Cool! I have about $50 rewards balance right now. I always end up using it as statement credit anyways.
^ ^ ^ This is definitely on my short list. 
As a veteran, I can get 2% back on PenFed's Honors Advantage program without having to maintain a checking account.
I have no 2% cash back cards and the Power Cash seems much superior to the Citi Double Cash, Synch-PayPal MC, or Elan-Fidelity 2% cards. (For anyone who has had Power Cash and others, what did you think in comparison?)
My only real gripe is that I still like my paper statements and it appears PenFed charges $1 per statement if you want paper.
But I'm still kicking myself for not applying for T-H-I-S when I had the chance ... USAA limitless Cash Back 2.5% card. (I was in the offer area and already had a checking account with them, but didn't expect them to rescind the offer so quickly.) 
If they ever bring it back, I'll be all over it like white-on-rice! Lol
@Aim_High wrote:
^ ^ ^ This is definitely on my short list.
As a veteran, I can get 2% back on PenFed's Honors Advantage program without having to maintain a checking account.
I have no 2% cash back cards and the Power Cash seems much superior to the Citi Double Cash, Synch-PayPal MC, or Elan-Fidelity 2% cards. (For anyone who has had Power Cash and others, what did you think in comparison?)
My only real gripe is that I still like my paper statements and it appears PenFed charges $1 per statement if you want paper.
But I'm still kicking myself for not applying for T-H-I-S when I had the chance ... USAA limitless Cash Back 2.5% card. (I was in the offer area and already had a checking account with them, but didn't expect them to rescind the offer so quickly.)
If they ever bring it back, I'll be all over it like white-on-rice! Lol
I have the Citi DC and the PenFed Power Cash and the PenFed card wins hands down:
1. You get your reward points immediately on the charge posting -- that's 1 month earlier than half the DC rewards and 2 months earlier than the other half. BIG difference.
2. No redemption minimum. You can redeem whenever you feel like it.
3. Much bigger starting limits. When I got the PenFed Power Cash it was either my biggest, or one of my biggest, starting limits ever. 30k (or more). Citi DC on the other hand started me out at 2k, and wouldn't give me a CLI for 2 years.
4. Citi has nerfed car rental insurance; PenFed Power cash hasn't.
5. Citi DC has a foreign transaction fee; PenFed Power Cash has no foreign transaction fee.
The only downside to the PenFed Power Cash is that to qualify for the 2% (as opposed to 1 1/2%) you have to either be military or maintain the Access America checking account (which requires $500 minimum balance or $500 monthly direct deposits in order to avoid a huge $10 monthly maintenance fee).
@Aim_High wrote:
^ ^ ^ This is definitely on my short list.
As a veteran, I can get 2% back on PenFed's Honors Advantage program without having to maintain a checking account.
I have no 2% cash back cards and the Power Cash seems much superior to the Citi Double Cash, Synch-PayPal MC, or Elan-Fidelity 2% cards. (For anyone who has had Power Cash and others, what did you think in comparison?)
My only real gripe is that I still like my paper statements and it appears PenFed charges $1 per statement if you want paper.
But I'm still kicking myself for not applying for T-H-I-S when I had the chance ... USAA limitless Cash Back 2.5% card. (I was in the offer area and already had a checking account with them, but didn't expect them to rescind the offer so quickly.)
If they ever bring it back, I'll be all over it like white-on-rice! Lol
You and me both!
