• PENFED®  
    Honors Advantage
    You make decisions on how to spend your money.
    We’ve made it easy for you to get more of it back.
    PenFed Honors Advantage provides you with a total of
    2.0% CASH BACK
    on all purchases
    You receive all the features and protection of the PenFed Power Cash Rewards Visa® Card with 1.5% 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 to you.
    How They Compare
    For example, if you spend $2,500 monthly you will earn $150 more annually at a rate of 2.0%
    versus the standard 1.5% cash back rate.
    • PenFed Power Cash Rewards
      Standard
    • Monthly Spend
      $2,500
    • Cash Back Rate
      1.5%
    • Monthly Cash Back
      $37.50
    • Annual Cash Back
      $450
     
    VS  
    • PenFed Power Cash Rewards
      PenFed Honors Advantage
    • Monthly Spend
      $2,500
    • Cash Back Rate
      2.0%
    • Monthly Cash Back
      $50.00
    • Annual Cash Back
      $600
     
    Cash advances, credit card checks, and balance transfers are excluded from earning cash back rewards.

    Start your PenFed Power Cash Rewards® Visa® Card application now!
    Get Started  
    How to Qualify
    To be eligible to participate in the PenFed Honors Advantage 2% cash back program, you must qualify through either one of the following:
    Checking Account

    Have and maintain a PenFed Access America Checking Account. You can open a new account, or use an existing account.*



    In order to maintain the 2% cash back, you need to keep your checking account open.

    OR  
    Military Service

    The primary or joint applicant must be in military service, the National Guard, the Reserves, an honorably discharged veteran or retired from the United States Military.

    

Military members will receive the 2% cash back upon completion of the card application. No other action is needed.

    *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 in order to receive the 2% cash back. If you close your checking account, then you’ll receive the standard 1.5% cash back.

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

    Start your PenFed Power Cash Rewards® Visa® Card application now!
    Get Started  
    Frequently Asked Questions
    1. Do I need to be in the military to receive the additional .50% cash back?

      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). You must be the primary owner on both the PenFed Power Cash Rewards Visa® Card AND the checking account.

    2. I’ve reviewed the PenFed Power Cash Rewards Card application, and it only states 1.5% cash back. Why doesn’t it reflect 2% cash back?

      The standard 1.5% 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 either the primary or joint borrower will receive the PenFed Honors Advantage 2% cash back 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 2% cash back. If you need to open a new checking account (except a PenCheck Limited Account), you’ll receive the upgrade to the PenFed Honors Advantage 2% cash back within one business day of opening that checking account.

    3. I’m not in the military and I opened an Access America Checking Account to receive the 2% cash back. What happens if I close my checking account?

      You must maintain the checking account in order to receive the 2% cash back. If you close your checking account, then you’ll receive 1.5% cash back.

    4. Is there a timeframe in which I must open a checking account in order to receive the PenFed Honors Advantage 2% cash back?

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

    5. Can I earn the PenFed Honors Advantage 2% cash back on cash advances?

      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.

     


    DISCLOSURES

    Rate and offers current as of February 2017 and are subject to change.

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