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  1. Home
  2. Credit Cards
  3. Honors Advantage
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Enjoy the perks of Honors Advantage membership

You make decisions on how to spend your money. We've made it easy for you to get more of it back.

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Unlimited 2% cash back*

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No annual fee

PenFed Power Cash Rewards Card Visa - 2% Cash Back - No Annual Fee

Unlimited % cash back with PenFed Honors Advantage

Enjoy all the features and protection of the PenFed Power Cash Rewards Visa® Card with a % cash back plus an additional .50%. This offer is as distinguished as our members, and it’s an honor for us to provide this program for you.
 

Apply for your Power Cash Rewards card

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Guest

Apply now and we'll create your membership during the application process.

I’m not a member

How to Qualify

To be eligible to participate in the PenFed Honors Advantage % cash back program, you must qualify through either one of the following ways: 

Checking Account

Have and maintain a qualified Access America or Free Checking account. You can open a new account or use an existing account. Restrictions apply.*

Military Service

Military service of the primary applicant (active duty, reserve, honorably discharged, or retired). Military members will receive the % cash back upon completion of the card application. No other action is needed.

Make your money work harder

With Honors Advantage Rewards, you'll earn % cash back on every purchase. That's a big deal. If you spend $2,500 a month, you'll pocket an extra $150 a year compared to our Standard Rewards.

Honors Advantage

Standard Rewards

Monthly Spend
$2,500
$2,500
Cash Back Rate

%

%

Monthly Cash Back

$50.00

$37.50

Annual Cash Back

$600.00

$450.00

Honors Advantage

Standard Rewards

Monthly Spend
$2,500

$2,500

Cash Back Rate

%

%

Monthly Cash Back

$50.00

$37.50

Annual Cash Back

$600.00

$450.00

Cash advances, credit card checks, and balance transfers are excluded from earning cash-back rewards.

FAQs

A: 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.

A: The standard % cash back is used in the application.

Active duty, reserve, or retired military service, the National Guard, the Reserves, an honorably discharged veteran or retired from the United States Military of the primary borrower will receive the PenFed Honors Advantage 2% upon completion of the application.

If you have a checking account (except a PenCheck Limited Account), you’ll receive the upgrade to the PenFed Honors Advantage %. If you need to open a new checking account (except a PenCheck Limited Account), you’ll receive the upgrade to the PenFed Honors Advantage % within one business day of opening that checking account.

A: You must maintain the checking account in order to receive the % cash back. If you close your checking account, then you’ll receive % cash back. You must be primary owner on both credit card AND checking account to receive Honors Advantage bonus rewards. If no checking account is open at the time of the Power Card application, the .50% reward increase will be added within one business day of opening the account.

A: No, but the sooner you open the checking account and are qualified, the sooner you’ll start earning more cash back!

A: No. Rewards can only be used on net purchases (purchases minus any credits or returns). Cash advances, balance transfers, and checks used to access your account are not considered purchases and will not earn rewards.

Disclosure

*Once you're approved for the PenFed Power Cash Rewards Card, you can open a checking account (except a PenCheck Limited Account) and receive an additional .50% reward increase. You must be primary owner on both credit card AND checking account to receive Honors Advantage bonus rewards. If no checking account is open at the time of the Power Card application, the .50% reward increase will be added within one business day of opening the checking account.

You must maintain the checking account to receive the % cash back. If you close your checking account, then you’ll receive the standard % cash back. For Free Checking account holders, to receive % cash back during the upcoming checking statement cycle, you need to have maintained the minimum balance or made qualifying direct deposits for at least one of the two previous checking statement cycles. Members with a qualifying Free Checking account must also 1) maintain a minimum $500 daily balance OR ) set up monthly direct deposits of $500 or more to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.

Refer to the PenFed Power Cash Rewards Visa® Rewards Program Terms and Conditions.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of May 2025 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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