cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed Power Cash Rewards redemption.

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Frequent Contributor

PenFed Power Cash Rewards redemption.

PenFed now supports the ability to schedule automatic monthly cash rewards redemption. Can redeem to PenFed checking, savings or as a statement credit. I love PenFed!!!
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.8K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $3K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
TD Cash Credit Card $6K
Rakuten Siggy Visa $6.5K

BK 7 discharged July 2016



Message 1 of 6
5 REPLIES 5
Moderator

Re: PenFed Power Cash Rewards redemption.

Ya PenFed redepemptions are painless and no mins.  Nice benefit

Message 2 of 6
Established Contributor

Re: PenFed Power Cash Rewards redemption.

Cool! I have about $50 rewards balance right now. I always end up using it as statement credit anyways. 

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 3 of 6
Established Contributor

Re: PenFed Power Cash Rewards redemption.

          PenFed_PowerCash.jpg

^ ^ ^ This is definitely on my short list. Smiley Happy

 

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.)  Smiley Sad 

 

If they ever bring it back, I'll be all over it like white-on-rice!  Lol 

 

          limitless2-1.png




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 4 of 6
Super Contributor

Re: PenFed Power Cash Rewards redemption.


@Aim_High wrote:

          PenFed_PowerCash.jpg

^ ^ ^ This is definitely on my short list. Smiley Happy

 

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.)  Smiley Sad 

 

If they ever bring it back, I'll be all over it like white-on-rice!  Lol 

 

          limitless2-1.png


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).


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 5 of 6
Established Contributor

Re: PenFed Power Cash Rewards redemption.


@Aim_High wrote:

          PenFed_PowerCash.jpg

^ ^ ^ This is definitely on my short list. Smiley Happy

 

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.)  Smiley Sad 

 

If they ever bring it back, I'll be all over it like white-on-rice!  Lol 

 

          limitless2-1.png


You and me both!

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.