PenFed Platinum Rewards VISA Signature® Card

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Last updated on May 12th, 2021

PenFed Platinum Rewards VISA Signature® Card

Earn 5X Points Per $1 Points on Gas

PenFed Platinum Rewards VISA Signature® Card
  • Regular Purchase APR 13.49% to 17.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 13.49% to 17.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 17.99%
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Processing Network Visa
Best Benefits
  • 5x points per dollar spent on gas at the pump, and 3x points on groceries. 1x points on all other purchases
  • $100 statement credit, 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
Rates & Fees
  • Regular Purchase APR: 13.49% to 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: 13.49% to 17.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: 3% per transfer
  • Cash Advance APR: 17.99%
  • Penalty APR: 17.99%
  • Late Payment Penalty Fee: Up to $28
  • Return Payment Penalty Fee: Up to $25
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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.

Ideal for Those Who:

  • Spend money on gas and groceries often
  • Will spend $1,500 in the first 90 days to earn a $100 statement credit
  • Want a card with no annual fees and no foreign transaction fees
  • 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. 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 statement credit of $100 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. 

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