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  PenFed Power Cash Rewards Visa Signature® Card

PenFed Power Cash Rewards Visa Signature® Card

in Personal Credit Cards from PenFed Credit Union

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PenFed Power Cash Rewards Visa Signature® Card

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in Personal Credit Cards from PenFed Credit Union

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Highlights
Purchase APR  (Variable APR) 14.99% - 17.99%
Balance Transfer APR  (Variable APR) 17.99%
Credit Score Range 700 - 850
Annual Fee $0

PenFed Power Cash Rewards Visa Signature® Card Review

This is a cashback credit card issued by PenFed Credit Union. If you're wondering whether PenFed Power Cash Rewards Visa Signature® Card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

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.
  • Signup bonus. Offers a signup bonus of $100 if you spend $1500 within 3 months.
  • Competitive APRs. PenFed Power Cash Rewards Visa Signature® Card has a variable purchase APR that ranges from 14.99% up to 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 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 Signature® Card
The Good The Bad
  • Lower than average purchase APRs.
  • 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.
  • Requires good to excellent credit.
  • Charges a 3% balance transfer fee.
PenFed Power Cash Rewards Visa Signature® Card FAQ

Does PenFed Power Cash Rewards Visa Signature® Card 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 Signature® Card 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 Signature® Card?

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

It has a variable purchase APR that ranges from 14.99% up to 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.

Does PenFed Power Cash Rewards Visa Signature® Card have an intro APR offer on balance transfers?

Yes, it offers an intro APR rate on balance transfers of 0% for a period of up to 12 months.

PenFed Power Cash Rewards Visa Signature® Card Balance Transfers
Description
Balance Transfer Introductory APR 0%
Balance Transfer Intro APR Period 12 months
Balance Transfer APR 17.99%
Balance Transfer Fee % 3%

Does PenFed Power Cash Rewards Visa Signature® Card have an intro APR offer on new purchases?

This card does not offer an intro APR rate on new purchases.

What are the fees for PenFed Power Cash Rewards Visa Signature® Card?

The following fees apply:

PenFed Power Cash Rewards Visa Signature® Card Fees
Fees Amount
Annual Fee $0
Foreign Transaction Fee 0%
Returned Payment Fee up to $25
Late Payment Fee $20 - $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 have a foreign transaction fee?

This card does not charge foreign transaction fees. If you are a frequent traveler, avoiding foreign transaction fees can save you hundreds of dollars in fees when you travel out of the country.

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 Signature® Card

  • Visit the PenFed Power Cash Rewards Visa Signature® Card 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Every Purchase (Points) 1.5% Cash Back on all purchases made with your card, 2% Total Cash Back for PenFed Honors Advantage Members.
Cash Advance Fee Minimum $0
Minimum Cash Advance Fee ($) $0
Foreign Currency Transaction Fee 0%
No Annual Fee
No Foreign Transaction Fee
Annual Fee $0
No Interest Grace Period for Late Payment 25 days
Returned Payment Fee Up to $25
Late Fee Amount $20 - $28
Customer Type Personal
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 700 - 850
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Credit Card Benefits
  • Concierge
  • Emergency Support
  • Identity Theft Protection
  • Purchase Protection
  • Travel Accident Insurance
  • Travel Assistance
  • Fraud Liability
Rewards Rates
  • Every Purchase
Signup Bonus Starting at $100
Cash Advance APR (Variable APR) 17.99%
Balance Computation “average daily balance” (including new purchases)
Penalty APR (Variable APR) 17.99%
Purchase APR (Variable APR) 14.99% - 17.99%
Balance Transfer Introductory APR (Variable APR) 0%
Balance Transfer Intro APR Period (Variable APR) 12 months
Balance Transfer APR (Variable APR) 17.99%
Balance Transfer Fee % 3%
Card Type
  • Cashback
Card Network Visa

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