When you’re on the lookout for a cash-back bank card, this PenFed Energy Money Rewards Visa Signature Card evaluate permit you to decide if the cardboard is best for you.
PenFed Energy Money Rewards Visa Signature® Card Highlights
- No annual rate
- 2% coins again for Honors Benefit participants and 1.5% again for everybody else
- $100 bonus be offering for brand new cardholders
- Get admission to to unique rewards and offers
- 0% APR stability switch for one year
- 3% stability switch rate
PenFed Energy Money Rewards Visa Signature® Card: Major Advantages & Perks
The PenFed Energy Money Rewards Visa Signature® Card gives many advantages, together with the next.
2% Money Again on Purchases if You Qualify
PenFed participants eligible for an Honors Benefit club can earn 2% again on all PenFed Energy Money Rewards Visa Signature® Card with none limits. To qualify for a club, you will have to meet one of the crucial following:
- Be an energetic army member
- Have an energetic PenFed bank account in just right status
When you don’t qualify for Honors Benefit club, you’ll be able to nonetheless earn an outstanding 1.5% coins again on purchases.
Many Tactics To Redeem Rewards
You’ll redeem your rewards in some ways, together with a commentary credit score, a deposit into your PenFed checking account, or an exterior switch to every other checking account.
No Annual Rate
Many rewards bank cards have hefty annual charges to make up for the rewards paid. On the other hand, this PenFed bank card does no longer have an annual rate, nor does it have a prohibit at 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 loose cash. The present promotion is for $100 in case you spend $1,500 within the first 90 days you may have the cardboard.
0% Steadiness Switch APR for 12 Months
New cardholders can get a zero% stability switch APR for one year. On the other hand, there’s a 3% rate for all balances transferred.
Get admission to to Visa Signature® Reductions
The usage of your PenFed Energy Money Rewards Visa Signature® Card would possibly make you eligible for unique offers and rewards at spouse shops. This contains buying groceries, 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 imagine.
No Introductory APR on Purchases
When you had been hoping to economize on a big acquire with a zero% acquire APR, you gained’t in finding it with PenFed. They just be offering the 0% intro APR on stability transfers, no longer purchases.
No longer Everybody Earns 2% Money Again
The bank card advertises a top 2% cash-back praise, however you will have to qualify for it via a minimum of having a PenFed bank account until you’re an army member.
To not point out, you will have to be a member of the PenFed credit score union; then again, someone is eligible with a $5 opening deposit in PenFed financial savings account.
3% Steadiness Switch Rate
Even with the 0% APR on stability transfers, it is going to price you. PenFed fees a three% stability switch rate on all stability transfers. That’s $3 for each $100 you switch.
Small Welcome Bonus
Whilst it’s a perk that PenFed gives a welcome bonus since no longer all bank card corporations do, it’s small in comparison to different gives at best $100. You’ll want to most likely in finding higher promotions at banks that don’t require club.
Who Is the PenFed Energy Money Rewards Visa Signature® Card Perfect For?
When you’re on the lookout for a rewards bank card that doesn’t require you to trace classes and doesn’t have an annual rate, you discovered it within the PenFed Energy Money Rewards Visa Signature® Card.
It’s best possible in case you max out your rewards at 2% simply by having a PenFed bank 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.
Perfect Possible choices To PenFed Energy Money Rewards Visa Signature® Card
The PenFed Energy bank card isn’t the one rewards bank card to be had. Right here’s how different playing cards stack up.
Wells Fargo Energetic Money® Card
The Wells Fargo Energetic Money® Card has no annual rate and will pay an infinite 2% again on all purchases. Cardholders additionally get a zero% 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 Categorical Blue Money Most popular® Card
The American Categorical Blue Money Most popular® Card calls for you to trace classes, however you’ll be able to earn an outstanding 6% again on groceries as much as $6,000 every year, 6% on streaming services and products, 3% on transit and gasoline, and 1% on the whole thing else.
There’s no annual rate for the primary 12 months, but it surely’s $95 every year after the primary 12 months.
Citi Double Money® Card
The Citi Double Money® Card will pay 1% again while you acquire pieces and every other 1% while you pay your invoice. There’s no prohibit at the quantity you’ll be able to earn, and so they be offering a zero% 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 not unusual questions we get about it.
Is the PenFed Energy Money Rewards Visa Signature® Card a Just right First-Time Credit score Card?
When 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 rate and has some great perks, particularly when you’ve got a PenFed bank account. On the other hand, in case you don’t have any credit score constructed up but, it can be tricky 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 will pay all cardholders 1.5% again on all purchases. However, in case you’re a PenFed Honors Benefit Member, they pay 2% again on all purchases. All it takes to qualify is to have a PenFed bank account.
Does the PenFed Energy Money Rewards Visa Signature® Card Have an Intro APR Be offering on Steadiness Transfers?
Sure, you’ll be able to get a zero% APR on stability transfers for one year. On the other hand, there’s a 3% stability switch rate on any quantity transferred.
Does the PenFed Energy Money Rewards Visa Signature® Card Do a Onerous Pull?
PenFed does a laborious credit score pull in case you follow for the cardboard. This may occasionally harm your credit score rating relatively to start with, but when permitted and in case you use the cardboard responsibly, you’ll be able to get the ones issues again beautiful briefly.
How Do I Get the PenFed Energy Money Rewards Visa Signature® Card Signal-up Bonus?
To earn the $100 coins bonus, you will have to spend $1,500 within the first 90 days you may have the cardboard.
Does the PenFed Energy Money Rewards Visa Signature® Card Have Pre-Approval?
Sure, you’ll be able to get pre-approved on their web page and feature a solution in seconds.
Can I Use the PenFed Energy Money Rewards Visa Signature® Card Anyplace?
You’ll use the PenFed Energy Money Rewards Visa Signature® Card anyplace Visa is approved, which incorporates hundreds of shops and institutions.
Is the PenFed Energy Money Rewards Visa Signature® Card Perfect for You?
You’ll’t cross flawed with the PenFed Energy Money Rewards Visa Signature® Card. It doesn’t have an annual rate, will pay a $100 bonus in case you meet the necessities, and provides a zero% APR on stability transfers.
When you aren’t a PenFed member and don’t plan to transform one, there are options that pay identical and even higher cash-back rewards.
