With the PenFed Power Cash Rewards Visa Signature® Card, you can earn $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening. Plus, you can earn up to 2% cash back on all your purchases if you are part of the PenFed Honors Advantage program or you’ll earn 1.5% on all purchases! If you’re interested in what more this card has to offer, please continue to read below.
Editor’s Note: These PenFed Credit Union credit card promotions are available to members of the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, Veterans of Foreign Wars, & more.
Members of the National Military Family Association, a non-profit advocacy organization for military families open to civilians, are too, eligible to join. If you’re eligible, become a member today as PenFed Credit Union members have access to several credit cards with features that match their needs and wants.
|Chase Sapphire Preferred Card 100K Points*||Citi Premier® Card 80K Points*
|The Platinum Card® from American Express 100K Points*||Capital One Venture Rewards Credit Card 60K Points*|
|American Express® Gold Card 60K Points*||Citi CustomSM Cash Card $200 Bonus*|
|Chase Freedom Flex $200 Bonus*||Chase Freedom Unlimited Card $200 Bonus*|
|Blue Cash Preferred® Card from American Express $150 Bonus*||Blue Cash Everyday® Card from American Express $100 Bonus*|
|Chase Ink Business PreferredSM Card 100K Points*||Chase Ink Business UnlimitedSM Credit Card $750 Bonus*|
|U.S. Bank Altitude® Go Visa Signature® Card $200 Bonus*||Capital One Quicksilver Cash Rewards Card $200 Bonus*|
|Wells Fargo Platinum card 18 Months of 0% BT & Purchases||*Must make minimum spending requirement to earn bonus|
Table of Contents
PenFed Power Cash Rewards Visa Card Summary
|Bonus Available||Get $100 as statement credit when you spend $1,500 in the first 90 days of account opening.|
|Ongoing Rewards/Benefits||Unlimited 1.5% on all purchases or 2% for PenFed Honors Advantage Members|
|Foreign Transaction Fees||No|
(Visit PenFed to learn more)
Power Cash Rewards Card $100 Bonus Cash Offer
PenFed Power Cash Rewards Card is offering an introductory promotion of $100 statement credit. You must charge your card of at least $1,500 in the first 90 days of account opening to get this offer.
Here are some ideas on how to meet the minimum spending requirement:
|• Plastiq - Using Plastiq allows you to pay for your personal expenses such as rent, tuition, mortgage, auto lease etc. Although they charge a 2.5% processing fee for using your credit card, this will contribute to the card bonus that you will receive. There is also a referral program that allows you to earn "Free-Free Dollars" that goes towards processing fees as well.|
|• Funding Checking Accounts - When it comes to funding a checking account, opening your initial deposit with a credit card is the usual way to go about it. However, if you want to have more opportunities, you should open a checking account that offers a sign-up bonus. This allows you to work towards bonuses from not one but two different sources instead. Banks like Chase, Huntington Bank, TD Bank and BBVA offers credit card funding, and for your opening deposit, you can often fund anywhere from $50-$1000 with a credit card, depending on the bank.|
|• Gift Card Purchases With Using a Credit Card - Another way to acquire the bonus is using your credit card to purchase gift cards. Buying a a gift card or an individual merchant card typically do not require a purchase fee and are used towards leisure, so gift cards are ideal. However, gift cards such as a Visa or American Express do incur purchase fees because they can be spent anywhere, but gift cards that are specifically for a certain online shopping site such as Amazon or eBay don't.|
|As for a Citi Credit Card, you should call customer service and ask them to lower your Cash Advance limit to $0 before making any purchases because Citi tends to read gift card purchases as a Cash Advance.
Ideally, you should do this with any card just to be safe. Lastly, there is such thing as a discounted gift card which can be purchased on Raise or eBay. If you use a credit card often for everyday purchases, it can build your credit score that will contribute towards paying for things such as bills and taxes.
Earning Power Cash Rewards
PenFed Power Cash Rewards Card offers an unlimited 1.5% cash back on all purchases. This is a good return for a card that doesn’t have any annual fees.
If you’re a PenFed Honors Advantage member, the cashback rate jumps to 2% for all purchases. Current or former members of the military qualify, as well as PenFed Access America checking accountholders.
Redeeming Power Cash Rewards
Whenever you’re ready to redeem your Power Cash Rewards, you will have a few options to do so. These options include:
- Statement credit
- Deposit into PenFed account
- Transfer to another financial institution
There is no minimum spending requirement, and your rewards won’t expire as long as your account stays open and is in good standing.
PenFed Power Cash Rewards Card Eligibilty
To apply for a PenFed Power Cash Rewards card, you will need to join PenFed credit union. You will meet one of the following requirements if you:
- are retired, honorably discharged or currently serving the U.S. military.
- are an employee of a qualifying organization.
- belong to a qualifying association or organization.
- are an employee of the U.S. government.
- live or work in an eligible location.
- are a family member or housemate of someone who is eligible.
If you don’t fit into any of the requirements, however, you can join either National Military Family Association or Voices for America’s Troops to qualify. Anyone can join, but minimal fees do apply.
Why You Should Apply
- $100 Bonus: Earn a $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
- Earn Cash Back: Earn up to 2% cash back through the PenFed Honors Advantage program and 1.5% unlimited cash back on all purchases.
- Travel Overseas: Chip with pin functionality: if you travel overseas, you might find chip + signature limiting. For example, trying to use a card with only signature functionality at kiosks across Europe can be challenging.
- No Annual Fee: Do not pay a fee for using this card. No foreign transaction fees.
If you get choose to apply for this PenFed Power Cash Rewards Visa Signature® Card, anyone with military service earns 2% cash back on all spending, with no limits or restrictions. That is one of the highest flat cash back rate in the market. And if you do not have military service or a checking account, you can earn 1.5% unlimited cash back.
Overall, this is the most beneficial for those who are in the military and/or have members who are active/veterans and can be seen as a big competition for Citi’s Double Cash Card. Additionally, review our complete list of credit card bonus promotions.
The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.