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.
- 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
The PenFed Energy Money Rewards Visa Signature® Card gives many advantages, together with the next.
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.
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.
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.
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.
New cardholders can get a 0% steadiness switch APR for 12 months. Nevertheless, there’s a 3% charge for all balances transferred.
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.
As is the case with all bank cards, there are downsides to think about.
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.
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.
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.
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.
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.
The PenFed Energy bank card isn’t the one rewards bank card out there. Right here’s how different playing cards stack up.
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.
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.
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.
The PenFed Energy Money Rewards Visa Signature Card has many advantages. Listed below are some frequent questions we get about it.
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.
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.
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.
To earn the $100 money bonus, you could spend $1,500 within the first 90 days you’ve got the cardboard.
Sure, you may get pre-approved on their web site and have a solution in seconds.
You should utilize the PenFed Energy Money Rewards Visa Signature® Card anyplace Visa is accepted, which incorporates hundreds of shops and institutions.
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.