PenFed Credit Union has introduced its latest flagship credit card that offers shoppers cash back on every purchase made anywhere with no limits such as spending caps, hidden fees or revolving categories.

The new offering, the PenFed Power Cash Rewards Visa Signature Card, provides 1.5% cash back on every purchase, everywhere.

Additionally, PenFed members can receive a total of 2% cash back on all purchases if they have a PenFed Access America current account or if they have served or are currently serving in the military. The additional rewards are available through PenFed's Honors Advantage Program, which was rolled out by PenFed.

The credit card is available without any annual fee. It also gives cardholders flexibility in choosing how they want to redeem their cash back whether it is to their credit card, current account or ACH deposit to an account at another financial institution.

PenFed president and CEO James Schenck said: “What makes PenFed's new cash rewards card so great is that it provides cash back on all purchases made everywhere while offering the added value and access to great rates that credit union membership provides.

“Too many credit card offers lure consumers in with promises of big rewards. But what they don't tell consumers is that these cards contain hefty annual fees, high interest rates, and often the rewards are capped at a certain spending level or limited to restricted or rotating categories of purchases."