If you are earning Cash-Rewards on your PenFed Power Cash Rewards Visa® Card, you can setup automatic redemptions by following these simple steps:
- Log into your PenFed Online account
- Your Rewards Balance will show up in green on the left-hand side under your Rewards-earning credit card account.
- Click on “Redeem Rewards” and you will be taken to the Rewards site
- Click on “Redeem Rewards” again under the current cash Rewards balance
- Click on “Set Up Auto Redemption” and choose your “from” and “to” accounts, review your selection and then click “confirm and set up”.
Your cash with ‘auto redemption’ can be redeemed as a statement credit to your credit card or deposited directly to your PenFed Checking or Savings account. The auto redemption amount is calculated using the balance on the 25th of each month.
If you selected a:
Statement Credit back to your Power Cash account: It will auto post to your account via the next statement cycle
Transfer to one of your PenFed deposit or savings accounts: It will post within two business days of the noted redemption date
Program Terms & Conditions (PDF)
PenFed Power Cash Rewards Visa Card (Statement Credit)
Statement credits will be applied to your existing PenFed Power Cash Rewards Visa account on your next billing statement. Auto redemptions occur on the 25th of each month, your available rewards will be processed for deposit per your selection above. Statement credits will appear on your next month’s statement. Please note: Statement credits do NOT replace your monthly payment.
A minimum of $0.01 in cash rewards is required to redeem. Cash Rewards are not refundable once redeemed.
PenFed Power Cash Rewards Visa Card (Savings account)
The deposit will be made to your PenFed Share account within the next 2-3 business days.
Auto redemptions occur on the 25th of each month, your available rewards will be processed for deposit per your selection. Please allow 2-3 business days for posting to your PenFed or external account. A minimum of $0.01 in cash rewards is required to redeem. Cash Rewards are not refundable once redeemed.
PenFed Power Cash Rewards Visa Card (Checking account)
The deposit will be made to your PenFed Checking account within the next 2-3 business days
Auto redemptions occur on the 25th of each month, your available rewards will be processed for deposit per your selection. Please allow 2-3 business days for posting to your PenFed or external account. A minimum of $0.01 in cash rewards is required to redeem Cash Rewards are not refundable once redeemed.
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