PenFed Energy Money Rewards Visa Signature® Card Evaluate 2023
For those who’re searching for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluation might help you establish if the cardboard is best for you.
PenFed Energy Money Rewards Visa Signature® Card Highlights
- No annual charge
- 2% money again for Honors Benefit members and 1.5% again for everybody else
- $100 bonus supply for brand new cardholders
- Entry to unique rewards and offers
- 0% APR steadiness switch for 12 months
- 3% steadiness switch charge
PenFed Energy Money Rewards Visa Signature® Card: Most important Advantages & Perks
The PenFed Power Cash Rewards Visa Signature® Card provides 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, it’s essential to meet one of many following:
- Be an lively army member
- Have an lively PenFed checking account in good standing
For those who don’t qualify for Honors Benefit membership, you’ll be able to nonetheless earn a formidable 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 Charge
Many rewards bank cards have hefty annual charges to make up for the rewards paid. Nevertheless, this PenFed bank card doesn’t have an annual charge, nor does it have a restrict on the rewards you’ll be able to earn.
Introductory Affords
The PenFed Energy Money Rewards Visa Signature® card runs promotions for brand new cardholders to earn free cash. The present promotion is for $100 when you 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. Nevertheless, there’s a 3% charge 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 associate retailers. This consists of buying, eating, lodges, automotive leases, and leisure reductions.
PenFed Energy Money Rewards Visa Signature® Card: Most 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 supply 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 it’s essential to qualify for it by at the least having a PenFed checking account except you’re a army member.
To not point out, you should be a member of the PenFed credit score union; nonetheless, anyone 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’ll price you. PenFed costs a 3% steadiness switch charge on all steadiness transfers. That’s $3 for each $100 you switch.
Small Welcome Bonus
Whereas it’s a perk that PenFed provides a welcome bonus since not all bank card firms do, it’s small in comparison with different provides at solely $100. You could possibly possible discover higher promotions at banks that don’t require membership.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Greatest For?
For those who’re searching for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual charge, you discovered it within the PenFed Energy Money Rewards Visa Signature® Card.
It’s finest when you max out your rewards at 2% simply by having a PenFed checking account, however even 1.5% is a pleasant perk whenever 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 accessible. Right here’s how different playing cards stack up.
Wells Fargo Energetic Money® Card
The Wells Fargo Active Cash® Card has no annual charge and pays an infinite 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 Categorical Blue Money Most popular® Card
The American Categorical Blue Money Most popular® Card requires you to trace classes, however you’ll be able to earn a formidable 6% again on groceries as much as $6,000 yearly, 6% on streaming providers, 3% on transit and fuel, and 1% on every part else.
There’s no annual charge for the primary yr, nevertheless it’s $95 yearly after the primary yr.
Citi Double Money® Card
The Citi Double Money® Card pays 1% again whenever you buy objects and one other 1% whenever you pay your invoice. There’s no restrict on the quantity you’ll be able to earn, and so they supply a 0% APR on steadiness transfers for 18 months.
Regularly 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?
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 charge and has some good perks, particularly when you have a PenFed checking account. Nevertheless, when 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, when 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 Stability Transfers?
Sure, you may get a 0% APR on steadiness transfers for 12 months. Nevertheless, there’s a 3% steadiness switch charge on any quantity transferred.
Does the PenFed Energy Money Rewards Visa Signature® Card Do a Arduous Pull?
PenFed does a tough credit score pull when you apply for the cardboard. This will damage your credit score rating barely at first, but when accepted and when 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, it’s essential 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 should use the PenFed Energy Money Rewards Visa Signature® Card anyplace Visa is accepted, which incorporates 1000’s of outlets and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Greatest for You?
You possibly can’t go unsuitable with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual charge, pays a $100 bonus when you meet the necessities, and provides a 0% APR on steadiness transfers.
For those who aren’t a PenFed member and don’t plan to grow to be one, there are alternate options that pay related and even higher cash-back rewards.
