PenFed Power Cash Rewards Visa Signature

This is a flat 2% cash back card with no annual fee, which is the shape most people should want, but the 2% is conditional: you need PenFed Honors Advantage, meaning current or former military or a PenFed Access America checking account. Without it the rate falls to 1.5%, which puts it behind plenty of unconditional 2% cards. If you do qualify, the package is clean: 2% on everything, no annual fee, no foreign transaction fee, and a $100 bonus after $1,500 in the first three months. There is also a 0% intro APR on balance transfers for 12 months, useful if you are carrying a balance elsewhere. Beyond that there is nothing: no category bonuses, no listed benefits, and a 17.99% standard APR. Open it if Honors Advantage applies to you, and skip it if it does not.