5 Issues to Know In regards to the PenFed Energy Money Rewards Card

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As one of many nation’s largest credit score unions, Pentagon Federal — aka PenFed — serves over 1.7 million members worldwide, providing an array of monetary merchandise, together with bank cards, auto loans and mortgages.

When you’ve ever thought-about including a flat-rate money again rewards card to your pockets, PenFed gives one with a twist: The PenFed Energy Money Rewards Visa Signature® Card earns both 1.5% or 2% again on all purchases, relying in your eligibility.

Listed here are 5 issues to find out about this $Zero-annual-fee card.

» MORE: NerdWallet’s finest PenFed bank cards

1. To be eligible to use, you have to be a PenFed member

As a result of PenFed is a credit score union, you need to be a member to use for its monetary merchandise. Anybody can be part of, however that does imply there are a number of further steps earlier than you possibly can apply for the PenFed Energy Money Rewards Visa Signature® Card.

You’ll must fill out an software and make a $5 deposit right into a PenFed financial savings account to arrange your membership.

» MORE: NerdWallet’s finest credit score union bank cards

2. It’s important to qualify for that 2% price

By itself, the PenFed Energy Money Rewards Visa Signature® Card earns a good 1.5% on all purchases. That’s just about the usual for flat-rate cash-back playing cards these days. However why accept common? PenFed members who’re additionally a part of the Honors Benefit program are eligible for a further Zero.5% again, bringing their cash-back earnings price as much as an attention-grabbing 2%.

To qualify for Honors Benefit and snag 2% cash-back rewards on all of your spending, you will need to have and keep a PenFed Entry America Checking Account or meet the army service standards — energetic obligation, reserve, honorably discharged or retired.

There’s no minimal or most amount of money again you’re eligible to obtain. You may redeem for an announcement credit score or as a deposit right into a PenFed account. You may also switch your money again to a different monetary establishment.

» MORE: NerdWallet’s finest cash-back bank cards

three. The cardboard gives introductory incentives

Any time there’s a chance to economize on current debt, that’s an excellent factor. And the PenFed Energy Money Rewards Visa Signature® Card does double-duty as each a cash-back card and a possible stability switch card. It gives an intro Zero% promotional price for 12 months on transfers made now via September 30, 2019, after which the continued APR of 11.99% – 17.99% Variable APR.

Bear in mind that there’s a three% stability switch payment. Make sure that the mathematics works in your favor earlier than transferring any debt to this card.

The cardboard additionally contains a first rate sign-up bonus: $100 bonus after spending $1,500 in buy transactions inside the first 90 days of account opening.

» MORE: See one of the best bank card bonus gives out there now

four. Membership comes with reductions

Whether or not you have been already a PenFed member otherwise you’re becoming a member of simply to get the PenFed Energy Money Rewards Visa Signature® Card, there are some perks connected. There’s a sizeable checklist of reductions for PenFed members, together with financial savings on residence and auto insurance coverage, automobile leases and extra.

» MORE: How to decide on a cash-back card

5. Get monetary savings by choosing digital statements

Taking a go on mailed paper statements is healthier for the atmosphere — and with the PenFed Energy Money Rewards Visa Signature® Card, it’s additionally higher in your pockets. Join free digital statements and also you’ll keep away from having to shell out a $1 payment for every paper assertion.

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