PenFed Platinum Rewards Visa Signature Review
The PenFed Platinum Rewards Visa Signature card has no annual fees. It offers generous rewards for gas purchases, grocery shopping and restaurant bills. Plus, streamlining services are offered for those with excellent credit scores. There's a 0% introductory APR period on balance transfers and no fees on foreign transactions.
PenFed Platinum Rewards Visa Signature is a fantastic option for individuals with excellent credit who regularly make gas and grocery purchases. You receive five points for every dollar spent at gas stations, three points for every dollar spent at grocery shops, restaurants and streaming services and one point for every dollar spent on anything else. Despite a high APR, it has no annual fee, making it the ideal option for deal seekers and frequent shoppers.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Credit NeededExcellent
PenFed Platinum Rewards Visa Signature at a Glance
Aside from the substantial rewards points, the PenFed Platinum Rewards Visa Signature card comes with no annual fee or foreign transaction fees and may be particularly appealing to PenFed Credit Union members who are road warriors or working for rideshare companies. Being a PenFed member can also earn you attractive discounts on a range of products and services, especially since there are no spending limits to earn rewards.
- PenFed Platinum Rewards Visa Signature
A great no annual fee gas rewards card
- ExcellentCredit Needed
- $0Annual Fee
- 5xRewards Rate on Gas
- 3xRewards Rate on Groceries
- 12 monthsBalance Transfer Duration
Pros & Cons Explained
The PenFed Platinum Rewards Visa Signature card can be highly rewarding for those who spend a lot at gas stations and grocery stores. However, before applying for this card, examine its pros and cons.
- No Annual FeeThere is no annual fee on this card, which is a benefit for people who use it as their primary or only card.
- No Foreign Transaction FeesYou may use this card safely when traveling abroad and receive the same rewards points as you would domestically. International transactions are not subject to a surcharge.
- High Rewards for Purchases in Certain CategoriesAt five points per dollar, the card offers the most value at gas stations and three points for every dollar spent at supermarkets, restaurants and TV, radio, cable and streaming services. In addition, all other purchases enjoy one point per dollar spent. The three points per dollar rewards is applicable on Walmart and Target stores as well.
- High APRDespite having no annual fee and a great rewards program, the card's biggest flaw is its high variable APR, which ranges from 13.49% to 17.99%.
- Excellent Credit Score NeededTo be eligible for the card, you must have a credit score of at least 800. This limits it to individuals with excellent credit ratings and leaves out those with good credit scores, who make up the majority of the population.
- Mediocre Rewards Rate for General CategoriesThe rewards rate is not the same for all categories. If you spend more money on categories that don’t have the highest earning potential, you only get one point for every dollar spent.
The PenFed Platinum Rewards Visa Signature card was not included in MoneyGeek's ranking of the top general rewards or gas rewards credit cards. Take a look at our lists of the Best Gas Rewards Credit Cards in 2022 and Best Rewards Credit Cards in 2022 if you want to know which credit cards ranked the best in those categories.
Bonuses & Rewards Explained
The PenFed Platinum Rewards Visa Signature card allows you to earn one to five points for every dollar you spend. In addition, it provides the following benefits and perks.
After spending $1,500 within 90 days of opening your account, you can earn an introductory bonus of 15,000 points.
No Fee for Balance Transfer for 12 Months
Balance transfers made using this card for the first 12 months are free of charge.
With an unlimited reward earning potential and no spending limits, this card gives you five points per dollar spent on gas purchases, three points per dollar spent on groceries, supermarkets, restaurants and TV, radio, cable, streaming services and one point per dollar on all other expenses.
You can use your reward points in exchange for gift cards, travel purchases or shopping.
Other Features Explained
Aside from the PenFed Platinum Rewards Visa Signature card’s main benefits, it offers a number of attractive features that make it a good choice for everyday shopping.
See MoneyGeek's credit card glossary for further information on the terminology used in your credit card statement or terms.
- Card FeatureDescription
- EMV Chip TechnologyWhen you use your card at a chip-enabled terminal, the built-in chip technology provides you with better fraud protection.
- Zero Liability PolicyThis Visa card comes with a zero-liability policy that ensures you won't be held liable for any unauthorized purchases made with your card.
- Tap to PayIt's easy to pay for things with your contactless PenFed Platinum Rewards Visa Signature card. You just tap it on a card reader with the contactless feature and you're done.
Cardholders may earn significant rewards with the PenFed Platinum Rewards Visa Signature card's rewards program, but the card also offers additional benefits. Keep in mind that the card's promotional offers are updated on a regular basis, so it pays to keep an eye on any updates.
Understanding the Fine Print
It is vital that you are aware of your rights as a credit card holder. Understanding the features, fees and interest rates associated with the PenFed Platinum Rewards Visa Signature card can help you compare it to other cards.
- Card FeatureAmount or Rate
- APR13.49% - 17.99%
- Annual Fee$0
- Balance Transfer Fee3%
- Balance Transfer APR17.99%
- Late Fees$28
This card does not have an annual fee.
The PenFed Platinum Rewards Visa Signature card has a variable APR of between 13.49% and 17.99%. Balance transfers are charged at 0% for the first 12 months, and the regular APR of 17.99% applies thereafter.
For every dollar spent with the card for travel purchases, you will receive a minimum of one point per dollar. For gas purchases, you earn five points per dollar and for supermarket, restaurant and streamlining services, you earn three points per dollar.
Foreign Transaction Fee
This is a great credit card for international travel due to the absence of a foreign transaction fee.
Cash Advance/Balance Transfer Fee
The card charges no fee for cash advance transactions. However, balance transfers attract a fee of 3% per transaction.
Comparing annual fees, APRs, incentives and rewards on several credit cards will help you make an educated choice on which one is right for you. Check your credit card company's website, app or most recent statement to see how the PenFed Platinum Rewards Visa Signature card compares to the other credit cards you now own.
Who Should & Shouldn’t Consider PenFed Platinum Rewards Visa Signature?
Other Considerations for PenFed Platinum Rewards Visa Signature
Prior to submitting an application for a credit card, you should evaluate how you intend to use the card. The following considerations should be taken into account before you consider putting the PenFed Platinum Rewards Visa Signature card in your wallet.
Things to Consider if This Will Be Your First or Only Credit Card
If this is your first or only credit card, it's a good choice because there is no annual fee.
However, if it’s your first card, you might not qualify for it because it requires an excellent credit score. However, before taking it as your first or only card, keep the following points in mind:
Additionally, it has a high annual percentage rate. As a result, you may end up paying more than expected because the APR kicks in when you have a balance. Paying down the balance before the billing cycle's due date is the only way to avoid paying interest.
Furthermore, the card has no spending limit. You can increase your reward earning potential by focusing your expenditure on categories where the card rewards the most.
Things to Consider if This Will Be an Additional Card in Your Wallet
You might benefit greatly from the PenFed Platinum Rewards Visa Signature card if you use it at places where you can get the maximum rewards and if you pay off your balances on time each month.
To get the most out of the card's rewards program, use it for your gasoline and grocery purchases from your previous card to this one.
You should also use this card as opposed to your other cards if you are traveling internationally. This is because you won’t incur foreign transaction fees.
Also, keep in mind that this card has a very high annual percentage rate (APR). You should not use the card if you don't pay your balances on time.
In order to rate credit cards and companies, MoneyGeek uses an extensive rating methodology. We collect data from the Consumer Financial Protection Bureau's database, standardize the data points, estimate the average spend profiles for each card, consider the annual and introductory bonuses and compute the three-year worth of each card. Additionally, the card list is updated twice a year and re-ranked monthly.
How PenFed Platinum Rewards Visa Signature Compares to Other Cards
When compared to other rewards cards, the PenFed Platinum Rewards Visa Signature card stands out for its high rewards and perks as well as for its absence of annual fee and international transaction fee. Comparing it to other reward cards is subjective, and the right card for you depends on your unique needs.
Quick Comparison of PenFed Platinum Rewards Visa Signature
PenFed Platinum Rewards Visa Signature
- Annual Fee: None
- International Transaction Fee: None
- Regular APR: 13.49% - 17.99%
- Rewards Rate: One-five points per dollar
- Best For: Those who purchase gasoline, grocery and streamlining services frequently
Chase Ink Business Cash
- Annual Fee: None
- International Transaction Fee: 3%
- Regular APR: 13.24% - 19.24%
- Rewards Rate: 1% - 5%
- Best For: Small business owners who spend a significant amount on office supplies
Other Helpful Decision-Making Q&As
People who want to get the PenFed Platinum Rewards Visa Signature card may have other questions. We've answered some of the most common ones so you can determine if the card is right for you.
Still not sure about this card? Consider these options.
If you're still unsure about applying for this card, you should consider other cards that offer similar benefits. Several types of credit cards are available that do not carry an annual fee and offer more perks and rewards.
Capital One Quicksilver Rewards
American Express Marriott Bonvoy Business Card
Capital One Quicksilver Student Rewards
American Express Delta SkyMiles Gold Card
Bank of America Premium Rewards Card
Chase Ink Business Preferred
Mastercard Titanium Card
Disney Premier Visa Card
Chase Ink Business Unlimited
Chase Sapphire Reserve
Chase Marriott Bonvoy Bold
American Express Delta SkyMiles Platinum Business Card
Chase British Airways Visa Signature
U.S. Bank Altitude Connect Visa Signature Card
American Express Delta SkyMiles Platinum Card
Credit One Bank Platinum Rewards Visa
Chase Southwest Rapid Rewards Performance Business
American Express Delta SkyMiles Reserve Business Card
Chase Southwest Rapid Rewards Plus
American Express Delta SkyMiles Reserve Card
Learn more about credit cards in general
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.
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.