With the introduction of the PenFed Power Cash Rewards Visa Signature card, PenFed aims to combine the benefits that a rewards credit card carries with the low fees and simplicity that a credit union often brings.
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“What makes PenFed’s new cash rewards card so great is that it provides cash back on all purchases made everywhere while offering the added value and access to great rates that credit union membership provides,” stated PenFed president and CEO, James Schenck.
Earn rewards on all purchases
PenFed Power Cash Rewards Visa Signature cardholders earn 1.5 percent cash back on every dollar they spend. However, PenFed members have the opportunity to earn an additional .5 percent back — for a total of 2 percent cash back — through PenFed’s Honors Advantage Program.
To qualify for the 2 percent cash back offer, a cardholder must own and maintain a PenFed Access America Checking account. A cardholder can either open a new account, or use an existing account; however, he or she must be the primary owner of the checking account and the PenFed Power Cash Rewards card.
PenFed also allows cardholders who are current or former military members to earn 2 percent cash back on purchases. To qualify, the primary or joint applicant must be in military service, the National Guard or the Reserves. Or they must be an honorably discharged veteran or a U.S. Military retiree.
There is no limit to the number of rewards cardholders can earn, and there are no spending caps. Cardholders also don’t have to keep track of rotating rewards categories, since the bonus rate applies to all purchases. PenFed executive vice president and president of payment systems, Kevyn Myers, stated, “The PenFed Power Cash Rewards Visa Signature card is simple, transparent and provides real value that adds up quickly.”
Sign-up bonus included
In addition to cash back on every purchase, the PenFed Power Cash Rewards card also offers a sign-up bonus. Cardholders who spend $1,500 in the first 90 days of card membership will earn a $100 bonus statement credit. Other benefits include:
- Zero percent intro APR — Cardholders enjoy a 0 percent introductory APR on balance transfers for the first 12 months of card membership.
- No annual fee — The card never charges an annual fee.
- EMV chip technology — Chip-enabled cards provide increased security when making purchases at chip-card terminals.
- Mobile wallet access — PenFed customers can make purchases easier with the PenFed digital wallet, which currently supports Apple Pay, Android Pay and Samsung Pay.
After the 12-month introductory period ends, the card charges an APR of 9.24 to 17.99 percent, depending on a cardholder’s creditworthiness. It also charges 5 percent or a minimum of $5 per transaction for cash advances.