The PenFed Power Cash Rewards Visa Signature Card offers up to 2% unlimited cash back on all of your purchases as well as a $ 100 bonus statement credit for new card members.
Anybody can qualify for PenFed membership by paying a 1-time fee to join the National Military Family Association ($ 17 fee) or Voices for America’s Troops ($ 17 fee), and you can also qualify for membership if you have certain military or government associations (see below).
PenFed Power Cash Rewards Visa Signature Card Review
Apply for the PenFed Power Cash Rewards Visa Signature Card to qualify for up to 2% unlimited cash back and a $ 100 bonus statement credit after qualifying purchases.
You can earn unlimited 2% cash back on every purchase if you are an Access America Checking Account holder or a current/former Military Member, so this is a great cash rebate card option for military members and veterans as well as Access America Checking Account holders.
All other cardholders will earn unlimited 1.5% cash back on every purchase, so it’s still a decent rebate offer if you don’t meet the 2% cash back qualification requirements.
On top of that, you’ll earn a $ 100 bonus statement credit when you spend $ 1,500 on the card in your first 90 days after account opening, available for accounts approved and issued through March 31, 2017 (will probably be extended).
There is no annual fee for the PenFed Power Cash Rewards Visa Signature Card.
PenFed Power Cash Rewards Card Features
- 2% Unlimited Cash Back on Every Purchases (as an Access America Checking Account holder or as a Current/Former Military Member).
- 1.5% Unlimited Cash Back on Every Purchase (if you don’t meet the 2% requirements).
- $ 100 Bonus Statement Credit after $ 1,500 in Purchases within the first 90 Days.
- 0% APR Balance Transfers for 12 Months.
- No Annual Fee.
Get .50% More Cash Back through PenFed Honors Advantage Program
The PenFed Honors Advantage Program provides you with a total of 2% cash back on all of your purchases, with 1.5% cash back plus an additional .50% cash back.
To be eligible to participate in the PenFed Honors Advantage 2% cash back program, you must qualify through either 1 of the following:
1. Checking Account – Have and maintain a PenFed Access America Checking Account. You can open a new account, or use an existing account. In order to maintain the 2% cash back, you need to keep your checking account open. Once you’re approved for the PenFed Power Cash Rewards Card, you can open a checking account (except a PenCheck Limited Account) and receive an additional .50% reward increase. You must be primary owner on both credit card AND checking account to receive Honors Advantage bonus rewards. If no checking account is open at the time of the Power Card application, the .50% reward increase will be added within 1 business day of opening the checking account.
2. Military Service – The primary or joint applicant must be in military service, the National Guard, the Reserves, an honorably discharged veteran or retired from the United States Military. Military members will receive the 2% cash back upon completion of the card application. No other action is needed.
PenFed Access America Checking Account Details
- Minimum deposit of $ 25 required to open account.
- No Monthly Service Fee with a daily balance or a monthly direct deposit of $ 500 or more.
- 0.50% APY with a daily balance of $ 20,000 or more up to $ 50,000.
- 0.20% APY with a daily balance less than $ 20,000.
- Earn dividends with monthly direct deposits of $ 500 or more and a daily balance of up to $ 50,000 per statement cycle.
- Free Online Bill Payment.
- Overdraft Protection.
- Mobile Check Deposit.
- PenFed Debit Card and ATMs.
- Federally insured by the NCUA.
PenFed Membership Requirements
Check out how you can meet the membership eligibility requirements in order to join PenFed Credit Union.
- Pay 1-time fee to join the National Military Family Association ($ 17 fee) or Voices for America’s Troops ($ 17 fee).
- Active or Retired United States Military and Uniformed Services.
- Employee of a Qualifying Organization.
- Member of Select Associations or Organizations.
- Employee of the United States Government.
- Relative or Housemate of Someone who is Eligible.
- Live or Work at an Eligible Location.
You must open a Regular Share Account with at least $ 5 to start your PenFed membership.
Take advantage of the PenFed Power Cash Rewards Visa Signature Card if you qualify for unlimited 2% cash rebates on all of your card purchases, plus get a $ 100 bonus statement credit for a limited time.