July 19, 2024
PenFed Platinum Rewards Visa Signature Card Assessment

Gasoline and electrical energy costs fluctuate from week to week and month to month. However even when costs aren’t making new highs, transportation accounts for a good portion of the everyday family’s finances. With limitless 5x factors on eligible fuel paid on the pump and EV charging purchases, the PenFed Platinum Rewards Visa Signature® Card may also help tamp down transportation prices with out painful way of life adjustments. Broad 3x factors classes make it an awesome bank card for people who dine out, purchase groceries, and watch or take heed to streaming content material — which is nearly everybody.

So it’s fairly seemingly that the PenFed Platinum Rewards Visa card deserves a spot in your pockets. Discover out what to anticipate from this card and resolve whether or not it’s a very good match in your spending habits.

What Is the PenFed Platinum Rewards Visa Signature® Card?

The PenFed Platinum Rewards Visa Signature Card is a rewards bank card for Pentagon Federal Credit score Union members. Although not technically a cash-back bank card, its factors program makes use of a flexible loyalty foreign money that may be redeemed for present playing cards, journey, merchandise, and extra.

The PenFed Platinum Rewards Visa card earns 5 factors per $1 spent (a 5% return) on eligible fuel paid on the pump and EV charging purchases, plus 3 factors per $1 spent on eligible restaurant, grocery retailer, and TV, radio, cable, and streaming service purchases. A beneficiant sign-up bonus and 12-month introductory 0% APR provide for qualifying stability transfers spherical out the advantages.

0% introductory APR for 12 months on stability transfers made within the first 90 days after account opening. After that, the APR for the unpaid stability and any new stability transfers will likely be a non-variable price of 17.99%. A 3% stability switch payment applies to every switch. This transaction is topic to credit score approval. For those who make the most of this stability switch, you’ll instantly be charged curiosity on all purchases made along with your bank card until you pay your complete account stability, together with stability transfers, in full every month by the cost due date.

The PenFed Platinum Rewards Visa is solely for PenFed members. Happily, anyone can become a PenFed member, which wasn’t all the time the case. 


What Units the PenFed Platinum Rewards Visa Signature Card Aside

The PenFed Platinum Rewards Visa isn’t your typical factors bank card. Three issues specifically assist it stand out from superficially related playing cards:

  • 3x Grocery Class Consists of Most Goal and Walmart Places. For those who do most of your grocery buying at superstores like Goal or Walmart, this can be a game-changer. Most factors bank cards particularly exclude Goal and Walmart from grocery store bonus factors.
  • Very Good 0% Introductory APR Stability Switch Promotion. The PenFed Platinum Rewards Visa card doesn’t fairly make the minimize for our greatest stability switch bank cards checklist, nevertheless it nonetheless has a reasonably good introductory deal for folks with high-interest bank card debt: 0% introductory APR for 12 months on eligible transfers made within the first 90 days of account opening.
  • No Annual Fee. This actually isn’t distinctive and even uncommon for the factors bank card class writ giant, however it’s notable given how beneficiant the PenFed Platinum Rewards Visa’s factors program is. This card’s closest opponents typically cost annual charges.

Key Options of the PenFed Platinum Rewards Visa Signature Card

These are an important options of the PenFed Platinum factors Visa card, starting with qualification necessities.

Membership Necessities: Who Qualifies for the PenFed Platinum Rewards Visa Signature Card?

PenFed as soon as restricted its membership to navy service members and their households, however that’s now not the case. Anybody can be part of PenFed by finishing a easy membership utility and opening an account with a $5 minimal deposit.

When you’ve established PenFed membership and opened your membership account, you’re free to use for a PenFed Platinum Rewards Visa card. Credit score qualification is required.

Incomes Factors

The PenFed Platinum Rewards Visa card’s common factors program has three tiers. All provide limitless incomes potential:

  • 5 factors per $1 spent (5x factors) on eligible fuel paid on the pump and EV charging purchases
  • 3 factors per $1 spent (3x factors) on eligible restaurant and grocery store purchases, plus eligible TV/radio/cable/streaming service purchases
  • 1 level per $1 spent (1x factors) on all different eligible purchases

Not like most factors bank cards, the PenFed Platinum Rewards Visa card consists of most Goal and Walmart areas in its supermarkets class. So for those who commonly store for groceries at one in all these superstores, you’ll be able to earn factors on the full bonus price.

Redeeming Factors

You’ll be able to redeem your amassed factors in your selection of:

  • Visa digital present playing cards for same-day supply
  • Present playing cards from a wide range of prime retailers and retail manufacturers, together with Amazon, Goal, Starbucks, and extra — over 300 manufacturers in all
  • Journey (by way of PenFed’s catalog)
  • Basic merchandise in classes resembling electronics, trend, meals and wine, magnificence, kids’s gadgets, sporting items, home goods, workplace provides, and baggage

Introductory Stability Switch Provide

Stability transfers made throughout the first 90 days of account opening qualify for 0% introductory APR for 12 months from account opening. There’s a 3% payment related to every switch. Simply make sure you repay transferred balances in full earlier than the 0% APR interval expires.

Vital Charges

This card has no annual fee or fee for foreign transactions. A 3% payment applies to all stability transfers.

Different Options and Advantages

The PenFed Platinum Rewards Visa card has another notable options and advantages, together with:

  • Faucet-to-pay performance
  • Click on-to-pay performance
  • Digital pockets compatibility (Apple Pay, Google Pay, Samsung Pay)
penfed platinum rewards features infographic

Benefits of the PenFed Platinum Rewards Visa Signature Card

These are the highest benefits of the PenFed Platinum Rewards Visa card. Be aware the beneficiant 5x and 3x factors classes, the lengthy 0% introductory APR stability switch promotion, and the dearth of an annual fee, amongst different promoting factors.

  • Limitless 5x Rewards on Eligible Gasoline Paid on the Pump and EV Charging Purchases. The PenFed Platinum Rewards Visa card delivers limitless 5x factors on eligible pay-at-the-pump fuel and EV charging purchases. No different card on my radar can match that price of return in these classes.
  • Broad, Limitless 3x Rewards Classes. This card earns limitless 3x factors on eligible restaurant and grocery store purchases, together with most Goal and Walmart areas. You’ll additionally earn limitless 3x factors on eligible TV, radio, cable, and streaming service purchases. Many competing no-annual-fee playing cards cap 3x factors at a average month-to-month spend price.
  • Beneficiant Stability Switch Promotion. This card has a powerful 0% introductory APR promotion for stability transfers: 12 months from account opening for transfers made throughout the first 90 days. Simply pay a 3% stability switch payment (and make sure you repay your whole stability in time to keep away from curiosity).
  • No Annual Payment or Overseas Transaction Payment. This card has no annual fee or foreign transaction fee, so it prices nothing to maintain in your pockets and received’t ding you for those who use or overseas or with abroad retailers.

Disadvantages of the PenFed Platinum Rewards Visa Signature Card

The PenFed Platinum Rewards Visa card isn’t excellent. Contemplate these potential drawbacks earlier than you apply.

  • Can’t Redeem for Assertion Credit or Financial institution Account Deposits. The PenFed Platinum Rewards Visa card gives a number of methods to redeem your factors, together with for good-as-cash present playing cards. However the easiest choices — assertion credit or deposits immediately into your checking account — aren’t out there. That is inconvenient, if manageable.
  • Should Be a PenFed Member First. You have to be a PenFed member to qualify for this card (credit score qualification can be required). This isn’t the dealbreaker it as soon as was as a result of PenFed membership is now open to all, nevertheless it nonetheless requires an additional step (opening a PenFed account) earlier than you apply.

How the PenFed Platinum Rewards Visa Signature Card Stacks Up

Unsure the PenFed Platinum Rewards Visa card is your best option in your spending wants? Earlier than you apply, see the way it compares to a card that has lengthy topped our checklist of the perfect fuel bank cards: the U.S. Financial institution Altitude Join Visa Signature Card. 

PenFed Platinum Rewards U.S. Financial institution Altitude Join
5x Factors Gasoline paid on the pump and EV charging; limitless Pay as you go lodges and automotive leases booked via Altitude Rewards Heart
4x Factors None Gasoline, EV charging, and different journey; limitless
3x Factors Eating places, grocery shops, TV/cable/radio/streaming; limitless None
2x Factors None Grocery shops, eating places, streaming; limitless
Intro APR provide 0% introductory APR for 12 months on stability transfers None
Annual Payment $0 $95 after the primary 12 months

Remaining Phrase

I’d advocate the PenFed Platinum Rewards Visa Signature® Card to anybody who drives typically, buys groceries, dines out greater than as soon as in a blue moon, and/or consumes authentic audio-visual content material. In different phrases, I’d advocate this card to only about everybody.

Is it excellent? No; no bank card is. When redeeming bank card factors, I favor assertion credit to present playing cards. And also you do must be a PenFed member to use. However these are minor quibbles within the grand scheme of issues. Total, the PenFed Platinum Rewards Visa is a wonderful bank card. 

PenFed is insured by NCUA.