2020 Review: PenFed Platinum Rewards Visa Signature Card – Best for Gas?
Advertiser Disclosure
Credit Card Insider is an independent, advertising supported website. Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Editor’s Best Card Picks. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Content is not provided or commissioned by any credit card issuers. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Credit Card Insider and CardRatings may receive a commission from card issuers. A list of these issuers can be found on our Editorial Guidelines.
PenFed Platinum Rewards Visa Signature® Card
The PenFed Platinum Rewards Visa Signature® Card has yet to achieve the fame of big-name favorites like the Chase Freedom® (Review) and the Citi® Double Cash Card - 18 month BT offer (Review), but it’s nevertheless an interesting pick for a rewards card with no annual fee.
Take a look at its rewards program, and you’ll likely be shocked at the rates it delivers. You get 5X points per dollar at the gas pump, 3X points per dollar on groceries, and 1X point per dollar everywhere else.
The icing on the cake? It provides a decent balance transfer APR offer for a touch of extra functionality.
But as is the case with all good things, there are drawbacks, and they do dig into the value of this card offer as a whole.
Find more information about the Penfed Platinum Rewards card’s ups, downs, and everything in between below.
PenFed Platinum Rewards Visa Signature® Card
Details
securely on the issuer's website
- $100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
- 0% APR promo balance transfer rate for 12 months now through September 30, 2020. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%. APR will vary w/the market based on Prime Rate. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
- Rate and offers current as of March 1, 2020 and subject to change.
- Earn 5 points on gas purchases at the pump. Fuel purchases for airplanes and boats do not receive cash back rewards.
- Earn 3 points on supermarket purchases (3 points/dollar spent)
- Earn 1 point on all other purchases (1 point/dollar spent)
-
- No annual fee
- No foreign transaction fees
- No cash advance fee
- Chip enabled for added security
- Federally insured by NCUA
- Variable rate as low As 11.74% APR
Our Rating: 4 Out of 5 Stars
We give the PenFed Platinum Rewards Visa Signature Card 4 out of 5 stars, because while its rewards program allows you to earn quickly in its spending categories, your redemption options are limited. The fact that you have to be a PenFed member to get the card is a bit of a detriment too, but it’s only a minor hurdle.
Why We Like It
- 5X points on gas and 3X points on groceries, with no limit on rewards, is a very competitive offer for a card with no annual fee
- Reward points can be redeemed for travel, merchandise, charitable donations, or gift cards
- No blackout dates for travel redemptions
- No foreign transaction fees
- 0% APR on balance transfers for 12 months now through March 31, 2020 (then 11.74% to 17.99% Variable)
Why It Could Be Better
- Points are often worth less than 1 cent each
- No statement credit redemption option
- Must redeem your rewards points through PenFed Credit Union
- Travel bookings cost $15 (online) or $25 (by phone)
- Points expire after five years
- Signup bonus offers a relatively low return on spend
- Requires PenFed Credit Union membership (but all you have to do is open a checking or savings account with a $5 deposit)
Insider Advice: Getting the Most Out of Your Card
- Buy groceries and gas: Use this card at gas stations and grocery stores to build your point balance quickly.
- Use the intro bonus: Spend $1,500 in 90 days to get a $100 statement credit.
- Redeem points for gift cards or merchandise: As tempting as travel redemptions might seem, this card’s low point value and booking fees mean you might be better off using a dedicated travel card.
- Transfer a balance, if you have to: If you’re planning on applying for this card, consider paying off another debt that’s accumulating interest by taking advantage of this card’s introductory balance transfer APR offer.
The Rewards
The PenFed Platinum Rewards card’s reward rates are quite high, which does a good job of making up for each point’s relatively unexceptional cash value. You can earn up to 5X points per dollar, and if you value each point at 0.85 cent, that’s still a 4.25% cash back equivalent.
Earning
| Spending Rewards |
|---|
|
|
|
| Introductory Bonus Offer |
|---|
|
The value of each point you earn with this card tends to be pretty low, usually around 0.85 cents, give or take.
Fortunately, when you consider the high reward rates you’re getting, the relatively low value of PenFed points becomes less of a problem. You should be able to build your point balance fairly quickly, especially considering how both gas and groceries tend to be everyday necessities.
This card probably isn’t for you if neither gas nor groceries demand a considerable portion of your income.
Another perk is that the Platinum Rewards card features no spending limit on its 5X and 3X categories. Some of its competitors, such as the Blue Cash Everyday® Card from American Express, restrict how much you can earn at certain rates.
The PenFed Platinum Rewards offers a small signup bonus, and its return on spend isn’t particularly noteworthy. But it’s a nice touch if you can get it without any unnecessary spending.
Redeeming
Point redemption is where this card falls a bit short of its competitors.
Any points you earn will expire in five years, so that’s a limitation you’ll want to keep in mind if you prefer to amass heaps of points over a long period of time.
Whereas nearly all of the best rewards cards let you redeem for statement credits in addition to a host of other redemption options, the Platinum Rewards card doesn’t offer statement credit redemptions at all. You can only redeem for travel, gift cards, charitable donations, and merchandise.
And you’re not likely to get an exceptional value, no matter how you redeem. Nor can you transfer your points to another loyalty program. You’re also unable to transfer points between PenFed cards.
You can’t view PenFed’s specific redemption options and booking portal unless you have a PenFed credit card, but PenFed says that each point is worth 0.85 cents when redeemed for gift cards and merchandise.
Travel redemptions may offer a higher rate, with hotel and car rental redemptions generally providing the best return on spend.
You may also be able to get a better redemption rate if you can take advantage of one of PenFed’s monthly promotions, which it regularly offers on merchandise, gift cards, and travel.
So you might want to search elsewhere if you’re after a credit card that offers either cash back or a valuable travel redemption rate.
The Benefits
Cards with no annual fee rarely provide a king’s ransom in benefits, but you could do worse than the PenFed Platinum Rewards. Virtually all of the card’s benefits are coordinated by the network (Visa, in this case), but they’re still pretty valuable.
- Visa Signature Luxury Hotel Collection: Enjoy a variety of perks, like automatic room upgrades, complimentary in-room WiFi, and more, at more than 900 hotels around the world.
- 24/7 concierge service: Included by default with many Visa Signature cards, this perk provides round-the-clock assistance with non-emergency tasks, from restaurant reservations to vacation planning and beyond.
- Shopping benefits: Get discounts from select retailers both online and in store, plus enjoy purchase protection and extended warranty protection whenever you shop with the card.
- Travel benefits: Roadside assistance, travel and emergency assistance, travel accident insurance, and a car rental collision damage waiver offer valuable coverage when you’re on the go.
- Entertainment benefits: Access exclusive travel packages, ticket presales, event tickets, and more.
- Security benefits: Including zero fraud liability, emergency card replacement, emergency cash disbursement, and lost/stolen card reporting.
The Terms & Fees
| Purchase APR | Balance Transfer APR | Cash Advance APR |
|---|---|---|
| 11.74% to 17.99% Variable | 0% for 12 months now through March 31, 2020 (then 11.74% to 17.99% Variable) | 11.74% to 17.99% |
| Annual Fee | Foreign Transaction Fee | Balance Transfer Fee | Cash Advance Fee |
|---|---|---|---|
| $0 | None | 3% per transaction | None |
| Penalty APR | Late Fee | Returned Payment Fee |
|---|---|---|
| 17.99% | None | Up to $25 |
The Platinum Rewards card features no foreign transaction fees, which, coupled with its chip-and-PIN functionality, makes it a decent card to bring with you if you’re headed overseas.
There’s an introductory APR offer for balance transfers, too. There are several longer-lasting balance transfer offers on the market, but it’s a helpful touch if you think the card complements your spending and are looking to transfer a balance anyway.
Like other PenFed credit cards, the Platinum Rewards provides low interest rates in accordance with credit union regulations. And while we always recommend you pay off your statement balance by its due date to avoid interest charges altogether, this can prove helpful if you might have to carry a balance and don’t have a 0% purchase APR offer.
The Bottom Line
The PenFed Platinum Rewards Visa Signature Credit Card is a good rewards credit card that’s kept from excellence by a few manageable flaws.
You’ll get the most value from this card if you use it for gas and grocery purchases. That means you’ll probably want to use another rewards credit card for purchases outside of those categories.
Statement credit redemptions aren’t available, and the point value tends to stay on the low side, which you’ll likely want to keep in mind if you prefer to use the most valuable credit card possible.
But for a relatively basic card with no annual fee, the Platinum Rewards is a competitive pick for gas and groceries, especially when you consider additional features like its lack of foreign transaction fees and introductory balance transfer offer.
You just might have more valuable options; check out some of them below.
How to Apply for the PenFed Platinum Rewards Visa Signature Card
Eager to add the PenFed Platinum Rewards Visa Signature Card to your wallet? Unlike most big-league credit card issuers, you have to be a member of PenFed in order to get it, so you’ll probably want to start there. Anyone can become a member by opening a checking or savings account with a deposit of at least $5.
But you can apply for the card before becoming a member, and then complete the membership process afterward. Click the “How to Apply” button below to learn more.
You’ll have to fill out an application and provide the usual identifying information, of course.
Qualifications and Requirements
- PenFed membership (apply before or after applying for the credit card)
- Personal identifying information, including birth date, Social Security number, email address, phone number
- Employment details
- Income information
PenFed Platinum Rewards Visa Signature® Card
Details
securely on the issuer's website
- $100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
- 0% APR promo balance transfer rate for 12 months now through September 30, 2020. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%. APR will vary w/the market based on Prime Rate. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
- Rate and offers current as of March 1, 2020 and subject to change.
- Earn 5 points on gas purchases at the pump. Fuel purchases for airplanes and boats do not receive cash back rewards.
- Earn 3 points on supermarket purchases (3 points/dollar spent)
- Earn 1 point on all other purchases (1 point/dollar spent)
-
- No annual fee
- No foreign transaction fees
- No cash advance fee
- Chip enabled for added security
- Federally insured by NCUA
- Variable rate as low As 11.74% APR
Alternatives to the PenFed Platinum Rewards Visa Signature Card
Because of its redemption restrictions, the PenFed Platinum Rewards card isn’t for everyone. However, there are plenty of cards that don’t feature these restrictions that can still help you rack up rewards on key expenses, like gas and groceries. We’ve compiled a few of the best choices below.
Ducks Unlimited Rewards Visa Signature® Card
Details
securely on the issuer's website
- 5% cash back at gas stations and sporting goods stores
- 1% cash back everywhere else
- Visa Platinum or Visa Signature benefits, depending on creditworthiness
- No annual fee
- Foreign transaction fee of 3%
- A portion of every purchase goes to help fund wetland conservation
We’re always quick to mention the Ducks Unlimited Rewards Visa Signature® Card when discussing gas rewards cards, and that’s because it’s pretty much the best one available. There’s a high reward rate with no spending limit and no annual fee. What’s not to love?
| Spending Rewards |
|---|
|
|
Key Features
- Free credit score: Check your FICO Bankcard Score 9 for free anytime
- Visa card benefits: This card is issued at either the Visa Platinum or Visa Signature level, depending on your creditworthiness, and delivers benefits accordingly
- Annual fee: $0
Bank of America® Cash Rewards Credit Card
Details
securely on the issuer's website
- No annual fee
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
- Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
- You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
- No expiration on rewards
- 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
- If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase
The Bank of America® Cash Rewards Credit Card (Review) gives you the freedom of choice. You pick your 3% cash back category from a list of six options, most of which cover common purchases for a lot of people. Then, you get 2% back at both grocery stores and wholesale clubs.
The main catch? You only earn at the 3% and 2% reward rates until you’ve reached $2,500 in combined spending per quarter. But $10,000 a year isn’t all that restrictive for a card with great reward categories and no annual fee.
| Spending Rewards |
|---|
|
|
|
|
| Introductory Bonus Offer |
|---|
|
Key Features
- Free credit score: Check your FICO Score 8, based on your TransUnion credit report
- Intro Purchase and Balance Transfer APR: 0% for 12 billing cycles (then 16.24%–26.24% Variable)
- Annual fee: $0
Yet another selection with no annual fee, the Wells Fargo Propel American Express® card (Review) provides 3X points per dollar spent on dining, gas, and travel — three of the most sought-after reward categories — as well as select eligible streaming services, which is fairly unique. There’s also an intro APR offer on both purchases and balance transfers.
| Spending Rewards |
|---|
|
|
| Introductory Bonus Offer |
|---|
|
Key Features
- Free credit score: Check your FICO Score 9, based on your Experian credit report
- Intro Purchase and Balance Transfer APR: 0% Intro APR for 12 months (then 13.99%-25.99% Variable)
- No foreign transaction fees
- Annual fee: $0
securely on the issuer's website
- Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases.
- Don’t wait for your Card in the mail. Start earning cash back before your card even arrives, if eligible for Instant Card Number.
- Low intro APR: 0% for 12 months on purchases and balance transfers from the date of account opening, then a variable rate, currently 12.99% to 23.99%
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- $95 annual fee.
- Terms Apply.
- See Rates & Fees
American Express is a Credit Card Insider advertiser.
Despite its annual fee (Rates & Fees), the Blue Cash Preferred® Card from American Express (Review) is one of the most rewarding cash back credit card offers you’ll find if you’re a heavy grocery and gas spender. The card does feature a $6,000 annual spending limit on its 6% reward rate for supermarket purchases, but that limit is high enough that it doesn’t really detract from its value.
| Spending Rewards |
|---|
|
|
|
Introductory Bonus Offer |
|---|
|
Key Features
- Intro Purchase and Balance Transfer APR: 0% for 12 months (then 12.99–23.99% Variable)
- Annual fee: $95
PenFed Platinum Rewards Visa Signature® Card
Details
securely on the issuer's website
- $100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
- 0% APR promo balance transfer rate for 12 months now through September 30, 2020. After that, the APR for the unpaid balance and any new balance transfers will be 11.74% to 17.99%. APR will vary w/the market based on Prime Rate. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
- Rate and offers current as of March 1, 2020 and subject to change.
- Earn 5 points on gas purchases at the pump. Fuel purchases for airplanes and boats do not receive cash back rewards.
- Earn 3 points on supermarket purchases (3 points/dollar spent)
- Earn 1 point on all other purchases (1 point/dollar spent)
-
- No annual fee
- No foreign transaction fees
- No cash advance fee
- Chip enabled for added security
- Federally insured by NCUA
- Variable rate as low As 11.74% APR
If you found this review useful, feel free to share it with a friend! Think we missed something? Tell us in a comment below.
Already using a great rewards card for your gas and groceries? See our picks for the best credit cards in every category to round out your wallet.
Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertiser relationships do not affect card evaluations. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it's published. Learn more in our Editorial Guidelines.
Do you have a correction, tip, or suggestion for a new post? Contact us here.
The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered.
