PenFed Power Cash Rewards Visa Signature Card

The PenFed Power Cash Rewards Visa Signature Card is ideal for military families.

PenFed Power Cash Rewards Visa Signature Card

The PenFed Power Cash Rewards Visa Signature Card is a solid card for military service members. This design makes the PenFed credit card unique. If you’re a military member looking for a solid card, this one is for you. We’ll outline the perks and drawbacks that come with using this card. This way, you can see if the Power Cash Visa is a good option for your lifestyle or not.

PenFed Power Cash Rewards Visa Signature Card Pros

1. PenFed HonorsAdvantage Program

We did tell you that this card is for military service members. If you are or were, you get automatic admittance into the PenFed HonorsAdvantage Program. This program gives you unlimited 2% cashback on every purchase you make. So there are no rotating categories, and there is no cap. Everyone else gets 1.5% cashback in rewards. Non-military can get the 2% cashback by having a PenFed Access America checking account in good standing. It’s that easy!

2. Bonus for Signing Up

The PenFed Power Cash Rewards Visa Signature Card doesn’t have an amazing bonus for signing up. But, the signup bonus is relatively easy to get if you use the card every month. So you’ll get a $100 bonus by spending $1,500 in the first three months. That’s just spending $500 per month and paying it off. Many people spend more than that on groceries alone!

3. Flexible Rewards Redemption

Unlike some rewards cards, the PenFed credit cards come with relatively flexible rewards. You can redeem any amount of rewards for cashback. For people who don’t use their card a lot, this is a fantastic deal. You’ll still be able to get your rewards with minimal use. If you want to maintain your credit by using the card rarely, this works wonderfully.

4. Power Cash Visa Has No Annual Fee

Most rewards cards have a steep annual fee attached. However, the PenFed Power Cash Rewards Visa Signature card is different. This card has no annual fee with it. In turn, any rewards you earn when you use it are pure profit. You can use your card as little or as much as you like without a problem. For many people, this will be a huge selling point with this card. They want rewards without having a large annual fee, and this card delivers.

5. No Foreign Transaction Fee

Another nod to the military does not have a foreign transaction fee. Since members of the military get deployed all over the world, they need a card that travels with them. You can use this card worldwide without paying a foreign transaction fee. Since this can quickly get expensive, this is a very important consideration for people who card shop. Use it both U.S. and non-US banks without a problem.

6. Wide Acceptance

The PenFed credit card is a Visa-branded card. Since MasterCard and Visa are the two biggest lenders, they have wide acceptance. Also, you’ll be able to use your card anywhere vendors accept Visa, and this is usually worldwide. The large acceptance rate eliminates the need to carry multiple cards every time you go out. This gives you a greater peace of mind as well.

7. PenFed Credit Card Mobile App

The PenFed Power Cash Rewards Visa Signature card comes with a user-friendly mobile app. It’s available for both Android and iOS. So you’ll be able to log in, check your balance, check your transactions, and more. It’s encrypted, and this is an important security feature to help protect your identity. No matter how much you use the card, this is an extremely important feature.

8. Concierge Service

Traveling can be a hassle and stressful, and concierge service can help. With this card, you’ll get 24/7 complimentary concierge service. They can help book your flights, arrange transportation, and book hotels. So no matter if you want to travel a state over or internationally, this service can help. They’ll work to ensure you get a smooth journey from start to finish. It’s available for solo travel or travel with your family and friends.

9. Digital Wallet

If you have a digital wallet set up, you can add the Power Cash Visa to it. This eliminates the need for you to carry a physical card in most instances. It’s also more secure because it’s difficult for people to steal it. If you don’t have a digital wallet, you can set one up and add it. This is a completely optional feature, and you don’t have to use it.

A popular penfed credit card for military families is the Power Cash Visa.

PenFed Power Cash Rewards Visa Signature Card Cons

1. Can Be Difficult for Non-Military

While you can get this card without being military, it can be difficult. There are a few avenues you can take. First, you can join the PenFed credit union. This bank is open to current and former members of the U.S. military and armed forces. You can get an account if you’re a relative of a military member. You can also get it if you an employee of the government. Finally, joining the Voices for America’s Troops or the National Military Family Organization will qualify you. Otherwise, you’re not able to get one. In turn, you can’t get this card.

2. Flat Rate

Do you spend more in a specific category like gas or groceries? If so, you’ll get a flat rewards rate. You could probably make more in rewards with a tiered rewards program like with the American Express Blue Cards. The PenFed Power Cash Rewards Visa Signature card does have a solids rewards program. However, other rewards cards have higher rewards rates that let you rake in the rewards faster.

3. Power Cash Visa Rewards Expire

Once you get your rewards, you have five years to spend them. While this is generous, it can be difficult to track. Once you hit the five-year mark, any rewards you may have sitting in your account vanish. If you were stockpiling for a large purchase, this could be difficult to lose. The best bet is to redeem your rewards at least once a year, so you don’t forget and lose them.

4. Power Cash Visa APR

The APR ranges from 11.74% to 17.99%. While this isn’t terrible for a rewards card, it can add up if you carry balances. The APR you get comes based on your credit at the time you apply for the card. The APR is also variable. For your best bet, pay off your balance each month to avoid the interest rate. Otherwise, you can find yourself sliding into debt.

5. PenFed Credit Card Balance Transfer Fee

You’ll pay a 3% fee on every balance transfer you perform with this card. Again, this isn’t terrible. However, the PenFed credit card will also charge you deferred interest if you miss payments. If you have a higher-end interest rate, this could be hundreds of dollars in fees. You also only have 12 months with no interest.

Bottom Line on the PenFed Power Cash Rewards Visa Signature Card

Finally, the PenFed Power Cash Rewards Visa Signature Card is a decent choice for current or former military members and their families. For them, applying for a PenFed credit card is an easy application process. Apply or learn more about this PenFed cash back Visa card. You do need great credit to apply for the Power Cash Visa, but you’ll earn rewards for doing so. All in all, it’s worth a look if you’re considering adding a new card to your arsenal.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.

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