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Penfed Power Cash Rewards 1.5%-2% cashback credit card

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rated:
More info on extra 0.5%  

Link 

- $100 sign up bonus if spend $1500 in 3 months
- No annual or foreign transaction fees
- Normally 1.5% cashback, to get additional 0.5%, must have Penfed checking account or have military service
- 0% balance transfer for 12 months, but a 3% fee applies 

Member Summary
Most Recent Posts
They can reallocate credit from your existing lines if you want, but they may also be willing to raise your CL higher th... (more)

TheDiggler (Mar. 23, 2017 @ 2:20a) |

Per member. Applied last night, and the response was that my current card's limit has to be reduced before they can pro... (more)

3c3 (Mar. 23, 2017 @ 11:45p) |

I emailed them, they were willing to reallocate the 2 existing cards down to $5000 each, leaving $11,500 for the new pow... (more)

cashbackcardsonly (Mar. 24, 2017 @ 4:32p) |

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rated:
Looks like a solid 2% card if you maintain the checking account or have military affiliation. It's better than the Fidelity visa and Citi double cash in that there is a signup bonus and no foreign transaction fees. It still lags behind the new USAA 2.5% cashback card though. It almost feels like this is Penfed's version of a "me too" product given the number 2%+ cashback options out there.

Anyone else notice that the Cash Rewards credit card that gives 5% cash back on gas at the pump seems to be no longer available on the Penfed website? Hopefully those of us who are grandfathered in will be able to keep the card.

Edit: looks like a poster below found a link to apply for the Cash Rewards Card. 

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DrForce said:   It's better than the Fidelity visa and Citi double cash in that there is a signup bonus and no foreign transaction fees.
Also it is a true chip and pin card. More useful than traditional chip and signature when in certain countries.

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How you get a USAA 2.5% :[ do you need to be in the miliary?

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DrForce said:   Looks like a solid 2% card if you maintain the checking account or have military affiliation. It's better than the Fidelity visa and Citi double cash in that there is a signup bonus and no foreign transaction fees. It still lags behind the new USAA 2.5% cashback card though. It almost feels like this is Penfed's version of a "me too" product given the number 2%+ cashback options out there.

Anyone else notice that the Cash Rewards credit card that gives 5% cash back on gas at the pump seems to be no longer available on the Penfed website? Hopefully those of us who are grandfathered in will be able to keep the card.
  

what credit score is needed to open this? I might do it next month I recently ask for credit limit increases ><.

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DrForce said:   Looks like a solid 2% card if you maintain the checking account or have military affiliation. It's better than the Fidelity visa and Citi double cash in that there is a signup bonus and no foreign transaction fees. It still lags behind the new USAA 2.5% cashback card though. It almost feels like this is Penfed's version of a "me too" product given the number 2%+ cashback options out there.

Anyone else notice that the Cash Rewards credit card that gives 5% cash back on gas at the pump seems to be no longer available on the Penfed website? Hopefully those of us who are grandfathered in will be able to keep the card.
  

https://www.penfed.org/affinity-cash-rewards/

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soulzeng said:   How you get a USAA 2.5% :[ do you need to be in the miliary?
  Link 

"Earn 2.5% cash back on credit card purchases when you have a free USAA Bank checking account (with a qualifying direct deposit of at least $1,000 every month"

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harperr said:   
soulzeng said:   How you get a USAA 2.5% :[ do you need to be in the miliary?
  Link 

"Earn 2.5% cash back on credit card purchases when you have a free USAA Bank checking account (with a qualifying direct deposit of at least $1,000 every month"

 Sorry, we can't open this account for you.USAA Bank products are only available to military members, veterans who have honorably served and their eligible family members.USAA's family of companies may have other products available to you. Learn more about: 

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Which branch do i join

pradeepkrcv said:   harperr said:   
soulzeng said:   How you get a USAA 2.5% :[ do you need to be in the miliary?
  Link 

"Earn 2.5% cash back on credit card purchases when you have a free USAA Bank checking account (with a qualifying direct deposit of at least $1,000 every month"

 Sorry, we can't open this account for you.USAA Bank products are only available to military members, veterans who have honorably served and their eligible family members.USAA 's family of companies may have other products available to you. Learn more about: 
  

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I posted about this card a couple of days ago in one the other PenFed threads. What I was trying to do is get them to convert my next-to-worthless Platinum Rewards card over to a Cash Rewards card. I was told by PenFed's CSR that as of the previous day they no longer offered it (interesting that the link is still available someplace, because it wasn't on PenFed's main CC offerings page. I also notice that you must call to apply. I'll bet they tell you that it's dead if you do).

I'd be willing to bet that the clock's ticking on the grandfathered cards. That's how it's been with my (much lamented) Forward and Sallie Mae cards.

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irobot said:   I also notice that you must call to apply. I'll bet they tell you that it's dead if you do).
  A user on myfico reported being able to call in and get approved for the 5% gas card on February 14, although you needed to have some military affiliation to get approved. They seem to be flexible and allowed Navy League to be a qualifying affiliate. 

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DrForce said:   
[L=irobot said: /irobot-coupons/#shopnow=[L=http://www.store.irobot.com; 19791977]I]http://www.store.irobot.com; 19791977]I[/L] also notice that you must call to apply. I'll bet they tell you that it's dead if you do).
  A user on myfico reported being able to call in and get approved for the 5% gas card on February 14, although you needed to have some military affiliation to get approved. They seem to be flexible and allowed Navy League to be a qualifying affiliate. 

  
When you say military affiliation, do you mean beyond the general requirements for a PenFed membership? 

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I think it means you have to have military affiliation. Most of us have gotten in by joining the "National Military Family Association" or another related association but no true affiliation with the military (family, grandparents, etc). Not sure if they are going to take a look at how you became a member, or require some sort of proof.

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montee4 said:   I think it means you have to have military affiliation. Most of us have gotten in by joining the "National Military Family Association" or another related association but no true affiliation with the military (family, grandparents, etc). Not sure if they are going to take a look at how you became a member, or require some sort of proof.
  

The cards that requires military affiliation actually mean military affiliation.  This is completely different from qualifying for PenFed membership through NFMA.
 

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tjguitar85 said:   
montee4 said:   I think it means you have to have military affiliation. Most of us have gotten in by joining the "National Military Family Association" or another related association but no true affiliation with the military (family, grandparents, etc). Not sure if they are going to take a look at how you became a member, or require some sort of proof.
  

The cards that requires military affiliation actually mean military affiliation.  This is completely different from qualifying for PenFed membership through NFMA.

  
AFAIK they only have 2 products that require you to be active duty or a veteran (other than VA Loans) and that is the Promise card and this one.  Plus THIS one has an alternative method of a FREE checking account to get around.  A free checking with ATM rebates at that.

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RedWolfe01 said:   
Plus THIS one has an alternative method of a FREE checking account to get around.  A free checking with ATM rebates at that.

  I would not call it free. It requires $500 balance or $500 in direct deposits per month to keep the account fee-free. It's not an insurmountable requirement, but I certainly would not classify it as free checking.

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DrForce said:   
RedWolfe01 said:   
Plus THIS one has an alternative method of a FREE checking account to get around.  A free checking with ATM rebates at that.

  I would not call it free. It requires $500 balance or $500 in direct deposits per month to keep the account fee-free. It's not an insurmountable requirement, but I certainly would not classify it as free checking.

  
$500 balance OR direct deposits is about as close as you get to "free" in banking.    It was even less when I last had checking there.  The Share account to maintain your membership is only $35, but you DO have to keep it -- so $535 if you are being picky.  

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RedWolfe01 said:   tjguitar85 said:   
montee4 said:   I think it means you have to have military affiliation. Most of us have gotten in by joining the "National Military Family Association" or another related association but no true affiliation with the military (family, grandparents, etc). Not sure if they are going to take a look at how you became a member, or require some sort of proof.
  

The cards that requires military affiliation actually mean military affiliation.  This is completely different from qualifying for PenFed membership through NFMA.

  
AFAIK they only have 2 products that require you to be active duty or a veteran (other than VA Loans) and that is the Promise card and this one.  Plus THIS one has an alternative method of a FREE checking account to get around.  A free checking with ATM rebates at that.
  

Yep you can have a checking account to get aroudn on this card. I thought the Defender card was exclusive to active duty or veteran?

rated:
tjguitar85 said:   
RedWolfe01 said:   
tjguitar85 said:   
montee4 said:   I think it means you have to have military affiliation. Most of us have gotten in by joining the "National Military Family Association" or another related association but no true affiliation with the military (family, grandparents, etc). Not sure if they are going to take a look at how you became a member, or require some sort of proof.
  

The cards that requires military affiliation actually mean military affiliation.  This is completely different from qualifying for PenFed membership through NFMA.

  
AFAIK they only have 2 products that require you to be active duty or a veteran (other than VA Loans) and that is the Promise card and this one.  Plus THIS one has an alternative method of a FREE checking account to get around.  A free checking with ATM rebates at that.

  

Yep you can have a checking account to get aroudn on this card. I thought the Defender card was exclusive to active duty or veteran?

  
Ah, you are right - I mean Defender and not Promise.  I already had their max allowed per member in cards before either one came out.  ($50K btw) 

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I only have $5.00 as a "share" deposit in PenFed.  The $100 sign-up bonus expires March 31st.  
 

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I opened an Access America checking account in advance of applying for the 2% power cash rewards card. Hard pull despite me already having been with PenFed for almost 10 years.

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cashbackcardsonly said:   I opened an Access America checking account in advance of applying for the 2% power cash rewards card. Hard pull despite me already having been with PenFed for almost 10 years.If you apply for the card within 30 days of that hard pull for the checking account, they should be able to re-use that same hard pull.
  

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Thanks, just waiting for the 1st direct deposit to go thru

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Edited for bad info.

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The PenFed Cash Rewards card is still 5% cash, redeemed automatically on every statement. The PenFed Platinum Rewards Visa Signature is the points card, with the valuation you describe.

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My "points" card has been sock drawer'd since 2013

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cashbackcardsonly said:   My "points" card has been sock drawer'd since 2013
  As has mine, hence the bad info. Sorry about that. Actually I think my cash rewards card was converted to points, which then later dropped in value, so it's been a long process of suck.

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soulzeng said:   Which branch do i join
You should join the Marines.

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Applied for the Penfed 2% cashback. Got approved but only a $3500 credit line? I guess I should have called them to drop their points card which I haven't used since 2013 but has a $12,000 credit limit. Also have their gas card with a $6000 limit, I'm assuming that's the reason?

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cashbackcardsonly said:   Applied for the Penfed 2% cashback. Got approved but only a $3500 credit line? I guess I should have called them to drop their points card which I haven't used since 2013 but has a $12,000 credit limit. Also have their gas card with a $6000 limit, I'm assuming that's the reason?
They can reallocate credit from your existing lines if you want, but they may also be willing to raise your CL higher than what was initially systematically granted, provided a (human) credit analyst reviews your application, credit report, etc. and agrees to do so.

Currently your total CL among all 3 cards (if I've done the math correctly) is $21.5K (i.e. $12K + $6K + $3.5K). Consider asking for a $15K CL on the new PowerCash Card while requesting that neither of your other existing cards ends up w/ less than a $5K CL. If they agree, you'll effectively get at least an additional $3.5K of credit allocated among all your cards as you'll end up w/ a $15K PowerCash card and (at least) $5K each on the other 2 cards, for a total of $25K. You can also try for a higher amount, provided you have the credit score and income to justify it.

BTW, it's my understanding that they can issue up to $50K CL's, although am not sure if that's per card or a combined CL among all cards.

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TheDiggler said:   BTW, it's my understanding that they can issue up to $50K CL's, although am not sure if that's per card or a combined CL among all cards.

Per member. Applied last night, and the response was that my current card's limit has to be reduced before they can proceed.

rated:
TheDiggler said:   
cashbackcardsonly said:   Applied for the Penfed 2% cashback. Got approved but only a $3500 credit line? I guess I should have called them to drop their points card which I haven't used since 2013 but has a $12,000 credit limit. Also have their gas card with a $6000 limit, I'm assuming that's the reason?
They can reallocate credit from your existing lines if you want, but they may also be willing to raise your CL higher than what was initially systematically granted, provided a (human) credit analyst reviews your application, credit report, etc. and agrees to do so.

Currently your total CL among all 3 cards (if I've done the math correctly) is $21.5K (i.e. $12K + $6K + $3.5K). Consider asking for a $15K CL on the new PowerCash Card while requesting that neither of your other existing cards ends up w/ less than a $5K CL. If they agree, you'll effectively get at least an additional $3.5K of credit allocated among all your cards as you'll end up w/ a $15K PowerCash card and (at least) $5K each on the other 2 cards, for a total of $25K. You can also try for a higher amount, provided you have the credit score and income to justify it.

BTW, it's my understanding that they can issue up to $50K CL's, although am not sure if that's per card or a combined CL among all cards.

  
I emailed them, they were willing to reallocate the 2 existing cards down to $5000 each, leaving $11,500 for the new power cash card, they would not go higher than $21,500 combined.  I'm OK with that.  Thanks for the suggestion.  

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