The
PenFed Platinum Rewards Visa Signature® Card is the best credit card for gas rewards on the market right now, giving cardholders 5 points for every $1 in fuel paid for at the pump. That’s in addition to 3 points per $1 spent at supermarkets and restaurants, 3 points per $1 spent on cable and streaming services, and 1 point per $1 on everything else – all with a
$0 annual fee. New PenFed Platinum Rewards Visa cardholders who spend
$1,500 within
3 months of opening an account also get a
15,000 points initial bonus.
PenFed Platinum Rewards requires
good credit for approval, which means you’ll need a credit score of
700 or higher for good approval odds. You’ll also need to join Pentagon Federal Credit Union, which anyone can qualify to do. This card is best for people who plan to pay their bill in full by the due date each month, but it does have a promotional balance transfer offer, too, albeit a fairly average one.
Below, you can find more information to help you decide whether or not it’s a good idea to apply for the PenFed Platinum Rewards Visa Signature Card.
PenFed Platinum Rewards Review Highlights:
Annual Fee - $0
The PenFed Platinum Rewards Visa’s
$0 annual fee makes it about
$22.29 per year cheaper than the average credit card offer.
Initial Bonus - 15,000 points
New cardholders need to spend
$1,500 within
3 months of opening an account to get the PenFed Platinum Card’s
15,000 points initial bonus. The average initial bonus on a credit card is about
$228 or
31,964 points/miles, but many of the
credit cards with the best sign-up bonuses have annual fees.
Balance Transfer Intro Offer - 0% for 12 months
The PenFed Platinum Visa’s introductory balance transfer APR is accompanied by a
3% balance transfer fee. The average balance transfer card has a
3.1% fee and offers 0% for
nearly 13 months.
It’s also worth noting that if you take advantage of the PenFed Platinum Card’s 0% balance transfer offer, any purchases you make will accrue interest until you pay your entire balance (including the transferred amount) in full. You may want to try the
Island Approach in that case.
Ongoing Rewards Rate - 1 - 5 points per $1
The PenFed Platinum Rewards Visa rewards cardholders with 5 points per $1 spent on gas purchased at the pump and electric vehicle charging stations, 3 points per $1 spent at supermarkets and restaurants, 3 points per $1 spent on cable, satellite and other television, radio or streaming services, and 1 point per $1 spent on everything else. PenFed points are worth a bit less than 1 cent each, so those earning rates amount to as much as nearly 5% back.
Credit Score Requirement - Good (700+ credit score)
If you’re not sure what your credit score is right now, you can
check your latest credit score for free on WalletHub.
Regular APR - 17.99% (V)
Compared to the
average APR among credit card offers available right now (roughly
22.89%), the PenFed Platinum Visa’s regular rate seems pretty good. It is above the average for credit cards that require excellent credit for approval (about
18.04%), however.
Benefits – Visa Signature benefits & more
In addition to
Visa Signature benefits such as rental car insurance, travel accident insurance and Visa Signature Concierge service, PenFed Platinum allows for contactless purchases, is compatible with major digital wallets, and lets you redeem for a range of items, among other perks. Redemption options include gift cards, travel and merchandise.
Of course, you’ll have to
join Pentagon Federal Credit Union to open a PenFed Platinum Visa account. You can join PenFed for free if you are a current or former member of the military or employee of certain government agencies. But if you don’t qualify for free, you can make a donation to a military charity and get in that way.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.