PenFed Energy Money Rewards Visa Signature® Card Evaluation 2023

For those who’re in search of a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluation will help you establish if the cardboard is best for you.

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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: Important Advantages & Perks

The PenFed Power Cash Rewards Visa Signature® Card affords many advantages, together with the next.

2% Money Again on Purchases if You Qualify

PenFed members eligible for an Honors Advantage 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 energetic navy member
Have an energetic PenFed checking account in good standing

For those who don’t qualify for Honors Benefit membership, you’ll be able to 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’ll be able to earn.

Introductory Presents

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 in case you spend $1,500 within the first 90 days you’ve gotten the cardboard.

0% Steadiness 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 could make you eligible for exclusive deals and rewards at companion retailers. This consists of purchasing, eating, lodges, automotive leases, and leisure reductions.

PenFed Energy Money Rewards Visa Signature® Card: Important Drawbacks

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

No Introductory APR on Purchases

For those who had been hoping to economize on a big buy with a 0% buy APR, you gained’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 least having a PenFed checking account except you’re a navy member.

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

3% Steadiness Switch Charge

Even with the 0% APR on steadiness transfers, it can price you. PenFed fees 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 affords a welcome bonus since not all bank card corporations do, it’s small in comparison with different affords 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?

For those who’re in search of 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 greatest in case you max out your rewards at 2% simply by having a PenFed checking account, however even 1.5% is a pleasant perk if you don’t have to fret about which classes you’re spending to get the rewards.

Finest Options To PenFed Energy Money Rewards Visa Signature® Card

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

Wells Fargo Energetic Money® Card

The Wells Fargo Active Cash® 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 must belong to a credit score union to get it.

American Specific Blue Money Most popular® Card

The American Specific Blue Money Most popular® Card requires you to trace classes, however you’ll be able to 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 all the pieces 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 if you buy objects and one other 1% if you pay your invoice. There’s no restrict on the quantity you’ll be able to earn, they usually provide a 0% APR on steadiness transfers for 18 months.

Steadily Requested Questions

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

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

For those who’re a PenFed credit score union member, benefiting from the PenFed Energy Money Rewards Visa Signature® Card is smart.

It doesn’t have an annual payment and has some good perks, particularly if in case you have a PenFed checking account. Nonetheless, in case you don’t have any credit score constructed up but, it might be robust 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, in case you’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 Provide on Steadiness 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 Onerous Pull?

PenFed does a tough credit score pull in case you apply for the cardboard. This may increasingly harm your credit score rating barely at first, but when authorized and in case you use the cardboard responsibly, you may get these factors again fairly rapidly.