3 reasons to get the PenFed Power Cash Rewards card - Business Insider

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3 reasons why PenFed's cash-back card is a worthy competitor to the Citi Double Cash and other better-known cards

and other cards that earn a flat rate of cash back on every purchase, but it has some advantages — if you have an eligible checking account with PenFed or meet the military-service requirements, that is.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay. PenFed is the Pentagon Federal Credit Union, which was originally created to provide financial services to current and former members of the military and other government and defence industry employees. Now, it's the nation's second-largest federalReasons to consider the PenFed Power Cash Rewards cardBy default this card offers 1.5% cash back on all purchases, but you can earn 2% when you become a PenFed Honors Advantage member.

PenFed also offers new applicants two special incentives. First, you receive 0% APR promotional financing on balance transfers for the first 12 months of your account, with a 3% fee added to the amount transferred. And you can also earn a $100 statement credit after you spend $1,500 within the first 90 days of account opening.Otherwise, this card upholds PenFed's reputation of offering its members low interest rates and few fees. Its current standard interest rate is 14.99% to 17.

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