- Annual percentage rate (APR): 13.49% to 17.99%.
- Purchase intro APR: 0% on balance transfers for 12 months.
- Rewards: 5, 3, or 1 point/s for every $1 spent.
- Annual fee: $0.
- Late fee: Up to $28.
- Credit score: Good to Excellent (700-850).
- Compare cards here.
Table of Contents
Benefits
- Great rewards rates for gas and groceries: The PenFed Platinum Rewards Visa Signature Card has extremely competitive rates when it comes to gas and groceries, with five points for every $1 on gas and three points for every $1 on groceries. If these expenses make up a big part of your budget each month, this card is a great fit. You also earn one point for every $1 on all other purchases.
- 0% intro APR on balance transfers: If you’re trying to pay down debt and transfer over a balance from another card, the PenFed Platinum Rewards card has a great introductory rate when it comes to balance transfers. You’ll have an intro APR of 0% for the first 12 months, giving you time to reduce your balance without paying extra in interest.
- No annual fee: Unlike some other rewards cards, this card has no annual fee. This makes it a great choice for borrowers looking for a fee-free card without any extra costs associated with it.
Drawbacks
- Must be a PenFed member to apply: In order to apply for this card, you’ll first need to become a member with PenFed Credit Union. The signup process isn’t too complicated, although you do have to deposit $5 into your new account. This might not be the best card for borrowers who aren’t interested in opening any new bank accounts.
- No cash-back options: While the rewards system for the PenFed Platinum Rewards Card is generous, there isn’t an option to access those rewards in the form of cash back, whether deposited to your account or as a statement credit. Instead, cardholders must use their rewards for purchases like gift cards and travel expenses.
What Can You Expect From the PenFed Platinum Rewards Card?
The PenFed Platinum Rewards Visa Signature Card has great benefits when it comes to rewards for gas and groceries, along with no annual fee and a purchase intro APR for balance transfers.
Earning and Redeeming Rewards
Cardholders can earn rewards in several different categories. They earn five points per $1 for gas, three points per $1 for groceries, and one point per $1 for everything else. However, rewards can only be redeemed through gift cards, travel expenses, or other qualifying purchases. This makes the PenFed Platinum Rewards card a bit more limited than other cards when it comes to redemption options.
Statement Credit for New Cardholders
When you sign up for the card, you’re eligible for a $100 statement credit if you spend $1,500 in the first 90 days. While this is a nice perk if you’re already interested in the PenFed Platinum Rewards card, it’s not as generous as some other welcoming offers out there.
Technological Perks
The card features several technological perks that make using your card even easier. These include contactless payment, chip technology, and digital wallet compatibility with Apple Pay, Google Pay, and Samsung Pay.
Low Fees
Another perk of the PenFed Platinum Rewards card is that there is no annual fee. This makes it a good choice for borrowers looking for a fee-free card without any additional costs or charges. There are also no foreign transaction fees, making this card a decent option for borrowers who travel internationally.
Who Should Get the PenFed Platinum Rewards Card?
This card is a good option for borrowers who spend a significant amount on gas and groceries per month. With five points per $1 on gas and three points per $1 on groceries, the PenFed Platinum Rewards Visa Signature Card has extremely competitive rates in these areas. It’s also a decent option for borrowers who want to take advantage of the introductory 0% APR for balance transfers in order to pay down debt.
The PenFed Platinum Rewards card probably isn’t a good option for customers looking for a simple, straightforward cash-back rewards card. Since you can only redeem rewards by purchasing gift cards, travel expenses, or other qualified purchases, your options are somewhat limited when it comes to redeeming your rewards.
You also must become a member of PenFed Credit Union before you can open up a card. For borrowers with a significant gas and grocery budget each month, however, this card still offers a good value.
Compare other rewards credit cards and learn more here.
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