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Should you’re searching for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluate can assist you establish if the cardboard is best for you.
PenFed Energy Money Rewards Visa Signature® Card Highlights
No annual payment
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 payment
PenFed Energy Money Rewards Visa Signature® Card: Major Advantages & Perks
The PenFed Energy Money Rewards Visa Signature® Card provides 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 will need to meet one of many following:
Be an lively army member
Have an lively PenFed checking account in good standing
Should you don’t qualify for Honors Benefit membership, you possibly can nonetheless earn a powerful 1.5% money again on purchases.
Many Methods To Redeem Rewards
You’ll be able to 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 Payment
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 payment, nor does it have a restrict on the rewards you possibly can earn.
Introductory Provides
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 for those who spend $1,500 within the first 90 days you’ve gotten 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% payment 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 companion retailers. This contains purchasing, eating, motels, automotive leases, and leisure reductions.
PenFed Energy Money Rewards Visa Signature® Card: Major Drawbacks
As is the case with all bank cards, there are downsides to contemplate.
No Introductory APR on Purchases
Should 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 will need to qualify for it by at the very least having a PenFed checking account except you’re a army member.
To not point out, you should 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 Payment
Even with the 0% APR on steadiness transfers, it would price you. PenFed fees a 3% steadiness switch payment on all steadiness transfers. That’s $3 for each $100 you switch.
Small Welcome Bonus
Whereas it’s a perk that PenFed provides a welcome bonus since not all bank card firms do, it’s small in comparison with different provides at solely $100. You may possible discover higher promotions at banks that don’t require membership.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Greatest For?
Should you’re searching for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual payment, you discovered it within the PenFed Energy Money Rewards Visa Signature® Card.
It’s greatest for those who max out your rewards at 2% simply by having a PenFed checking account, however even 1.5% is a pleasant perk while 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 obtainable. Right here’s how different playing cards stack up.
Wells Fargo Energetic Money® Card
The Wells Fargo Energetic Money® Card has no annual payment 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 should 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 powerful 6% again on groceries as much as $6,000 yearly, 6% on streaming companies, 3% on transit and gasoline, and 1% on every thing else.
There’s no annual payment for the primary yr, but it surely’s $95 yearly after the primary yr.
Citi Double Money® Card
The Citi Double Money® Card pays 1% again while you buy gadgets and one other 1% while you pay your invoice. There’s no restrict on the quantity you possibly can earn, they usually 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 here are some frequent questions we get about it.
Is the PenFed Energy Money Rewards Visa Signature® Card a Good First-Time Credit score Card?
Should you’re a PenFed credit score union member, benefiting from the PenFed Energy Money Rewards Visa Signature® Card is sensible.
It doesn’t have an annual payment and has some good perks, particularly you probably have a PenFed checking account. Nevertheless, for those who don’t have any credit score constructed up but, it could 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, for those who’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 Provide on Steadiness Transfers?
Sure, you may get a 0% APR on steadiness transfers for 12 months. Nevertheless, there’s a 3% steadiness switch payment on any quantity transferred.
Does the PenFed Energy Money Rewards Visa Signature® Card Do a Arduous Pull?
PenFed does a tough credit score pull for those who apply for the cardboard. This will harm your credit score rating barely at first, but when permitted and for those who use the cardboard responsibly, you may get these factors again fairly shortly.
How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?
To earn the $100 money bonus, you will need to spend $1,500 within the first 90 days you’ve gotten 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 Anyplace?
You should utilize the PenFed Energy Money Rewards Visa Signature® Card wherever Visa is accepted, which incorporates hundreds of outlets and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Greatest for You?
You’ll be able to’t go incorrect with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual payment, pays a $100 bonus for those who meet the necessities, and provides a 0% APR on steadiness transfers.
Should you aren’t a PenFed member and don’t plan to turn out to be one, there are options that pay comparable and even higher cash-back rewards.
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