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

PenFed Platinum Rewards Visa Signature® Card Review

Amber Stubbs Amber Stubbs
Managing Editor

Full Review

Amber Stubbs Managing Editor
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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 every year at gas stations and grocery stores, all with no annual fee.

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, 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.

PenFed Platinum Rewards Visa Signature® Card details

Purchase APR
9.99% to 17.99% Variable 
Purchase Intro
APR:
N/A
Balance Transfer Intro APR
0%
Balance Transfer Intro Period
Promotional balance transfer rate for 12 Months on Balance Transfers made between July 15, 2015 - August 31, 2015. After that, the APR for the unpaid balance and any new balance transfers will be 9.99% to 17.99% based on your credit worthiness and will vary with the market based on the Prime Rate. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval.
Annual Fee
$0
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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:
  9.99% to 17.99% Variable
 9.99% - 17.99% Variable
 9.99% - 17.99% Variable
APR Floor:
 None
 None
 None
Intro Rate:
 N/A
 0%
 None
Intro Period:
 N/A
 Promotional balance transfer rate for 12 Months on Balance Transfers made between July 15, 2015 - August 31, 2015. After that, the APR for the unpaid balance and any new balance transfers will be 9.99% to 17.99% based on your credit worthiness and will vary with the market based on the Prime Rate. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval.
 None


Finance Calculation Method:
 Average Daily Balance (including new purchases)
Default/Penalty APR:
 17.99% Fixed
Default/Penalty Margin:
 N/A
Default/Penalty APR Floor:
 None
Maximum Default APR:
 Fixed
Penalty/Default Trigger:
 If your minimum payment is not received within 60 days, your entire account is subject to change to the non-variable Penalty APR.

Credit Card Fee Information:


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


Notes:

Rebate Description:
 Points can easily be redeemed online for merchandise, travel, gift cards, or even Visa prepaid cards.
Special Notes:
 Earn 5 points per dollar spent on gas purchases paid at the pump,* 3 points per dollar on spent supermarket purchases* and 1 point per dollar spent on all other purchases.*
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:
 Low Interest, Gas, Primary Category Cards - Reward Points, Reward, Rewards
States Available In:
 ALL
Minimum Credit Limit:
 $5000 min.
Maximum Credit Limit:
 
Credit Limit Notes:
 

What Pentagon Federal Credit Union says about this card

  • Earn 5 points on gas purchases at the pump*
  • Earn 3 points on supermarket Purchases*
  • Earn 1 point on All Other Purchases*
  • No annual fee
  • No foreign transaction fees
  • 0% APR promotional balance transfer rate for 12 Months on Balance Transfers made between July 15, 2015 - August 31, 2015. After that, the APR for the unpaid balance and any new balance transfers will be 9.99% to 17.99% based on your credit worthiness and will vary with the market based on the Prime Rate. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval.
  • Minimum $5,000 Credit Line
  • 24/7 Concierge Service**
  • Special Savings and Discounts From Top Retailers
  • Access to Popular Events
  • Chip Enabled for Added Security

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