PenFed Energy Money Rewards Visa Signature® Card Evaluate 2023


If you happen to’re on the lookout for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluate 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: Primary 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

If you happen to don’t qualify for Honors Benefit membership, you’ll be able to nonetheless earn a powerful 1.5% money again on purchases.

Many Methods To Redeem Rewards

You may redeem your rewards in some ways, together with a press release credit score, a deposit into your PenFed checking account, or an exterior switch to a different checking account.

No Annual Charge

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 price, nor does it have a restrict on the rewards you’ll be able to earn.

Introductory Provides

The PenFed Energy Money Rewards Visa Signature® card runs promotions for brand new cardholders to earn free cash. The present promotion is for $100 in the event you spend $1,500 within the first 90 days you’ve the cardboard.

0% Stability Switch APR for 12 Months

New cardholders can get a 0% stability switch APR for 12 months. Nevertheless, 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 accomplice retailers. This consists of purchasing, eating, inns, automotive leases, and leisure reductions.


PenFed Energy Money Rewards Visa Signature® Card: Primary Drawbacks

As is the case with all bank cards, there are downsides to think about.

No Introductory APR on Purchases

If you happen to had been hoping to save cash 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 a minimum of 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% Stability Switch Charge

Even with the 0% APR on stability transfers, it’s going to price you. PenFed costs 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 firms 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 Greatest For?

If you happen to’re on the lookout 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 finest in the event you 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 out there. Right here’s how different playing cards stack up.

Wells Fargo Lively Money® Card

The Wells Fargo Lively Money® Card has no annual price and pays an infinite 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 should belong to a credit score union to get it.

American Categorical Blue Money Most popular® Card

The American Categorical Blue Money Most popular® Card requires you to trace classes, however you’ll be able to 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 all the things 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 while you buy gadgets and one other 1% while you pay your invoice. There’s no restrict on the quantity you’ll be able to earn, and so they supply a 0% APR on stability transfers for 18 months.


Regularly Requested Questions

The PenFed Energy Money Rewards Visa Signature Card has many advantages. Listed below are some widespread questions we get about it.

Is the PenFed Energy Money Rewards Visa Signature® Card a Good First-Time Credit score Card?

If you happen to’re a PenFed credit score union member, benefiting from the PenFed Energy Money Rewards Visa Signature® Card is smart.

It doesn’t have an annual price and has some good perks, particularly when you have a PenFed checking account. Nevertheless, in the event you 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, in the event you’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 Stability Transfers?

Sure, you may get a 0% APR on stability transfers for 12 months. Nevertheless, 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 in the event you apply for the cardboard. This may increasingly harm your credit score rating barely at first, but when authorized and in the event you 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 should spend $1,500 within the first 90 days you’ve 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 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 Greatest for You?

You may’t go improper with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual price, pays a $100 bonus in the event you meet the necessities, and presents a 0% APR on stability transfers.

If you happen to aren’t a PenFed member and don’t plan to develop into one, there are options that pay related and even higher cash-back rewards.