*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.