PenFed Energy Money Rewards Review: As Much As 2% Unlimited Cash Return

Are you searching for the constant returns of a everyday money back charge card? PenFed Credit Union has an alternative you might desire to think about.

The PenFed Power Cash Rewards Visa Signature Card is just a no-annual-fee bank card that awards users as much as 2% cash return on acquisitions. The standard money back price is definitely a limitless 1.5%, but select PenFed users increases their earnings to 2%.

Cash expert Clark Howard is really a proponent that is strong of back cards as a result of the simpleness and straightforwardness for the rewards programs. He holds both the Citi Double money and Navy Federal cashRewards cards in the wallet.

In comparison with those cash back cards, does PenFed’s offering seem sensible for the wallet?

Team Clark’s overview of this card is targeted at assisting you create your option between PenFed plus some of their toughest rivals.

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What’s the PenFed Energy Cash Rewards card?

Card Specs and Perks

PenFed Power Money Rewards vs. Navy Federal cashRewards

Summary

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Team Clark has invested time assessing the charge card market in many categories such as the cash that is best back once again credit cards. We’ve compared the PenFed Power money benefits to the most effective cards in this part for the market. And we’ve determined that it is a viable choice — because of its easy-to-understand cash return program and insufficient a yearly cost.

As you’re determining whether this card is really a fit for you, please make use of this review together with Clark Howard’s 7 Rules for making use of charge cards.

What’s the PenFed Power Money Rewards Card?

The PenFed Power Cash Rewards Card is just a no-annual-fee bank card that touts an limitless money back system that pays away predicated on the credit union to your status. The guaranteed money back rate is 1.5% on all purchases because of the option to earn up to 2%. More about that procedure in the future.

This card is provided by PenFed Credit Union, that will be really a shortened name for Pentagon Federal Credit Union. Created in 1935, PenFed acts a lot more than two million clients in most 50 U.S. states.

To put on when it comes to Power Cash Rewards Card, you need to first be an associate associated with credit union.

How to be a PenFed Credit Union Member

There are many methods for you to qualify to be a PenFed credit union user. Below are a few of the most extremely popular, per the credit union’s account application:

Be a member of staff of the usa government

Have actually status as a working, retired or honorably discharged users associated with U.S. military

Real time or work with a qualifying city (age.g., Fort Hood, Texas or Fort Gordon, Georgia)

Fit in with an association that is qualifying company (e.g., United states Red Cross or Civil Affairs Association)

Have a member of family whom qualifies through among the ways that are above

Also on a way to get qualified if you don’t meet any of those criteria, PenFed still allows you to apply and will work with you.

In contrast to how many bank card applications work, PenFed calls for which you submit an application for a account for a checking account just before can use for the bank card.

PenFed Power Cash Rewards: Specifications and Perks

Let’s have a look at the small print to examine a number of the card’s perks and downsides:

Money Back Rewards

You’ll make either 1.5% or 2% money back on each of this card to your purchases. There’s no investing limit for these benefits, and you won’t be at the mercy of any category restrictions.

The cash return rate is determined by whether you’re a known user PenFed Honors Advantage system. You receive 1.5percent and 2% along with it.

How to be a PenFed Honors Advantage Member

So, if you’re like me, you desire that 2% cash return if you’re likely to be in at all because of this charge card.

Here’s the information: other ways to be eligible for the PenFed Honors Advantage account you need to have the cash return boost.

Military Service: If the primary applicant for the credit card is active responsibility, reserve, retired or honorably released from any branch regarding the armed forces, they’ll automatically get the cash return boost.