In case you’re searching for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluation may also help you establish if the cardboard is best for you.
PenFed Energy Money Rewards Visa Signature® Card Highlights
- No annual price
- 2% money again for Honors Benefit members and 1.5% again for everybody else
- $100 bonus supply for brand new cardholders
- Entry to unique rewards and offers
- 0% APR stability switch for 12 months
- 3% stability switch price
PenFed Energy Money Rewards Visa Signature® Card: Essential Advantages & Perks
The PenFed Energy Money Rewards Visa Signature® Card presents 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 should meet one of many following:
- Be an lively army member
- Have an lively PenFed checking account in good standing
In case you don’t qualify for Honors Benefit membership, you possibly can nonetheless earn a formidable 1.5% money again on purchases.
Many Methods To Redeem Rewards
You possibly can 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 Price
Many rewards bank cards have hefty annual charges to make up for the rewards paid. Nonetheless, this PenFed bank card doesn’t have an annual price, nor does it have a restrict on the rewards you possibly can earn.
Introductory Gives
The PenFed Energy Money Rewards Visa Signature® card runs promotions for brand new cardholders to earn free cash. The present promotion is for $100 for those who spend $1,500 within the first 90 days you have got the cardboard.
0% Steadiness Switch APR for 12 Months
New cardholders can get a 0% stability switch APR for 12 months. Nonetheless, there’s a 3% price 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 consists of purchasing, eating, resorts, automotive leases, and leisure reductions.
PenFed Energy Money Rewards Visa Signature® Card: Essential Drawbacks
As is the case with all bank cards, there are downsides to think about.
No Introductory APR on Purchases
In case you had been hoping to economize on a big buy with a 0% buy APR, you gained’t discover it with PenFed. They solely supply the 0% intro APR on stability transfers, not purchases.
Not Everybody Earns 2% Money Again
The bank card advertises a excessive 2% cash-back reward, however you should qualify for it by no less than 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 Price
Even with the 0% APR on stability transfers, it should value you. PenFed expenses a 3% stability switch price on all stability transfers. That’s $3 for each $100 you switch.
Small Welcome Bonus
Whereas it’s a perk that PenFed presents a welcome bonus since not all bank card corporations do, it’s small in comparison with different presents at solely $100. You might seemingly discover higher promotions at banks that don’t require membership.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Finest For?
In case you’re searching for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual price, 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 whenever you don’t have to fret about which classes you’re spending to get the rewards.
Finest Alternate options To PenFed Energy Money Rewards Visa Signature® Card
The PenFed Energy bank card isn’t the one rewards bank card accessible. Right here’s how different playing cards stack up.
Wells Fargo Energetic Money® Card
The Wells Fargo Energetic Money® Card has no annual price and pays a vast 2% again on all purchases. Cardholders additionally get a 0% APR for 15 months. This is applicable to purchases and stability transfers, and also you don’t must belong to a credit score union to get it.
American Specific Blue Money Most well-liked® Card
The American Specific 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 all the pieces else.
There’s no annual price for the primary 12 months, however it’s $95 yearly after the primary 12 months.
Citi Double Money® Card
The Citi Double Money® Card pays 1% again whenever you buy objects and one other 1% whenever you pay your invoice. There’s no restrict on the quantity you possibly can earn, they usually supply a 0% APR on stability transfers for 18 months.
Continuously Requested Questions
The PenFed Energy Money Rewards Visa Signature Card has many advantages. Listed here are some widespread questions we get about it.
Is the PenFed Energy Money Rewards Visa Signature® Card a Good First-Time Credit score Card?
In case you’re a PenFed credit score union member, making the most of the PenFed Energy Money Rewards Visa Signature® Card is smart.
It doesn’t have an annual price and has some good perks, particularly you probably have a PenFed checking account. Nonetheless, for those who don’t have any credit score constructed up but, it could be robust 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 stability transfers for 12 months. Nonetheless, there’s a 3% stability switch price on any quantity transferred.
Does the PenFed Energy Money Rewards Visa Signature® Card Do a Exhausting Pull?
PenFed does a exhausting credit score pull for those who apply for the cardboard. This will damage your credit score rating barely at first, but when authorized and for those who use the cardboard responsibly, you may get these factors again fairly rapidly.
How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?
To earn the $100 money bonus, you should spend $1,500 within the first 90 days you have got 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 Wherever?
You need to use the PenFed Energy Money Rewards Visa Signature® Card wherever Visa is accepted, which incorporates 1000’s of shops and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Finest for You?
You possibly can’t go flawed with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual price, pays a $100 bonus for those who meet the necessities, and presents a 0% APR on stability transfers.
In case you aren’t a PenFed member and don’t plan to grow to be one, there are options that pay related and even higher cash-back rewards.