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

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.


To be eligible to participate in the PenFed Honors Advantage 2% cash back program, you must qualify through either one of the following:

completing a transaction on the cellphone


Have and maintain a PenFed checking Account. You can open a new account or use an existing account. Restrictions apply.*

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

soldier saluting


Military service of the primary applicant (active duty, reserve, honorably discharged, or retired).

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



For example, if you spend $2,500 monthly you will earn $150 more annually at a rate of 2% versus the standard 1.5% cash back rate.


PenFed Power Cash Rewards Visa


Monthly Spend


Cash Back Rate


Monthly Cash Back


Annual Cash Back


PenFed Power Cash Rewards Visa

Honors Advantage

Monthly Spend


Cash Back Rate


Monthly Cash Back


Annual Cash Back



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!

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5




1. Do I need to be in the military to receive the additional .50% cash back?

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

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

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

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


*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 2% cash back. If you close your checking account, then you’ll receive the standard 1.5% cash back. For Free Checking account holders, to receive 2% 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 2) 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.

PenFed PenFed, Inc FREE - On Google Play