PenFed Power Cash Rewards Visa Signature® Card

PenFed Power Cash Rewards Visa Signature® Card Review

This is a cashback card issued by PenFed Credit Union. If you're wondering whether PenFed Power Cash Rewards Visa is the right card for you, read on.

Key Takeaways

• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 12 months, which is the average period for 0% APR balance transfer cards.
• $100 bonus offer statement credit when you spend $1,500 in the first 90 days.
• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 17.99%
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. PenFed Power Cash Rewards Visa Signature® Card charges a fee of 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Multiple credit card benefits. Includes generous credit card perks, such as access to a concierge, emergency support, identity theft protection, purchase protection, travel accident insurance, travel assistance, and fraud protection.
• Good or better credit required. You will have low approval odds if your credit score is below 700.

Pros & Cons of PenFed Power Cash Rewards Visa

The Good	The Bad
0% APR balance transfer intro rate on balance transfers for up to 12 months. No annual fee. Multiple credit card perks. Access to a concierge. Identity Theft Protection. Travel accident and travel assistance insurance. No foreign transaction fee. PenFed Power Cash Rewards Visa Signature® Card reports to multiple credit bureaus.	Higher than average purchase APRs. You need good credit to qualify. Charges a 3% balance transfer fee.

PenFed Power Cash Rewards Visa FAQ

Does PenFed Power Cash Rewards Visa have a cash back or rewards program?

No, it does not offer a rewards program. This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1.5% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $15 back in cash. However, you can earn up to 2% for purchases in a bonus category.

What are the PenFed Power Cash Rewards Visa benefits?

It provides the following benefits:

• Emergency Support
• Zero fraud liability
• Travel Accident Insurance
• Travel Assistance
• Reports to major credit bureaus

What are the relevant APRs for PenFed Power Cash Rewards Visa?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has higher than average regular APRs.

PenFed Power Cash Rewards Visa Signature® Card has a variable purchase APR of 17.99%. The card has a variable balance transfer APR of 17.99% . It also has a variable cash advance APR of 17.99% . Note that late payments are subject to an APR of 17.99% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for PenFed Power Cash Rewards Visa?

The following fees apply:

• There is no overlimit fee

PenFed Power Cash Rewards Visa Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	up to $25
Late Payment Fee	up to $28

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does PenFed Power Cash Rewards Visa Signature® Card report your account activity to credit bureaus?

Yes, PenFed Power Cash Rewards Visa Signature® Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for PenFed Power Cash Rewards Visa

• Visit the PenFed Power Cash Rewards Visa website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.