topic Re: PenFed Power Cash Rewards in Credit Card Applications

PenFed Power Cash Rewards

Zosimus — Mon, 28 Aug 2023 17:35:47 GMT

Have been approved for $11,000 PenFed CC. I think it's 1.5% cash back, 2% if you're military or something that I don't qualify for. No intro period. $100 reward for spending a large amount in the first 3 months.

Re: PenFed Power Cash Rewards

Jeffster1 — Mon, 28 Aug 2023 17:39:17 GMT

Congrats!

Re: PenFed Power Cash Rewards

SouthJamaica — Mon, 28 Aug 2023 18:02:43 GMT

@Zosimus wrote:
Have been approved for $11,000 PenFed CC. I think it's 1.5% cash back, 2% if you're military or something that I don't qualify for. No intro period. $100 reward for spending a large amount in the first 3 months.

It's 2% if you have the free checking account, and make $500 a month in direct deposits. From my experience, PenFed uses the broader definition of direct deposits, including electronic transfers from an external account.

Re: PenFed Power Cash Rewards

BigBS — Mon, 28 Aug 2023 18:29:27 GMT

Congrats!

Re: PenFed Power Cash Rewards

Zosimus — Fri, 01 Sep 2023 16:22:40 GMT

@SouthJamaica wrote:
@Zosimus wrote:
Have been approved for $11,000 PenFed CC. I think it's 1.5% cash back, 2% if you're military or something that I don't qualify for. No intro period. $100 reward for spending a large amount in the first 3 months.
It's 2% if you have the free checking account, and make $500 a month in direct deposits. From my experience, PenFed uses the broader definition of direct deposits, including electronic transfers from an external account.

Thanks for the clarification!

Re: PenFed Power Cash Rewards

RedundantCredit — Sat, 02 Sep 2023 00:37:05 GMT

@SouthJamaica wrote:
@Zosimus wrote:
Have been approved for $11,000 PenFed CC. I think it's 1.5% cash back, 2% if you're military or something that I don't qualify for. No intro period. $100 reward for spending a large amount in the first 3 months.
It's 2% if you have the free checking account, and make $500 a month in direct deposits. From my experience, PenFed uses the broader definition of direct deposits, including electronic transfers from an external account.

Just to clarify this, you don't need a constant direct deposit of $500 to conitnue to qualify for the additional 0.5%, as long as you maintain a daily balance of $500 then you qualify. Now that you have the card if you wanted the additional 0.5% you still have the option of opening a new checking account and depositing $500 either by direct deposit or ACH transfer and once the money clears they will email you to confirm that you qualify for the automatic upgrade to 2%.

Military service is not required for PenFed Honors Advantage qualification. You may also qualify with a checking account (either an existing one, or open a new one, excluding PenCheck Limited accounts). You must be the primary owner on both the PenFed Power Cash Rewards Visa® Card AND the checking account. Members with a Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more in order to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

https://www.penfed.org/credit-cards/honors-advantage

@Zosimuscongrats on the approval!

Re: PenFed Power Cash Rewards

Trooper2003 — Sun, 03 Sep 2023 01:55:30 GMT

Congratulations 🍾🎊🎉🎈