Pen Fed Introduces New Cash Rewards Credit Card
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
The other day Chase announced some changes to their cashback credit card lineup, introducing the Chase Freedom Flex credit card. The new Mastercard credit card boasts no annual fee, 0% intro APR on purchases for 15 months, and a variable 14.99% – 23.74% ongoing APR. Applications for the offer are supposed to be accepted starting […]
While the coronavirus is in no hurry to calm down, people continue to look for any means to reduce costs so that not be left without means of subsistence. If you are an owner of the Chase Sapphire Reserve credit card, there is some good news for you that you may have missed. As part […]
Thursday, January 30, 2020, all American Express Delta SkyMiles credit cards came out with renewed annual fees and/or benefits. Amex announced the updates back in September, but they were to come into effect only at the end of January. The changes apply to both consumer and business Delta SkyMiles credit cards. The first alteration is […]
Using credit cards, we constantly have to encounter different kinds of fees. So, during the 2019 U.S. News Consumer Credit Card Fee Study, hundreds of credit cards were examined in order to investigate annual fees, cash advance fees, foreign transaction fees, late and returned payment fees, and balance transfer fees more closely.
On October 20, 2019, 9 powerful tornadoes swept through North Texas. Although, fortunately, they brought no casualties, many homes and public buildings, including schools, stores, and business centers, were damaged or even completely destroyed. More than 90,000 local residents were left without electricity. The damage is estimated at about $2 billion. To aid individuals and […]