PenFed Power Cash Rewards Visa Signature

The Power Cash Rewards is a simple flat-rate card that pays 2% cash back on everything, with no annual fee and no foreign transaction fee, but only if you qualify for PenFed Honors Advantage through current or former military service or a PenFed Access America checking account. Without that relationship the rate drops to 1.5%, which is ordinary for a no-fee card, so the case for it really depends on whether you already bank with PenFed or are willing to. The $100 bonus after $1,500 in spending within three months is modest, and the 12-month 0% intro APR applies to balance transfers only, not new purchases. There are no categories to track and no listed perks beyond the earn rate, so think of it as a set-and-forget catchall that is worth it at 2% and easy to skip at 1.5%.