The Platinum Rewards Visa Signature® Card is a top choice for those who frequently spend on essentials like gas, groceries and dining. It's especially appealing for its significant introductory bonus and absence of an annual fee, making it a smart pick for anyone looking to enhance their rewards game. This card is also an excellent option for debt consolidation, thanks to its favorable balance transfer rate. While it does require PenFed membership and a solid credit background, its benefits are thoughtfully designed for savvy consumers who value a blend of savings and reward accumulation in their financial strategies.
MoneyGeek’s Take
Platinum Rewards Visa Signature® Card Review
Updated: June 11, 2024
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PenFed Platinum Rewards Visa Signature® Card
Rewards Rate
Earn 5X points on gas paid at the pump and EV char...APR
17.99% variable Annual Fee
$0Recommended Credit
670-850 (Good to Excellent)Platinum Rewards Visa Signature® Card Overview
When choosing a credit card, it's crucial to thoroughly evaluate its features, as each can significantly impact its suitability and value based on individual financial needs and habits.
- Rewards rate: Earn 5X points for gas and EV charging station expenses. Earn 3X points at supermarkets, including most Target and Walmart stores, as well as restaurants and various media services and earn 1X points on all other purchases.
- Welcome offer: Earn 15,000 points after spending $1,500 within the first 90 days.
- Regular APR: 17.99% (variable)
- Annual fee: $0
- Intro APR offer: None
Important Card Details
In assessing the features of the Platinum Rewards Visa Signature® Card, it's essential to consider both the tangible benefits and the subtler aspects contributing to its overall appeal. From cost-saving measures to enhanced security and unique services, each element shapes the card's value proposition for different types of consumers.
Fees
Fees are a vital factor when assessing the affordability of a credit card. The Platinum Rewards Visa Signature® Card has a $0 annual fee. Many cards on the market impose yearly fees, which can quickly erode the benefits gained from rewards. By eliminating this charge, this card offers a genuine cost-saving edge, especially for those keen on maximizing their card benefits without any recurrent overhead.
Intro APR
An introductory APR can be a game-changer for those looking to manage their finances or transfer balances. The card boasts a 0% promo APR for balance transfers during the first 12 months. However, factoring in the 3% transaction fee for each transfer is essential. Such a feature can be especially beneficial if you want to consolidate debt from higher-interest cards. But remember, after the promotional period, the rate reverts to a 17.99% variable APR, so planning repayments within the promo period can be financially savvy.
Rewards
Reward points make every purchase feel like a mini victory. With the Platinum Rewards Visa Signature® Card, everyday errands become more rewarding. Whether you're filling up your car with 5X points on gas and EV charging stations or doing your weekly grocery shopping, with 3X points at many major stores and dining out, the returns are significant. The 1X points on all other purchases ensure you're consistently earning, no matter where you spend. This structure is ideal for those regularly spending in these high-reward categories.
Eligibility
For the Platinum Rewards Visa Signature® Card, a unique criterion is that applicants must be PenFed members. While this does set a boundary for potential cardholders, it also ensures a dedicated community of users. Such criteria can translate to more tailored services and offers for members. If you're not already a PenFed member, this card might be the motivation you need to join, given the myriad benefits it presents. Membership often offers a gateway to other exclusive financial products and services, enhancing the overall banking experience.
How the Platinum Rewards Visa Signature® Card Compares
In this side-by-side comparison, we'll delve into the nuances and distinctive features of two popular credit cards, offering a clear perspective to help you decide which aligns best with your financial goals and lifestyle.
How This Card Compares
Platinum Rewards Visa Signature® Card
- Rewards rate: Earn 5X points for gas and EV charging station expenses. Earn 3X points at supermarkets, including most Target and Walmart stores, as well as restaurants and various media services and earn 1X points on all other purchases.
- Welcome offer: Earn 15,000 points after spending $1,500 within the first 90 days.
- Regular APR: 17.99% (variable)
- Annual fee: $0
- Intro APR offer: None
- Best for: Families and commuters who frequently spend on gas, groceries and dining, thanks to its high rewards in these categories, combined with a notable welcome offer and no annual fee.
Ink Business Cash® Credit Card
- Rewards rate: Earn 5% cash back on internet, cable and phone services and at office supply stores ($25,000 in yearly purchases). Earn 2% cash back on gas and dining ($25,000 in yearly purchases) and earn 1% cash back on other purchases.
- Welcome offer: Earn $900 bonus cash back after you spend $6,000 on purchases in the first three months from account opening.
- Regular APR: 18.49%–24.49% Variable
- Annual fee: $0
- Intro APR offer: 0% intro APR on purchases for 12 months, then 18.49%–24.49% variable after that
- Best for: Small business owners and professionals, offering high cash back on office expenses, gas and dining, along with a significant welcome bonus and an introductory APR period.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.