PenFed Power Cash Rewards Visa Signature

The Power Cash Rewards is a simple flat-rate card that earns 2% cash back on everything, with no annual fee and no foreign transaction fee, as long as you qualify for PenFed Honors Advantage. That status comes from current or former military service or a PenFed Access America checking account, and without it the rate falls to a more ordinary 1.5%. New cardholders can also pick up a $100 bonus after $1,500 in spending within three months, plus 12 months of 0% intro APR on balance transfers. The catch is that the card's appeal hinges almost entirely on that membership condition: at 2% it holds its own as a set-it-and-forget-it card, while at 1.5% there are better flat-rate options. There are no listed benefits beyond the rewards, so this one is about the earn rate and nothing else.