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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.
  • Our 2017 Editor's Choice pick for Best Gas Rewards.
  • Earn a $100 bonus after spending $1,500 on the card in the first three months.
  • 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

Rewards
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 Rewards
$100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
Purchase APR
9.74% 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 every year at gas stations and grocery stores, all with no annual fee. For this reason, the PenFed Platinum Rewards Visa Signature® Card was named a 2017 CardRating's Editor's Choice Award winner for Best Gas Rewards card.

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 three 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 PenFed 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 the 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 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 Blue Cash Preferred® Card from American Express card, which offers a whopping 6 percent back at U.S. supermarkets; 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 page was last updated on October 25, 2017

This card compared to other reward cards

Rewards
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.*
1.5x Miles per dollar on all purchases
2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide
Bonus Rewards
$100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards(R)
Purchase APR
9.74% 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.
11.99% - 23.99% Variable 
16.99% - 23.99% Variable 
Annual Fee
$0
$0
$0 Intro for the First Year. Then $95
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

Cash Back on Gas
N/A
Cash Back on groceries
N/A
Cash Back on other
N/A
Purchase Intro
APR:
N/A
Purchase APR
9.74% 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

What Pentagon Federal Credit Union says about this card

  • 0% APR promo balance transfer rate for 12 months, now through December 31, 2017. After that, the APR for the unpaid balance and any new balance transfers will be 9.74% 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 October 1, 2017 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
  • No foreign transaction fees
  • No cash advance fee
  • Chip enabled for added security
  • Federally insured by NCUA
  • Rates as low As 9.74% APR

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Highlighted 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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Discover it® Miles

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  • Unlimited 1.5x Miles per dollar on all purchases, every day, with no annual fee.
  • No Blackout Dates - fly any airline, stay at any hotel.
  • Redeem your Miles as a statement credit towards travel purchases.
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Apply online for Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
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Credit Needed:
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