Last updated on February 23rd, 2023
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PenFed Platinum Rewards VISA Signature® Card
PenFed Platinum Rewards VISA Signature® Card
- 17.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.99% Balance Transfer APR
- 17.99% Cash Advance APR
At a Glance
The PenFed Platinum Rewards VISA Signature® is big on gas and groceries; earn 5x points per dollar spent on purchases made at the pump, 3x points for grocery purchases, and 1x points for all other purchases. Take advantage of a great introductory offer – 0% APR for balance transfers for up to 12 months and a special bonus statement credit as you earn points on everyday purchases towards travel, shopping and gift cards.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 5X points per dollar spent on gas at the pump and EV charging stations and 3X points on groceries. 1X points on all other purchases
- 15,000 bonus points when you spend $1,500 in first 90 days of card account opening
- 0% intro APR on balance transfers for 12 months after account opening
- No annual fees and no foreign transaction fees
- Regular Purchase APR: 17.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 17.99%
- Balance Transfer Transaction Fee: 3% of the transfer amount
- Cash Advance APR: 17.99%
- Penalty APR: 17.99%
- Late Payment Penalty Fee: Up to $28
- Return Payment Penalty Fee: Up to $25
- You spend money on gas and groceries often
- You will spend $1,500 in the first 90 days to earn a 15,000 bonus points
- You want a card with no annual fees and no foreign transaction fees
- You want to transfer a large balance with no interest for 12 months
PenFed Platinum Rewards VISA Signature® Card Review
With the PenFed Platinum Rewards VISA Signature®, earning points from everyday purchases is not only easy, it’s quick and convenient. If you spend a lot of money at the gas pump thanks to a long commute, you’ll rejoice in knowing that with this generous card offer, you can earn 5x points on gasoline. Not only does the card earn 5x points per dollar spent on gas at the pump – that also extends to and EV charging stations. If you love to cook, you can earn 3x points from your weekly grocery shopping, and 1x point per dollar spent on all other purchases; put your everyday spending to work!
This credit card offering from PenFed features a generously low APR for purchases and cash advances, weighing in as low as 11.99% depending on your creditworthiness and the variable Prime Rate. As an introductory offer, balance transfers have an APR of 0% for the first year after account opening, so if you’d like to use this card to pay down existing debt, you have a great window of opportunity to really save some money while you do so. You’ll also earn a bonus 15,000 points when you spend $1,500 in the first 90 days of account opening. Another great opportunity to save money: there are no annual fees, and no foreign transaction fees associated with the Platinum Rewards VISA Signature Card.
Additional perks include enhanced security thanks to an EMV chip, digital wallet compatibility, and an automatic enrollment into the Premium Rewards Program from Pentagon Federal Credit Union. Additionally, cardholders will enjoy complimentary 24/7 concierge service, and in order to apply for this card you don’t need to be an active or former military personnel – all you need is an Access America account from PenFed. This is a solid credit card offering that will tempt many away from other rewards cards on the market thanks to its point-earning power and low interest on all purchases.
Should You Apply for the PenFed Platinum Rewards visa Signature Card?
As with other PenFed cards, applying for the PenFed Platinum Rewards visa Signature can be tricky as the CU is known for having strict underwriting criteria, triggering multiple inquiries within the same credit bureau, and inconsistencies with its credit approvals (although applicants with Fair scores near the 650s have reported being approved). Starting credit limits can fall on the small side, leaving potential applicants little to work with.
Fortunately, PenFed is also known for having helpful customer service and either a denial or a small credit limit can be addressed by calling and speaking a PenFed loan officer.
Overall, however, the PenFed Platinum Rewards visa Signature Card is one of the very best gas rewards credit cards on the market today. 5X points is almost unmatched elsewhere, save for the Discover and Chase Freedom 5% cashback calendars – but that is only once (or twice) a year. The 3X points on groceries are also enjoyable, making the card the perfect addition to the weekly shopping trip.