PenFed Power Cash Rewards for Gas: The 2% Flat-Rate Card With a Checking-Account Catch

The PenFed Power Cash Rewards earns 2 percent flat on every purchase including gas, but only if you have PenFed Honors checking. Without it the rate drops to 1.5 percent. For most gas-spending households, the better PenFed pick is the Platinum Rewards card with 5x points on gas, but here is when the Power Cash makes more sense and the honest comparison against simpler 2 percent flat cards.

Rate (Honors)

2.0%

on all purchases including gas

Rate (Standard)

1.5%

no checking account required

Annual Fee

no fee, no cap

Membership

PenFed savings deposit

Card terms verified against the PenFed Power Cash Rewards product page as of 2026-05-19. Membership requirements per PenFed membership terms.

Power Cash vs Platinum Rewards: Which PenFed Card for Gas?

PenFed offers two rewards cards. The Platinum is the gas card. The Power Cash is the everything card. For gas-heavy households the difference is significant.

Card	Effective rate	Gas @ $200/mo	All spend @ $3k/mo
Power Cash (without Honors)	1.5%	$36	$540
Power Cash (with Honors)	2%	$48	$720
Platinum Rewards (5x gas)	4.25%	$102	$540
Citi Double Cash (2% flat)	2%	$48	$720

For a household running $3,000 a month of total spending of which $200 is gas, the Power Cash (Honors) and Citi Double Cash tie at $720 a year. The Platinum Rewards earns $102 on gas plus only $336 on the $2,800 of non-gas (1 percent) for $438 total, much less than the flat 2 percent cards. The Platinum wins only if your gas spending is a large share of your total spending, or if you carry it as a gas-only card alongside a separate 2 percent card.

PenFed Honors Checking: What It Actually Takes

Requirement	Detail
Free PenFed Access America Checking	Open the account
Direct deposit minimum	$500 per month, or $2,500 per quarter, or one ACH-pulled deposit per month
Cost	Free, no monthly fee
Membership	Open with $5 PenFed savings account deposit

The simplest path to Honors: open PenFed Access America Checking and either route your existing direct deposit to it or set up a recurring $500 ACH from your main bank into PenFed each month. The deposit clears the recurring monthly requirement and unlocks the 2 percent earn rate. No minimum balance, no monthly fee.

When the Power Cash Wins

The Power Cash wins when three conditions hold: you do not want to carry multiple cards, your spending is broadly distributed (not gas- or restaurant-heavy), and you are already a PenFed member or willing to switch checking. The 2 percent flat rate beats the 1.5 percent flat rate of many no-fee competitors and equals the best flat-rate cards from Citi (Double Cash) and Wells Fargo (Active Cash). For someone simplifying to one card, the Power Cash with Honors is competitive.

The card loses to the Custom Cash, the BofA Customized Cash at Preferred Rewards tiers, and the Wells Fargo Autograph for households whose spending fits a bonus-category card. It loses to the PenFed Platinum Rewards specifically for gas spending.

APR and Carrying-Balance Caveat

PenFed APRs run lower than typical mass-market bank credit cards because as a credit union PenFed is bound by the NCUA-published 18 percent APR ceiling under 12 CFR 701.21(c)(7)(ii). The Power Cash APR is published in the high teens, materially below the Federal Reserve G.19 average of roughly 22 percent on bank-issued cards. For households that occasionally carry a balance, the PenFed APR ceiling is a structural advantage independent of the rewards rate.

That said, carrying any balance still costs more in interest than rewards earn back. The Power Cash is best as a transactor card; if you carry a balance, see Best Low-Interest Credit Cards for cards designed for revolvers.

Frequently Asked Questions

What is PenFed Honors and how do I qualify?+

PenFed Honors is a checking-account designation, not a points tier. You qualify by opening the free PenFed Access America Checking account and either making one direct deposit of any amount each month, or receiving $500 in qualifying direct deposits per month, or receiving a single $2,500 deposit per quarter. There is no minimum balance requirement and no monthly fee on the checking account. The Honors status simply unlocks the 2 percent earn rate on the Power Cash Rewards card and removes the foreign transaction fee.

Is Power Cash Rewards the same card as Platinum Rewards?+

No. PenFed offers both. The Power Cash Rewards is a flat-rate card: 2 percent on everything (with Honors) or 1.5 percent (without). The Platinum Rewards is a category-bonus card: 5x points on gas, 3x points on groceries and restaurants, 1x everything else. The Platinum is better for gas-heavy spenders. The Power Cash is better for households that want a single 2 percent card across all spending. Both are no-fee. Most PenFed-card-holders carry one or the other, not both.

Does the Power Cash include EV charging in the 2 percent rate?+

Yes, because the Power Cash is a flat-rate card. There is no category exclusion: every purchase earns the same rate (1.5 percent or 2 percent depending on Honors status), so EV charging at any merchant earns the standard rate. There is no bonus rate that EV charging would or would not qualify for.

How does the Power Cash compare to a Citi Double Cash for gas?+

At the 2 percent Honors rate they are functionally identical for gas spending. Both earn 2 percent flat with no cap and no annual fee. The Double Cash does not require any banking relationship; the Power Cash requires the Honors checking account. If you do not bank with PenFed and do not want to open a credit union account, the Double Cash is simpler. If you already bank with PenFed or are willing to switch checking, the Power Cash earns the same rate.

What is the welcome bonus on the Power Cash?+

PenFed periodically offers a $100 cash bonus after spending $1,500 in the first 90 days. Welcome offers change; check the current PenFed Power Cash product page for the live offer at time of application.

Can I get the Power Cash without joining PenFed?+

No. PenFed is a credit union, so you must be a member to hold any PenFed card. Membership is open to everyone via a $5 deposit into a PenFed savings account, which is held as the member share. The $5 is your equity stake in the credit union and is returned if you ever close your membership. There is no income, employment, or military-service requirement for PenFed membership in 2026.

Is the Power Cash better than the Platinum Rewards for a high-mileage driver?+

No. A driver spending $200 a month on gas earns $48 a year on the Power Cash (at the Honors rate) vs $102 a year on the Platinum Rewards. The Platinum's 5x points on gas dwarfs the Power Cash 2 percent rate. The Power Cash wins only on non-gas spending, where the 2 percent rate beats the Platinum's 1x base rate everywhere except gas, groceries, and restaurants. Households with heavy gas spending should carry the Platinum Rewards.

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