PenFed Energy Money Rewards Visa Signature® Card Overview 2023
6 min read
When you’re on the lookout for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card assessment may also help you establish if the cardboard is best for you.
PenFed Energy Money Rewards Visa Signature® Card Highlights
- No annual price
- 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 stability switch for 12 months
- 3% stability switch price
PenFed Energy Money Rewards Visa Signature® Card: Principal 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 need to meet one of many following:
- Be an energetic navy member
- Have an energetic PenFed checking account in good standing
When 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 possibly can redeem your rewards in some ways, together with a press release credit score, a deposit into your PenFed checking account, or an exterior switch to a different checking account.
No Annual Payment
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 price, nor does it have a restrict on the rewards you may earn.
Introductory Gives
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 the event you spend $1,500 within the first 90 days you’ve the cardboard.
0% Steadiness Switch APR for 12 Months
New cardholders can get a 0% stability switch APR for 12 months. Nonetheless, there’s a 3% price 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 buying, eating, accommodations, automobile leases, and leisure reductions.
PenFed Energy Money Rewards Visa Signature® Card: Principal Drawbacks
As is the case with all bank cards, there are downsides to think about.
No Introductory APR on Purchases
When you had been hoping to save cash on a big buy with a 0% buy APR, you gained’t discover it with PenFed. They solely provide the 0% intro APR on stability transfers, not purchases.
Not Everybody Earns 2% Money Again
The bank card advertises a excessive 2% cash-back reward, however you need to qualify for it by at the least having a PenFed checking account except you’re a navy member.
To not point out, you should 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 Payment
Even with the 0% APR on stability transfers, it would value you. PenFed fees a 3% stability switch price on all stability 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 firms do, it’s small in comparison with different affords at solely $100. You may seemingly discover higher promotions at banks that don’t require membership.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Greatest For?
When you’re on the lookout for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual price, you discovered it within the PenFed Energy Money Rewards Visa Signature® Card.
It’s greatest in the event you 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.
Greatest Alternate 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 Lively Money® Card
The Wells Fargo Active Cash® Card has no annual price and pays a limiteless 2% again on all purchases. Cardholders additionally get a 0% APR for 15 months. This is applicable to purchases and stability transfers, and also you don’t should belong to a credit score union to get it.
American Specific Blue Money Most well-liked® Card
The American Specific Blue Money Most well-liked® 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 the whole lot else.
There’s no annual price for the primary yr, however it’s $95 yearly after the primary yr.
Citi Double Money® Card
The Citi Double Money® Card pays 1% again once you buy objects and one other 1% once you pay your invoice. There’s no restrict on the quantity you may earn, and so they provide a 0% APR on stability transfers for 18 months.
Ceaselessly 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?
When 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 price and has some good perks, particularly in case you have a PenFed checking account. Nonetheless, in the event you don’t have any credit score constructed up but, it could 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 the event 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 Supply on Steadiness Transfers?
Sure, you may get a 0% APR on stability transfers for 12 months. Nonetheless, there’s a 3% stability switch price 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 the event you apply for the cardboard. This will likely harm your credit score rating barely at first, but when accepted and in the event you use the cardboard responsibly, you may get these factors again fairly shortly.
How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?
To earn the $100 money bonus, you need to spend $1,500 within the first 90 days you’ve 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 Wherever?
You should utilize the PenFed Energy Money Rewards Visa Signature® Card anyplace Visa is accepted, which incorporates hundreds of outlets and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Greatest for You?
You possibly can’t go mistaken with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual price, pays a $100 bonus in the event you meet the necessities, and affords a 0% APR on stability transfers.
When you aren’t a PenFed member and don’t plan to change into one, there are options that pay comparable and even higher cash-back rewards.
