PenFed Power Cash Rewards to Premium: Upgrade Options Explained
The PenFed Power Cash Rewards from PenFed is one of the most competitive credit cards in the cash back cards category. With a rating of 7/10, it offers no annual fee and impressive rewards including 2% unlimited, 1.5% without direct deposit.
In this comprehensive review, we break down everything you need to know about the PenFed Power Cash Rewards: rewards structure, fees, APR, welcome bonus, and how it compares to competitors. Whether you are looking for your first rewards card or adding to your wallet, this guide covers it all.
PenFed Power Cash Rewards Overview
The PenFed Power Cash Rewards is issued by PenFed and is designed for consumers with Good-Excellent (670+). It carries a rating of 7/10 from our experts. For those with good to excellent credit, this card can be a valuable addition to your wallet.
| Feature | Details |
|---|---|
| Issuer | PenFed |
| Annual Fee | $0 |
| Intro APR | N/A |
| Regular APR | 18.24% - 28.24% Variable |
| Rewards | 2% unlimited, 1.5% without direct deposit |
| Welcome Bonus | $100 after $1,500 in first 3 months |
| Credit Score | Good-Excellent (670+) |
| Foreign Tx Fee | 0% |
Rewards & Benefits Breakdown
The PenFed Power Cash Rewards earns 2% unlimited, 1.5% without direct deposit. Here is the detailed breakdown of earning rates:
| Category | Reward Rate |
|---|---|
| All Purchases | 2% unlimited, 1.5% without direct deposit |
| Welcome Bonus | $100 after $1,500 in first 3 months |
| Intro APR | N/A |
| Credit Score | Good-Excellent (670+) |
Since this card has no annual fee, you can keep it forever without cost. Use it for everyday purchases to maximize value.
Fees & APR Analysis
| Fee Type | Amount |
|---|---|
| Annual Fee | $0 |
| Purchase APR | 18.24% - 28.24% Variable |
| Balance Transfer APR | 18.24% - 28.24% Variable |
| Foreign Transaction Fee | 0% |
PenFed Power Cash Rewards vs Competitors
See how PenFed Power Cash Rewards stacks up against similar cards.
| Card | Fee | Rewards | Bonus | Rating |
|---|---|---|---|---|
| X1 Card | $0 | 2x on all, 3x groups of 3+ merchants | N/A | 7/10 |
| Bank of America Customized Cash | $0 | 3% category of choice (gas/online/grocery/dinin... | $200 after $1,000 in first 90 days | 7/10 |
| Citi Double Cash | $0 | 2% (1% when you buy + 1% when you pay) | $200 cash back after $1,500 in purcha... | 9/10 |
| US Bank Altitude Go | $0 | 4% dining, 2% groceries/gas, 1% else | $200 after $1,000 in first 90 days | 7/10 |
| PNC Cash Rewards | $0 | 4% gas, 3% dining, 2% grocery, 1% else | $200 after $1,000 in first 3 months | 7/10 |
Pros & Cons
✅ Pros
- Competitive rewards rate: 2% unlimited, 1.5% without direct deposit
- Welcome bonus: $100 after $1,500 in first 3 months
- No annual fee
- No foreign transaction fees
- Issued by reputable PenFed
❌ Cons
- Higher than average APR
The PenFed Power Cash Rewards is best for consumers who want a simple, no-fee card with solid rewards. If you have Good-Excellent (670+) credit and spend $1149/month on average, this card could earn you significant value.
How to Apply for PenFed Power Cash Rewards
Applying for the PenFed Power Cash Rewards is straightforward. Here is the step-by-step process:
- 1
Check Your Credit Score
Before applying, check your credit score. You need Good-Excellent (670+) for the best approval odds.
- 2
Compare Your Options
Compare the PenFed Power Cash Rewards with similar cards from other issuers to ensure it is the right fit.
- 3
Gather Required Information
You will need your Social Security number, income information, and address to apply.
- 4
Complete the Online Application
Visit PenFed.com or the PenFed mobile app. The application takes about 5-10 minutes.
- 5
Await Approval Decision
Most applicants receive an instant decision. If approved, your card will arrive in 7-10 business days.
Frequently Asked Questions
You need Good-Excellent (670+) credit to be approved for the PenFed Power Cash Rewards. Approval is not guaranteed and depends on your overall credit profile.
Yes, with no annual fee, this card is worth keeping in your wallet indefinitely. Plus, the welcome bonus alone covers the first year's value.
The purchase APR is 18.24% - 28.24% Variable.
No, the PenFed Power Cash Rewards does not charge foreign transaction fees, making it great for international travel.
Rewards can be redeemed through your PenFed online account. Options typically include statement credits, gift cards, travel bookings, and direct deposits.
Conclusion
The PenFed Power Cash Rewards is a solid choice in the cash back cards category. With no annual fee and competitive rewards, it offers good value for the right consumer.
We recommend this card for anyone with Good-Excellent (670+) credit looking for cash back on their everyday spending. Compare it with other cards in our list to find the best fit for your wallet.
The PenFed Power Cash Rewards earns 2% unlimited, 1.5% without direct deposit. With a rating of 7/10, it is one of the better options in the cash back cards space. Recommended for consumers with Good-Excellent (670+) credit.