PenFed Power Cash Rewards Visa Signature Card

Earning Rates

Key Benefits

All Benefits

• New cardmember welcome offer: $100 statement credit after spending $1,500 in eligible purchase transactions within 90 days of account opening; cash advances, credit card checks, and balance transfer transactions do NOT count toward the $1,500 spend threshold; each approved account is eligible for one $100 statement credit, with the credit posting approximately 4 weeks after meeting the spend requirement
• 2% unlimited cash back on all purchases for PenFed Honors Advantage members - no categories to track, no quarterly enrollment, no spend caps, and no rotating bonus categories; this 2% flat earn rate puts the card head-to-head with the Citi Double Cash, Wells Fargo Active Cash, and Fidelity Rewards Visa Signature as a top-tier no-annual-fee 2% cash back card (and beats them on no-foreign-transaction-fee compared to several competitors)
• 1.5% unlimited cash back on all purchases for non-Honors Advantage cardmembers - this is the default rate for members who do not maintain a qualifying PenFed checking account or military affiliation; the 1.5% tier matches the base earn rate of cards like the Chase Freedom Unlimited and Capital One Quicksilver but without the additional 5% Chase Travel / Lyft category bonuses Chase layers on top
• PenFed Honors Advantage Program qualification requires either (1) active military service, Reserves/National Guard membership, honorably discharged U.S. military veteran status, or military retiree status; OR (2) the cardmember being the primary owner on both the credit card account AND a qualifying PenFed checking account (Access America Checking or Free Checking, with Free Checking requiring a $500 daily balance OR $500/month direct deposit to maintain Honors Advantage eligibility)
• $0 annual fee for the life of the account - no annual fee waiver gimmick, no first-year-free promotional pricing, the card is structurally fee-free; this means the 2% Honors Advantage earn rate produces pure cash back with no annual fee drag, making the card mathematically equivalent to a 2% card with no breakeven spend required
• $0 foreign transaction fee on all purchases made outside the United States or in a foreign currency - rare on a no-annual-fee cash back card and a major structural advantage vs. the Citi Double Cash (3% FX fee), Wells Fargo Active Cash (3% FX fee), and Chase Freedom Unlimited (3% FX fee), making the PenFed Power Cash Rewards one of the only $0 AF 2%-tier cards usable abroad without a currency-conversion penalty
• PenFed membership required - you must be a member of Pentagon Federal Credit Union to hold this card; membership is open to anyone in the United States and can be opened during the credit card application process for new applicants (no military or government affiliation required for credit union membership itself, despite the credit union's military heritage)
• Visa Signature network benefits when your approved credit line is $5,000 or more (per PenFed's official disclosure: 'Your credit line is used to determine if your account qualifies for Traditional or Signature benefits. If your credit line is $5,000 or more then it qualifies for Signature benefits.'); below the $5,000 credit line threshold the card is issued on the standard Visa Traditional/Platinum tier without Signature-level perks
• Visa Signature Concierge: 24/7 personal assistant service for travel, dining, entertainment, and shopping requests (available on Visa Signature-tier accounts with $5,000+ credit line)
• Visa Signature Luxury Hotel Collection: complimentary in-room Wi-Fi, $25 food/beverage credit per stay, room upgrade at check-in subject to availability, and 4 PM late checkout when available at participating luxury properties (Visa Signature tier only)
• Visa Signature Offers: ongoing rotating Visa-branded merchant promotions, dining benefits, and entertainment discounts at participating partners (Visa Signature tier only)
• 0% introductory APR on balance transfers for 12 months on transfers completed in the first 90 days after account opening, with a 3% balance transfer fee per transaction; after the 12-month introductory period the unpaid balance reverts to the standard non-variable APR; this is a relatively long intro BT window for a no-annual-fee cash back card and is competitive with Chase Slate Edge and Citi Diamond Preferred for balance transfer use cases
• Standard purchase APR is variable based on creditworthiness and tied to the Prime Rate (PenFed publishes the exact APR range on its Schumer box at application time; recent PenFed disclosures show purchase APRs in the high teens to high 20s range depending on credit profile and the Prime Rate environment)
• Cash advance APR matches the standard purchase APR (rather than a higher cash advance APR tier as several other issuers charge); interest on cash advances begins accruing from the transaction date with no grace period
• Penalty APR applies if the minimum payment is not received within 60 days of the due date; the entire account balance becomes subject to a non-variable penalty APR, which remains in effect until three consecutive on-time monthly payments are made
• Grace period on purchases: at least 25 days after the close of each billing cycle; no interest is charged on purchases if you pay the entire account balance (including balance transfers and cash advances) by the due date each month
• Cash back rewards do not expire as long as the account remains open and in good standing; rewards are earned at a 1:1 ratio (e.g., 2% Honors Advantage members earn $0.02 per $1 of qualifying purchase spend; 1.5% standard members earn $0.015 per $1)
• Redemption options for accrued cash back: deposit to a PenFed checking or savings account, statement credit applied to the Power Cash Rewards card, or check by mail; PenFed does NOT offer a gift card redemption marketplace or merchandise catalog (unlike Chase Ultimate Rewards or American Express Membership Rewards portals), and redemptions are straightforward cash-back deposits or statement credits
• Cash back excludes cash advances, cash-like transactions, credit card checks, balance transfers, and account fees from earning cash rewards (per PenFed disclosure footnote: 'Cash advances, cash-like transactions, credit card checks, balance transfers, and account fees are excluded from earning cash rewards')
• Pre-qualify tool available on penfed.org that performs a soft credit pull to indicate your likelihood of approval before submitting a full hard-pull application; pre-qualification is available to both existing PenFed members and guests via the same online intake form
• EMV chip card with contactless tap-to-pay support; mobile wallet compatibility with Apple Pay, Google Pay, and Samsung Pay for in-person and in-app purchases; supports recurring/subscription billing setups
• $0 fraud liability for unauthorized transactions per Visa's Zero Liability Policy; 24/7 fraud monitoring by PenFed with transaction alerts available via the PenFed mobile app and online banking
• Online and mobile account management via the PenFed mobile app (iOS and Android) and penfed.org online banking; supports card lock/unlock, transaction alerts, statements, payment scheduling, and rewards balance viewing
• Transfer partners: Not offered - the PenFed Power Cash Rewards Visa Signature earns cash back at 2% (Honors Advantage) or 1.5% (standard), and PenFed does not operate a transferable points currency or maintain airline/hotel loyalty transfer partnerships of any kind; this is a pure cash-back product with no transfer-partner upside
• Airport lounge access (Priority Pass, Centurion Lounge, Capital One Lounge, Visa Signature lounges, etc.): Not offered - this is a $0 annual fee cash-back card and PenFed does not include any complimentary lounge access tier on the Power Cash Rewards Visa Signature
• Global Entry / TSA PreCheck application fee credit, annual travel credit, dining credit, Uber/Lyft credit, or any other annual statement credits: Not offered - PenFed reserves no recurring perks credits for this $0 AF product
• Travel insurance benefits including Trip Cancellation, Trip Interruption, Trip Delay, Baggage Delay, Lost Luggage Reimbursement, or Travel Accident Insurance: Not offered on the Power Cash Rewards Visa Signature (these benefits were broadly removed from Visa Signature consumer card guides in benefit-reduction rounds, and PenFed does not market any of these protections on this product)
• Auto Rental Collision Damage Waiver (CDW): Not offered as standard on the current PenFed Power Cash Rewards Visa Signature - if you need rental car CDW coverage from a no-annual-fee card, the Chase Freedom Flex (secondary CDW) or a Sapphire Preferred-class product (primary CDW with $95 AF) are better choices
• Cell phone protection (auto-pay-your-bill style coverage for cracked screens or theft): Not offered on the Power Cash Rewards - the Wells Fargo Active Cash, Chase Freedom Flex, and U.S. Bank Altitude Connect are stronger choices if cell phone protection is important
• Purchase Protection, Extended Warranty, Return Protection, and Price Protection benefits: Not offered as standard on the PenFed Power Cash Rewards Visa Signature - PenFed does not market any of these consumer purchase-protection riders on this product
• Hotel elite status, airline status credit, premium-cabin lounge access, or any premium travel benefits: Not offered - the Power Cash Rewards Visa Signature is positioned as a no-annual-fee cash-back workhorse, not a premium travel card