PenFed Power Cash Rewards Visa Signature Card

Rewards by category

Our take

The PenFed Power Cash Rewards Visa Signature Card is a flat-rate cash back card with no annual fee: 1.5% on every purchase, no categories to track, no caps, no activation. It advertises 2%, but that higher rate is conditional, so SwipeCaddy ranks the card at the 1.5% every approved cardholder gets. Read the offer with that in mind — the number on the marketing page is the exception, not the default.

The 2% requires PenFed Honors Advantage, which you qualify for one of two ways: military status, or a PenFed checking account. If you have not served, the checking account is the whole path, and it is a genuinely achievable one — PenFed membership has been open to anyone of legal age since 2019, no military affiliation required, which is exactly what USAA and Navy Federal will not do for a civilian. It is still a second banking relationship to open, fund and keep an eye on. Price that chore honestly: the gap between 1.5% and 2% is half a cent on the dollar, so on $18,000 of card spending a year it is about $90 — real money, but you should know it is $90 and not a windfall before you open an account for it.

The harder comparison is against the flat 2% cards that ask for nothing. The Citi Double Cash and the Wells Fargo Active Cash pay 2% with no membership, no checking account and no status to maintain, which means an unqualified PenFed Power Cash Rewards is simply behind them, and a qualified one only ties. So carry this card if you already bank at PenFed, if you have served and the 2% is automatic, or if you are picking up the PenFed Platinum Rewards for its uncapped fuel bonus and want a stablemate for everything outside gas, groceries and restaurants. If your wallet has no other reason to touch PenFed, take the no-strings 2% instead.

Key benefits

• No annual fee
• No foreign transaction fees
• 2% for members with PenFed Honors Advantage

Common questions

Does PenFed Power Cash Rewards Visa Signature Card have an annual fee?

No — PenFed Power Cash Rewards Visa Signature Card has no annual fee.

What rewards does PenFed Power Cash Rewards Visa Signature Card earn on everything else?

1.5% on all other purchases, in Cash Back.

How do I get the 2% rate on the PenFed Power Cash Rewards?

You need PenFed Honors Advantage, which comes from either military status or holding a PenFed checking account. Everyone else earns the flat 1.5%, and that is the rate SwipeCaddy ranks. The checking-account route is open to any member, and PenFed membership itself has been open to anyone of legal age since 2019 — but it does mean opening and maintaining a second bank account to lift the card by half a cent on the dollar.

Is 1.5% worth taking when no-fee 2% cards exist?

Usually not on its own. The Citi Double Cash and Wells Fargo Active Cash pay a flat 2% with no membership, no linked checking account and no status to keep, so 1.5% leaves half a cent per dollar on the table — roughly $90 a year on $18,000 of spending. The PenFed card earns its place when you already bank there or qualify through military status, which makes the 2% automatic rather than a chore.