PenFed Power Cash Rewards Visa Signature® Card
vs. Costco Anywhere Visa® Card by Citi

Both the PenFed Power Cash Rewards Visa Signature® Card and the Costco Anywhere Visa® Card by Citi offer enticing cash back rewards, making them strong contenders for anyone looking to maximize returns on their spending. However, if you're a frequent Costco shopper, the Costco Anywhere card is better for its higher cash back rates on gas, travel and dining and additional rewards for Costco purchases. It's a co-branded card that requires a Costco membership, which could be a significant advantage for loyal customers of the warehouse club.

On the other hand, the PenFed Power Cash Rewards card has a welcome bonus and the potential for high cash back rewards across all purchases. It's a solid choice if you prefer a card without a specified credit score requirement or you're already a PenFed Credit Union member.

You might prefer the PenFed Power Cash Rewards if you value a straightforward cash back program with a flat reward rate on all purchases. This card also offers a welcome bonus and a 0% balance transfer APR for 12 months, which could be beneficial if you're planning to pay down existing credit card debt.

You might prefer Costco Anywhere if you're a frequent Costco shopper and spend a lot on gas, dining and travel. With higher cash back rates in these categories and no annual fee with your Costco membership, this card maximizes rewards for loyal Costco customers.

Evaluating APRs, fees, credit requirements, rewards and other features will determine which card aligns with your financial habits. For instance, if you frequently shop at Costco, the Costco Anywhere card's higher cash back on gas and Costco purchases might be appealing. Conversely, the PenFed Power Cash Rewards card could be more attractive if you seek a straightforward cash back program without the need for a store membership.

The Costco Anywhere card outpaces the PenFed Power Cash Rewards in specific categories. With the Costco Anywhere card, you'll earn 4% cash back on gas and EV charging purchases for the first $7,000 per year, then 1% thereafter. Additionally, dining and eligible travel purchases net you 3% cash back, and purchases from Costco and Costco.com earn 2%. All other purchases earn 1% cash back. These rates make the card particularly rewarding for Costco members who are frequent travelers and spend a lot on gas and dining.

The PenFed Power Cash Rewards card doesn't offer the same high rewards rates in specific categories, but it provides a flat rate of 1.5% cash back on all purchases or 2% for PenFed Honors Advantage members. This simplicity could be appealing if you prefer a straightforward rewards program without having to track category bonuses.

The table below details the bonus categories to help you compare each card's rewards program at a glance.

The Costco Anywhere card offers a unique redemption process. You receive your cash back as an annual certificate after the February billing statement closes. This certificate can be used for merchandise or cash back at any U.S. Costco warehouse. However, it's important to note that these reward certificates must be redeemed by December 31 of the year they're issued. Any unredeemed rewards after this date will expire, emphasizing the need for timely redemption.

PenFed Power Cash Rewards allows redemption in a few ways. You can receive your rewards as statement credit directly to your PenFed Credit Card account. You can also deposit your cash rewards into your PenFed Checking or Share account. It's also possible to redeem rewards by transferring them to another financial institution.

MoneyGeek evaluates credit cards like the PenFed Power Cash Rewards and Costco Anywhere using a ranking process tailored to specific use cases, such as cash back. In this comparison, we assessed both cards for their performance in the cash back category. The largest factors influencing their scores include the effective reward rate and the offer return on investment. For a detailed understanding of our scoring system, you can review our ranking methodology.