Pros

Cashback Rewards: The PenFed Power Cash Rewards Visa Signature® Card offers 1.5% cash back on all purchases.

Increased Rewards for Military and PenFed Members: Eligible military members and PenFed Access America Checking account holders can earn an impressive 2% cash back on all purchases.

No Annual Fee: This card keeps costs low with no annual fee.

No Foreign Transaction Fees: Ideal for travelers, this card doesn't charge foreign transaction fees.

Cons

Credit Union Membership Required: To obtain this card, you must first become a member of the PenFed Credit Union.

No Intro APR: There is no introductory APR offer for this card, which might deter some potential cardholders.

Limited Bonus Offer: This card lacks a significant signup bonus, which many other cards offer.

Requires Excellent Credit: The card is geared towards consumers with excellent credit, making it inaccessible to those with lower credit scores.

Why Choose It

The PenFed Power Cash Rewards Visa Signature® Card is an all-rounder with its solid 1.5% cashback on all purchases, and even 2% for certain members. The lack of an annual fee and foreign transaction fees adds to its appeal. Although obtaining this card requires credit union membership and there's no introductory APR offer, its lucrative rewards rate can make it worth the hassle. The card demands excellent credit but rewards that trust with good returns. In essence, this card is a powerful contender for those who qualify, offering robust rewards without the complication of rotating categories or spending limits.