PenFed · Visa

Annual fee

$0

Rewards

Cash back

Earn rates

• 1.5% all purchases (base rate, all other members) — Page states no rewards cap: "On all purchases, with no spending limits, for all other members." and "There is no limit!"

Foreign transaction fee

None

Purchase APR

17.99%–17.99% variable

Typical credit

Excellent (~720+), Good (~690–719)

Issuer rules

• Honors Advantage 2% rate requires: active military service, Reserves/National Guard, honorably discharged veteran or retiree; OR being primary owner on both the credit card and checking accounts of an existing open PenFed product, or opening a new Access America Checking or Free Checking account. Free Checking holders must keep a $500 minimum daily balance or set up monthly direct deposits of $500 or more.
• Cash advances, cash-like transactions, credit card checks, balance transfers, and account fees are excluded from earning rewards.
• Credit line determines benefit tier: a credit line of $5,000 or more qualifies for Visa Signature benefits, otherwise Visa Traditional benefits.
• Credit level guidelines (Good/Excellent): no declared bankruptcy or loan default in the last 6 months; no accounts more than 90+ days overdue in the last 3 months; no excessive credit inquiries over the last 1 month. Meeting these criteria alone is not sufficient.
• PenFed membership required; non-members have membership created during the application process.
• Cardholders may sign up for free electronic statement notification to avoid paying a $2.00 fee for mailed paper statements.
• Cash rewards do not expire and remain on the account for 120 days after account closure.
• Applicants who do not qualify for the Visa Signature version are automatically considered for the PenFed Power Cash Rewards Visa Card, which has the same cash back but different credit availability and benefits.

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