In the event you’re on the lookout for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluation can assist you identify 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 spanking 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: Fundamental Advantages & Perks
The PenFed Energy Money Rewards Visa Signature® Card gives many advantages, together with the next.
2% Money Again on Purchases if You Qualify
PenFed members eligible for an Honors Benefit membership can earn 2% again on all PenFed Energy Money Rewards Visa Signature® Card with none limits. To qualify for a membership, you could meet one of many following:
- Be an lively army member
- Have an lively PenFed checking account in good standing
In the event you don’t qualify for Honors Benefit membership, you possibly can nonetheless earn a formidable 1.5% money again on purchases.
Many Methods To Redeem Rewards
You may redeem your rewards in some ways, together with an announcement 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 possibly can 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 if you happen to spend $1,500 within the first 90 days you’ve got the cardboard.
0% Steadiness 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 might make you eligible for unique offers and rewards at associate retailers. This contains procuring, eating, lodges, automotive leases, and leisure reductions.
PenFed Energy Money Rewards Visa Signature® Card: Fundamental Drawbacks
As is the case with all bank cards, there are downsides to think about.
No Introductory APR on Purchases
In the event you had been hoping to save cash on a big buy with a 0% buy APR, you received’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 you could qualify for it by at the least having a PenFed checking account until you’re a army member.
To not point out, you have to be a member of the PenFed credit score union; nevertheless, anybody is eligible with a $5 opening deposit in PenFed financial savings account.
3% Steadiness Switch Charge
Even with the 0% APR on steadiness transfers, it is going to 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 gives a welcome bonus since not all bank card firms do, it’s small in comparison with different gives at solely $100. You can doubtless discover higher promotions at banks that don’t require membership.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Greatest For?
In the event you’re on the lookout 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 greatest if you happen to max out your rewards at 2% simply by having a PenFed checking account, however even 1.5% is a pleasant perk if you don’t have to fret about which classes you’re spending to get the rewards.
Greatest Options To PenFed Energy Money Rewards Visa Signature® Card
The PenFed Energy bank card isn’t the one rewards bank card out there. Right here’s how different playing cards stack up.
Wells Fargo Energetic Money® Card
The Wells Fargo Energetic Money® 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 well-liked® Card
The American Categorical Blue Money Most well-liked® Card requires you to trace classes, however you possibly can earn a formidable 6% again on groceries as much as $6,000 yearly, 6% on streaming providers, 3% on transit and gasoline, and 1% on the whole lot 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 if you buy gadgets and one other 1% if you pay your invoice. There’s no restrict on the quantity you possibly can earn, and so they supply a 0% APR on steadiness transfers for 18 months.
Continuously 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?
In the event you’re a PenFed credit score union member, making the most of the PenFed Energy Money Rewards Visa Signature® Card is sensible.
It doesn’t have an annual charge and has some good perks, particularly when you’ve got a PenFed checking account. Nevertheless, if you happen to don’t have any credit score constructed up but, it might be powerful 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, if you happen to’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 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 Onerous Pull?
PenFed does a onerous credit score pull if you happen to apply for the cardboard. This will damage your credit score rating barely at first, but when accredited and if you happen to use the cardboard responsibly, you may get these factors again fairly rapidly.
How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?
To earn the $100 money bonus, you could spend $1,500 within the first 90 days you’ve got 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 shops and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Greatest for You?
You may’t go improper with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual charge, pays a $100 bonus if you happen to meet the necessities, and gives a 0% APR on steadiness transfers.
In the event you aren’t a PenFed member and don’t plan to turn out to be one, there are alternate options that pay related and even higher cash-back rewards.