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Apply online for PenFed Platinum Rewards Visa Signature® Card
About Our Ratings
Credit Needed
Excellent

PenFed Platinum Rewards Visa Signature® Card Review

Pros & Cons

  • This card offers top-of-the-line rebates when you pay at the pump for your gas – five points per dollar or the equivalent of 5 percent.
  • Purchases at grocery stores also earn bonus returns – three points per dollar.
  • Points are redeemable through an online marketplace for a variety of products as well as for e-certificates for retailers like Amazon and Gap.
  • This card really benefits people who spend a lot at gas stations and grocery stores, in particular. If you don’t spend a lot on in those categories, there are likely better card options for you.

Top Features

Points or Miles
Earn 5 points per dollar spent on gas purchases paid at the pump,* 3 points per dollar spent on supermarket purchases* and 1 point per dollar spent on all other purchases.*
Bonus Miles or Points
$100 bonus
after spending $1,500 in purchase transactions within 3 months of account opening.
Purchase APR
10.24% to 17.99% when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
Annual Fee
$0

Full Review

Amber Stubbs Managing Editor

Pentagon Federal Credit Union has grown into one of the country's largest credit unions by offering solid financial products to military families and their supporters. Their PenFed Platinum Rewards Visa Signature® Card offers outstanding value for families that spend a lot of money every2016 CardRating's Editor's Choice Award year at gas stations and grocery stores, all with no annual fee. For this reason, the PenFed Platinum Rewards Visa Signature® was named a 2016 CardRating's Editor's Choice Award winner (for best rewards cards)

Best card for gas and grocery rewards

This card is best for anyone with large grocery bills and heavy personal mileage. PenFed designs its credit cards around the needs of military families, explaining some of the extraordinary rebates you can rack up with this account. Gas purchases earn five points per dollar -- the equivalent of a 5 percent rebate -- when you pay at the pump. Supermarket purchases score 3 points per dollar, and all your other purchases earn one point per dollar. (For the benefit of military families, PenFed considers military commissaries the same as supermarkets.)

Redeeming your points requires a quick trip to PenFed's online rewards center, which will look familiar if you've ever used similar tools from the Chase Ultimate Rewards or Citi ThankYou programs. Although the site offers a handful of electronics and household goods, you'll generally get the best value by trading points for Visa prepaid reward cards or instant e-certificates to retailers like Amazon and Gap.

Bonus perks for overseas travelers
Like other PenFed credit cards, the Platinum Rewards Visa Signature® Card charges no foreign transaction fees. That can make a big budgetary difference to military personnel deployed overseas, saving between 3 and 5 percent on every transaction compared to most credit cards. PenFed also includes comprehensive travel accident insurance for members and their families traveling on itineraries purchased with this card.

How PenFed Platinum Rewards Visa Signature® Card compares to other gas credit cards
The big banks' best gas credit cards can't stand up to the PenFed Platinum Rewards Visa Signature® Card. Although cards from Chase, American Express (American Express is a CardRatings.com advertiser), and Discover offer occasional 5 percent rebates on U.S gas purchases, their offers usually expire after a few months or come with spending caps. Most co-branded gas cards top off their rebates at about 3 percent, while requiring you to track down a participating gas station. PenFed doesn't restrict members' earning potential on their 5 point gas rewards. In fact the promotional materials for this account advise cardholders to use their cards as much as possible to earn extra rewards.

If you spend more on supermarket purchases than on fuel, you could squeeze out a better overall return from the American Express Blue Cash Preferred Credit Card, which offers a whopping 6 percent back at U.S. grocery stores. However, that card caps your bonus spending at $6,000 per year, knocking you back to 1 percent after that. The typical American household spends about $7,800 on groceries annually, according to government statistics.

This card compared to other reward points cards

Points or Miles
Earn 5 points per dollar spent on gas purchases paid at the pump,* 3 points per dollar spent on supermarket purchases* and 1 point per dollar spent on all other purchases.*
Get up to 5 Starpoints(R) for each dollar of eligible purchases at participating SPG(R) hotels - that's 2 Starpoints for which you may be eligible as a Card Member in addition to the 2 or 3 Starpoints for which you may be eligible as an SPG member. Get 1 Starpoint for all other purchases.
2X miles/$1 spent on travel and dining; 1X mile/$1 spent on all other purchases. Get 5% miles back to use toward your next redemption, every time you redeem
Bonus Miles or Points
$100 bonus
after spending $1,500 in purchase transactions within 3 months of account opening.
20,000 bonus miles after you spend $1,000 on purchases in the first 90 days - that's enough to redeem for a $200 travel statement credit
Purchase APR
10.24% to 17.99% when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
15.49%-19.49% Variable 
16.24%, 20.24% or 24.24%* Variable 
Annual fees
$0
$0 introductory annual fee for the first year, then $95.
$0
Rates and Fees
This card is best for eligible credit union members seeking good rewards on everyday purchases and a decent APR.
CardRatings.com Editorial Staff

PenFed Platinum Rewards Visa Signature® Card details

Cashback on Gas
N/A
Cashback on groceries
N/A
Cashback on other
N/A
Purchase Intro
APR:
N/A
Purchase APR
10.24% to 17.99% when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
Annual Fee
$0
see more  

Credit Card Rate Information:


 
  Purchase
  Balance Transfer
  Cash Advance
Index:
 Prime
 Prime
 Prime
Margin:
 6.74 - 14.74
 6.74 - 14.74
 6.74 - 14.74
APR:
  10.24% to 17.99%
when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
 10.24% to 17.99% when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
 10.24% to 17.99% when you open your account, based on your credit worthiness.* Your APR will vary with the market based on the Prime Rate.
APR Floor:
 None
 None
 None
Intro Rate:
 N/A
 0%
 None
Intro Period:
 N/A
 12 months
 None


Finance Calculation Method:
 Average Daily Balance (including new purchases)
Default/Penalty APR:
 17.99%
Default/Penalty Margin:
 N/A
Default/Penalty APR Floor:
 None
Penalty/Default Trigger:
 

Credit Card Fee Information:


Annual Fee:
 $0
Foreign Transaction Fee:
 None
Late Fee:
 N/A
Over-the-limit Fee:
 None
Balance Transfer Fee:
3% per transaction  


Notes:

Rebate Description:
 Points can easily be redeemed online for merchandise, travel, gift cards, or even Visa prepaid cards.
Special Notes:
 
Credit Card More Information:

Card Issued By:
 Pentagon Federal Credit Union
General Correspondence Address:
 PO Box 1432
Card Type:
 Visa
Card Class:
 Signature
Card Category:
 Gas, Low Interest, Reward, Primary Category Cards - Reward Points
States Available In:
 
Minimum Credit Limit:
 $5000 min.
Maximum Credit Limit:
 
Credit Limit Notes:
 

What Pentagon Federal Credit Union says about this card

  • 0% APR promo balance transfer rate for 12 mos. After that, the APR for the unpaid balance and any new balance transfers will be 10.24% to 17.99%. APR will vary w/the market based on Prime Rate. 3% balance transfer fee per transaction. Subject to credit approval. $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
  • Rate and offers current as of July 1, 2016 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
  • Earn 1 point on all other purchases
  • No annual fee
  • Chip Enabled for Added Security
  • Federally insured by NCUA

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Special offers
Currently available on the PenFed Platinum Rewards Visa Signature® Card
$100 bonus
After spending $1,500 in purchase transactions within 3 months of account opening.

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Apply online for Starwood Preferred Guest® Credit Card from American Express

Starwood Preferred Guest® Credit Card from American Express

  • Get 25,000 bonus Starpoints(R) after you use your new Card to make $3,000 in purchases within the first 3 months.
  • No Foreign Transaction Fees on international purchases.
  • Receive free in-room, premium internet access. Booking requirements apply.
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  • Get free nights at over 1,200 hotels and resorts in nearly 100 countries with no blackout dates. Some hotels may have mandatory service and resort charges.
  • $0 introductory annual fee for the first year, then $95.
  • Terms and Conditions apply.
Credit Needed:
Excellent
Apply online for Barclaycard Arrival™ World MasterCard®

Barclaycard Arrival™ World MasterCard®

  • Earn 20,000 bonus miles after you spend $1,000 on purchases in the first 90 days - that's enough to redeem for a $200 travel statement credit
  • Earn 2X miles on travel & dining and 1X miles on all other purchases
  • Get 5% miles back to use toward your next redemption, every time you redeem
  • Chip card technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
  • No foreign transaction fees on anything you buy while in another country
  • 0% introductory APR for 12 months for each Balance Transfer made within 45 days of account opening. After that, a variable APR currently 16.24%, 20.24% or 24.24%, depending on your creditworthiness.
  • Complimentary online FICO(R) Credit Score access for Barclaycard Arrival cardmembers
Credit Needed:
Excellent/Good