Earning Cash Back. Earn 1.5% cash back on everything. There are no limits on how much you can earn and no rotating quarters.
Bonus Cash Back. You can earn 2% cash back on everything if you join the PenFed Honors program. To join you can maintain a Penfed checking account or qualify with military service.
Redeeming Rewards. You can redeem your rewards for a statement credit or an electronic deposit into your bank account.
PenFed Membership. To open a credit card with PenFed you need to be a credit union member and open a share/savings account with $5. To join PenFed, you need to qualify. When you join, browse the drop down list of organizations or locations. If you don’t see one that you belong to, you can always make a one time $17 donation to the national military family association.
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