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PenFed Energy Money Rewards Visa Signature® Card Evaluation 2023


Should you’re searching for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluate may help you identify if the cardboard is best for you.

PenFed Energy Money Rewards Visa Signature® Card Highlights

penfed power cash rewards visa signature card
  • No annual payment
  • 2% money again for Honors Benefit members and 1.5% again for everybody else
  • $100 bonus provide for brand spanking new cardholders
  • Entry to unique rewards and offers
  • 0% APR steadiness switch for 12 months
  • 3% steadiness switch payment

PenFed Energy Money Rewards Visa Signature® Card: Fundamental Advantages & Perks

The PenFed Energy Money Rewards Visa Signature® Card presents many advantages, together with the next.

2% Money Again on Purchases if You Qualify

PenFed members eligible for an Honors Benefit membership can earn 2% again on all PenFed Energy Money Rewards Visa Signature® Card with none limits. To qualify for a membership, you have to meet one of many following:

  • Be an lively navy member
  • Have an lively PenFed checking account in good standing

Should you don’t qualify for Honors Benefit membership, you may nonetheless earn a powerful 1.5% money again on purchases.

Many Methods To Redeem Rewards

You may redeem your rewards in some ways, together with an announcement credit score, a deposit into your PenFed checking account, or an exterior switch to a different checking account.

No Annual Charge

Many rewards bank cards have hefty annual charges to make up for the rewards paid. Nonetheless, this PenFed bank card doesn’t have an annual payment, nor does it have a restrict on the rewards you may earn.

Introductory Provides

The PenFed Energy Money Rewards Visa Signature® card runs promotions for brand spanking new cardholders to earn free cash. The present promotion is for $100 if you happen to spend $1,500 within the first 90 days you might have the cardboard.

0% Stability Switch APR for 12 Months

New cardholders can get a 0% steadiness switch APR for 12 months. Nonetheless, there’s a 3% payment for all balances transferred.

Entry to Visa Signature® Reductions

Utilizing your PenFed Energy Money Rewards Visa Signature® Card might make you eligible for unique offers and rewards at associate retailers. This contains buying, eating, lodges, automobile leases, and leisure reductions.


PenFed Energy Money Rewards Visa Signature® Card: Fundamental Drawbacks

As is the case with all bank cards, there are downsides to think about.

No Introductory APR on Purchases

Should you have been hoping to economize on a big buy with a 0% buy APR, you received’t discover it with PenFed. They solely provide the 0% intro APR on steadiness transfers, not purchases.

Not Everybody Earns 2% Money Again

The bank card advertises a excessive 2% cash-back reward, however you have to qualify for it by at the very least having a PenFed checking account until you’re a navy member.

To not point out, you should be a member of the PenFed credit score union; nevertheless, anybody is eligible with a $5 opening deposit in PenFed financial savings account.

3% Stability Switch Charge

Even with the 0% APR on steadiness transfers, it can value you. PenFed costs a 3% steadiness switch payment on all steadiness transfers. That’s $3 for each $100 you switch.

Small Welcome Bonus

Whereas it’s a perk that PenFed presents a welcome bonus since not all bank card corporations do, it’s small in comparison with different presents at solely $100. You possibly can probably discover higher promotions at banks that don’t require membership.


Who Is the PenFed Energy Money Rewards Visa Signature® Card Finest For?

Should you’re searching for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual payment, you discovered it within the PenFed Energy Money Rewards Visa Signature® Card.

It’s finest if you happen to max out your rewards at 2% simply by having a PenFed checking account, however even 1.5% is a pleasant perk once you don’t have to fret about which classes you’re spending to get the rewards.


Finest Alternate options To PenFed Energy Money Rewards Visa Signature® Card

The PenFed Energy bank card isn’t the one rewards bank card out there. Right here’s how different playing cards stack up.

Wells Fargo Lively Money® Card

The Wells Fargo Lively Money® Card has no annual payment and pays a limiteless 2% again on all purchases. Cardholders additionally get a 0% APR for 15 months. This is applicable to purchases and steadiness transfers, and also you don’t should belong to a credit score union to get it.

American Categorical Blue Money Most popular® Card

The American Categorical Blue Money Most popular® Card requires you to trace classes, however you may earn a powerful 6% again on groceries as much as $6,000 yearly, 6% on streaming providers, 3% on transit and fuel, and 1% on every little thing else.

There’s no annual payment for the primary 12 months, nevertheless it’s $95 yearly after the primary 12 months.

Citi Double Money® Card

The Citi Double Money® Card pays 1% again once you buy gadgets and one other 1% once you pay your invoice. There’s no restrict on the quantity you may earn, they usually provide a 0% APR on steadiness transfers for 18 months.


Continuously Requested Questions

The PenFed Energy Money Rewards Visa Signature Card has many advantages. Listed here are some frequent questions we get about it.

Is the PenFed Energy Money Rewards Visa Signature® Card a Good First-Time Credit score Card?

Should you’re a PenFed credit score union member, making the most of the PenFed Energy Money Rewards Visa Signature® Card is smart.

It doesn’t have an annual payment and has some good perks, particularly when you’ve got a PenFed checking account. Nonetheless, if you happen to don’t have any credit score constructed up but, it might be powerful to qualify for.

Does the PenFed Energy Money Rewards Visa Signature® Card Have a Money Again or Rewards Program?

Sure, the PenFed Energy Money Rewards Visa Signature® Card pays all cardholders 1.5% again on all purchases. However, if you happen to’re a PenFed Honors Benefit Member, they pay 2% again on all purchases. All it takes to qualify is to have a PenFed checking account.

Does the PenFed Energy Money Rewards Visa Signature® Card Have an Intro APR Supply on Stability Transfers?

Sure, you may get a 0% APR on steadiness transfers for 12 months. Nonetheless, there’s a 3% steadiness switch payment on any quantity transferred.

Does the PenFed Energy Money Rewards Visa Signature® Card Do a Arduous Pull?

PenFed does a exhausting credit score pull if you happen to apply for the cardboard. This may occasionally damage your credit score rating barely at first, but when permitted and if you happen to use the cardboard responsibly, you may get these factors again fairly rapidly.

How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?

To earn the $100 money bonus, you have to spend $1,500 within the first 90 days you might have the cardboard.

Does the PenFed Energy Money Rewards Visa Signature® Card Have Pre-Approval?

Sure, you may get pre-approved on their web site and have a solution in seconds.

Can I Use the PenFed Energy Money Rewards Visa Signature® Card Anyplace?

You need to use the PenFed Energy Money Rewards Visa Signature® Card wherever Visa is accepted, which incorporates 1000’s of outlets and institutions.


Is the PenFed Energy Money Rewards Visa Signature® Card Finest for You?

You may’t go improper with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual payment, pays a $100 bonus if you happen to meet the necessities, and presents a 0% APR on steadiness transfers.

Should you aren’t a PenFed member and don’t plan to grow to be one, there are alternate options that pay comparable and even higher cash-back rewards.

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