The PenFed Platinum Rewards Visa Signature Card is a popular credit card known for its generous rewards, especially in the categories of gas and groceries. With competitive point-earning rates and a straightforward redemption program, this card has become a top choice for those who want to maximize their everyday spending.
Offering 5 points for every $1 spent on gas and 3 points for every $1 on groceries, the PenFed Platinum Rewards Visa Signature Card easily earns cardholders valuable rewards. Additionally, new members can benefit from a sign-up bonus of 15,000 points after spending $1,500 within the first three months of card opening, according to NerdWallet.
In terms of its interest rate, the card offers a relatively low APR for a rewards card, making it even more appealing for those who tend to carry a balance. Although the PenFed Platinum Rewards Visa Signature Card may not be the best fit for everyone, it is worth considering for individuals seeking to earn rewards on everyday purchases, particularly for gas and groceries.
The PenFed Platinum Rewards Visa Signature Card offers competitive rewards geared towards common everyday expenses. The card earns 5 points per dollar for gas purchases at the pump and electric vehicle charging stations, as well as 3 points per dollar on supermarket purchases, making it an excellent choice for those who spend a considerable amount on gas and groceries.
Additionally, the card offers 1 point per dollar on all other purchases, providing cardholders with the flexibility to earn rewards on a variety of purchases. The points earned on this card are typically worth about 0.85 cent each in most cases, which is slightly below the industry standard of 1 cent per point value.
Another noteworthy feature of this card is the lack of an annual fee, making it a cost-effective option for those seeking a rewards credit card. Furthermore, cardholders can take advantage of a 12-month 0% introductory APR on balance transfers, providing an opportunity to pay down existing high-interest balances without accruing additional interest charges (subject to balance transfer fees).
In terms of travel and purchase benefits, the PenFed Platinum Rewards Visa Signature Card offers several perks to enhance the cardholder experience. These include:
- Auto rental collision damage waiver
- Travel accident insurance
- Extended warranty protection
- 24/7 access to Visa Signature Concierge services
However, it’s important to note that this card doesn’t offer any sign-up bonus, which is a common feature among many rewards credit cards.
The PenFed Platinum Rewards Visa Signature® Card is known for offering a generous rewards program. Cardholders can earn big rewards in most household spending areas. With this card, you’ll be able to accumulate points on everyday purchases, which can be redeemed for various rewards such as gift cards, merchandise, and travel.
One of the main highlights of this rewards program is the revved-up gas rewards. The card offers 5 points per $1 spent on gas at the pump, making it an excellent choice for those who spend a significant amount on fuel. Additionally, you’ll earn 3 points per $1 spent on supermarket purchases, and 1 point per $1 spent on all other purchases.
The PenFed Platinum Rewards Visa Signature® Card also features a sign-up bonus. New cardholders can earn 15,000 bonus points after spending $1,500 on purchases within the first 90 days of account opening.
When it comes to redeeming your reward points, you have numerous options to choose from. You can redeem your points for:
- Travel, including flights, hotels, and car rentals
- Gift cards from popular retailers and restaurants
- Merchandise, such as electronics and household items
It is essential to keep in mind that to fully take advantage of the rewards program, you need to be a member of the Pentagon Federal Credit Union. However, membership is open to a wide range of eligible individuals.
Interest Rates and Fees
The PenFed Platinum Rewards Visa Signature Card offers a competitive interest rate for its cardholders. The regular APR stands at a 17.99% fixed rate, which provides stability in terms of interest costs over time.
Another key advantage of this credit card is its lack of an annual fee. This makes it an attractive option for those who want to maximize their rewards without the burden of an additional yearly cost.
When it comes to fees, it’s important to note that this card charges a 3% foreign transaction fee. This means that international purchases will incur an additional cost. However, the card offers other benefits that may offset this fee for some users, such as its rewarding points system.
Here’s a brief overview of the PenFed Platinum Rewards Visa Signature Card’s fees:
- Regular APR: 17.99% fixed
- Annual Fee: $0
- Foreign Transaction Fee: 3%
Pros and Cons
The PenFed Platinum Rewards Visa Signature Card offers attractive benefits for cardholders, but there are also some downsides to consider.
- High rewards rate for gas and EV charging stations: The card offers a generous 5 points per dollar spent on gas purchases at the pump and electric vehicle charging stations.
- Other bonus categories: In addition to gas and EV charging, cardholders also earn 3 points per dollar spent on supermarket purchases.
- Sign-up bonus: New members can receive a 15,000-point bonus after spending $1,500 within the first 3 months of card open.
- No annual fee: The PenFed Platinum Rewards Visa Signature Card has no annual fee, making it more accessible for cardholders seeking to maximize their rewards.
- Membership required: The card is only available to PenFed Credit Union members, which may limit its accessibility to some potential cardholders.
- Good credit needed: People who do not have a solid credit history might have difficulty obtaining the card, as it is targeted at individuals with good credit.
- Limited redemption options: Cardholders may find the redemption options for their points to be somewhat limited compared to other reward cards available.
It’s important to weigh the pros and cons of the PenFed Platinum Rewards Visa Signature Card to determine if it’s the right fit for your financial needs and spending habits.
Before applying for the PenFed Platinum Rewards Visa Signature Card, it’s essential to understand the eligibility requirements. First and foremost, you must be a member of the PenFed Credit Union to apply for the card. PenFed membership is open to active or retired military personnel, employees of qualifying organizations, or members of eligible associations.
If you don’t fit into the categories mentioned above, you can still join PenFed by making a one-time donation to a qualifying organization, such as the National Military Family Association (NMFA) or Voices for America’s Troops. Once you have become a member of PenFed, you can proceed with your credit card application.
Although the exact credit score requirements are not specified, the PenFed Platinum Rewards Visa Signature Card generally targets those with good to excellent credit. In terms of credit scores, this usually means having a score of 670 or higher. Meeting this requirement increases your chances of approval.
It’s also essential to consider the income requirements for this card. PenFed will review your income, employment status, and debt-to-income ratio during the application process. This helps them assess your ability to make monthly payments and manage your credit line.
Keep in mind that while meeting the eligibility requirements increases your chances of approval, it does not guarantee your application will be accepted. PenFed, like other financial institutions, will review various factors, including your credit history, payment behavior, and overall financial situation, before making a final decision on your application.
How to Apply
To apply for the PenFed Platinum Rewards Visa Signature Card, you first need to become a member of the PenFed Credit Union. Eligibility is open to those affiliated with the United States military, other select organizations, or by making a one-time donation to the National Military Family Association or Voices for America’s Troops.
You can apply for membership and the credit card online through the PenFed website. The online application process is straightforward and requires you to provide personal information such as your Social Security number, employment details, and income information.
Once your membership is approved, you can proceed with your credit card application. PenFed recommends having a good to excellent credit score for better approval chances.
Keep in mind that PenFed may request additional documentation to verify your identity, employment, or income. Having these documents ready can help streamline the application process and move you closer to enjoying the benefits of the PenFed Platinum Rewards Visa Signature Card.
Comparison to Similar Cards
The PenFed Platinum Rewards Visa Signature Card offers competitive rewards rates on gas and grocery purchases. To better understand its value, let’s compare it to some other popular rewards cards in the market.
Chase Freedom Flex: The Chase Freedom Flex offers 5% cash back on rotating quarterly categories (on up to $1,500 in purchases) and travel purchased through Chase Ultimate Rewards. It also provides 3% cash back on dining and drugstore purchases, and 1% cash back on all other spending. The card has no annual fee and often features valuable sign-up bonuses. The main advantage of the PenFed Platinum Rewards card over the Chase Freedom Flex is its consistent high rewards rate on gas and grocery purchases.
Blue Cash Preferred Card from American Express: The Blue Cash Preferred Card offers a generous 6% cash back on U.S. supermarket purchases (on up to $6,000 per year), 6% on select U.S. streaming subscriptions, 3% on transit and U.S. gas station purchases, and 1% on other eligible purchases. It has a $95 annual fee ($0 introductory annual fee for the first year), but its rewards rates on grocery purchases are higher than the PenFed card. The PenFed Platinum Rewards card stands out with its superior rewards rate on gas purchases and no annual fee.
PenFed Power Cash Rewards Visa Signature Card: PenFed also offers the Power Cash Rewards Visa Signature Card, which earns a flat 1.5% cash back on all purchases or 2% cash back if you are a PenFed Honors Advantage member. This card may be more valuable for those who prefer a simple and consistent cashback rate across various spending categories. However, if you spend heavily on gas and groceries, the PenFed Platinum Rewards card has the advantage with its higher rewards rate in these categories.
To summarize, the PenFed Platinum Rewards Visa Signature Card is an excellent choice for consumers who prioritize high rewards rates on gas and grocery purchases. While other cards may offer competitive rewards in specific categories or rotating promotions, the PenFed Platinum Rewards card maintains a consistent advantage in these key spending areas, particularly for those who prefer not to keep track of changing categories or promotions.
The PenFed Platinum Rewards Visa Signature Card stands out as an excellent choice for those seeking a no-annual-fee credit card with high rewards on gas and grocery purchases. The card offers 5 points per dollar spent on gas, making it one of the best options for frequent drivers.
However, it is essential to note that this card is only available to PenFed members, which may limit its accessibility for some potential cardholders. Additionally, point value may vary when redeeming rewards, so users must consider this factor when comparing other reward credit cards.
Despite these limitations, if you spend a significant amount on gas and groceries and are eligible for PenFed membership, this card could provide substantial value. Its no-annual-fee and competitive rewards rates make it a strong contender in the rewards credit card market.