The Penfed Power Cash Rewards Visa Signature® Card offers a straight cashback rewards on all purchases. On top of earning rewards, you can also receive a signup bonus for a relatively small spend commitement.
Did you know? Membership used to primarily be available to military and their families; however, this is no longer the case. Everyone can join PenFed!
How To Earn The Bonus
The PenFed Power Cash Rewards Visa Signature® Card promotion requires you to make purchases using the account's card in order to earn the $100 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the credit union will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Each account is eligible for 1 bonus at account opening.
- Rewards are available only for new purchases made with the card: cash advances, checks drawn from the account, and balance transfers are excluded and do not earn credit toward rewards.
Learn more about the PenFed Power Cash Rewards Visa Signature® Card bonus offer before it expires
How does this Personal Card from PenFed compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
Capital One
Capital One Venture X Rewards Credit Card
- Bonus
- 75,000 Miles
- Account Type
- Personal Card
- Annual Fee
- $395
Amex
American Express® Gold Card
- Bonus
- 60,000 Points
- Account Type
- Personal Card
- Annual Fee
- $325
Amex
Blue Cash Preferred® Card from American Express
- Bonus
- $250
- Account Type
- Personal Card
- Annual Fee
- $0 intro annual fee for the first year, then $95.
Why Pentagon Federal Credit Union?
Pentagon Federal Credit Union (PenFed) is the second-largest federal credit union in the United States. They were established in 1935, and currently serve nearly 2.9 million members worldwide with more than $35.4 billion in assets.
PenFed Credit Union offers certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services.
PenFed is federally insured by the National Credit Union Administration.
PenFed Power Cash Rewards Visa Signature® Card
Pros
- Simple cash back rewards earning that's higher than most for everyday purchases.
- No caps on reward earnings
Cons
- Small signup bonus.
- Not packed with a lot of "extra" perks, though common for cash back cards
Learn more about the PenFed Power Cash Rewards Visa Signature® Card bonus offer before it expires
How to Join PenFed
Credit unions differ from banks in that they restrict membership based on a shared common bond, or the credit union’s “field of membership”.
That means in order to qualify for this bonus (or any offer from a credit union), you'll first need to meet one of PenFed's membership requirements:
PenFed membership is now open to everyone.Keep in mind that nearly all credit unions have a "once a member, always a member" policy, so once you're in, the above restrictions no longer apply.