I was sent a pre approval for this card. I don't have an account with PenFed, but they would like me to apply for one. This card comes with 2% unlimited cash back and a $100 reward after $1500 spent.
I don't really need another credit card, but I don't have one that offers 2% and this got me thinking about it. Currently my husband and I split our spending between Marriott Bonvoy and American Express Blue Cash Preferred with a small amount on my Chase Amazon Prime. I have Discover, Bank of America, and a Capitol One that don't get used very often. We always PIF every month and very rarely carry much of a balance except what posts before we pay the current statement. We have our savings with Service Credit Union for the great rates.
Would it be worth it to join another credit union to get this card? We have scores in the 790-820 range if that makes a difference.
Welcome to the forums! PenFed is a great credit union and it sounds like there would be no issues at all in being approved.
Do keep in mind that in order to get 2% back on the Power Cash Rewards card, you must meet certain requirements or it will only be a 1.5% back card:
To qualify for the PenFed Honors Advantage Program you must 1) be in an active military service status, a member of the Reserves or National Guard, an honorably discharged U.S. Military Veteran or retired from such service OR 2) the member must be the primary owner on both the credit card and checking accounts of any existing open PenFed product, excluding PenCheck Limited accounts, or open a new Access America Checking account with PenFed.
Thanks for the information K. My husband is active National Guard so I think that qualifies us for the higher rate. I just don't know if I want to go through the bother of having another account. I guess I would have to work out how much we would benefit from the 2% cash back. I would likely have to start using it more and the Marriott less to make it worth it.
It has to be the primary owner of both the credit card and the checking account, or the primary owner has to meet one of the military criteria. He is eligible, but you are not unless you meet one of the military criteria yourself or open a checking account. (I do not have a checking account with them but am eligible for it and the Defender card I also have from them as a veteran.)
Depending on your spending, it may be worth considering other cards. There are a couple of 3% for everything cards floating around these days, and More Rewards from NFCU (you are both eligible) has 3% in some categories. I have the PenFed Power Cash Rewards card but only use it for balance transfers as cash back isn't my thing, but still would say it's a great card for many people.
You bring up some good points to consider. I guess we are split on the cash back. I like the 6% I get for groceries with my AMEx, but we also love racking up points on the Marriott. We haven't had to pay for a motel room in over 4 years. The only type of card we are lacking is a good cash back on everything without categories. My Discover gives me 5% on Amazon and Target right now, but for everyday expenses we usually just put it on the Marriott. With the pandemic we haven't been traveling and are holding onto over 200,000 in points and probably won't use any until this ends.
I will have to do some research on 3% cash back cards. Thank you.
@K-in-Boston wrote:It has to be the primary owner of both the credit card and the checking account, or the primary owner has to meet one of the military criteria. He is eligible, but you are not unless you meet one of the military criteria yourself or open a checking account. (I do not have a checking account with them but am eligible for it and the Defender card I also have from them as a veteran.)
Depending on your spending, it may be worth considering other cards. There are a couple of 3% for everything cards floating around these days, and More Rewards from NFCU (you are both eligible) has 3% in some categories. I have the PenFed Power Cash Rewards card but only use it for balance transfers as cash back isn't my thing, but still would say it's a great card for many people.
I am mad they killed off the Defender card before I could apply.
