Pen Fed Introduces New Cash Rewards Credit Card

Wednesday, March 15th, 2017

There’s a new cash rewards credit card on the market, and it’s got no caps on spending, no hidden fees, and no revolving categories to keep track of.

The PenFed Power Cash Rewards Visa Signature Card gives members 1.5% cash back on every dollar they spend, in any category of merchant. Cardholders who have a PenFed Access America checking account, or who are in the military, get even more out of the card, with 2% cash back on all purchases.

PenFed president and CEO James Schenck touted the value of the new card, as well as the benefits of credit unions over big banks. Credit unions, which are owned by their members, often offer lower fees, or no fees, for their customers, and pride themselves on offering personalized service and better rates than traditional banks. “Too many credit card offers lure consumers in with promises of big rewards,” said Schenck in a statement announcing the new card. “But what they don’t tell consumers is that these cards contain hefty annual fees, high interest rates, and often the rewards are capped at a certain spending level or limited to restricted or rotating categories of purchases.”

The PenFed card aims to offer simple, transparent service to cardholders, along with great benefits and value. The flat cash back rate and lack of rotating categories makes it easy for cardholders to use, without having to sign up for special promotions or keep track of which merchant category is offering special rewards during with season.

The card has already been rated by reviewers as best of class in several categories, including best flat-rate cash back credit card, best cash back credit card for spending abroad, and best cash back credit card for members of the military.

The new PenFed card has no annual fee, an APR of 9.24% for folks with qualifying credit, and offers flexible reward redemption. Cardholders can choose to receive cash back as a statement credit, a direct deposit to their checking account, or an ACH deposit to a financial institution of their choice. This could also be a prepaid card or digital prepaid account, if they so desire.

Latest Credit Card Fees News

Friday, August 18th, 2017
For anyone who’s looking to repair damaged credit, establish a credit history from scratch, or just boost their credit score, a secured credit card can be a great option. And now ...
Tuesday, October 25th, 2016
For people with limited credit, bad credit, or no credit history at all, secured credit cards are a huge help. They let folks who might otherwise have trouble getting a credit ...
Thursday, August 13th, 2015
MasterCard is going to move fraud protection to the next level. The company will start a test of their new program which approves online purchases with a facial scan.
Monday, January 12th, 2015
Have you ever thought about what metamorphoses your credit account undergoes when you miss a payment? Here are several things that can happen to your credit card account in case ...
Tuesday, July 15th, 2014
Today most consumers understand how to avoid their credit cards having a negative effect on their credit scores. They know that making every minimum payment every month on time, ...
Best Credit Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 5 / 5
Horizon Card Services Horizon Gold Credit Card
Copyright © 2001-2017 BestCreditOffers.com All Rights Reserved.

* The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

Disclosure: Not an access card.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.