The PenFed Energy Money Rewards Visa Signature Card will not be considered one of our top-rated rewards bank cards. You may evaluation our listing of the perfect rewards bank cards for what we predict are higher choices.
Full Overview of PenFed Energy Money Rewards Visa Signature Card
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Finest For
- One-Time Provide
- Rewards Incomes Particulars
- Rewards Redemption Particulars
- Methods to Maximize Your Rewards
- Excellent Advantages
- Cardholder Expertise
- Safety Options
- Remaining Verdict
Execs
-
The possibility for a excessive, flat rewards price
-
Respectable stability switch financial savings
-
Gentle on charges
Cons
-
Comparatively low introductory bonus
-
Requires a relationship to maximise rewards
-
No introductory 0% APR on purchases
Execs Defined
- The Likelihood for a Excessive, Flat Rewards Price: The PenFed Energy Money Rewards Visa Signature Card affords as much as 2% money again on each buy, which is among the many greatest rewards charges you will get with a cash-back bank card. That is on par with excessive rewards playing cards just like the Alliant Cashback Visa Signature Card affords 2.5% again on each buy.
- Respectable Stability Switch Financial savings: Should you switch a stability from one other bank card through the introductory interval, you’ll pay no curiosity for 12 months. After that, the cardboard’s stability switch rate of interest will apply solely to the remaining stability, if relevant. Relying in your bank card debt, this characteristic might prevent a whole bunch of {dollars} in curiosity. Simply take into account that a 3% stability switch charge shall be added to your stability. However in contrast with the potential financial savings, the upfront charge could also be greater than price it.
- Gentle on Charges: It’s frequent for a cash-back bank card to haven’t any annual charge. However charging no overseas transaction charges is related extra with journey bank cards, making it a standout characteristic for the PenFed Energy Money Rewards Visa Signature Card. As well as, the cardboard fees no cash-advance charges, and its fees for late or returned funds are decrease than these for many main bank cards. Should you’re pondering of utilizing the cardboard for money advances, although, it’s essential to notice that these transactions carry the cardboard’s highest APR. What’s extra, curiosity on money advances begins accruing instantly—there isn’t a grace interval just like the one you get with purchases.
Cons Defined
- Comparatively Low Introductory Bonus: A lot of the greatest cash-back bank cards present welcome affords price $150 and even $200, and also you normally solely should spend $1,000 or much less to qualify. With this card, you'll get $100 after spending $1,500. If you’d like a card with a barely larger one-time supply with a decrease spending requirement, this card will not be the perfect wager.
- Requires a Relationship to Maximize Rewards: Until you're a PenFed Honors Benefit member, you'll solely earn 1.5% money again on all purchases made with the PenFed Energy Money Rewards Visa Signature card, as a substitute of the total 2%. To change into an Honors Benefit member, you will need to both be a navy member (lively obligation, reserve, honorably discharged, or retired) or keep a PenFed Checking Account. Nonetheless, until you get a Entry American Checking Account, you will have to meet further necessities. The account carries a $10 month-to-month servicing charge of $120 per yr, however you will get that charge waived when you’ve got a each day stability or month-to-month direct deposit of $500 or extra. Additionally, take into account that you'll want to affix PenFed earlier than you may apply for a checking account or bank card. Nonetheless, anybody is eligible to affix.
- No Introductory 0% APR on Purchases: Getting an introductory 0% APR on stability transfers will be useful when you’ve got a variety of current bank card debt. However if you happen to're trying to make a big buy and pay it down over time, you received't get an analogous profit on new purchases. A number of different cash-back bank cards supply a 0% APR on each purchases and stability transfers, supplying you with extra flexibility.
Who This Card Is Finest For
The PenFed Energy Money Rewards Visa Signature Card is greatest suited to navy members and individuals who use PenFed Credit score Union for his or her common banking. Should you’re pondering of opening a PenFed Entry America Checking Account solely for the two% cash-back price, you’ll must ensure you meet the necessities for avoiding its month-to-month charge.
This card might also be interesting if you happen to don’t need the effort of coping with a number of rewards charges. Whereas tiered rewards playing cards might help you maximize your money again in sure classes, some bank card customers may benefit from the simplicity of a flat price for all purchases.
Should you’d like comparable money again with out changing into a PenFed Honors Benefit member, think about the Citi Double Money Card, which affords 1% on purchases and 1% if you pay your invoice, or the Constancy Rewards Visa Signature Card as a substitute.
All About Rewards Credit score Playing cards
PenFed Energy Money Rewards Visa Signature Card One-Time Provide
The cardboard affords a $100 assertion credit score after you spend $1,500 within the first 90 days from the date you open your account. That requirement comes out to $500 monthly on common, so rethink in case your typical spending is beneath that. Bear in mind, many different cash-back playing cards have larger welcome affords and require you to spend solely $500 or $1,000 to earn them.
Rewards Incomes Particulars
The cardboard affords 2% money again on all purchases for PenFed Honors Benefit Members, and 1.5% money again on all purchases for different cardholders. The upper price is among the greatest cash-back charges you will get, however if you happen to’re not a member of the navy and don’t need to open a brand new checking account, think about one of many different 2% cash-back playing cards in the marketplace.
Rewards Redemption Particulars
PenFed affords three redemption choices to your cash-back rewards:
- Assertion credit score posted to your bank card account
- Deposit into your PenFed checking or share account
- Switch to an account with one other monetary establishment
There’s no minimal redemption quantity listed in this system information, and your rewards won’t ever expire so long as your account is open and in good standing. Should you’re pondering of closing your account, although, you’ll want to redeem your rewards first. In any other case, you’ll forfeit what you’ve earned.
Methods to Maximize Your Rewards
One of the best ways to maximise your rewards is to change into a PenFed Honors Benefit member. Should you’re a member of the navy group, you received’t must do something to make that occur—it’s computerized. But when you want to open the credit score union’s flagship checking account to change into a member, you’ll need to make certain you all the time fulfill the necessities to have the month-to-month charge waived. In any other case, that value will eat into the additional rewards you’re incomes with the cardboard.
PenFed Energy Money Rewards Visa Signature Card’s Excellent Advantages
- Occasion entry, upgrades, financial savings on leisure, and extra Visa Signature card advantages
- Distinctive culinary occasions, which embody particular entry and financial savings at greater than 50 wineries in Sonoma Nation
- Reductions at prime retailers and on-line retailers
- Particular affords on golf experiences, occasion tickets, and extra. Plus, golf advantages at greater than 95 programs worldwide by way of Troon Rewards, in addition to reductions on premium floor transportation with Silvercar Audi leases
- Particular affords and upgrades at greater than 900 accommodations and resorts within the Visa Signature Luxurious Lodge Assortment
Commonplace Advantages
- Emergency card alternative and emergency money disbursement
- Prolonged guarantee safety
- Misplaced and stolen card reporting
- Buy safety
- Roadside dispatch
- Journey accident insurance coverage
Cardholder Expertise
If you wish to contact customer support, you are able to do so by way of safe on-line messaging or by telephone. That stated, PenFed doesn’t present 24/7 customer support entry, which is a normal characteristic amongst main bank card issuers. You may handle your bank card account on-line or with the credit score union’s cell app, which is on the market for iOS and Android units.
PenFed Credit score Union affords FICO rating entry, which will be useful as you’re employed to construct and keep a robust credit score historical past. That is additionally a standard profit amongst main bank card firms.
Safety Options
The credit score union employs all the usual safety measures you’ll count on from a bank card issuer. Moreover, you should utilize your card to make contactless funds the place accessible. This know-how makes use of the identical safety measures as your card’s EMV chip, however the course of goes extra rapidly and doesn’t require you to swipe your card or insert it into the reader.
PenFed additionally affords a click-to-pay operate if you’re procuring on-line with sure retailers. With click-to-pay, you may keep away from getting into your bank card quantity immediately on the retailer’s web site, which might stop fraud if the service provider suffers an information breach.
Remaining Verdict
The PenFed Energy Money Rewards Visa Signature Card will be an effective way to rack up cash-back rewards with out having to maintain observe of differing rewards charges and bonus classes. Nonetheless, the cardboard requires you to fulfill sure standards to earn its most rewards price. If you’d like that very same price however with out having to leap by way of a couple of hoops, there are alternate options accessible.
