PenFed Rewards Credit Card: Earn Rewards and Save Money

The PenFed Rewards Credit Card is an excellent option for those who want to earn rewards and save money. It offers 5x points on gas purchases worldwide.

You can earn points on everyday purchases like groceries and dining, too. PenFed Rewards Credit Card holders can earn 1 point for every dollar spent on these categories.

One of the standout features of this card is its low annual fee of $0.

The PenFed Platinum Rewards Visa Signature Card is a great option for those looking to earn rewards on their purchases. Annual fee is a whopping $0, making it a no-brainer to sign up.

You can earn a sign-up bonus of 15,000 points after spending $1,500 in the first 3 months. This is a great starting point for building up your rewards balance.

The card offers 5 points per dollar spent on gas at the pump and EV charging stations. This is one of the best rewards rates on gas you'll find anywhere.

Here are the rewards rates broken down:

Points are redeemable for travel, gift cards, and merchandise, but cash back is not an option.

The PenFed Platinum Rewards Visa Signature Card offers a range of rewards and benefits that make it an attractive option for those looking for a simple, yet rewarding, credit card.

You can earn up to 5x points per dollar on purchases, with 5x points per $1 on gas paid at the pump and EV charging stations. This rate is higher than some other cards, making it a great option for frequent drivers.

The card also offers 3x points per $1 at supermarkets, 3x points per $1 at restaurants, and 3x points per $1 on cable and streaming services. These categories include most everyday purchases, making the PenFed Platinum Rewards Visa Signature Card a great option for a one-card wallet.

Here are the rewards earning categories:

The PenFed Platinum Rewards Visa Signature Card has some fantastic benefits that make it a great option for rewards enthusiasts. No annual fee means you can use the card without worrying about extra costs, making it perfect for everyday purchases.

No foreign transaction fees also make it a great choice for international travel, as you won't be charged extra fees for purchases made abroad.

The card has a lot of perks, including rewards that cover multiple bonus categories, such as gas, supermarkets, restaurants, and cable/streaming services.

Here are some of the top rewards categories:

With no rewards caps, you can earn as many points as you want in these categories, making it a great option for those who want to maximize their rewards earnings.

The PenFed Platinum Rewards Visa Signature Card doesn't offer a 0% intro APR for new purchases, which is a bit of a bummer if you're planning a big buy.

This means you'll pay interest on new purchases right away, so it's not the best choice if you're looking to save on interest fees for a large purchase.

If you already have some credit card debt, this card might be a decent option for balance transfers, but for new purchases, you'll want to look elsewhere.

The PenFed Platinum Rewards Visa Signature Card is a great option for those who want to earn rewards on their gas purchases. It earns an unlimited 5 points per dollar spent at the gas pump.

You'll also earn unlimited 3 points per dollar on groceries and 1 point per dollar on all other qualifying purchases. This is a great rate, especially considering there's no annual fee.

The card has a regular APR of 16.49% - 17.99%, variable, and a balance transfer intro APR of 0%, for 12 months.

Here are the key features of the PenFed Platinum Rewards Visa Signature Card:

The good news is that PenFed Rewards doesn't have any annual fees, making it a great option for those who want to earn rewards without breaking the bank.

You'll also be happy to know that there are no foreign transaction fees, so you can use your card abroad without incurring extra charges.

PenFed Rewards also offers a 0% introductory APR for 12 billing cycles, giving you some breathing room if you need to carry a balance.

The PenFed Platinum Rewards Visa Signature Card has a nice perk - no annual fee. This means you won't be charged a fee just for keeping your account open.

Having no annual fee makes the card an even better option for those who want a simple one-card wallet. It's also ideal for folks who only use the card for gas rewards, as you can use it once or twice a month at the pump without worrying about getting your money's worth.

The PenFed Platinum Rewards Visa Signature Card is a great choice for international travelers, as it offers no foreign transaction fees. This means you won't be charged extra for purchases made in a foreign currency or that route through foreign banks.

Foreign transaction fees can add up quickly, with some everyday rewards cards charging up to 3% in fees. This can be a significant cost for frequent travelers or online shoppers who buy from overseas vendors.

This card's fee-free policy is a major advantage, especially compared to its main competition.

You can't just assume a 0% APR on balance transfers is a free ride. The PenFed Platinum Rewards Visa Signature Card's intro APR offer has some sneaky rules.

Transfers must be made within a specific time frame to qualify for the reduced interest rate. If you miss the deadline, you'll be charged the regular balance transfer APR.

Not all cards are created equal when it comes to balance transfers. The PenFed Platinum Rewards Visa Signature Card charges interest on new purchases immediately, unless you pay the full balance by the due date.

This means you can't use this card for new purchases while you're paying off a balance transfer. You'll need to switch to another card for everyday purchases until you've paid off the transferred balance.

To become a member of PenFed and open a PenFed Platinum Rewards Visa Signature Card, you simply need to open a PenFed savings account with a minimum balance of $5.

Anyone can join PenFed, including U.S. citizens and permanent residents, as long as they meet the membership requirement.

Fortunately, you don't need to have any specific military affiliation to join PenFed, unlike when it first originated as a credit union for military members.

To become a member of PenFed, you'll need to meet a simple requirement: opening a PenFed savings account with a minimum balance of $5.

Fortunately, you don't need to meet any specific military requirements to join, as PenFed is now open to all U.S. citizens and permanent residents.

You can join PenFed during the application process for the PenFed Platinum Rewards Visa Signature Card, making the process even more convenient.

To be eligible for a PenFed credit card, you'll want to know the suggested credit score. The PenFed Platinum Rewards Visa Signature Card is advertised for applicants with good to excellent credit.

This typically covers a FICO Score of 670 or higher.

If you're considering the PenFed Platinum Rewards Visa Card, it's essential to think about your spending habits. If you use a lot of gas or take a lot of road trips, this card might be a great fit for you.

You'll earn triple points across common spending categories like gas stations, which can add up quickly. The card also offers no annual fee, making it a more affordable option for frequent travelers.

If you prioritize gas rewards over other popular categories like dining or groceries, the PenFed Platinum Rewards Visa Card is a good choice. However, if your lifestyle has less predictable spending patterns, you might want to consider another card.

To get the card, you'll need to become a PenFed member if you aren't already one. The benefits of membership and the rewards program make the extra step worth it for many people.

The PenFed Platinum Rewards Visa Signature Card offers a secondary auto collision damage waiver (CDW) as one of its Visa Signature perks.

This coverage reimburses cardholders for theft or damage, as well as administrative and loss-of-use charges imposed by the rental company.

Cardholders can also be reimbursed for reasonable towing charges that occur while they're responsible for the rental vehicle.

Coverage lasts up to 15 consecutive days within your country of residence or 31 consecutive days outside the U.S.

PenFed is a credit union that offers a range of financial services, including credit cards, checking and savings accounts, mortgages, and loans.

Rewards points from the PenFed Platinum Rewards Visa Card have limited value, with a low value of just $0.0085 per point.

You can redeem points for cash back or gift cards, but the cash back value is only 4.25% at best, which is lower than what some other grocery rewards cards offer.

The card's 5x points per $1 on gas purchases is worth just 4.25% cash back, and the 3x points on supermarket purchases is worth only 2.55% cash back.

Some travel redemptions can get you better results, with reports of $0.017 per point for certain bookings made through the PenFed portal.

However, booking through the portal may not always be the best option, as you may miss out on perks and rewards offered by airlines and hotels.

You also can't transfer points to other loyalty programs to maximize your return, which is a key feature of some popular credit card rewards programs.

In contrast, some credit cards allow you to transfer points to hotel and airline loyalty programs, which can unlock huge per-point value, like $0.03 per point or more.

At PenFed, we take a comprehensive approach to evaluating the PenFed Rewards credit card. We examine the quantitative features, such as the rewards earning rate and redemption values, to determine its value.

We also consider the qualitative factors, like the ease of application and the simplicity of the rewards structure. This helps us understand how well-suited the card is for everyday use.

Our star ratings serve as a general gauge of how the PenFed Rewards card compares with others in its class. However, we encourage consumers to consider multiple factors when choosing a credit card.

We review the card's fees, interest rates, and benefits to provide a well-rounded assessment of its value. This ensures that our ratings are fair and accurate.