PenFed Entering 2% Cash Back Card Game With ‘Penfed Power Cash Rewards Visa’

PenFed have just launched a new credit card called ‘PenFed Power Cash Rewards Visa‘. The card is somewhat interesting due to the fact that it earns at the following rates:

• 1.5% cash back on all purchases
• An additional 0.50% cash back with the PenFed Honors Advantage Program

PenFed Honors Advantage Program

Official website

Under this program you’d earn 2% cash back on all purchases. There is currently two ways to qualify:

• Primary or joint applicant must be in the military service, the National Guard, the Reserves, an honorably discharged veteran or retired from the United States Military
• Have and maintain a PenFed Access America Checking Account

Our Verdict

Card also has no annual or foreign transaction fees and comes with a $100 bonus when you spend $1,500 or more within the first 90 days. This isn’t as good as the 2.5% card USAA offers and there are quite a few cards earning more than 2% on all purchases now. The benefit to this card over other 2% card is the fact it has no foreign transaction fees & comes with a sign up bonus.

Let me know your thoughts on this new card in the comments below.

Hat tip to reader Mark