TYSONS, Va.–Pentagon Federal Credit Union has rolled out a new flagship credit card: the PenFed Power Cash Rewards Visa Signature Card, which provides consumers cash back on every purchase they make, with no limits such as spending caps.
According to PenFed, the Power Cash Rewards Visa Signature Card offers 1.5% cash back on every purchase, everywhere. PenFed members can receive a total of 2% cash back on all purchases if they have a PenFed Access America checking account or if they have served or are currently serving in the military. The additional rewards are available through its just-unveiled PenFed’s Honors Advantage Program, the credit union said.
“What makes PenFed’s new cash rewards card so great is that it provides cash back on all purchases made everywhere while offering the added value and access to great rates that credit union membership provides,” said PenFed President and CEO James Schenck in a statement. “Too many credit card offers lure consumers in with promises of big rewards. But what they don’t tell consumers is that these cards contain hefty annual fees, high interest rates, and often the rewards are capped at a certain spending level or limited to restricted or rotating categories of purchases.”
The card was recognized by MagnifyMoney.com for its benefits and simplicity.
Among the categories in which the PenFed card has been recognized are:
- Best Flat-Rate Cash Back Credit Card (tie) with Citi Double Cash
- Best Cash Back Credit Card for Spending Abroad
- Best Cash Back Credit Card for Military with “the highest flat cash back rate in the market”
The card has no annual fee, an APR as low as 9.24%, and flexibility in how consumers choose to redeem their cash back, whether it is to their credit card, checking account or ACH deposit to an account at another financial institution, PenFed said.