PenFed Bonus Offers Up to $750 Deposit Reward

PenFed is offering a generous bonus to new members who open a checking account and make a qualifying deposit. You can earn a bonus of up to $750.

To qualify for the bonus, you'll need to open a new checking account and deposit at least $1,500 within 30 days of opening. This is a relatively low threshold, making it accessible to many people.

The bonus amount will depend on the amount you deposit, with larger deposits earning bigger rewards. For example, depositing $1,500 will earn you $200, while depositing $5,000 will earn you the maximum $750 bonus.

PenFed offers two Visa Signature credit cards that can help you earn rewards and cash back on your purchases. The PenFed Pathfinder Rewards Visa Signature Card offers 3 points back per dollar spent on travel purchases, with a 50,000 bonus points offer after spending $3,000 in the first 90 days.

The card also comes with a $100 annual domestic air ancillary travel credit, a reimbursement for Global Entry or TSA Precheck application fees, and an annual complimentary Priority Pass airport lounge membership. However, you'll need to take extra steps to get the annual fee waived by opening and maintaining a qualified Access America or free checking account with the credit union.

If you prefer cash back, the PenFed Power Cash Rewards Visa Signature Card offers a decent 1.5% cash-back rate on all purchases, with a $100 statement credit offer after spending $1,500 in the first 90 days. This card also has no foreign transaction fees and is well-equipped for travel.

Here are the key benefits of each card:

The PenFed Pathfinder Rewards Visa Signature Card offers a solid rewards program with varying earning rates. You can earn 3 points back per dollar spent on travel purchases, which jumps to 4 points back for PenFed Honors Advantage members.

Here's a breakdown of the earning rates:

The card also offers a welcome offer of 50,000 bonus points after spending $3,000 in purchase transactions within the first 90 days of account opening.

PenFed is known for sending out targeted offers to their cardholders, which can be a great way to earn some extra rewards.

You can earn a $50 bonus after spending $500 between 9/1/24 and 11/30/24, or spend $300 each month in September, October, and November and earn a $25 statement credit per month.

Some users have reported receiving multiple versions of the offer, with one version offering a $50 bonus and another offering a $25 bonus for each month spent $300.

One user reported that their $50 promo credit never automatically posted and had to contact customer service to manually credit it.

Another user received two $25 credits in November, but couldn't determine which months they were for, and still hasn't received the final credit for completing all three months.

If you're a PenFed cardholder, keep an eye on your account for any targeted offers and be sure to follow the terms and conditions to earn your rewards.

Here's a summary of the offer:

The PenFed bonus offers a range of benefits and features that make it an attractive option for those looking to earn extra money.

One of the main benefits of the PenFed bonus is the opportunity to earn up to $1,500 per year, depending on your credit union membership and account activity.

With a low membership requirement of just $5, you can start earning rewards right away.

Rental Car Coverage is a valuable benefit that helps protect you financially in case of an accident or theft.

The PenFed Platinum Rewards Visa Signature Card offers a secondary auto collision damage waiver (CDW) that reimburses cardholders for covered theft or damage.

This coverage includes valid administrative and loss-of-use charges imposed by the auto rental company, as well as reasonable towing charges.

You can enjoy this coverage for up to 15 consecutive days within your country of residence or 31 consecutive days outside the U.S.

This means you can rent a car with confidence, knowing you're protected in case something goes wrong.

If you're looking for a high-yield savings account with a bonus, consider the PenFed Premium Online Savings. You can earn up to $750 in bonus cash.

To qualify, you'll need to open a new PenFed Premium Online Savings account and deposit at least $10,000 by March 31st, 2024. The bonus amount is based on the amount of new money you deposit into your account before July 31st, 2024.

Here's a breakdown of the bonus amounts based on your deposit:

To receive your bonus, keep the cash in the account until around September 30th, 2024, which is about 60 days after the initial deposit.

The Fine Print is where things can get a little tricky. Let's break it down.

To receive any bonuses, your account must stay open and not be restricted at the time of payout. Eligibility may be limited based on account ownership.

The promotional period for account opening is January 1, 2024, through February 15, 2024. This is a specific timeframe to keep in mind.

You'll receive a Form 1099-INT at the end of the year, reporting the bonus as taxable income. That's something to consider when budgeting for taxes.

Here are some key details to keep in mind:

Your account must stay open and be in good standing when the bonus is credited to your account. Bonus will be credited to the account in the form of a statement credit.

PenFed Credit Union consistently gets high marks from its customers and is well-regarded in the industry. Their products stack up against any commercial bank.

The bonus schedule is very strong, but the only knock is that the APY on the account is modest – just 3.00% APY as of this writing. Your cash will sit in the account until April, or approximately 5-6 months, and earn 200 basis points less than the prevailing rates for a high-yield savings account.

Doing simple math, if you make 5.30% APY on $10,000 for five months, it’s approximately $221 in interest. With PenFed, you make 3% for 5 months or approximately $125, plus you get the $150 bonus – total of $275.

The bonus is a good deal, but you'll have to decide if the dollar amount is worth the effort, which will largely be based on how much cash you have to deposit.