Rewards & next steps

How to Apply for the PenFed Power Cash Rewards Card

★Here's how to get the most from this card. Follow the steps below, then apply on the issuer's official site.

Applying for the PenFed Power Cash Rewards card involves one extra step compared to a typical bank-issued card: establishing PenFed Credit Union membership. That's built into the online application flow for most applicants, so it doesn't require a separate visit or appointment, but it's worth knowing about before you start so the process doesn't catch you off guard.

The steps below outline the general application path based on how PenFed structures membership and credit card applications. Specific screens, required documents, and processing times can vary, so treat this as a roadmap rather than an exact script, and confirm current details on PenFed's official application pages.

Step by step

1. Check your eligibility before applying: Review the card's general credit profile expectations (commonly cited around good to excellent credit, roughly 700+) and make sure you meet PenFed's basic membership requirements: being a U.S. citizen or permanent resident, at least 18 years old, and having a valid Social Security number or ITIN.
2. Establish PenFed membership if you're not already a member: If you don't already bank with PenFed, you'll typically open a PenFed savings account as part of becoming a member, which has historically required a small minimum deposit (commonly cited around $5). This step is usually integrated into the online credit card application rather than a separate process.
3. Complete the Power Cash Rewards application: Fill out the credit card application with your personal, employment, and income information. PenFed will run a credit check as part of underwriting, which typically involves a hard inquiry on your credit report.
4. Review your approval decision and card terms: Some applicants receive an instant decision online; others may need additional review. If approved, confirm your actual APR, credit limit, and bonus offer terms in your account documents, since final terms are set at approval.
5. Set up Honors Advantage if you want the 2% rate: If you want to earn the uncapped 2% cash-back rate rather than the base 1.5%, look into opening a PenFed Access America Checking account or confirming your military-service eligibility for Honors Advantage after your card is approved.

Tips & mistakes to avoid

• Aim to meet the $1,500 / 90-day spending requirement through your normal recurring purchases rather than spending extra just to chase the $100 bonus.
• If you're eligible through military service or are willing to open an Access America Checking account, factor the jump from 1.5% to 2% cash back into your decision — on meaningful monthly spending, that difference adds up over a year.
• Because the purchase APR is fixed rather than credit-tiered, it's worth comparing it to current offers elsewhere if you carry a balance; this card, like most cash-back cards, is best used when paid in full each month.
• Have your income and employment details ready before applying, since PenFed's underwriting reviews these alongside your credit score and existing debt.

FAQ

Will applying for this card hurt my credit score?

Applying typically triggers a hard inquiry on your credit report, which can cause a small, temporary dip in your credit score, similar to applying for most other credit cards.

How long does the PenFed application and approval process take?

Some applicants receive an online decision within minutes, while others may require additional verification or manual review, which can take longer. Actual timing varies by applicant.

Can I apply if I'm not currently a PenFed Credit Union member?

Yes. Non-members can typically establish PenFed membership as part of the same application flow used to apply for the Power Cash Rewards card, since membership is currently open to any U.S. citizen or permanent resident.

Advertiser disclosure: general information only, not financial advice. We are an independent publisher, not a card issuer or lender. Confirm current terms on the issuer's official site.