PenFed Power Cash Rewards vs. Discover it Chrome Credit Card Comparison

Q: Do either of the cards have an annual fee?

Both cards have no annual fee .

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The PenFed Power Cash Rewards Visa Signature® Card and Discover it® Chrome offer appealing cash back rewards and no annual fees, which is a common ground for those seeking straightforward, cost-effective benefits. However, the Discover it Chrome edges ahead with its introductory 0% APR offer on purchases and balance transfers.

With the PenFed Power Cash Rewards card, customers have the potential to earn high cash back rewards on every purchase, making it a strong contender for everyday spending.

PenFed Power Cash Rewards Visa Signature® Card

Discover it® Chrome

Rates & Fees

MoneyGeek Rating

3.8/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

REVIEW & APPLY

On Issuer's Site

Regular APR
17.99% variable
18.49% - 27.49% variable
0% APR Offer
-
0% for 6 months on purchases
Intro Offer
Earn $100 Bonus Offer Statement Credit
Cashback Match
Rewards Summary
Earn 1.5% – 2% cash back
Earn 1%–2% cash back
Balance Transfer Offer
0% Introductory Balance Transfer APR for 12 months
0% for 18 months on balance transfers
Balance Transfer Fee
3% fee applies to each transaction
5% of the amount of each transfer after intro fee
Annual Fee
$0
$0
Recommended Credit
670–850 (Good to Excellent)
670-850 (Good to Excellent)
Penalty APR
17.99%
None
Not sure?
The PenFed Power Cash Rewards and Discover it Chrome cater to different spending habits. PenFed Power Cash Rewards is better for those seeking consistent cash back across all purchases, especially for PenFed Honors Advantage Members who earn 2%.
Discover it Chrome may appeal to those who spend specifically on gas and dining, with its 2% cash back on these categories up to a quarterly maximum.
While both cards offer no annual fee, Discover it Chrome provides a more generous introductory APR offer on purchases and balance transfers, which could be the deciding factor for those with existing balances or upcoming large expenses.

Which Card Is Better for You?

You might prefer the PenFed Power Cash Rewards if you value a straightforward cash back program with a flat rate on all purchases. If you're a PenFed Honors Advantage Member, the 2% cash back on all purchases is particularly attractive. Additionally, the lower non-variable APR after the introductory period can be more cost-effective in the long run.

You might prefer the Discover it Chrome if you frequently dine out or spend on gas, as you'll benefit from up to 2% cash back in these categories. The card's first-year cash back match can significantly boost your rewards if you're a new cardholder. The longer 0% introductory APR on balance transfers is also an advantage if you're planning to transfer a balance.

Head-to-Head Comparison: Card Details and Features

Evaluating APRs, fees, credit requirements, rewards and other features clarifies which card aligns with your financial habits. For instance, if you frequently dine out or drive, Discover it Chrome's bonus categories might appeal to you, whereas PenFed Power Cash Rewards offers consistent cash back on all purchases for members. Assess each card's introductory offers and fees to determine your potential savings and costs.

Regular APR: PenFed Power Cash Rewards

The PenFed Power Cash Rewards offers a better regular APR at 17.99% variable, compared to the Discover it Chrome's range of 18.24% to 28.24% variable.

Annual Fee: Tie

Both the PenFed Power Cash Rewards and the Discover it Chrome have no annual fee, making them equally appealing for users looking to avoid extra costs.

Introductory 0% APRs: Discover it Chrome

Discover it Chrome offers a more comprehensive 0% APR package, with six months on purchases and 18 months on balance transfers, though it has a higher balance transfer fee of 5%. PenFed Power Cash Rewards offers a 12-month 0% APR on balance transfers with a lower fee of 3%, but it lacks an introductory APR offer for purchases.

Rewards: PenFed Power Cash Rewards

PenFed Power Cash Rewards is better for rewards, providing 1.5% cash back on all purchases, with 2% for Honors Advantage Members, vs. Discover's 2% on gas and dining up to $1,000 each quarter and 1% on other purchases.

Welcome Offers: PenFed Power Cash Rewards

The PenFed Power Cash Rewards card offers a better welcome bonus, with a $100 statement credit after spending $1,500 in the first 90 days, translating to a higher return on investment.

Recommended Credit Score: Discover it Chrome

Both cards require a credit score of 670 to 850 (good to excellent). However, Discover it Chrome is slightly more accessible to those with lower credit scores, making it the better option for this feature.

Penalties and Fees: Discover it Chrome

Discover it Chrome is better for penalties and fees, offering a first late fee waiver and no penalty APR. Both cards do not charge foreign transaction fees, but PenFed Power Cash Rewards imposes a penalty APR of 17.99% and has a tiered late fee structure based on the balance amount.

Issuer Satisfaction: Discover it Chrome

Discover it Chrome leads in issuer satisfaction with a rating of 4.5 for Discover Bank. PenFed currently doesn't have an issuer satisfaction rating available.

Other Features & Perks: Tie

Both cards offer unique perks. Discover it Chrome provides free overnight card replacement, while PenFed Power Cash Rewards offers cell phone protection and $0 Fraud Liability. Each card's perks cater to different preferences, making this category a tie.

Rewards Comparison

When it comes to rewards, the PenFed Power Cash Rewards edges out with a higher expected reward value and percentage, making it a strong contender for those seeking a straightforward cash back program on all purchases.

The Discover it Chrome card stands out for its bonus categories, offering a higher rewards rate for gas and dining expenses, capped at a certain limit each quarter.

The table below outlines the bonus categories for both cards, allowing you to compare and determine which card best aligns with your spending habits.

Category	PenFed Power Cash Rewards	Discover it Chrome
Gas Stations	1.5%/2% for PenFed Honors Advantage Members	2% on up to $1,000 in combined purchases each quarter
Restaurants	1.5%/2% for PenFed Honors Advantage Members	2% on up to $1,000 in combined purchases each quarter
$0 Fraud Liability	1.5%/2% for PenFed Honors Advantage Members	1%

Redeeming Rewards

PenFed Power Cash Rewards offers simple and flexible cash back redemption at any time. You can receive your rewards as statement credit, by depositing them into your PenFed account or by transferring to another account of your choice.

Discover it Chrome also allows for versatile redemption options, including gift cards, charitable donations, statement credits, direct deposits and even Amazon payments.

Both cards ensure your rewards remain available for use, as they do not expire.

Methodology

MoneyGeek's ranking process evaluates credit cards across various use cases, such as balance transfers and cash back rewards. The PenFed Power Cash Rewards scores highest in the cash back category, emphasizing the value of rewards and cost-effectiveness. The Discover it Chrome scores highest for balance transfers, focusing on the introductory APR and ongoing interest rates.

The four most significant factors influencing these scores are the effective reward rate, annual fees, introductory purchase APR and regular APR.

FAQ: PenFed Power Cash Rewards vs. Discover it Chrome

What are the cash back rewards for each card?

Discover it Chrome offers 2% cash back in select categories, while PenFed Power Cash Rewards provides up to 2% for eligible members on all purchases. Both are among the best cash back cards.

Do either of the cards have an annual fee?

Both cards have no annual fee.

What are the introductory APR offers for these cards?

PenFed Power Cash Rewards offers 0% APR on balance transfers for 12 months, while Discover it Chrome has a 0% introductory APR on purchases for six months and balance transfers for 18 months.

Are there foreign transaction fees for either card?

Both the PenFed Power Cash Rewards and Discover it Chrome have no foreign transaction fees.

What credit score is required for each card?

Both cards recommend a credit score range of 670 to 850, which means they cater to consumers with good to excellent credit scores.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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PenFed Power Cash Rewards Visa Signature® Card vs. Discover it® Chrome