you ask for an increase yourself. You can also wait to see if you receive an automatic credit limit increase. This may happen as often as periodically.
Yes, the PenFed Power Cash Rewards Visa Signature® Card is a cash back credit card, which gives 1.5 - 2% cash back on purchases and has an annual fee of $0. The PenFed Power Cash Rewards also offers an initial bonus of $100 for spending $1,500 in the first 90 days after account opening. Once you...
Share your insights and review the PenFed Power Cash Rewards Visa Signature® Card
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15 reviews
15 reviews
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Greg Hagenbuch @gl_hagenbuch
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2 Star Rating
The sign on bonus is okay, but I am surprised more people haven't mentioned the user interface. It makes viewing purchases, payment, etc. way harder than it should be. Retired my card b/c the UI feels straight outta 1995.
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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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Review PenFed Power Cash Rewards Visa Signature® Card
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